Lepanto Consolidated Mining Company announced that its net income more than doubled during the first six months of 2026, reaching ₱1.59 billion compared to ₱771 million during the same period last year, according to a press release dated August 11, 2026.
Understanding the Company’s Earnings Growth
Think of net income as the money a company gets to keep after paying all its bills and expenses. Lepanto’s “take-home” money more than doubled, which means they earned much more profit this year compared to last year.
The company’s total sales, called gross revenues, also jumped significantly – going up 47% from ₱2.20 billion to ₱3.24 billion. This means more people wanted to buy what Lepanto produces: gold and silver.
What Lepanto Produces
During the first half of 2026, Lepanto mined and produced:
- 10,931 ounces of gold
- 21,346 ounces of silver
The company extracts these precious metals from two locations called the Victoria and Teresa orebodies (an orebody is simply a place underground where valuable minerals can be found).
Why Did Profits Increase So Much?
There are three main reasons why Lepanto earned more money:
1. Gold Prices Went Way Up: The average price of gold rose significantly from $3,084.80 per ounce last year to $4,684.40 per ounce this year. That’s about 52% higher!
2. Silver Prices More Than Doubled: Silver prices jumped from an average of $32.94 per ounce to $80.66 per ounce – more than doubling in value.
3. Peso Got Weaker: Since Lepanto sells gold and silver in US dollars but reports earnings in pesos, when the peso weakens (going from ₱57.06 to ₱59.97 per dollar), the company gets more pesos for each dollar earned.
Company Operations and Improvements
Lepanto is working to improve how efficiently it mines and processes metals. They’re upgrading and fixing equipment to get better results. The company currently has five drilling rigs actively working – these are machines that drill deep into the ground to find new mineral deposits and check the quality of existing ones. According to the company, these drilling operations are showing “encouraging results.”
Important Agreement with Indigenous Peoples
On July 30, 2026, Lepanto and its subsidiary Far Southeast Gold Resources, Inc. (FSGRI) signed an important agreement with the Indigenous Peoples of Mankayan Ancestral Domain. This is the community of native people who have lived in the mining area for generations.
The agreement is called a Memorandum of Agreement (MOA) and includes something very important called “Free and Prior Informed Consent” or FPIC. This means the Indigenous Peoples were properly informed about the mining activities and freely agreed to allow Lepanto to continue operating in their ancestral lands.
This agreement is for the renewal of MPSA 001-90-CAR (a mining permit) and will last for 25 years. It was signed with:
- The Municipal Mayor of Mankayan
- Elected elders and leaders from all 12 barangays (villages) of Mankayan
- Representatives from the National Commission on Indigenous Peoples (NCIP)
- Representatives from the Mines and Geosciences Bureau (MGB)
The MOA will now be submitted to the NCIP for approval. Once approved, NCIP will issue a Certification Precondition, which will then be submitted to the Mines and Geosciences Bureau to officially renew the mining permit.
About Lepanto Consolidated Mining Company
Lepanto Consolidated Mining Company is one of the Philippines’ established mining companies that extracts and sells precious metals like gold and silver. The company operates in Mankayan and is publicly listed on the Philippine Stock Exchange.
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.
