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Manila Bulletin devider Business devider The Stock Market devider Philex swings to profit as Padcal recovers, metal prices rebound

Philex swings to profit as Padcal recovers, metal prices rebound

Published Jul 29, 2026 12:55 pm  |  Updated Jul 29, 2026 01:07 pm
Philex Mining Corp. President and CEO Eulalio B. Austin, Jr.
Philex Mining Corp. President and CEO Eulalio B. Austin, Jr.

Manuel V. Pangilinan-led Philex Mining Corp. posted a sharp turnaround in the second quarter of 2026, with a consolidated net income of ₱392 million from its ₱592-million net loss a quarter ago and more than double the ₱171-million net income recorded a year ago, due to the rehabilitation of its Padcal mill plant and higher metal prices.

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, July 29, Philex said its second-quarter core net income likewise swung to ₱492 million compared to a core net loss of ₱28 million in the first quarter of 2026 and core net income of ₱65 million in the second quarter of 2025.

The turnaround was attributed to the normalization of Padcal mill plant following the completion of the rehabilitation of the secondary and tertiary crushing plant, combined with continued sustained realized prices for gold and copper.

“Philex reported a surprise second-quarter 2026 core net income... Repairs to the processing plant, which pushed the company to a loss in the first quarter, were completed much earlier than we had expected, leading to a 68-percent quarter-on-quarter increase in tons milled and an 80-percent sequential hike in gold output for the period,” said Abacus Securities Corp.

Net revenues more than doubled quarter-on-quarter to ₱2.42 billion from ₱1.08 billion in the first quarter of 2026, and rose 30 percent from ₱1.86 billion in the second quarter of 2025, while earnings before interest, taxes, depreciation, and amortization (EBITDA) reached ₱974 million versus a negative ₱129 million in the prior quarter and a positive ₱325 million in the same period last year.

Ore milled at Padcal recovered to 1.56 million tons in the second quarter, up 68 percent from 931,000 tons in the first quarter.

Gold output rose to 4,011 ounces from 2,227 ounces in the first quarter of 2026, an 80 percent quarter-on-quarter improvement, while copper output of 3.39 million pounds was up 81 percent from the first quarter.

Realized prices remained a key offsetting factor: gold averaged $4,136 per ounce in the second quarter, moderating from the historic $4,960 per ounce realized in the first quarter but still 65 percent higher than the $2,504 per ounce realized in the second quarter last year.

Copper averaged $6.23 per pound, up from both $4.53 per pound in the first quarter and $4.09 per pound in the second quarter last year.

Core net income for the first semester improved 56 percent to ₱212 million from ₱136 million in the same period last year, while EBITDA rose 29 percent to ₱845 million from ₱654 million a year ago, reflecting the underlying strength of operations.

Reported net loss reached ₱200 million for the first six months of 2026, due mainly to unrealized foreign exchange (forex) losses from the restatement of United States (US) dollar-denominated loans at both Philex and, in particular, the Silangan project level, using a higher forex rate, reversing from a ₱301-million net income in the same period of 2025.

With the completion of the rehabilitation of the secondary and tertiary crushing plant at Padcal mill, Philex expects the operational momentum seen in the second quarter to continue through the remainder of 2026 against the backdrop of sustained higher prices of gold and copper.

As of end-June, EEI Corp., the general contractor for the Silangan process plant, is making good progress in various stages of turning over completed areas of the process plant to Silangan Mindanao Mining Co. Inc. (SMMCI), allowing SMMCI and its lead consultant, Ausenco Pty. Ltd. of Australia, to conduct progressive commissioning of the process plant, with a target completion in the fourth quarter of 2026.

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Philex Mining Corporation Abacus Securities Corporation
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