Tuesday, 24 February 2026 Philex Mining posts Php1.071 billion core net income for 2025 Silangan Project on final lap towards commercial operation
The attached press release was released in Manila by Philex Mining Corporation ("Philex")
(PSE: PX), in which First Pacific Group holds an economic interest of approximately 31.2%*.
Philex is a Philippine-listed company engaged in the exploration and mining of mineral resources, and through investment in Philippine-listed PXP Energy Corporation (PSE: PXP), in upstream oil and gas exploration and production.
Further information on Philex can be found at https://www.philexmining.com.ph and on PXP at https://www.pxpenergy.com.ph.
* Two Rivers Pacific Holdings Corporation, a Philippine affiliate of First Pacific, holds an additional 15.0% economic interest in Philex.
* * *
For further information, please contact:John Ryan Tel: +852 2842 4355
Associate Director Mobile: +852 6336 1411
Sara Cheung Tel: +852 2842 4336
Senior Vice President
Group Corporate Communications
24 February 2026
PRESS RELEASE
PHILEX MINING POSTS PHP1.071 BILLION CORE NET INCOME FOR 2025 SILANGAN PROJECT ON FINAL LAP TOWARDS COMMERCIAL OPERATION (MANILA, PHILIPPINES) - Philex Mining Corporation ("Philex" or the "Company"), reported Php592 million Core Net Income and Php1.078 billion EBITDA in 4Q2025. Full year Core Net Income to Php1.071 billion and EBITDA to Php2.517 billion.Gold and copper prices remained at high levels throughout the year, while foreign exchange rate also improved in the last quarter.
Operating revenues increased to Php8.854 billion in 2025 from Php8.183 billion in 2024. Operating revenues in 4Q2025 of Php2.577 billion likewise improved from the Php2.084 billion in 4Q2024, mainly on account of higher metal prices.
Realized gold prices reached a record US$4,338 per ounce in the fourth quarter of 2025. Copper also peaked at US$5.24 per pound during the same period, before settling at an average of US$4.56 per pound for the year.
Tonnage milled for 4Q2025 was at 1.600 million tonnes, lower than the 1.767 million tonnes recorded in 4Q2024. Total tonnage milled in 2025 reached 6.774 million tonnes, slightly lower than the 6.809 million tonnes in 2024. Gold ore grades declined by 17%, while copper ore grades decreased by 7% towards year-end. Gold output in 4Q2025 reached 4,824 ounces, adding to the 19,534 ounces produced during the first three quarters, and ending the year at 24,358 ounces, down by 21% from the 30,702 ounces produced in 2024. Copper output for the 4Q2025 totaled 3.851 million pounds, supplementing the 14.304 million pounds produced during the first three quarters of 2025. Full year copper output reached 18.155 million pounds, lower than the 19.780 million pounds 2024 output.
The performance in 2025 allowed the Board to declare a cash dividend of 4 centavos (Php0.04) per common share aggregating to Php231 million, to shareholders on record as of March 10, 2026, which will be paid on March 25, 2026.
PADCAL RECOVERY
Operational challenges inherent in an ageing mine continue to affect Padcal's performance entering 2026. The most recent issue at the secondary crushing section of the mill plant adversely impacted daily production. To address this, the Company immediately implemented a phased recovery plan:
Stabilize the mill plant facility by constructing a by-pass crushing line to support minimum sustainable milling throughput
Reinforce capacity by increasing crushing capabilities
Strengthen the system to steadily increase tonnage by the second quarter of the year 2026
2ndFloor LaunchPad, Reliance cor. Sheridan Sts., Mandaluyong City, 1550, Philippines
The two succeeding phases involving throughput ramp-up and optimization are scheduled towards the middle of this year.
THE SILANGAN PROJECT: 2026 OUTLOOK
Meanwhile, the Silangan Project in Surigao del Norte, being developed by Silangan Mindanao Mining Co. Inc., a wholly-owned subsidiary of the Company, is already in the final stretch toward its target first metal pour by the end 1Q 2026.
Process Plant Tailings Storage Facility
"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. "Much has already been invested in this project, and we are now seeing the proverbial
light at the end of the tunnel."
Austin Jr. added that the pursuit of bringing to normal levels of production at Padcal remains equally important as the Company works to address the persistent challenges of operating a very old mine. He noted that exploration prospects near Padcal offer hope for extending its mine life
- an initiative the Company aims to pursue aggressively this year.
"Metal prices were our saving grace last year," said Philex Chairman Manuel V. Pangilinan. "There will always be uncertainties ahead, but we place our trust in the unwavering commitment and resilience of our Philex workforce."
"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," Pangilinan said. END
O
Disclaimer on Forward Looking Statements
This press release may contain forward looking statements with respect to the results of operations and business of Philex Mining Corporation ("PX"). Such forward looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual performance of PX to be different from any future performance implied.
For Further information, please contact: Romeo B. Bachoco - Chief Finance Officer Email: rbbachoco@philexmining.com.ph Phone: +63 2 8631 1381
PHILEX MINING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Amounts in Peso Thousands, except Par Value Per Share)
December 31
2025 | 2024 | ||||
ASSETS Current Assets Cash and cash equivalents | P | 4,409,649 | P | 4,058,409 | |
Accounts receivable | 800,385 | 1,256,616 | |||
Inventories - net | 1,093,590 | 952,362 | |||
Other current assets - net | 982,029 | 777,244 | |||
Total Current Assets | 7,285,653 | 7,044,631 | |||
Noncurrent Assets | |||||
Property, plant and equipment - net | 31,890,840 | 4,872,233 | |||
Deferred exploration costs | 14,838,808 | 33,688,616 | |||
Investment in associates - net | 3,236,772 | 3,745,711 | |||
Pension asset Financial assets measured at fair value through other comprehensive income (FVOCI) | 117,457 191,505 | 142,269 192,966 | |||
Other noncurrent assets | 2,805,850 | 3,587,830 | |||
Total Noncurrent Assets | 53,081,232 | 46,229,625 | |||
TOTAL ASSETS | P | 60,366,885 | P 53,274,256 | ||
LIABILITIES AND EQUITY Current Liabilities Accounts payable and other accrued liabilities | P | 3,771,427 | P 3,180,852 | ||
Short-Term loans payable | 2,410,390 | 2,429,490 | |||
Current portion of long-term debt | 940,640 | 462,760 | |||
Subscription payable | 2,767 | 2,767 | |||
Income tax payable | 220,704 | 54,920 | |||
Dividends payable | 115,335 | 107,849 | |||
Total Current Liabilities | 7,461,263 | 6,238,638 | |||
Noncurrent Liabilities | |||||
Long-term debt - net of current portion | 17,505,725 | 12,584,136 | |||
Deferred tax liabilities - net | 2,075,150 | 1,867,141 | |||
Liability for mine rehabilitation | 104,730 | - | |||
Provision for losses | 2,342 | 2,342 | |||
Total Noncurrent Liabilities | 19,687,947 | 14,453,619 | |||
Total Liabilities | 27,149,210 | 20,692,257 | |||
Equity Attributable to Equity Holders of the Parent Company Capital stock - P1 par value | 5,782,399 | 5,782,399 | |||
Additional paid-in capital Retained earnings Unappropriated | 2,885,163 10,816,009 | 2,885,163 9,985,424 | |||
Appropriated | 10,500,000 | 10,500,000 | |||
Net revaluation surplus | 1,849,971 | 1,849,971 | |||
Equity Conversion option | 857,863 | 857,863 | |||
Equity Reserves | 367,655 | 367,655 | |||
Effect of transactions with non-controlling interests | 77,892 | 77,892 | |||
Share in the cumulative transaction adsjustment on an associate Net unrealized gain on financial assets measured at FVOCI and derivatives | 153,576 (72,540) | 176,080 99,861 | |||
33,217,988 | 32,582,308 | ||||
Non-controlling Interests | (313) | (309) | |||
Total Equity | 33,217,675 | 32,581,999 | |||
(Amounts in Peso Thousands, Except Earnings Per Share)
Year Ended December 31 | |||||
2025 | 2024 | ||||
REVENUES | P | 8,854,480 | P | 8,182,983 | |
COSTS AND EXPENSES | |||||
Production costs | 5,472,243 | 5,609,795 | |||
Depletion, amortization and depreciation | 989,327 | 904,629 | |||
Excise taxes and royalties | 584,105 | 523,978 | |||
General and administrative expenses | 293,234 | 260,392 | |||
7,338,909 | 7,298,794 | ||||
OTHER (CHARGES) INCOME | |||||
Reversal of impairment of assets - net of dilution loss, other provisions and gains | 164,179 | 272,608 | |||
Interest expense | (189,498) | (113,679) | |||
Foreign exchange losses | (180,633) | (107,126) | |||
Interest income | 58,282 | 65,876 | |||
Share in net income (losses) of associates | 31,386 | (5,388) | |||
Others - net | (35,336) | 100,984 | |||
(151,620) | 213,275 | ||||
INCOME BEFORE INCOME TAX | 1,363,951 | 1,097,464 | |||
PROVISION FOR (BENEFIT FROM) INCOME TAX | |||||
Current | 229,496 | 196,895 | |||
Deferred | 204,769 | 90,381 | |||
434,265 | 287,276 | ||||
NET INCOME | P | 929,686 | P | 810,188 | |
NET INCOME ATTRIBUTABLE TO: | |||||
Equity holders of the Parent Company | 929,690 | 810,199 | |||
Non-controlling interests | (4) | (11) | |||
P | 929,686 | P | 810,188 | ||
CORE NET INCOME | P | 1,071,486 | P | 746,026 | |
BASIC/DILUTED EARNINGS PER SHARE | P | 0.161 | P | 0.140 | |
CORE NET INCOME PER SHARE | P | 0.185 | P | 0.129 | |
EBITDA | P | 2,516,967 | P | 1,981,442 | |