Philex Mining Corp. reported a decline of 8.6 percent in net income for the first half of 2025, posting ₱301 million compared to ₱329.43 million during the same period last year, as lower gold and copper output weighed on financial performance despite higher processing volumes.
In a regulatory disclosure to the Philippine Stock Exchange, Philex attributed the income decline primarily to reduced metal production, even as tonnage milled increased. The company processed 3.403 million tons of ore in the first half, up 4 percent from 3.272 million tons a year earlier.
However, gold output dropped 18.5 percent to 12,852 ounces from 15,765 ounces, while copper production slipped 4.3 percent to 9.382 million pounds from 9.802 million pounds.
While average gold prices surged 25.7 percent to $2,541 per ounce, this was offset by an 8.1 percent drop in copper prices to $4.19 per pound, compared to $4.56 per pound in the same period of 2024. As a result, total revenue declined by 5.3 percent to ₱3.76 billion, down from ₱3.97 billion in the previous year.
Despite the challenging market conditions, president and CEO Eulalio Austin, Jr. expressed optimism about the company’s future, pointing to progress at the Silangan copper-gold project in Surigao del Norte as a key strategic driver.
“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 are likewise building up ore stockpile from our first production drifts that would feed our process plant, which we aim to commission before the year-end.”
The Silangan project, envisioned as the company’s next growth engine, is seen as critical to offsetting declining output from the Padcal mine in Benguet, Philex’s only producing asset to date. The company reported that construction of ancillary infrastructure at Silangan is progressing steadily, with the tailings storage facility ready for operation and power infrastructure already in place.
Philex Mining’s first-half results reflect the dual pressure of operational constraints and volatile commodity prices, underscoring the importance of strategic project execution to ensure long-term sustainability.
