Philex Mining Corporation Reported P305 Million in Core Net Income in Q22024, P410 in Core Net Income in H1-2024

Philex Mining Corporation (Philex) generated P305 million core net income and an EBITDA of P617 million for 2Q2024 compared with the P314 million core net income and EBITDA of P553 million for the same period in 2023. This brings a total of Php410 million core net income and a total EBITDA of P912 million for the first half of 2024.

Average realized gold prices in Q22024 were higher at US$2,008 per ounce compared with the US$1,937 per ounce in 2Q2023, but slightly lower than the US$2,061 of Q12024. On the other hand, realized copper prices for the second quarter was at US$4.45 per pound, slightly higher than the US$4.00 in 1Q2024 and the US$3.82 per pound in Q22023.

Tonnage milled for Q22024 was at 1.687 million tonnes, higher than the 1.585 million tonnes in 1Q2024. Gold output for Q22024 was also higher at 7,962 ounces compared with the 7,803 ounces of the first quarter. On the other hand, Copper output for Q22024 was at 5.133 million pounds compared to the 4.669 million pounds in Q12024. Total tonnes milled for H1-2024 was 3.272 million tonnes, with gold output at 15,765 ounces and copper output at 9.802 million pounds.

Silangan Project Development Works in Progress
 
Outlook still remains positive with the continued development works at the Silangan Copper and Gold Project in Surigao Del Norte. Mine development including the tunnel leading to the Boyongan Ore body is entering its final stages while construction of the tailings storage facility is in full swing. The earthworks for the construction of the Process Plant are in progress while the procurement of the major and long lead equipment packages had been completed. The general contractor is set to commence the design and construction phase of the Process Plant.

“Acceleration to commercial operations of the Silangan Project will be foremost of our priorities, and we are targeting to have our first metal output before the end of 2025 ” says Eulalio Austin Jr., Philex President and CEO. “As soon as we reach the Boyongan Ore body during the end of this 3rd quarter, we will start the block development works of the first production level, and thereafter, we will be seeing the first ore coming from the Boyongan Ore body. Construction works on other ancillary facilities such a ventilation shaft at the underground mine had been awarded to a mining contractor and are in progress.”