Philex Mining Corporation announced its financial results for the second quarter and first half of 2025, highlighting its continued focus on operational efficiency and the steady progress of its Silangan Copper and Gold Project.
Second Quarter 2025 Highlights:
- Net Income: Philex generated a net income of Php171 million in Q2 2025, compared to Php215 million in the same period of 2024.
- Core Net Income: Core net income for the quarter was Php 65 million, a decrease from Php 305 million in Q2 2024.
- EBITDA: EBITDA for Q2 2025 was Php325 million, compared to Php617 million in Q2 2024.
- Operating Revenues: Operating revenues for Q2 2025 were Php1.860 billion, down from Php2.236 billion in Q2 2024.
- Production: The company milled 1.800 million tonnes of ore, an increase from 1.602 million tonnes in Q1 2025. Gold output was 6,769 ounces, and copper output was 4.788 million pounds.
- Commodity Prices: Average realized gold prices were higher at US2,008 per ounce in Q2 2024. Average realized copper prices were US4.45 per pound in Q2 2024.
First Half 2025 Highlights:
- Net Income: Net income for the first half of 2025 was Php301 million.
- Core Net Income: Core net income for the first half of 2025 was Php136 million.
- EBITDA: EBITDA for the first half of 2025 was Php654 million, a decline from Php912 million in the same period of 2024.
- Operating Revenues: Operating revenues for the first half of 2025 were Php3.755 billion, compared to Php3.974 billion in the first half of 2024.
- Production: Total tonnes milled for the first half of 2025 were 3.403 million tonnes. Gold output was 12,852 ounces and copper output was 9.382 million pounds.
Silangan Project Development on Track
Philex President and CEO Eulalio Austin, Jr. provided an update on the Silangan Copper and Gold Project: “We continue to accelerate development works of the Silangan Project, as we target our first metal production by the first quarter of 2026.”
He further added, “With the periphery of the Sta. Barbara I ore body reached last year, we’ve begun drives at the first production level. We are likewise building up ore stockpile from our first production drifts that would feed our process plant, which we aim to commission before the year-end. Construction on all other ancillary facilities continues and is progressing steadily, with the tailings storage facility ready to accept tailings before the year ends and power infrastructure already in place.”
The Silangan Copper and Gold Project, located in Surigao Del Norte, remains a key focus for Philex Mining Corporation’s future growth.
