Philex Mining Corporation (Philex) reported a net income of Php131 million for the first quarter of 2025, a 14% increase compared to Php115 million in the same period last year. The growth was primarily driven by higher realized prices for both gold and copper.
Operating revenues rose to Php1.896 billion in Q1 2025, up from Php1.738 billion in Q1 2024, reflecting the favorable movement in global metal prices. The average gold price climbed to US$2,587 per ounce from US$2,061 per ounce, while copper prices averaged US$4.32 per pound, up from US$4.00 per pound in the previous year.
Despite stronger revenues, core net income declined to Php71 million from Php105 million year-on-year, mainly due to increased operating expenses. Operating costs rose to Php1.764 billion in Q1 2025 compared to Php1.643 billion in Q1 2024, weighing on profitability.
EBITDA for the quarter stood at Php329 million, up from Php295 million in the previous year, indicating continued operational strength.
Philex’s production metrics showed a mixed performance. Milled tonnage increased to 1.602 million tonnes in Q1 2025 from 1.585 million tonnes in Q1 2024. However, gold output declined to 6,083 ounces from 7,803 ounces, while copper output slightly dropped to 4.595 million pounds from 4.669 million pounds.
The company acknowledged ongoing operational challenges at its ageing Padcal Mine, which continues to require resilient workforce efforts to maintain output amid aging infrastructure and increasing costs.
Meanwhile, Philex has accelerated development of its Silangan Project, with the arrival of key long-lead equipment packages despite persistent global supply chain issues. The project remains on track to begin commercial operations in the first quarter of 2026.
“It is imperative that we usher Silangan into production as scheduled to supplement Padcal’s output while we aggressively explore other business opportunities,” said Eulalio Austin Jr., President and CEO of Philex.
He added, “With elevated gold and copper prices amid global trade and supply chain uncertainties, we are maximizing the opportunity to advance the Silangan Project and unlock remaining value at Padcal.”
