Lepanto Consolidated Mining Company posted PHP 1.59 billion in net income for the first half of 2026, more than double the PHP 771 million recorded in the same period last year, as stronger gold and silver prices lifted earnings.
Consolidated gross revenues also increased 47% to PHP 3.24 billion from PHP 2.20 billion a year earlier.
The company’s average gold price rose to USD 4,684.40 per ounce from USD 3,084.80 per ounce, while the average silver price more than doubled to USD 80.66 per ounce from USD 32.94 per ounce.
The peso also weakened against the US dollar during the period, averaging PHP 59.97 to the dollar compared with PHP 57.06 last year.
For the first six months of 2026, Lepanto produced 10,931 ounces of gold and 21,346 ounces of silver.
The company said production continued from the Victoria and Teresa orebodies, while efforts to improve productivity and metal recoveries through equipment upgrades and rehabilitation remained ongoing.
Lepanto also has five active drilling rigs being used for grade control and exploration, with the company describing results so far as encouraging.
Separately, Lepanto and subsidiary Far Southeast Gold Resources Inc. (FSGRI) signed a memorandum of agreement on July 30 with the Indigenous Peoples of the Mankayan Ancestral Domain.
The agreement signifies the granting of Free and Prior Informed Consent (FPIC) by the host Indigenous Cultural Communities and Indigenous Peoples for the renewal of Mineral Production Sharing Agreement (MPSA) 001-90-CAR. The memorandum will have a term of 25 years.
The agreement was signed with the Municipal Mayor of Mankayan and elected elders and leaders from the municipality’s 12 barangays, with representatives from the National Commission on Indigenous Peoples (NCIP) and the Mines and Geosciences Bureau (MGB) also witnessing the signing.
The memorandum will next be submitted to the NCIP for approval. Once approved, a Certification Precondition will be issued and submitted to the MGB as part of the renewal process for MPSA 001.
With precious metal prices remaining a major earnings driver, Lepanto is also continuing work on productivity improvements, exploration, and the renewal of its mining agreement to support operations beyond the first half.
Can stronger gold and silver prices help Lepanto sustain its earnings momentum through the rest of 2026?
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