Philex Mining Corporation (PSE: PX), one of the Philippines’ mining companies, announced that it made a profit of PHP392 million during the second quarter of 2026 (April to June), according to their press release dated July 28, 2026.
This is great news for the company because it’s a big turnaround from what happened earlier in the year. Let’s break down what this means in simple terms.
What Changed From Earlier This Year?
Think of it like getting a report card – Philex Mining’s “grades” got much better in the second quarter. Here’s how:
- In the first quarter of 2026 (January to March), the company actually lost PHP592 million
- In the second quarter of 2026, they made a profit of PHP392 million
- Compared to the same time last year (Q2 2025), when they made PHP171 million, this year’s profit is more than double
Why Did Things Get Better?
According to the company, two main things helped them earn more money:
1. Their factory got fixed: Philex Mining has a plant in Padcal where they process rocks to get valuable metals. Part of this plant (called the Secondary/Tertiary Crushing Plant) needed repairs, and those repairs were finally finished. Once fixed, the plant could work normally again.
2. Metal prices stayed high: The prices for gold and copper – the two metals Philex Mining sells – remained strong during this period.
How Much Did They Produce and Sell?
With their plant working properly again, Philex Mining was able to process a lot more material:
- Material processed: 1.56 million tonnes (up 68% from the first quarter)
- Gold produced: 4,011 ounces (up 80% from the first quarter)
- Copper produced: 3.388 million pounds (up 81% from the first quarter)
What About Metal Prices?
The prices Philex Mining received for their metals were impressive:
Gold prices:
- Q2 2026: US$4,136 per ounce
- Q1 2026: US$4,960 per ounce (this was historically high!)
- Q2 2025: US$2,504 per ounce
Even though gold prices went down a bit from the super-high first quarter, they were still 65% higher than the same period last year.
Copper prices:
- Q2 2026: US$6.23 per pound
- Q1 2026: US$4.53 per pound
- Q2 2025: US$4.09 per pound
Copper prices improved compared to both earlier this year and last year.
How Much Money Did They Make?
The company’s revenues (total money coming in) more than doubled from the first quarter:
- Q2 2026: PHP2.423 billion
- Q1 2026: PHP1.078 billion
- Q2 2025: PHP1.860 billion (30% less than Q2 2026)
Their EBITDA (a measure of profit before certain expenses) reached PHP974 million in Q2 2026, compared to a negative PHP129 million in Q1 2026.
What About the First Half of the Year Overall?
When looking at the entire first six months of 2026 (January to June), the picture is a bit mixed:
- The company reported a net loss of PHP200 million for the half-year
- However, their “core net income” (which excludes certain one-time items) was PHP212 million, up 56% from PHP136 million in the first half of 2025
The loss was mainly due to something called “unrealized foreign exchange losses” – this happens when the company has loans in US dollars, and when the Philippine peso gets weaker against the dollar, the value of those loans goes up in peso terms, creating a paper loss.
What’s Next for Philex Mining?
Padcal Operations: Now that their crushing plant is fully repaired, the company expects to continue performing well for the rest of 2026, especially with gold and copper prices remaining high.
Silangan Project: Philex Mining is also working on a new project called Silangan. As of June 2026, their contractor (EEI Corporation) is making good progress in completing a new processing plant. The company and its consultant from Australia (Ausenco Pty. Ltd) are testing and starting up different parts of this plant, with plans to finish everything by the fourth quarter of 2026.
About Philex Mining Corporation
Philex Mining Corporation trades on the Philippine Stock Exchange under the ticker symbol “PX”. The company has 5,782,399,068 common shares outstanding. Their main office is located at the 2nd Floor LaunchPad, Reliance Street corner Sheridan Street, Mandaluyong City, Metro Manila.
This information is based on the company’s SEC Form 17-C filing and press release dated July 28, 2026, signed by Romeo B. Bachoco, Chief Finance Officer and Chief Compliance Officer.
Source Note:This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.
