Philex Mining Corporation announced a core net income of PHP 1.071 billion for full-year 2025, attributed to higher gold and copper prices during the year.
In just the fourth quarter, the Company posted PHP 592 million in core net income. This brought the full-year EBITDA to PHP 2.517 billion.
Operating revenues increased to PHP 8.854 billion in 2025 from PHP 8.183 billion in 2024, once again due to increased metal prices.
Realized gold prices reached a record USD 4,338 per ounce in the fourth quarter of 2025, while copper averaged USD 4.56 per pound for the year.
Despite price increases, production actually declined. Full-year gold output fell to 24,358 ounces from 30,702 ounces in 2024, while copper output slipped to 18.155 million pounds from 19.780 million pounds the previous year.
Operational challenges at the old Padcal mine continued to affect performance as well. A recent issue at the secondary crushing section of the mill plant impacted daily production, prompting the Company to implement a phased recovery plan aimed at stabilizing and increasing throughput by the second quarter of 2026.
The Board declared a cash dividend of four centavos (PHP 0.04) per common share, amounting to PHP 231 million, payable on March 25, 2026 to shareholders on record as of March 10, 2026.
Meanwhile, the Silangan Project in Surigao del Norte is in its final stages towards operation with its first metal pour by the end of the first quarter of 2026.
“2026 will be full of expectations, as we anticipate our first metal pour at Silangan in the first quarter, which will signal its start of commercial operations,” said Philex President and CEO Eulalio B. Austin Jr.
Chairman Manuel V. Pangilinan added, “We are already in the last lap – just a few more weeks to the finish line- to complete the development component of the operations of our Silangan Project.”
With metal prices remaining strong and a new project nearing commercial operation, can Philex sustain its earnings momentum into 2026?
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