Philex Mining Corporation (Philex), one of the oldest and largest gold and copper producers in Southeast Asia, announced its financial and operational results for the full year 2025.
Driven by historic highs in metal prices, Philex reported a Core Net Income of Php1.071 billion and an EBITDA of Php2.517 billion for the year. The fourth quarter was particularly robust, contributing Php592 million to the core net income.
Philex capitalized on a favorable macroeconomic environment, characterized by surging commodity prices and a strengthening foreign exchange rate in the final months of the year.
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Operating Revenues: Increased to Php8.854 billion in 2025, up from Php8.183 billion in 2024.
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Gold Prices: Realized gold prices hit a record US$4,338 per ounce in 4Q2025.
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Copper Prices: Peaked at US$5.24 per pound in Q4, maintaining a healthy annual average of US$4.56.
While financial returns were bolstered by the market, the ageing Padcal mine faced inherent operational headwinds. Tonnage and ore grades saw a year-over-year decline:
| Metric | FY 2025 | FY 2024 | Change |
| Total Tonnage Milled | 6.774M tonnes | 6.809M tonnes | -0.5% |
| Gold Output | 24,358 oz | 30,702 oz | -21% |
| Copper Output | 18.155M lbs | 19.780M lbs | -8% |
Gold ore grades declined by 17% and copper by 7% toward the end of the year, reflecting the natural life cycle of the mine’s current ore body.
Entering 2026, Philex is aggressively addressing recent technical issues within the secondary crushing section of the mill plant. To ensure long-term viability and stabilize daily production, the Company has launched a Three-Phase Recovery Plan:
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Stabilization: Construction of a by-pass crushing line to maintain minimum sustainable throughput.
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Reinforcement: Increasing overall crushing capabilities to bolster mill efficiency.
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Optimization: Strengthening system architecture to steadily increase tonnage by Q2 2026.
In light of the year’s strong financial performance, the Board of Directors has declared a cash dividend of 4 centavos (Php0.04) per common share, totaling Php231 million. The dividend is payable on March 25, 2026, to shareholders on record as of March 10, 2026. “The resilience of our financial results in 2025, despite the challenges of an ageing mine, underscores the strength of our team and the favorable market for our core commodities,” said the Company. “Our immediate focus is the stabilization of Padcal to ensure we continue to deliver value as we transition into the next chapter of our operations.”
