Atlas Mining returns to profitability in Q1

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April 29, 2026 | 12:00am

MANILA, Philippines — Atlas Consolidated Mining and Development Corp. swung to profitability in the first quarter due to higher metal prices logged by its Toledo, Cebu mining operations.

The company reported a net income of P645 million during the first three months, a turnaround from the P404 million net loss incurred in the same period last year.

“This higher income was mainly due to higher revenue resulting from higher metal prices as well as higher copper grades and strict implementation of production efficiencies thru prudent application of cash for operations spending by its wholly owned subsidiary Carmen Copper Corp.” Atlas Mining said in stock market disclosure yesterday.

It added that Carmen Copper has gradually exposed ore sources for mine and mill production, which contributed to the company’s improved performance during the period.

The mine is now in its final year of a three-year mine redevelopment program, which is set to be completed by the third quarter of 2026.

Atlas Mining reported that revenues rose by 11 percent to P4.5 billion in the first quarter, from P4.07 billion in the same period last year.

The Toledo operations was able to produce 11.4 million pounds of copper metal, down 19 percent from 13.75 million pounds last year. Gold production also fell by 46 percent to 2,370 ounces from the previous 4,369 ounces.

The company also reported that copper prices rose by 34 percent to $5.77 per pound from $4.31 per pound last year, while gold prices surged to $4,895 per ounce, a 68-percent increase from $2,906 per ounce in 2025.