Philex Mining Corporation (PSE: PX), one of the major mining companies in the Philippines, shared its financial results for the first three months of 2026 (January to March), according to a press release filed with the Securities and Exchange Commission on April 30, 2026.

What Happened to Philex Mining’s Earnings?

The company reported a “core net loss” of Php281 million for the first quarter. To put this simply, this means the company lost money instead of making money during this period. This is quite different from the same time last year (Q1 2025), when they made a profit of Php71 million.

Why Did They Lose Money?

The main reason for the loss was a problem at their Padcal Mine. Part of their crushing plant (the machine that breaks down rocks to extract minerals) got damaged. Specifically, there was a “structural failure” – which means something broke – in the section that supports the ore bins (the containers where they store rocks before processing).

Because of this damage, the mine could only process much less material than usual. The company processed only 931,000 tonnes of ore during the quarter, which was 42% less than the previous year. Think of it like a bakery that can normally make 100 loaves of bread per day but can only make 58 loaves because their oven is partially broken.

Was There Any Good News?

Yes! Even though they processed less material, gold prices reached historic highs during this period. The company sold gold at USD4,960 per ounce, which was 92% higher than the same time last year. This high gold price helped reduce their losses – without it, things would have been much worse.

The mine produced 2,227 ounces of gold and 1,869 pounds of copper during the quarter. The company earned Php1.078 billion in revenues but had operating costs of Php1.415 billion.

What About the Overall Loss?

The company also mentioned a larger “consolidated net loss” of Php592 million. This bigger loss happened because of something called “mark to market revaluation of foreign currency denominated loans.” In simple terms, this means that because the company has loans in US dollars, and the value of the Philippine peso changed compared to the dollar, they had to record additional losses on paper.

When Will Things Get Better?

According to the company’s management, the repairs on the damaged crushing plant have been completed. They expect the Padcal Mine to return to normal production levels starting in May 2026. Company officials emphasized that the first quarter results don’t show what the company normally performs like – it was just a temporary difficult period while they fixed the equipment.

What’s Happening with the Silangan Project?

Philex Mining has some exciting developments with their new project called Silangan. As of end-April 2026, two major parts of this project are almost finished: the Underground Mine and the Tailings Storage Facility (where mining waste is stored).

The Process Plant (where they will extract the metals from ore) is now being handed over to SMMCI and their partner Ausenco Pty. Ltd., and they’ve started testing and preparing the equipment – a process called “commissioning.”

Originally, they hoped to produce their first gold and copper from this plant earlier, but they’ve adjusted the timeline to “within 2026.” The reason for this adjustment is that this will be the Philippines’ first fully automated plant that processes both gold and copper oxide, and it includes a brand new copper leaching process never before used in the country.

According to Engr. Eulalio Austin, Jr., Philex’s president and CEO, they need to be very careful and conservative during the commissioning process because this technology is new to the Philippines.

About Philex Mining Corporation

Philex Mining Corporation is listed 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 corner Sheridan Street, Mandaluyong City, Metro Manila.

This information was disclosed by Romeo B. Bachoco, the company’s Chief Finance Officer and Chief Compliance Officer, in an SEC Form 17-C filing dated April 30, 2026.

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.