Lepanto

What Lepanto does

Lepanto Consolidated Mining Company is a Filipino primary gold producer that has operated continuously in Mankayan, Benguet since 1936. The company runs underground gold and silver mining at the Victoria and Teresa deposits — collectively the Victoria Project — within Mineral Production Sharing Agreement (MPSA) No. 001-90-CAR, supplemented by active exploration and grade-control drilling using five drill rigs. Ore is processed through a 2,500-tonnes-per-day carbon-in-pulp (CIP) plant commissioned on March 16, 1997, and underground access is provided by the Nayak Twin Decline infrastructure (1 km of twin declines and an internal shaft, completed April 2000 at a cost of P675 million / US$15.0 million). The Victoria Project has produced over 1.55 million ounces of gold and 2.79 million ounces of silver between 1997 and 2023, and the company also holds a 60% stake in Far Southeast Gold Resources, Inc. (FSGRI), which carries an inferred resource of 19.8 million ounces of gold and 4.6 million tons of copper.

The business is operated as a commodity producer selling gold and silver into global precious-metals markets at prevailing spot prices, with no retail pricing layer or named offtake counterparties disclosed. Lepanto is publicly listed on the Philippine Stock Exchange under ticker LC and reports through SEC filings (Form 17-A, Definitive Information Statements). Revenue is therefore a direct function of production volumes and realized commodity prices; the May 2025 results illustrate this dynamic, with a 23% production increase to 10,151 oz of gold combined with a 39% rise in the gold price ($2,182 to $3,035 per oz) driving net income from P16 million to P659 million year-over-year. Three wholly-owned subsidiaries (Diamond Drilling Corporation of the Philippines, Lepanto Investment and Development Corporation, and Shipside, Incorporated) provide ancillary services, and the company maintains a substantial in-camp community ecosystem — including a 30-bed hospital, four schools, a TESDA-aligned skills center, and the LEAP scholarship program — that supports roughly 10,000 people across approximately 2,000 households and underpins its social license to operate.

Name

Lepanto

Legal name

Lepanto Consolidated Mining Company

Website

https://lepantomining.com

Company type

Public

Founded year

1936

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Lepanto Consolidated Mining Company is a Filipino primary gold producer operating the Victoria and Teresa underground mines in Mankayan, Benguet, selling gold and silver into global commodity markets via a 2,500-t/d carbon-in-pulp processing plant.

Ownership category

akta.pro rank

Product category

Gold and Silver Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (21223)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Silver Mining (IMAKAEAB), Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

Keywords

• Primary gold production
• Underground mining operations
• Precious metals extraction
• Gold and silver mining
• Mineral processing services

Headquarters

HQ city

Makati

HQ country

Philippines

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Gold and Silver Production and Sales: Lepanto generates revenue primarily from the sale of gold and silver produced from its Victoria and Teresa underground mining operations in Mankayan, Benguet. Production volumes and prevailing commodity prices (gold ~$3,035/oz as of May 2025) drive revenue. The company previously engaged in copper operations (2008 and 2017–Q1 2020).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Lepanto Consolidated Mining Company is a Filipino primary gold producer that extracts and processes gold and silver from its Victoria and Teresa underground mining operations in Mankayan, Benguet, Philippines. Ore is processed through a 2,500-tonnes-per-day carbon-in-pulp (CIP) plant commissioned in 1997, with the Nayak Twin Decline infrastructure providing modern underground access and ventilation. From 1997 to 2023, the Victoria Project produced over 1.55 million ounces of gold and 2.79 million ounces of silver, which are sold directly into global commodity markets at prevailing market prices.

Product overview

Lepanto Consolidated Mining Company operates as a Filipino primary gold producer with its core Victoria and Teresa mining operations in Mankayan, Benguet. The company's product portfolio centers on gold mining production through underground operations and a 2,500-t/d carbon-in-pulp (CIP) processing plant. Supporting its mining activities, Lepanto maintains wholly-owned subsidiaries including Diamond Drilling Corporation of the Philippines for drilling services, Lepanto Investment and Development Corporation, and Shipside, Incorporated. The company also operates Lepanto Hospital providing medical services to employees and surrounding communities, and runs community development programs including the Lepanto Educational Assistance Program (LEAP) and Lepanto Skills Development Center (LSDC). Through its 60%-owned associate Far Southeast Gold Resources Inc. (FSGRI), Lepanto holds exploration-stage gold and copper resources in the Mankayan district.

Differentiator

Problem solved

Functional benefit

Products and services

• Victoria and Teresa Gold and Silver Mining Operations Primary gold and silver production from underground mining at the Victoria and Teresa deposits located in Mankayan, Benguet, Philippines. Ore is processed through a 2,500-t/d carbon-in-pulp (CIP) plant, supported by the Nayak Twin Decline infrastructure and five active drill rigs for grade control and exploration. From 1997-2023, the Victoria Project produced over 1.55 million ounces of gold and 2.79 million ounces of silver. The produced metals are sold into global commodity markets at prevailing market prices to enterprise buyers, refiners, and financial institutions.
• Gold and Silver Commodity Sales Sale of produced gold and silver into the global precious metals commodity market at prevailing market prices (gold ~$3,035/oz as of May 2025). Sales are conducted through direct offtake arrangements or commodity markets targeting enterprise buyers, refiners, and financial institutions.

Quantifiable outcome

• Net income surged from P16 million (May 2024) to P659 million (May 2025) — a 41x increase, driven by 23% production growth and higher gold prices
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Far Southeast Gold Resources, Inc. (FSGRI)coreStrategic or Co-development PartnerLepanto owns 60% of the outstanding capital of FSGRI, a mining company incorporated in 1989 with resources in Mankayan, Benguet. FSGRI is not yet in operation. Gold Fields had funded FSGRI's exploration program, which resulted in an inferred mineral resource of 19.8 million oz. gold and 4.6 million tons copper at the Far Southeast Project. Following the July 2024 termination of the Gold Fields agreement, Lepanto intends to find a new partner for FSGRI.
• Diamond Drilling Corporation of the PhilippinescoreTechnology or IntegrationOne of three wholly-owned subsidiaries of Lepanto. Provides diamond drilling services supporting Lepanto's mining exploration and grade control drilling activities.
• Lepanto Investment and Development CorporationcoreOthersOne of three wholly-owned subsidiaries of Lepanto Consolidated Mining Company, along with Diamond Drilling Corporation of the Philippines and Shipside, Incorporated.
• Shipside, IncorporatedminorOthersOne of three wholly-owned subsidiaries of Lepanto Consolidated Mining Company, along with Diamond Drilling Corporation of the Philippines and Lepanto Investment and Development Corporation.
• Manila Mining CorporationminorOthersAn affiliate of Lepanto, listed alongside Lepanto's other subsidiaries and affiliates on the corporate website.
• Department of Environment and Natural Resources (DENR) - PhilippinescoreOthersLepanto operates under MPSA No. 001-90-CAR granted by the DENR of the Philippines. ISO 14001:2015 certification is a DENR requirement for all operating mines.
• TÜV NORD Philippines, Inc.minorOthersTÜV NORD Philippines, Inc. conducts the annual audit and recommends the maintenance of Lepanto's ISO 14001:2015 certification for Environmental Management System.
• Department of Social Welfare and Development (DSWD) - PhilippinesminorStrategic or Co-development PartnerLSDC is at the center of the partnership between Lepanto and DSWD for a sustainable livelihood program for the community.
• Technical Education and Skills Development Authority (TESDA)minorOthersLepanto Skills Development Center (LSDC) follows the TESDA curriculum for its courses including Shielded Metal Arc Welding and Electrical Installation and Maintenance.
• Baguio Country ClubminorOthersBaguio Country Club served as the venue for the signing of the Collective Bargaining Agreements with Lepanto's two labor unions (LLEU and LLSU) on July 5.

Scale indicators9 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Apex Mining Company Inc. Philippine-focused gold and silver producer operating the Maco mine in Davao de Oro. Closely comparable to Lepanto as a mid-sized Filipino underground gold-silver producer with similar production scale and cost structure.
• TVI Pacific Inc. Canadian-listed junior with Philippine mining interests through its TVIRD subsidiary, focused on gold and other base metals. Comparable as a smaller Philippine-focused miner pursuing project development in the same country context as Lepanto.
• Benguet Corporation: Historic Philippine mining company operating in the same Benguet region as Lepanto, with gold and other mineral production. A direct regional peer with shared geological context and overlapping 20th-century Philippine mining heritage.
• Manila Mining Corporation: Listed Filipino mining affiliate of Lepanto, operating gold properties in the Philippines. Directly comparable as a small-cap Philippine gold producer within the same corporate ecosystem.
• Philex Mining Corporation: Filipino mining company operating the Padcal mine in Benguet, producing gold, silver, and copper — directly comparable to Lepanto in geography (same Cordillera region), commodity mix, and underground mining model. One of the largest Philippine gold-copper producers and the natural benchmark peer.

Regional players

• Medusa Mining Limited: Australia-listed gold producer operating the Co-O mine in the Philippines. Comparable as a Southeast Asia-focused underground gold producer with similar geological and operational characteristics, though headquartered in Australia.

Emerging players

• Kingsgate Consolidated Limited: Australian-listed gold producer historically operating Chatree in Thailand. Comparable as a mid-tier single-asset gold producer with operating leverage to gold prices similar to Lepanto's profile.
• RTG Mining Inc. Australia-listed junior with the Mabilo copper-gold project in the Philippines. Comparable as a smaller Philippine-focused copper-gold developer at a similar scale and stage to Lepanto's FSGRI holdings.
• St. Augustine Gold and Copper Limited: Development-stage Philippine-focused gold and copper project (Tampakan, via a JV with a major). Comparable to Lepanto as a Philippines-anchored gold-copper development story where the asset is not yet producing — directly analogous to Lepanto's FSGRI position.

Broad incumbents

• Oceanagold Corporation: Australasian-listed gold producer that operated the Didipio mine in Nueva Vizcaya and Quirino provinces, Philippines, before its recent suspension. Comparable as a foreign-listed gold producer with significant Philippine underground operations and exposure to Philippine regulatory dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC5bGtG4-rR0k-uZfTuG7Phg/videos
• Facebookfacebook.com/lepantomining
• Instagraminstagram.com/lepantomining/?hl=en

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lepanto