OM HOLDINGS LIMITED has provided an update on its Q1 progress and full year 2025 production guidance during an investor presentation, outlining both operational performance and market conditions across its global production footprint. The presentation highlights a transition in production focus from a combined output (OMQ and OM Sarawak) during FY2019–FY2021 to exclusively OM Sarawak from FY2022 onward. OM Sarawak has recently earned recognition with a Merit Award at the 11th Premier of Sarawak Environmental Award ceremony and secured ISO 9001:2015 certification for its quality management system. In addition, the company has successfully refinanced with a US$168 million syndicated debt facility along with US$136 million in working capital and bank guarantees, reflecting strong financial positioning. On the operational front, the update details promising technical progress. The second UFP processing trial achieved a peak throughput of 280–290 tonnes per hour over a 15‑hour period, meeting target grades (35% Mn) and yield (10%). A third trial, initiated in mid-April, aims to sustain a continuous nameplate feed rate for over 10 days, with further optimization underway for the classifiers. Two FeSi furnaces are scheduled for major maintenance in April and June 2025, potentially impacting short-term throughput even as Q1 production remains in line with guidance. Market reviews within the presentation reveal a mixed commodity outlook. In the ferrosilicon segment, Chinese FeSi production shows downward pressure with the three‑month 2025 average price declining 8.5% year‑on‑year to US$1,148.33 per tonne, influenced by lower demand and competitive pressure from Russian output. Conversely, the manganese ore and alloy markets display upward trends, with the three‑month average price for Mn ore at US$4.64 per dmtu (up 8.4% YoY) and the high grade closing at US$4.97 per dmtu, marking a 21.8% quarterly increase. Additionally, the SiMn price in Japan has risen from US$885 to US$965 per tonne, indicating more stable market conditions for manganese-based products. Bullish sentiment is buoyed by the company’s robust refinancing, the technical trial successes that underscore operational resilience, and the favorable pricing trends in manganese alloy markets. However, bearish factors warrant attention, including the ongoing pressure on FeSi prices amid subdued demand and macroeconomic uncertainties, as well as the planned maintenance of key production assets potentially disrupting near-term production levels. For new traders, these insights emphasize the importance of balancing growth potential against sector-specific market risks.