Philex Mining Corporation posted a net income of PHP301 million for the first half of 2025, down from PHP329 million in the same period last year, according to a disclosure released on August 4.
The company recorded PHP171 million in net income for the second quarter alone, a decline from PHP215 million in the same quarter of 2024. EBITDA for the first half stood at PHP654 million, which is also lower than the PHP912 million registered a year earlier. Core net income also fell to PHP136 million from PHP410 million in the same period of 2024.
Total operating revenues reached PHP3.76 billion in the first half, slightly lower than the PHP3.97 billion posted last year. Operating costs and expenses rose to PHP3.53 billion from PHP3.47 billion in 2024, attributed to higher depreciation charges.
Philex cited higher average gold prices at USD2,541 per ounce in 1H2025 compared to USD2,008 per ounce in 2Q2024. However, copper prices declined to USD4.19 per pound from USD4.45. Gold production totaled 12,852 ounces for the period, on the other hand copper output was at 9.38 million pounds.
Despite the earnings dip, the company remains optimistic about its ongoing Silangan Copper-Gold Project in Surigao del Norte. Philex President and CEO Eulalio Austin, Jr. said that development work is progressing, with the first metal production targeted by the first quarter of 2026.
“We continue to accelerate development works of the Silangan Project, as we target our first metal production by the first quarter of 2026,” Austin said. “We’ve begun drives at the first production level and are building up ore stockpile from our first production drifts that would feed our process plant, which we aim to commission before the year-end.”
Philex noted that its tailings storage facility is ready to accept waste material before the end of the year, and that the necessary power infrastructure is already in place.
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