PHILEX MINING CORP. said its Silangan Copper-Gold project in Surigao del Norte province is entering the ultimate stretch of development and stays on schedule to provide its first metal by the primary quarter of 2026, positioning it among the many country’s biggest mining ventures in a long time.
In a disclosure on Monday, the listed miner said construction and underground works are advancing steadily, with Level 95 mine development and production drifts expected to be accomplished by February.
Commissioning of the processing plant is targeted for end-January, with the primary metal output by March.
“The corporate continues to stockpile development ore for expected use in charging up the method plant during commissioning by end-January 2026,” Philex said. “[About] 66,000 metric tons (MT) of ore are already stockpiled on the surface, similar to a month’s production on the programmed initial rate of two,000 MT per day.”
Samples from the mining zones confirm the presence of high-grade mineralization consistent with findings in its 2019 technical report, it said, adding that additional testing is under method to validate early results.
“In a race, there are two small print: the beginning and the finish. The runner needs a powerful start and can exert his last force of energy closest to the finish line,” Philex President and Chief Executive Officer Eulalio B. Austin, Jr. said in a press release.
“We are actually at essentially the most critical a part of the race, so we focus all our energy on winning on the finish line. We do that not only for our own success, but for the betterment of the lives of our stakeholders, particularly the host and neighboring communities,” he added.
The Silangan project’s process plant is about 70% complete, while the tailings storage facility is 76% finished, in keeping with the update. Work continues on the essential embankment, clean-water dams and pipeline systems connecting to the plant.
The corporate has also accomplished a six-kilometer tailings pipeline road linking the method plant to the tailings storage facility, allowing for early access and construction logistics.
The essential embankment is 85% done, and Philex said the ultimate stage involves connecting an open channel to make sure proper runoff and avoid premature pumping. The high-voltage switchyard is predicted to be energized by January 2026.
The Silangan project is central to Philex’s long-term technique to extend its life-of-mine operations beyond the Padcal Mine in Benguet that has been producing for greater than six a long time.
Once operational, Silangan is predicted to deliver a mean annual output of about 81 million kilos of copper and 34,000 ounces of gold during its first phase.
The project — one in every of the largest investments in Mindanao’s mining sector — is projected to generate 1000’s of direct and indirect jobs, alongside tax and royalty payments to local governments and indigenous communities.
Despite construction progress, Philex’s nine-month attributable net income dropped 24% to P481.81 million from a 12 months earlier resulting from higher costs and lower copper prices. Gross revenues, nevertheless, rose 2.9% to P6.28 billion, lifted by stronger gold prices.
The miner said average realized gold prices climbed sharply to $3,642 per ounce within the third quarter compared with $2,336 a 12 months ago. For the nine months to September, average gold prices were $2,874 per ounce, up from $2,115 a 12 months ago.
Copper prices, meanwhile, weakened barely to $4.43 per pound within the third quarter from $4.59 a 12 months earlier. The nine-month average was $4.28 per pound, down from $4.52 in 2024.
Tonnage milled increased marginally 12 months on 12 months, but overall gold and copper output was barely lower or near 2024 levels, the corporate said.
The Silangan mine’s completion will mark a key milestone for the Philippine mining sector, which has been undergoing regulatory reforms geared toward attracting foreign investment and expanding downstream processing. The project is amongst several large-scale developments expected to spice up the country’s mineral exports and support President Ferdinand R. Marcos, Jr.’s goal of maximizing resource-based industries for economic growth.
On the Philippine Stock Exchange on Monday, Philex Mining shares fell 0.87%, or P0.07, to shut at P8 apiece.
Philex is one in every of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT, Inc.
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