Yap-led Lepanto Consolidated Mining Co. reported that its net income surged 40 times to ₱659 million in the first five months of 2025 from the ₱16 million earned in the same period last year, as it ramped up production amid rising gold prices.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said the increase is attributable to the 23-percent growth in production—from 8,258 ounces of gold to 10,151 ounces—and the higher gold price of $3,035 per ounce, compared with $2,182 per ounce last year.

In contrast, Lepanto said the increase in its expenses was relatively minimal, at nine percent compared with last year.

“Lepanto continues to produce gold from the Victoria and Teresa deposits. All efforts on equipment acquisition and upgrades are focused on improving productivity and metal recoveries.

“Presently, there are five active drill rigs drilling for both grade control and exploration, with encouraging results,” the company said.

Abacus Securities Corp. noted that Lepanto beat all listed miners in terms of improved earnings from the first quarter of 2023, which is before gold’s run-up started, to the first quarter of 2025.

Net income reached ₱391 million in the first quarter this year, nearly triple the level in the same period a year ago.

The realized price for gold in the first quarter of 2025 was $2,890 an ounce, up 39 percent year-on-year. As of the first week of June, the average price is $3,260, or 13-percent higher versus the first quarter.

“This indicates another solid quarter for both earnings and cash flows which might make it unnecessary to conduct any capital-raising exercise in the near to medium term,” Abacus said.

Lepanto is still looking for a new partner for its Far Southeast gold prospect, which has an inferred resource of 891.7 million tons of ore containing 0.7 grams per ton of gold and 0.5-percent copper.