Lepanto Consolidated Mining Co. more than doubled its net income in the first half of 2026 on the back of higher gold and silver prices, despite lower production levels and a weaker peso.
Net income rose to P1.59 billion from P771 million in the same period last year, while consolidated gross revenues increased 47 percent to P3.24 billion from P2.20 billion.
Lepanto said the sharp increase in precious metals prices was a major driver of the improved financial results.
The average gold price climbed to $4,684.40 per ounce from $3,084.80 per ounce a year earlier. The average silver price more than doubled to $80.66 per ounce from $32.94 per ounce.
The peso also weakened against the US dollar, averaging P59.97 to the dollar during the period, compared with P57.06 last year.
For the first six months, Lepanto produced 10,931 ounces of gold and 21,346 ounces of silver.
The company continued production from its Victoria and Teresa orebodies, while pursuing initiatives to improve productivity and metal recoveries through equipment upgrades and rehabilitation.
Lepanto said five active drilling rigs are currently being used for grade-control and exploration activities, with encouraging results.
The company is also moving forward with the renewal of its Mineral Production Sharing Agreement, or MPSA 001-90-CAR, covering its operations in Mankayan, Benguet.
On July 30, Lepanto and subsidiary Far Southeast Gold Resources Inc., or FSGRI, signed a memorandum of agreement with the Indigenous Peoples of the Mankayan Ancestral Domain, formally signifying the grant of free, prior and informed consent, or FPIC, for the renewal of the MPSA.
The agreement has a 25-year term and was signed with Mankayan Mayor and the duly elected elders and leaders of the municipality's 12 barangays.
Officials from the local government unit, the National Commission on Indigenous Peoples, or NCIP, and the Mines and Geosciences Bureau, or MGB, witnessed the signing.
The agreement will be submitted to the NCIP for approval. The approval will take the form of a Certification Precondition, which will then be submitted to the MGB as part of the process for renewing MPSA 001.
Lepanto's improved first-half performance comes amid a sharp rally in precious metals prices, providing a significant boost to the company's revenues and profitability.
