Lepanto Consolidated Mining Co. reported a dramatic increase in net income, reaching ₱659 million for the five-month period ending May, a significant leap from just ₱16 million in the same period last year.
The surge was fueled by both stronger gold production and a sharp rise in global gold prices.
Gold output rose 23 percent year-on-year to 10,151 ounces, as Lepanto’s Victoria and Teresa deposits continued to operate steadily.
At the same time, the average price of gold skyrocketed to USD3,035 per ounce, compared to USD2,182 a year earlier, amplifying the company’s revenue gains.
Despite ramping up operations, Lepanto managed to keep costs largely in check, with expenses increasing by only 9 percent during the period. This allowed much of the higher gold revenue to flow through to the bottom line, underscoring improvements in operational efficiency.
“All efforts on equipment acquisition and upgrades are focused on improving productivity and metal recoveries,” the company said in a statement. Lepanto added that five drill rigs are currently active, targeting both grade control and exploration, with encouraging early results.
The robust performance positions Lepanto favorably amid a buoyant global gold market and highlights its ability to capitalize on favorable commodity trends while maintaining cost discipline.
Investors and analysts alike are expected to closely watch its drilling activity and further expansion plans as the company builds on its momentum through the rest of the year.
