Philex reports PHP344 million core net income in Q3 as Silangan Project nears completion

Philex Mining Corporation recorded a PHP344-million core net income for the third quarter of 2025, bringing its nine-month total to PHP480 million, as higher gold prices helped offset softer copper prices.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached PHP784 million in Q3 and PHP1.44 billion for the nine-month period. Average realized gold prices climbed to USD3,642 per ounce in the third quarter from USD2,336 a year earlier, while copper averaged USD4.43 per pound compared to USD4.59 in 2024.

Total tonnage milled was 1.77 million tonnes in Q3 2025 and 5.17 million tonnes for the year-to-date. Gold output reached 6,682 ounces, and copper production totaled 4.92 million pounds for the quarter.

The company also reported steady progress on its Silangan Copper-Gold Project in Surigao del Norte, which remains on track for first metal production by Q1 2026. Construction of the process plant is about 70% complete, while the tailings storage facility stands at 76%, with the main embankment now 85% finished. Roughly 66,000 metric tons of ore have been stockpiled in preparation for commissioning early next year.

President and CEO Eulalio Austin Jr. said Philex is “at the most critical part of the race” as the Silangan Project nears completion, emphasizing that the company’s focus is on delivering results for stakeholders and host communities.

What impact do you think the Silangan Project’s launch will have on the country’s copper and gold production outlook?

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