Philex Mining profit rises 15% on stronger metal prices

Philex Mining Corp. reported a 14.75% increase in attributable net income to P929.69 million for 2025 from P810.2 million a year earlier, driven by higher gold and copper prices.

In a press release on Tuesday, the listed miner said revenues rose 8.21% to P8.85 billion in 2025 from P8.18 billion previously.

“Gold and copper prices remained at high levels throughout the year, while foreign exchange rate also improved in the last quarter,” Philex said.

According to the company, realized gold prices reached a record $4,338 per ounce in the fourth quarter of 2025, while copper peaked at $5.24 per pound during the same period and averaged $4.56 per pound for the year.

Stronger metal prices helped offset weaker output, as gold production fell 20.66% to 24,358 ounces from 30,702 ounces in 2024.

Copper production also declined 8.21% to 18.16 million pounds from 19.78 million pounds previously.

“Metal prices were our saving grace last year. There will always be uncertainties ahead, but we place our trust in the unwavering commitment and resilience of our Philex workforce,” Philex Chairman Manuel V. Pangilinan was quoted as saying in the statement.

Philex said the Silangan Project in Surigao del Norte, being developed by its wholly owned subsidiary Silangan Mindanao Mining Co. Inc., is in the final stretch toward its target first metal pour by the end of the first quarter.

“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,” Mr. Pangilinan said.

The company said in an earlier disclosure that the Silangan project is expected to deliver an average annual output of about 81 million pounds of copper and 34,000 ounces of gold during its first phase.

The company also said operational challenges at its Padcal Mine in Benguet are expected to weigh on performance in the near term, as the aging facility continues to face technical constraints.

In January, the company reported a structural support failure in a section of Padcal’s mill plant, which negatively affected daily production.

Philex said it has implemented measures to stabilize operations, including the construction of a bypass crushing line to support a minimum sustainable milling capacity.

The company added that it is reinforcing crushing capacity and implementing a phased ramp-up in tonnage, with incremental improvements targeted by the second quarter and further optimization scheduled toward midyear.

Philex is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT Inc.

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