Philex Mining Corporation (the “Company” or “Philex”) generated Php71 million core net income and an EBITDA of Php329 million for 1Q2025 compared with the Php105 million core net income and EBITDA of Php295 million for 1Q2024. Reported net income reached Php131 million in 1Q2025, 14% higher compared with Php115 million in 1Q2024.
Operating revenues increased to Php1.896 billion in 1Q2025 versus Php1.738 billion in 1Q2024 due to continued improvement in the realized Gold and Copper prices. Average gold prices in 1Q2025 were higher at US$2,587 per ounce compared with the US$2,061 per ounce in 1Q2024. Copper for the first quarter was at US$4.32 per pound, higher than the US$4.00 per pound in 1Q2024.
Operating costs increased to Php1.764 billion in 1Q2025 from Php1.643 billion in 1Q2024 which negatively affected the Company’s bottom line.
Tonnage milled for 1Q2025 was at 1.602 million tonnes, higher than the 1.585 million tonnes in 1Q2024. Gold output for 1Q2025 was at 6,083 ounces versus the 7,803 ounces in 1Q2024. On the other hand, Copper output for 1Q2025 was at 4.595 million pounds compared with the 4.669 million pounds in 1Q2024.
Operating an ageing Padcal Mine continues to pose challenges to the Company’s ability to operate efficiently in an environment of high metal prices and we rely heavily on the resiliency of our employees.
The development works at the Silangan Project (“Silangan”) accelerated to a faster pace with the arrival of major long lead equipment packages despite challenging global supply chain environment. Silangan is scheduled to start commercial operations in the first quarter of 2026.
“It is imperative that we usher Silangan into production based on schedule to initially augment the performance of the Padcal Mine while we are relentlessly pursuing other business opportunities,” according to Eulalio Austin Jr., Philex President and CEO. “Copper and gold prices are high, in the face of global trade and supply chain uncertainties, brought about by recent economic policy changes, and we take advantage of this to push forward the Silangan Project and the remaining Padcal potential.”
