Philex Mining Corporation at the special stock holders meeting held on April 30, 2013, stock holders holding or representing at least two thirds of company’s outstanding capital stock approved, ratified and confirmed an amendment to article VII of company’s Articles of Association, to include a provision that will allow company in an offering of shares for cash to except share holders not resident of the Philippines from having preemptive rights where, in the best judgment of board, the cost to company of meeting requirements to offer such shares in the foreign jurisdictions where such share holders reside would exceed the benefit to company. The company will seek approval by the Securities and Exchange Commission of such amendment to its Articles of Association.

Philex Mining Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of PHP 841.814 million against PHP 4,012.158 million a year ago. Income from operations was PHP 159.003 million against PHP 1,903.660 million a year ago. Income before income tax was PHP 605.385 million against PHP 1,826.832 million a year ago. Net income attributable to equity holders of the parent company was PHP 420.686 million against PHP 1,296.553 million a year ago. Diluted earnings per share were PHP 0.0853 against was PHP 0.2627 a year ago. Core net income was PHP 132.373 million or PHP 0.0268 per share against core net income of PHP 1,330.128 million or PHP 0.2698 per share a year ago. EBITDA was PHP 874.829 million or PHP 0.1773 per share against EBITDA of PHP 2,047.401 million or PHP 0.4152 per share a year ago.

Philex Mining Corp. elected Engineer Eulalio B. Austin, Jr. as Chief Executive Officer. Mr. Austin is the company's incumbent President and Chief Operating Officer. He was nominated by Mr. Manuel V. Pangilinan, the Chairman of the company, who relinquished the CEO position in favor of Mr. Austin. The separation of the positions of Chairman and of CEO is consistent with the company's Manual on Corporate Governance which provides that the positions of Chairman and of CEO should, as practicable, be separate. Mr. Austin became President of the company in January 2012, after serving as its Senior Vice President for Operations and Padcal Resident Manager in 2011, Vice President and Resident Manager for Padcal Operations from 2004 to 2010, Mine Division Manager (Padcal) from 1999 to 2003, Engineering Group Manager in 1998 and Mine Engineering and Draw Control Department Manager from 1996 to 1998. He has been with the company since 1983.