(MANILA, PHILIPPINES) – Philex Mining Corporation (PSE: PX) (the “Company” or “Philex”), is one of the oldest and largest gold and copper producers in Southeast Asia, and a leader in right and principled mining. The Company generated an additional of Php314 million in core net income for 2Q2023, reporting a 1H2023 core net income of Php702 million. EBITDA of Php553 million for 2Q2023 increased 1H2023 EBITDA to Php1.188 billion.

Lower tonnage milled for 2Q2023 when compared to 2Q2022 levels resulted in the contraction of gold and copper output by 21% and 13%, respectively. Slight improvement in gold prices continue to mitigate the negative impact of the softening copper prices when compared to the same period in 2022. The combined negative effect of the lower metal production and softening of the copper prices was mitigated by the slight improvement in gold prices resulted to operating revenues of Php2.051 billion in 2Q2023, 17% lower than the Php2.485 billion for the same period in 2022 and 3% lower than the Php2.105 billion
in 1Q2023. Realized gold price at US$1,937 per ounce in the second quarter was higher by 6% when compared to 2Q2022, while realized copper price at US$3.82 per pound was 7% lower when compared to 2Q2022. Prices for gold and copper for the first half of the year averaged at US$1,924 per ounce and US$3.91 per pound, respectively.