Lepanto Net Income Surges to P659 Million as of May 2025

​Net Income of Lepanto Consolidated Mining Company as of the end of May 2025 reached P659 million, compared with P16 million for the same period last year.

The increase is attributable to the 23% growth in production from 8,258 oz. gold to 10,151 oz., and the higher gold price, $3,035 per oz. compared with $2,182 per oz. last year. Increase in expenses was relatively minimal at 9% compared with last year.

Lepanto continues to produce gold from the Victoria and Teresa deposits. All efforts on equipment acquisition and upgrades are focused on improving productivity and metal recoveries. Presently, there are five active drill rigs drilling for both grade control and exploration, with encouraging results.

​Lepanto Consolidated Mining Company is a Filipino primary gold producer. Lepanto has been a proud corporate resident of Mankayan, Benguet since 1936. 

From 1948 to 1996, the Enargite operations produced 1.58 billion pounds of copper, 2.9 million oz. of gold and 12.0 million oz. of silver, recovered from 34.4 Mt of ore averaging 2.2% Cu and 3.5 g/t Au. 

The Victoria deposit was discovered within the same Mineral Production Sharing Agreement (MPSA No. 001-90-CAR) in September 1995. Immediately, exploration and mine development work shifted from the Enargite deposit to the Victoria. In preparation for the milling of the gold ore, the copper flotation circuit was shut down on January 31, 1997. A new 2500-t/d carbon-in-pulp or CIP plant was commissioned on March 16, 1997. Lepanto engaged in copper operations but twice thereafter: in 2008, and from 2017 to the first quarter of 2020.

During the first three years of gold operations, the Victoria was accessed through the same infrastructure utilized for the old Enargite mine, principally the Tubo Shaft. To provide easier access to the Victoria and improve ventilation, the Nayak Twin Decline project was started in July 1998. Two declines stretching 1 kilometer from the surface to the 1150L and an internal shaft were constructed in the Nayak Area. The project was completed in April 2000 at a cost of P675 million (M$15.0). A few years later, the Victoria II deposit, renamed Teresa, was discovered.

Lepanto continues to produce gold from its Victoria and Teresa operations (“Victoria Project”), located in Mankayan, Benguet. The Victoria Project has produced over 1.55 million oz. gold and 2.79 million oz. silver from 1997-2023.

Lepanto has three wholly-owned subsidiaries, namely: Diamond Drilling Corporation of the Philippines, Lepanto Investment and Development Corporation and Shipside, Incorporated. 

Lepanto owns 60% of the outstanding capital of Far Southeast Gold Resources, Inc. (“FSGRI”), another mining company with resources in Mankayan, Benguet. Incorporated in 1989, FSGRI is not yet in operation. On September 20, 2010, Lepanto entered into an Option and Shareholders Agreement with Gold Fields Switzerland Holding AG which grants Gold Fields an option to subscribe to new shares of stock of FGSRI. In July 2024, Lepanto, FSGRI, and the Gold Fields group agreed to terminate the Option and Shareholders’ Agreement. The exploration program sole-funded by Gold Fields has resulted in an inferred mineral resource of 19.8 million oz. gold and 4.6 million tons copper.