Philex Mining Corp. reported a core net income of P1.071 billion in 2025, driven by strong metal prices, as its Silangan Project in Surigao del Norte moves into the final stretch toward commercial operations.
In a disclosure to the Philippine Stock Exchange, the company said fourth-quarter core net income reached P592 million, with earnings before interest, taxes, depreciation and amortization (EBITDA) at P1.078 billion. Full-year EBITDA rose to P2.517 billion.
Operating revenues increased to P8.854 billion in 2025 from P8.183 billion in 2024. Fourth-quarter revenues climbed to P2.577 billion from P2.084 billion a year earlier, mainly due to higher gold and copper prices.
Realized gold prices hit a record US$4,338 per ounce in the fourth quarter of 2025. Copper peaked at US$5.24 per pound during the same period before averaging US$4.56 per pound for the year.
Despite stronger prices, production declined.
Tonnage milled in the fourth quarter fell to 1.600 million tonnes from 1.767 million tonnes in the same period last year. Full-year tonnage milled reached 6.774 million tonnes, slightly lower than the 6.809 million tonnes recorded in 2024.
Gold ore grades dropped 17 percent, while copper ore grades decreased 7 percent toward year-end.
Gold output in the fourth quarter reached 4,824 ounces, bringing full-year production to 24,358 ounces — down 21 percent from 30,702 ounces in 2024.
Copper output totaled 3.851 million pounds in the fourth quarter, with full-year production at 18.155 million pounds, lower than 19.780 million pounds the previous year.
The company’s board declared a cash dividend of four centavos per common share, equivalent to P231 million, payable on March 25, 2026 to shareholders on record as of March 10, 2026.
Padcal recovery plan
Philex said operational challenges at its aging Padcal mine continued to affect performance entering 2026, particularly issues at the secondary crushing section of the mill plant.
To address this, the company implemented a phased recovery plan that includes constructing a by-pass crushing line to support minimum sustainable milling throughput, increasing crushing capacity and strengthening systems to ramp up tonnage by the second quarter of 2026.
The throughput ramp-up and optimization phases are scheduled toward the middle of the year.
Silangan nearing first metal pour
Meanwhile, the Silangan Project, developed by wholly owned subsidiary Silangan Mindanao Mining Co. Inc., is targeting its first metal pour by the end of the first quarter of 2026 — marking the start of commercial operations.
“2026 will be full of expectations, as we anticipate our first metal pour at Silangan in the first quarter, which will signal its start of commercial operations,” Philex President and CEO Eulalio B. Austin Jr. said.
Chairman Manuel V. Pangilinan said metal prices supported the company’s performance in 2025, while expressing confidence in the workforce as the Silangan development nears completion.
“We are already in the last lap — just a few more weeks to the finish line — to complete the development component of the operations of our Silangan Project,” Pangilinan said.
Philex also said exploration prospects near Padcal could help extend the mine’s life, an initiative the company intends to pursue this year.
