Philex Mining Corporation swung to a net loss of P592 million in the first quarter of 2026, reversing a profit a year earlier, as lower ore throughput and production at its Padcal mine dragged results, the company said.
The listed miner reported a core net loss of P281 million, compared with a core net income of P71 million in the same period last year. The decline was attributed to reduced milling volumes following restoration work on a damaged section of the Secondary/Tertiary crushing plant caused by a structural failure supporting ore bins.
Tonnes milled dropped 42 percent year on year to 931,000 tonnes, while gold output reached 2,227 ounces and copper output totaled 1,869 pounds. Revenues fell to P1.08 billion from P1.90 billion a year earlier, while operating costs stood at P1.42 billion.
Losses were partly cushioned by a surge in gold prices, with realized prices rising 92 percent year on year to $4,960 per ounce, the company said.
Philex said the first-quarter performance reflected “transitional mine conditions” and did not represent its steady-state operational profile. Repair work on the affected crushing plant section has been completed, with production throughput expected to normalize starting May 2026.
Meanwhile, the company reported progress on its Silangan project, where the underground mine and tailings storage facility are substantially complete. The processing plant is undergoing partial and progressive commissioning, with first gold and copper production now expected within 2026.
Philex said the timeline reflects a conservative approach as it develops what it described as the country’s first fully automated gold and copper oxide processing facility, including a maiden copper leaching process in the Philippines.
