Philex Mining Corp. returned to profitability in the second quarter of 2026, posting a consolidated net income of P392.1 million as operations at its Padcal mine normalized following the rehabilitation of its crushing facilities, while the company continued the progressive commissioning of the Silangan process plant.
The second-quarter profit marked a sharp turnaround from the P592.5-million net loss recorded in the first quarter and was more than double the P171-million net income reported in the same period last year. Core net income also improved to P492.4 million, reversing a P280.5-million core net loss in the previous quarter and exceeding the P65 million recorded a year earlier.
The listed miner attributed the improved performance to the normalization of operations at the Padcal Mill after completing the rehabilitation of its secondary and tertiary crushing plant, coupled with sustained high realized prices for gold and copper.
Net revenues more than doubled quarter on quarter to P2.42 billion from P1.08 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) reached P973.6 million, reversing from a negative P129.1 million in the first quarter. Compared with the second quarter of 2025, revenues increased 30 percent from P1.86 billion, while EBITDA nearly tripled from P325 million.
Operationally, Padcal milled 1.56 million metric tons of ore during the quarter, up 68 percent from 931,000 metric tons in the first quarter. Gold production climbed 80 percent to 4,011 ounces from 2,227 ounces, while copper output increased 81 percent to 3.388 million pounds.
Gold prices remained elevated despite easing from record levels. The company realized an average gold price of $4,136 per ounce during the quarter, down from $4,960 per ounce in the first quarter but still 65 percent higher than the $2,504 per ounce recorded in the second quarter of 2025. Average realized copper prices also strengthened to $6.23 per pound, compared with $4.53 per pound in the preceding quarter and $4.09 per pound a year earlier.
For the first six months of 2026, Philex reported a net loss of P200.4 million, reversing from a P301.4-million net income in the same period last year. The company said the loss was primarily due to unrealized foreign exchange losses arising from the revaluation of U.S. dollar-denominated loans at both the parent company and the Silangan Project following a higher exchange rate.
Despite the reported loss, core net income for the first half increased 56 percent to P211.9 million from P136.1 million a year earlier, while EBITDA rose 29 percent to P844.5 million, reflecting stronger underlying operating performance.
Looking ahead, Philex said it expects the operational momentum at Padcal to continue through the remainder of the year following the completion of the crushing plant rehabilitation, supported by elevated gold and copper prices.
The company also said the Silangan Project remains on schedule, with contractor EEI Corp. progressively turning over completed sections of the process plant to Silangan Mindanao Mining Co. Inc. (SMMCI). Together with lead consultant Ausenco Pty. Ltd., SMMCI is carrying out progressive commissioning of the facility, with completion targeted in the fourth quarter of 2026.
