Press Release
Monday, 4 August 2025
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
4 August 2025
PRESS RELEASE
PHILEX MINING REPORTS PHP171 MILLION NET INCOME FOR 2Q2025, PHP301 MILLION NET INCOME FOR 1H2025 SILANGAN DEVELOPMENT ON TARGET FOR FIRST METAL PRODUCTION BY MARCH 2026 (MANILA, PHILIPPINES) - Philex Mining Corporation (the "Company" or "Philex") generated Php171 million net income and EBITDA of Php325 million for 2Q2025 from the Php215 million net income and EBITDA of Php617 million in the same period last year. Core net income dipped to Php65 million for 2Q2025 from Php305 million core net income in 2Q2024. Net income and core net income for 1H2025 reached Php301 million and Php136 million, respectively. EBITDA for 1H2025 declined to Php654 million from Php912 million in the same period of 2024.Average realized gold prices in 2Q2025 were higher at US$2,504 per ounce compared with the US$2,008 per ounce in 2Q2024, but lower than the US$2,587 of 1Q2025. Realized copper prices for the second quarter was at US$4.09 per pound, lower than the US$4.32 in 1Q2025 and the US$4.45 per pound in 2Q2024. Average gold price for 1H2025 was at $2,541 per ounce and copper at $4.19 per pound.
Tonnage milled for 2Q2025 was at 1.800 million tonnes, higher than the 1.602 million tonnes in 1Q2025. Gold output for 2Q2025 was 6,769 ounces, higher than the 6,083 ounces of 1Q2025 but lower than the 7,962 ounces of 2Q2024. Copper output for 2Q2025 was at 4.788 million pounds which is lower than the 5.133 million pounds of 2Q2024 and 4.595 million pounds of 1Q2025. Total tonnes milled for 1H2025 was
3.403 million tonnes, with gold output at 12,852 ounces and copper output at 9.382 million pounds.
Operating revenues amounted to Php1.860 billion in 2Q2025 from the Php1.896 billion in 1Q2025, lower than the Php2.236 billion in 2Q2024. Operating revenues for 1H2025 was at Php3.755 billion, lower than the Php3.974 billion of the same period last year.
Operating costs slightly increased to Php1.768 billion in 2Q2025 from the Php1.764 billion in 1Q2025 but lower than Php1.825 billion of 2Q2024. Operating costs and expenses for 1H2025 was Php3.532 billion, higher than the Php3.468 billion of the same period in 2024.
Outlook still remains positive with the continued development works at the Silangan Copper and Gold Project in Surigao Del Norte.
"We continue to accelerate development works of the Silangan Project, as we target our first metal production by the first quarter of 2026" according to Philex President and CEO Eulalio Austin, Jr., " With the periphery of the Sta. Barbara I ore body (formerly Boyongan) reached last year, we've begun drives at the first production level. We are likewise building up ore stockpile from our first production drifts that would feed our process plant, which we aim to commission before the year-end. Construction on
2ndFloor LaunchPad, Reliance cor. Sheridan Sts., Mandaluyong City, 1550, Philippines
Tel. Nos. (632) 631-1381 to 88 • Fax No. (632) 634-4441 • Email: philex@philexmining.com.ph • https://http://www.philexmining.com.ph
all other ancillary facilities continue and progressing steadily with the tailings storage facility ready to accept tailings before the year ends and power infrastructure already in place."
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 1381PHILEX MINING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
(Amounts in Peso Thousands, except Par Value Per Share) | ||||
June 30 | December 31 | |||
2025 | 2024 | |||
(Unaudited) | (Audited) | |||
ASSETS | ||||
Current Assets | ||||
Cash and cash equivalents | P 3,100,092 | P 4,058,409 | ||
Accounts receivable | 615,621 | 1,256,616 | ||
Inventories - net | 1,662,527 | 952,362 | ||
Other current assets - net | 1,283,853 | 777,244 | ||
Total Current Assets | 6,662,093 | 7,044,631 | ||
Noncurrent Assets | ||||
Property, plant and equipment - net | 6,330,545 | 4,872,233 | ||
Deferred exploration costs | 34,824,255 | 33,688,616 | ||
Investment in associates - net | 3,765,670 | 3,745,711 | ||
Pension asset | 121,203 | 142,269 | ||
Financial assets measured at fair value through other | ||||
comprehensive income (FVOCI) | 192,966 | 192,966 | ||
Other noncurrent assets | 3,236,230 | 3,587,830 | ||
Total Noncurrent Assets | 48,470,869 | 46,229,625 | ||
TOTAL ASSETS | P | 55,132,962 | P 53,274,256 | |
LIABILITIES AND EQUITY | ||||
Current Liabilities | ||||
Accounts payable and other current liabilities | P | 3,403,081 | P 3,180,852 | |
Short-term loans payable | 2,365,860 | 2,429,490 | ||
Current portion of long-term debt | 1,115,334 | 462,760 | ||
Subscription payable | 2,767 | 2,767 | ||
Income tax payable | 4,016 | 54,920 | ||
Dividends payable | 115,798 | 107,849 | ||
Total Current Liabilities | 7,006,856 | 6,238,638 | ||
Noncurrent Liabilities | ||||
Long-term debt - net of current portion | 13,505,883 | 12,584,136 | ||
Deferred tax liabilities - net | 1,850,140 | 1,867,141 | ||
Provision for losses | 2,342 | 2,342 | ||
Total Noncurrent Liabilities | 15,358,365 | 14,453,619 | ||
Total Liabilities | 22,365,221 | 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 | 2,885,163 | 2,885,163 | ||
Retained earnings | ||||
Unappropriated | 10,171,166 | 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 translation adjustment on an associate | 176,080 | 176,080 | ||
Net unrealized gain on financial assets measured at FVOCI and | ||||
derivative 99,861 | 99,861 | |||
32,768,050 | 32,582,308 | |||
Non-controlling interests | (309) | (309) | ||
Total Equity | 32,767,741 | 32,581,999 | ||
TOTAL LIABILITIES & EQUITY | P | 55,132,962 | P 53,274,256 | |
(Amounts in Peso Thousands, Except Earnings Per Share)
UNAUDITED2025 | 2024 | ||||||||||
REVENUES | P | 1Q 1,895,776 | P | 2Q 1,859,574 | P | 1H 3,755,350 | P | 1H 3,973,735 | |||
COSTS AND EXPENSES Production costs | 1,337,737 | 1,338,158 | 2,675,895 | 2,662,166 | |||||||
Depletion, amortization and depreciation | 227,483 | 246,244 | 473,726 | 419,960 | |||||||
Excise taxes and royalties | 120,590 | 126,485 | 247,076 | 253,648 | |||||||
General and administrative expenses | 78,361 | 56,693 | 135,055 | 132,567 | |||||||
1,764,171 | 1,767,581 | 3,531,752 | 3,468,341 | ||||||||
OTHER INCOME (CHARGES) Foreign exchange gains (losses) - net | 55,408 | 90,254 | 145,662 | (126,934) | |||||||
Interest income | 21,005 | 14,811 | 35,816 | 28,308 | |||||||
Interest expense | (28,254) | (40,589) | (68,843) | (33,133) | |||||||
Share in net income (losses) of associates | (351) | 20,310 | 19,960 | (5,239) | |||||||
Others - net | (21,173) | (7,554) | (28,727) | (15,423) | |||||||
26,635 | 77,233 | 103,868 | (152,421) | ||||||||
INCOME BEFORE INCOME TAX PROVISION FOR (BENEFIT FROM) INCOME TAX Current | 158,240 5,759 | 169,226 2,834 | 327,466 8,593 | 352,973 140,245 | |||||||
Deferred | 21,904 | (4,421) | 17,483 | (116,705) | |||||||
27,663 | (1,587) | 26,076 | 23,540 | ||||||||
NET INCOME | P | 130,577 | P | 170,813 | P | 301,390 | P | 329,433 | |||
NET INCOME ATTRIBUTABLE TO: Equity holders of the Parent Company | 130,577 | 170,813 | 301,390 | 329,433 | |||||||
Non-controlling interests | - | - | - | - | |||||||
P | 130,577 | P | 170,813 | P | 301,390 | P | 329,433 | ||||
CORE NET INCOME | P | 70,725 | P | 65,422 | P | 136,147 | P | 410,335 | |||
BASIC/DILUTED EARNINGS PER SHARE | P | 0.023 | P | 0.030 | P | 0.052 | P | 0.057 | |||
CORE NET INCOME PER SHARE | P | 0.012 | P | 0.011 | P | 0.024 | P | 0.071 | |||
EBITDA | P | 329,417 | P | 324,825 | P | 654,242 | P | 912,203 | |||