PHILEX Mining Corp. reported a consolidated net loss of P592 million for the first quarter, reversing from a profit a year earlier, as lower ore throughput and production at its Padcal mine offset gains from higher gold prices.
In a disclosure on Monday, the miner said it incurred a core net loss of P281 million, reversing from the P71 million core net income recorded in the same period last year.
It attributed the poor bottom line to reduced operations at the Padcal mine following restoration works on a partially damaged section of its secondary and tertiary crushing plant, caused by a structural failure supporting ore bins.
Ore throughput fell 42 percent to 931,000 tons during the quarter, dragging down total metal output, with gold production dropping to 2,227 ounces and copper output totaling 1,869 pounds.
Despite the operational setback, Philex said losses were partly cushioned by a sharp rise in gold prices, with realized prices surging 92 percent year on year to $4,960 per ounce.
Revenues in the first three months stood at P1.078 billion while operating costs climbed to P1.415 billion.
The company said its first-quarter result reflected “transitional mine conditions” and was not indicative of its normal operations.
Philex said it expected Padcal’s production to normalize starting this month and that the company was aiming to recover throughput levels for the rest of the year to take advantage of elevated metal prices.
Meanwhile, the company said its Silangan Project in Surigao del Norte had entered a new phase, with its process plant undergoing partial and progressive commissioning.
Philex said the underground mine and tailings storage facility were substantially complete as of end-April, with the plant in the process of being turned over for commissioning in partnership with contractors.
The timeline for the project’s first gold and copper output has been adjusted to within 2026 to allow for a more structured commissioning process.
“As this will be the first fully gold and copper oxide processing facility in the country, we need to be conservative in the commissioning process,” Philex President and CEO Eulalio Austin Jr. said.
Philex Mining shares on Monday slipped P0.25, or 2.66 percent, to close at P9.15 each.
