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Philex Mining Corporation reported a 32 percent drop in core net income to ₱71 million in the first quarter of 2025 from the ₱105 million earned in the same period last year as higher costs offset the impact of rising metal prices.
In a disclosure to the Philippine Stock Exchange, the firm said its earnings before interest, taxes, depreciation, and amortization (EBITDA) improved by 11.5 percent to ₱329 million for the period under review from ₱295 million for the first quarter of 2024.
Reported net income reached ₱131 million in the first quarter of 2025, 14 percent higher compared with ₱115 million in the same period last year.
Operating revenues increased to ₱1.9 billion in the first quarter of 2025 versus ₱1.74 billion in the comparative period of 2024 due to continued improvement in the realized Gold and Copper prices.
Average gold prices in the first quarter of 2025 were higher at $2,587 per ounce compared with the $2,061 per ounce in the same period of 2024.
Copper for the first quarter was at $4.32 per pound, higher than the $4.00 per pound in the first quarter last year.
Operating costs increased to ₱1.76 billion in the first quarter of 2025 from ₱1.64 billion in the first quarter of 2024 which negatively affected the Company’s bottom line.
Tonnage milled for the first quarter of 2025 was at 1.6 million tons, higher than the 1.59 million tons in the same period of 2024.
Gold output was at 6,083 ounces versus the 7,803 ounces in 2024 while Copper output was at 4.6 million pounds compared with the 4.67 million pounds in the first quarter of 2024.
“Operating an ageing Padcal Mine continues to pose challenges to the Company’s ability to operate efficiently in an environment of high metal prices and we rely heavily on the resiliency of our employees,” Philex said.
It added though that, “The development works at the Silangan Project accelerated to a faster pace with the arrival of major long lead equipment packages despite challenging global supply chain environment. Silangan is scheduled to start commercial operations in the first quarter of 2026.”
Philex President and CEO Eulalio Austin, Jr.“It is imperative that we usher Silangan into production based on schedule to initially augment the performance of the Padcal Mine while we are relentlessly pursuing other business opportunities,” said Philex President and CEO Eulalio Austin Jr.
He noted that, “Copper and gold prices are high, in the face of global trade and supply chain uncertainties, brought about by recent economic policy changes, and we take advantage of this to push forward the Silangan Project and the remaining Padcal potential.”
