• Core net income P1.07 billion in 2025
• Fourth quarter earnings P592 million on stronger prices
• Operating revenue climbs to P8.85 billion
• Cash dividend of P231 million declared
• Silangan targets first metal pour by end of first quarter 2026
Philex Mining Corp. booked P1.07 billion in core net income for 2025, riding record gold prices and firmer copper rates while positioning its Silangan Project as the company’s next growth engine ahead of a targeted first metal pour in the first quarter of 2026.
Fourth quarter core net income reached P592 million, with earnings before interest, taxes, depreciation, and amortization at P1.08 billion.
Operating revenues increased to P8.85 billion in 2025 from P8.18 billion in 2024 while fourth quarter revenues climbed to P2.58 billion from P2.08 billion a year earlier.
Philex shares, up over 112 percent during the past 12 months, slumped 1.67 percent to P10.60 each on Tuesday.
Silangan project in focus
While elevated commodity prices underpinned earnings, management signaled that 2026 will mark a transition as Silangan begins commercial operations.
The project, located in Surigao del Norte and developed by subsidiary Silangan Mindanao Mining Co. Inc., is now in its final development stretch.
“2026 will be full of expectations, as we anticipate our first metal pour at Silangan in the first quarter, which will signal its start of commercial operations,” said Philex president and CEO Eulalio B. Austin Jr.
Chair Manuel V. Pangilinan emphasized the timeline: “We are already in the last lap—just a few more weeks to the finish line—to complete the development component of the operations of our Silangan Project".
By the numbers
Gold output fell 21 percent to 24,358 ounces from 30,702 ounces in 2024 as ore grades weakened. Copper production slipped to 18.155 million pounds from 19.780 million pounds previously.
Tonnage milled declined slightly to 6.774 million tonnes from 6.809 million tonnes, reflecting operational constraints at the aging Padcal mine. Gold ore grades dropped 17 percent while copper ore grades fell 7 percent toward year-end.
Despite softer volumes, margins were supported by elevated commodity prices, cushioning the impact of lower throughput and grades.
Cash watch
The board approved a cash dividend of P0.04 per common share totaling P231 million, payable March 25, 2026 to shareholders on record as of March 10.
Operational challenges at Padcal’s secondary crushing section disrupted daily output entering 2026. Management has begun a phased recovery plan that includes building a bypass crushing line, reinforcing crushing capacity, and ramping up throughput by the second quarter.
—Edited by Miguel R. Camus
