According to SMM data, overseas lead concentrates production reached approximately 588,000 mt (metal content) in 2025, down 1.8% YoY and 6.1% QoQ from Q1 of the previous year. By region, Australia contributed the most significant decline, producing 91,000 mt (metal content) of lead concentrates in Q1, a decrease of 12,000 mt YoY and 22,000 mt QoQ. The decline was attributed to bushfires in January and floods in February and March. North America also saw a decrease of 7,000 mt YoY and 12,000 mt QoQ in production, primarily concentrated in Mexico, with naturally declining ore grades and reduced ore grinding volumes cited as the main reasons. Overall, the decline in production due to weather and natural conditions was the primary reason for production falling short of expectations. It is expected that overseas lead concentrates production will rebound slightly in Q2.