Philex Mining Corporation Ended Q12024 with P105 Million in Core Net Income

Philex Mining Corporation (Philex), one of Southeast Asia's oldest and largest gold and copper miners, achieved P105 million in core net income and P295 million in EBITDA for the first quarter of 2024, compared to P388 million in core net income and P635 million in EBITDA in Q12023.

The average gold price in 1Q2024 was $2,061 per ounce, up from $1,889 per ounce in 1Q2023. Copper was priced at $4.00 per pound in the first quarter, the same as it was in the first quarter of 2023. Operating costs were somewhat higher, totaling P1.643 billion.

Tonnage milled in Q1 2024 was 1.585 million metric tons, down from 1.706 million metric tons in Q1 2023. Gold output in 1Q2024 was 7,803 ounces, compared to 10,062 ounces in 1Q2023. In contrast, copper output during the first quarter of 2023 was 4.669 million pounds, down from 5.531 million pounds in the first quarter of 2023.
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The continuation of development work at the Silangan Project bodes well for Philex, since commercial operations are now anticipated to begin in the fourth quarter of 2025. The newest Silangan timeframe is impacted by the lending facility's delayed completion and the unexpectedly longer delivery lead time for essential process plant equipment.
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The company was able to arrange an additional US$70 million loan for its Surigao del Norte project, bringing the total loan facility of $170 million required to bring the Silangan Project into commercial operation.

“Despite the current challenges, we remain focused on the development of our Silangan Project,” according to Eulalio Austin Jr., Philex president and CEO. “The current price of gold remains high, and this provides both Silangan and Padcal some tailwinds. Our drive in the main decline of the ore body of Silangan continues, as well as the start of construction of our process plant, tailings storage facility, and other surface infrastructure," he added.