Philex Mining Corp. reported a 14.75% increase in attributable net income to P929.69 million for 2025 from P810.2 million a 12 months earlier, driven by higher gold and copper prices.
In a press release on Tuesday, the listed miner said revenues rose 8.21% to P8.85 billion in 2025 from P8.18 billion previously.
“Gold and copper prices remained at high levels all year long, while foreign exchange rate also improved within the last quarter,” Philex said.
Based on the corporate, realized gold prices reached a record $4,338 per ounce within the fourth quarter of 2025, while copper peaked at $5.24 per pound in the course of the same period and averaged $4.56 per pound for the 12 months.
Stronger metal prices helped offset weaker output, as gold production fell 20.66% to 24,358 ounces from 30,702 ounces in 2024.
Copper production also declined 8.21% to 18.16 million kilos from 19.78 million kilos previously.
“Metal prices were our saving grace last 12 months. There’ll all the time be uncertainties ahead, but we place our trust within the unwavering commitment and resilience of our Philex workforce,” Philex Chairman Manuel V. Pangilinan was quoted as saying within the statement.
Philex said the Silangan Project in Surigao del Norte, being developed by its wholly owned subsidiary Silangan Mindanao Mining Co. Inc., is in the ultimate stretch toward its goal first metal pour by the tip of the primary quarter.
“We’re already within the last lap—just a couple of more weeks to the finish line—to finish the event component of the operations of our Silangan Project,” Mr. Pangilinan said.
The corporate said in an earlier disclosure that the Silangan project is anticipated to deliver a median annual output of about 81 million kilos of copper and 34,000 ounces of gold during its first phase.
The corporate also said operational challenges at its Padcal Mine in Benguet are expected to weigh on performance within the near term, because the aging facility continues to face technical constraints.
In January, the corporate reported a structural support failure in a bit of Padcal’s mill plant, which negatively affected day by day production.
Philex said it has implemented measures to stabilize operations, including the development of a bypass crushing line to support a minimum sustainable milling capability.
The corporate added that it’s reinforcing crushing capability and implementing a phased ramp-up in tonnage, with incremental improvements targeted by the second quarter and further optimization scheduled toward midyear.
Philex is one in all three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Helpful Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. —Vonn Andrei E. Villamiel