Philex Q2 2026 profit more than doubles to P392M

Insider Spotlight

• Second-quarter net income rebounds to P392 million from a P592 million loss in the first quarter.
• Revenue surges to P2.42 billion as Padcal operations recover after plant rehabilitation.
• Silangan Project commissioning remains on track for completion in the fourth quarter of 2026.

Philex Mining Corp. said it expects the stronger operating momentum at its Padcal mine in Benguet to continue through the rest of 2026 following the completion of the rehabilitation of its Secondary and Tertiary Crushing Plant.

The company also said the Silangan Project remains on track, with contractor EEI Corp. progressively turning over completed sections of the process plant for commissioning. 

Progressive commissioning is targeted for completion in the fourth quarter of 2026, positioning Silangan in Surigao del Norte as the company’s next major growth driver.

Padcal recovery fuels earnings

Philex posted a P392 million consolidated net income in the second quarter, reversing a P592 million net loss in the first quarter and more than doubling the P171 million earned a year earlier. 

The recovery was driven by the normalization of Padcal operations following the crusher rehabilitation, together with strong gold and copper prices.

Core net income also improved to P492 million, compared with a P281 million core net loss in the first quarter.

Revenue and production improve

Net revenue climbed to P2.42 billion from P1.08 billion in the first quarter and P1.86 billion a year earlier, while earnings before interest, taxes, depreciation, and amortization reached P974 million from a negative P129 million in the previous quarter. 

Tonnes milled rose 68 percent to 1.56 million tonnes, while gold production increased 80 percent to 4,011 ounces and copper output climbed 81 percent to 3.39 million pounds. 

—Edited by Miguel R. Camus