Philex Mining Corporation Reported P200 Million in Core Net Income for 3Q2024

Philex Mining Corporation (Philex) generated P200 million core net income and an EBITDA of P506 million for 3Q2024 compared with the P163 million core net income and EBITDA of P337 million for the same period in 2023. This brings a total of P610 million core net income and a total EBITDA of P1.418 billion for the first nine months of 2024 compared with P864 million and P1.525 billion in 2023.

Average realized gold prices in 3Q2024 were higher at US$2,336 per ounce compared with the US$1,927 per ounce in 3Q2023, US$2,008 of 2Q2024, and US$2,061 of 1Q2024. Average realized gold prices in 9M2024 were US$2,115 per ounce, higher than the US$1,921 per ounce for the same period in 2023. Realized copper prices for the third quarter stood at US$4.59 per pound, higher than the US$3.73 in 3Q2023, US$4.00 in 1Q2024, and US$4.45 per pound in 2Q2024. Copper prices for the first nine months of the year averaged at US$4.52 per pound, higher than the US$3.83 per pound for the same period in 2023.

Tonnage milled for 3Q2024 was at 1.770 million tonnes, slightly higher than the 1.693 million tonnes in 3Q2023. This brings the total tonnage milled for the first nine months of 2024 to 5.042 million tonnes. Gold output for 3Q2024 was at 7,801 ounces while Copper output for 3Q2024 was at 4.951 million pounds. For the first nine months of the year, total gold output reached 23,566 ounces while copper output was at 14.753 million pounds. For the same period in 2023, total gold output was 29,136 ounces while copper output was 16,396 million pounds. 

S​ilangan Project - Works in Progress

The Company, through its wholly owned subsidiary, Silangan Mindanao Mining Co.,Inc. (SMMCI) continue to implement the development plan for the Silangan Copper and Gold Project in Surigao Del Norte.

Mine development is already in its final stages as the main access decline to the Boyongan Ore Body is less than 50 meters. After which, driving of production lines will immediately commence on the first mining level and, as result, the development ore will be hauled to the surface. Works at the ventilation exhaust shaft and other ancillary services are continuing as planned. Meanwhile, the Design and Construct (D&C) Contractor, has commenced the civil works for the construction of the Process Plant. On the other hand, works on the Tailings Storage Facility (TSF) are also in full swing with the target completion by June 2025.

“There is a need to fast-track the development of the Silangan Project as conditions now are just right,” according to Eulalio Austin Jr., Philex President and CEO. “We have a responsive metals market brought about by the demand for critical metals necessary for the green energy transition and a favorable regulatory environment due to the support from the current Administration. We are still on track to see our first metal output during the Process Plant’s debugging stage starting February 2026 with target of start of commercial operation within the first quarter of 2026. Meanwhile, we continue to evaluate the feasibility for the possible extension of Padcal’s mine life beyond 2027,so it can benefit our employees and their dependents, as well as our host and neighboring communities in Benguet Province.”