RISING gold prices pushed Philex Mining Corp.’s third-quarter core net income up 72 percent year-on-year.
In a disclosure to the stock exchange Monday, Philex reported a core net income of P344 million in the third quarter of 2025, up from P200 million in the same period last year.
As a result, EBITDA (earnings before interest, taxes, depreciation and amortization) also rose 55 percent to P784 million from P506 million in the third quarter of 2024.
The mining firm said it benefited from higher gold prices, which averaged $3,642 per ounce in the third quarter of 2025, up from $2,336 per ounce a year earlier.
Realized copper prices, however, declined slightly to an average of $4.43 per pound, down from $4.59 per pound in the same quarter last year.
Tonnage milled from July through September 2025 was 1.771 million metric tons, marginally higher than the 1.770 million metric tons in the third quarter of 2024. Gold output was 6,682 ounces, with copper output at 4.921 million pounds.
Nine-month core net income was down 21.3 percent to P480 million from P610 million. EBITDA improved slightly to P1.438 billion from P1.418 billion.
Mineral production for the first nine months reached 5.174 million tons, up from 5.042 million metric tons for the same period in 2024.
Philex also reported that the Silangan Copper and Gold Project in Surigao del Norte is progressing steadily. The project, now in its final stages of development, is on track for first metal production in the first quarter of 2026.
The company said it continues to stockpile development ore for expected use in charging up the process plant during commissioning by the end of January 2026.
Currently, 66,000 metric tons of ore are stockpiled at the surface, equivalent to one month’s production at the programmed initial output of 2,000 metric tons per day.
Philex president and chief executive Eulalio Austin Jr. said the company is focusing on the development of the Silangan project, which has the capacity to produce 12,000 tons per day or 4 million tons per year.
