Philex Mining Corp. reported a net income of Php171 million in the second quarter of 2025, bringing its first-half profit to Php301 million, even as core earnings and revenue showed signs of strain amid fluctuating commodity prices.
The company’s second-quarter earnings were down from the Php215 million posted during the same period last year. Core net income, which excludes nonrecurring items, plunged to Php65 million from Php305 million year-on-year.
For the first half of 2025, core net income stood at Php136 million.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped to Php325 million from Php617 million in the same quarter last year. For the first half, EBITDA totaled Php654 million—28 percent lower than the Php912 million reported during the same period in 2024.
Despite these challenges, Philex remains optimistic as it accelerates development of its Silangan Copper-Gold Project in Surigao del Norte, targeting first metal production by March 2026.
“We continue to accelerate development works of the Silangan Project as we target our first metal production by the first quarter of 2026,” said Philex President and Chief Executive Officer Eulalio Austin Jr.
“With the periphery of the Sta. Barbara I ore body (formerly Boyongan) reached last year, we’ve begun drives at the first production level. We are likewise building up ore stockpile from our first production drifts that would feed our process plant, which we aim to commission before the year-end,” Austin added.
He said construction of ancillary facilities is progressing steadily. The tailings storage facility will be ready to accept waste by year-end, and power infrastructure is already in place.
Philex benefited from stronger gold prices, with an average realized price of US$2,504 per ounce in the second quarter, compared to US$2,008 in the same period last year. However, this was lower than the US$2,587 per ounce recorded in the first quarter.
Copper prices softened to US$4.09 per pound in the second quarter, down from US$4.45 in Q2 2024 and US$4.32 in Q1 2025. The average gold price for the first half was US$2,541 per ounce, while copper averaged US$4.19 per pound.
Operating revenues for the second quarter were Php1.86 billion, slightly down from Php1.896 billion in Q1 and below the Php2.236 billion reported in Q2 2024. First-half revenues totaled Php3.755 billion, a 5.5 percent decrease from Php3.974 billion in the same period last year.
Operating costs in Q2 rose slightly to Php1.768 billion from Php1.764 billion in Q1, though still lower than the Php1.825 billion posted in Q2 2024. Cumulative operating costs and expenses for the first half reached Php3.532 billion, up from Php3.468 billion a year earlier.
Philex milled 1.800 million tonnes of ore in the second quarter, up from 1.602 million tonnes in Q1. Gold output rose to 6,769 ounces from 6,083 ounces in the previous quarter but declined from 7,962 ounces in Q2 2024. Copper output reached 4.788 million pounds, up slightly from Q1’s 4.595 million pounds but still below the 5.133 million pounds recorded a year ago.
For the first half of 2025, Philex processed 3.403 million tonnes of ore, producing 12,852 ounces of gold and 9.382 million pounds of copper.
Despite headwinds, the company said its strategic investments in Silangan and prudent operational planning position it strongly to deliver long-term value to shareholders.
