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Manila Bulletin devider Business devider The Stock Market devider Philex Mining's core net profit plunges 67% in first semester of 2025

Philex Mining's core net profit plunges 67% in first semester of 2025

Published Aug 5, 2025 05:02 pm
Philex Mining Corp. President and CEO Eulalio B. Austin, Jr.
Philex Mining Corp. President and CEO Eulalio B. Austin, Jr.
Earnings of Pangilinan-led gold producer Philex Mining Corp. continued to decline as its Padcal mine is almost depleted and as it continues to spend to bring its Silangan mine to commercial production.
In a disclosure to the Philippine Stock Exchange, the firm said its core net income fell 67 percent to ₱136 million in the first half of 2025 from ₱410 million in the same period last year.
Earnings before interest, taxes, depreciation, and amortization declined to ₱₱654 million in the first semester of the year from ₱912 million in the same period of 2024.
Philex generated ₱171 million net income and EBITDA of ₱325 million for the second quarter of 2025 from the ₱215 million net income and EBITDA of ₱617 million in the same period last year. Second quarter core net income dipped to ₱65 million from ₱305 million last year.
Average realized gold prices in the second quarter were higher at $2,504 per ounce compared with the $2,008 per ounce in 2024, but lower than the $2,587 of the first quarter of 2025.
Realized copper prices for the second quarter were at $4.09 per pound, lower than the $4.32 in the first quarter and the $4.45 per pound in the second quarter of 2024. The average gold price for the first half of 2025 was at $2,541 per ounce, and copper at $4.19 per pound.
Tonnage milled for the second quarter of 2025 was at 1.8 million tons, higher than the 1.6 million tons in the first quarter of 2025. Gold output for the second quarter of 2025 was 6,769 ounces, higher than the 6,083 ounces of the first quarter of 2025 but lower than the 7,962 ounces of the second quarter in 2024.
Copper output for the second quarter of 2025 was at 4.79 million pounds which is lower than the 5.13 million pounds of the second quarter of 2024 and 4.6 million pounds of the first quarter of 2025.
Total tons milled for the first half of 2025 were 3.4 million tons, with gold output at 12,852 ounces and copper output at 9.38 million pounds.
“We continue to accelerate development works of the Silangan Project, as we target our first metal production by the first quarter of 2026,” said Philex President and CEO Eulalio Austin, Jr.
He added that, “With the periphery of the Sta. Barbara I ore body (formerly Boyongan) reached last year, we’ve begun drives at the first production level.
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.
“Construction on all other ancillary facilities continues and is progressing steadily, with the tailings storage facility ready to accept tailings before the year ends, and power infrastructure already in place.”

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