Pangilinan-led Philex Mining Corp. saw its earnings from core operations rise by a little over two-thirds in the third quarter of the year, driven by higher gold prices that helped offset weaker copper prices and steady production levels.
In a disclosure to the Philippine Stock Exchange, the company said its core income during the period reached P344 million, up by 72 percent from P200 million a year earlier.
‘The company benefited from higher gold prices, with average realized gold prices reaching $3,642 per ounce in Q3 2025, up from $2,336 per ounce in Q3 2024,’ the company said in its regulatory filing.
The performance during the July to September period brought Philex’s year-to-date core income to P480 million, slightly below the P610 million posted in the same period last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of a company’s operating performance before accounting and financial charges, rose to P784 million in the third quarter.
This marks a 55 percent increase from P506 million a year earlier, indicating that the company was able to generate significantly more cash from its core operations despite fluctuations in metal prices.
For the first nine months of the year, EBITDA reached P1.44 billion, slightly higher than the P1.42 billion recorded in the same period in 2024.
Philex milled 1.77 million tons of ore during the third quarter, almost unchanged from the same period last year.
Total ore processed for the first nine months rose to 5.17 million tons from 5.04 million tons in 2024.
Gold output for the quarter reached 6,682 ounces, while copper output stood at 4.92 million pounds.
From January to September, gold output totaled 19,534 ounces and copper output 14.3 million pounds, slightly lower than the 23,566 ounces and 14.75 million pounds recorded a year earlier.
Philex said development of its Silangan copper gold project in Surigao del Norte remains on track, with first metal production targeted for the first quarter of 2026.
It added that the construction of the processing plant is now 70 percent complete, while the tailings storage facility has reached 76 percent completion.
Once operational, the Silangan project is expected to become one of the country’s largest copper gold mines and a key source of growth for the company as its Padcal mine in Benguet nears the end of its mine life.