Philex Mining Corp., the country’s largest gold producer, posted stronger earnings in the third quarter, lifted by record-high gold prices and steady mine operations. The company also disclosed major progress in its Silangan Copper-Gold Project in Surigao del Norte.
The listed miner posted a core net income of P344 million and earnings before interest, taxes, depreciation and amortization of P784 million for the quarter, up sharply from P200 million and P506 million, respectively, a year ago.
For the first nine months, core net income stood at P480 million and EBITDA at P1.438 billion, compared with P610 million and P1.418 billion in the same period of 2024.
Philex said the improvement was driven by higher gold prices, which averaged USD3,642 per ounce in the third quarter, a 56 percent surge from USD2,336 a year earlier.
The nine-month average also rose to USD2,874, compared with USD2,115 last year. Copper prices, however, slipped slightly to USD4.43 per pound from USD4.59.
Production volumes remained steady, with 1.771 million tonnes milled in the third quarter. Gold output reached 6,682 ounces, while copper totaled 4.921 million pounds. Year-to-date, gold output stood at 19,534 ounces and copper at 14.304 million pounds.
At the Silangan project, Philex said mine development is on track for first metal production by March 2026. Ore stockpiles have reached 66,000 metric tons—enough for a month’s initial run at 2,000 MT per day.
Construction progress at the Process Plant is now at 70 percent, while the tailings storage facility is 76 percent complete, with the main embankment 85 percent done. The six-kilometer tailings pipeline road has been finished, and the high voltage switchyard is expected to be energized by January 2026.
Philex said assay results confirm high-grade mineralization, underscoring Silangan’s potential as a key growth driver in the coming years.
