Atlas Consolidated Mining & Development Corp. has become an awkward asset at a moment when its biggest blue-chip shareholder appears to be rethinking what belongs inside a modern Philippine conglomerate. In early March, SM Investments Corp. said it was weighing a reduction or possible exit from its Atlas stake, casting the miner as an outlier in a portfolio built around banking, property, retail, logistics, and energy. The timing is telling: copper and gold prices have been firm, but Atlas itself has spent the past two years slipping from profit into loss, even as its operating business continues to throw off cash. Atlas’ 2025 results show why a sale can be framed both as an opportunistic disposal and as a strategic reset. Revenue fell to ₱17.19 billion in 2025 from ₱18.63 billion in 2024 and ₱18.87 billion in 2023, extending a two-year slide in the top line. The company posted a net loss of about ₱246 million in 2025, slightly worse than the ₱231 million loss booked in ...