Higher gold prices lift Philex profit

Pangilinan-led Philex Mining Corp. recorded a nine-month core net income of P480 million, down from P610 million a year earlier, as stronger gold prices helped offset weaker copper prices and lower metal output.

In a stock exchange filing on Monday, the company said earnings before interest, taxes, depreciation, and amortization (EBITDA) reached P1.438 billion, slightly higher than P1.418 billion in 2024.

For the third quarter, core net income rose to P344 million from P200 million, while EBITDA climbed to P784 million from P506 million a year earlier.

Philex said it benefited from higher gold prices, which averaged $2,874 per ounce for the nine-month period, up from $2,115 per ounce last year. In the third quarter, realized prices surged to $3,642 per ounce from $2,336 per ounce in 2024.

Copper prices, meanwhile, slipped to an average of $4.28 per pound from $4.52 per pound last year.

Cumulative tonnage milled increased to 5.17 million tonnes from 5.04 million tonnes in 2024. Gold output reached 19,534 ounces, while copper output was 14.3 million pounds—both lower than last year’s 23,566 ounces and 14.75 million pounds.

Philex said its Silangan Copper and Gold Project in Surigao del Norte is in its final phase and remains on track for first metal production in the first quarter of 2026. Mine work is progressing at Level 95, with production drifts expected to be completed by February 2026. The company has stockpiled 66,000 metric tons of ore, enough for one month of initial production.

“In a race, there are two important points: the start and the finish. The runner needs a strong start and will exert his last force of energy closest to the finish line. This is what we in Philex, particularly with the Silangan Project, are doing now,” Philex President and CEO Eulalio Austin Jr. said.

“We are now at the most critical part of the race, so we focus all our energy on winning at the finish line. We do this not just for our own success, but for the betterment of the lives of our stakeholders, particularly the host and neighboring communities. We owe it to them.”

Assay results from production drift 5 confirmed the presence of high-grade minerals, with an average of 5.30 grams per ton of gold and 2.0 percent copper, consistent with the 2019 PMRC-compliant Technical Report.

Construction of the process plant is now 70 percent complete, while the tailings storage facility is 76 percent finished. The high-voltage switchyard is expected to be energized in early 2026.