Philex Mining Corporation has reported a 5% increase in the total mineral resource at its gold-copper Padcal mine, effectively leveraging a global surge in metal prices to offset the physical depletion of the decades-old site.
In a regulatory disclosure Wednesday, the country’s premier gold producer revealed that the Padcal Mine’s Mineral Resource Estimate (MRE) now stands at 198.6 million tonnes, up from previous estimates despite continuous extraction. The growth is attributed to a strategic lowering of the “cut-off grade”—the minimum metal content required to make mining profitable—driven by the “steep increase in copper and gold prices.”
The report highlights a pivotal moment for Philippine mining stakeholders: market conditions are now outpacing the natural exhaustion of ore bodies. By lowering the economic threshold, Philex has reclassified previously “marginal” rock into viable inventory.
However, the company’s Proved Reserves—the ore ready for immediate extraction—tell a more urgent story. As of December 31, 2025, proved reserves sit at 24.5 million tonnes, containing an estimated 73 million pounds of copper and 98,000 ounces.
To sustain operations through this extension, Philex secured a critical Environmental Compliance Certificate (ECC) in July 2025 to raise its Tailings Storage Facility (TSF-3) dikes. Company officials confirmed the facility’s capacity is now “sufficient to accommodate tailings until the depletion of the Proved Reserves.”
The future of Padcal now hinges on the 140 million tonnes of resources located below the 700ML level. While this represents the lion’s share of the mine’s remaining potential, Philex cautioned that this portion “is still undergoing studies to increase the probability of economic ore extraction.”
The company utilized a break-even grade of 0.275% CuEq, calculated against a price of USD 3.90/lb for copper and USD 1,900/oz for gold.
The disclosures were prepared by AVP for Geology Noel C. Oliveros and VP for Padcal Operations Ricardo S. Dolipas II, both certified Competent Persons under the Philippine Mineral Reporting Code (PMRC).
Is Philex’s “price-driven” extension a sustainable model for the Philippine mining industry, or is it merely delaying the inevitable closure of the country’s most iconic mine? Share your thoughts.
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