The Philippine mining sector has long been a pillar of the country’s resource-driven economy, supplying gold, copper, and nickel to global markets. In 2026, mining stocks remain highly relevant to PSE investors, not only because of their exposure to commodity cycles but also due to their role in diversifying portfolios beyond traditional banking and property sectors.
With gold prices at record highs above $4,300/oz and copper and nickel demand supported by industrial and EV growth, mining equities offer both opportunities and risks. This blog focuses on three key players: Apex Mining (APX), OceanaGold Philippines Inc (OGP), and Philex Mining (PX).
Apex Mining (APX)
Apex Mining Co., Inc. operates primarily through its Maco Mine in Davao de Oro and Itogon-Suyoc Resources (ISRI) in Benguet. Its portfolio is centered on gold and silver production, with copper as a secondary output.
Recent Performance
In Q1 2025, Apex reported ₱1.4 billion net income, up 70% year-on-year, driven by higher gold prices despite slightly lower production volumes. By Q3 2025, consolidated net income reached ₱5.45 billion, a 78% increase from 2024, while revenues surged to ₱15.48 billion.
Growth Catalysts
- Gold price resilience: With gold above $4,300/oz, Apex benefits directly.
- Operational expansion: Continued development of ISRI’s Sangilo Mine adds production stability.
- Silver output growth: 12% increase in silver sales in 1H 2025.
Risks
- Commodity volatility: A sharp correction in gold prices could dent margins.
- Operational costs: Rising energy and labor expenses may pressure profitability.
Investor Relevance
APX is a growth-oriented mining stock with strong earnings momentum, appealing to investors seeking exposure to gold and silver.
OceanaGold Philippines Inc (OGP)
OceanaGold Philippines Inc (OGP) operates the Didipio Mine in Nueva Vizcaya, a world-class gold and copper project. It is part of OceanaGold Corporation, a multinational mining company, but its Philippine operations are significant for local investors.
Key Commodities
- Gold: Primary revenue driver.
- Copper: Secondary contributor, tied to industrial demand.
Recent Performance
In 2025, OGP benefited from strong gold prices and steady copper demand. The Didipio Mine continued to deliver robust output, positioning OGP as a dual-commodity play.
Growth Catalysts
- Gold’s safe-haven appeal: Elevated prices support margins.
- Copper demand: Infrastructure and renewable energy projects globally sustain copper prices.
- Operational efficiency: Didipio’s modern facilities enhance cost competitiveness.
Risks
- Regulatory environment: Mining permits and community relations remain sensitive in Nueva Vizcaya.
- Commodity exposure: Copper prices are cyclical and tied to global growth.
Investor Relevance
OGP offers balanced exposure to gold and copper, making it attractive for investors seeking diversification within mining.
Philex Mining (PX)
Philex Mining Corporation is one of the oldest and largest mining firms in the Philippines, with operations centered on copper and gold. Its flagship Padcal Mine in Benguet has been a major contributor to national copper output.
Recent Performance
Philex was among the top-performing PSE stocks in 2025, soaring over 130% amid record-high gold prices. Its revenues are more sensitive to copper price fluctuations, but strong demand from China and the US supported earnings.
Growth Catalysts
- Copper demand: Infrastructure and renewable energy projects globally sustain copper prices.
- Silangan Project: A major development in Surigao del Norte, expected to boost long-term output.
Risks
- Project delays: Silangan’s development timeline has faced challenges.
- Commodity exposure: Copper prices are vulnerable to global economic cycles.
Investor Relevance
PX offers long-term stability and exposure to copper, making it suitable for investors with a longer horizon.
Comparative Insight
|
Company |
Core Commodity |
Strengths |
Risks |
Investor Suitability |
|
APX |
Gold & Silver |
Strong earnings growth, high gold prices |
Commodity volatility, rising costs |
Growth-oriented investors |
|
OGP |
Gold & Copper |
Balanced exposure, modern operations |
Regulatory scrutiny, |
Diversification-focused investors |
|
PX |
Copper & Gold |
Long history, Silangan project |
Project delays, |
Long-term investors |
Short-term traders may prefer APX and OGP for volatility-driven opportunities, while long-term investors may find PX more stable due to its copper exposure and project pipeline.
Regulatory and Macro Factors
- Philippine Mining Policy: The government continues to balance resource development with environmental protection. Community relations and permitting remain critical.
- Global Commodity Prices: Gold remains a safe-haven asset amid inflation concerns, while copper and nickel benefit from industrial and EV demand.
China & US Demand: Both economies drive global commodity cycles, directly impacting Philippine miners.
Outlook: Philippine Mining Stocks in Q1 2026
As 2026 begins, gold trades at record highs above $4,300/oz, supported by persistent inflation concerns, central bank buying, and geopolitical risk. Copper demand continues to benefit from infrastructure and renewable energy projects, though potential global economic slowdowns could temper growth.
Domestically, inflation is moderating, and the Bangko Sentral ng Pilipinas (BSP) is expected to maintain cautious interest rate policies. A relatively stable Philippine peso supports mining exporters, though external shocks could cause swings.
For local mining equities, opportunities lie in gold’s safe-haven appeal and copper’s structural demand, while risks include regulatory hurdles and commodity price corrections. Filipino investors should view mining stocks as strategic portfolio diversifiers, balancing short-term trading opportunities with long-term resource exposure.
