The Philipsburg Mining Company was incorporated under Missouri law on March 28, 1911, to take over the properties of the Hope Mining Company. The officers of the company were the principal stockholders of the Granite-BiMetallic Consolidated Mining Company. In 1916 the firm began mining manganese at the Algonquin Mine, a former silver mine on Frost Creek, and in 1917-1918 developed several other productive bodies along the same lode. During the two years following the conversion to manganese mining, the Algonquin produced 55,000 tons of ore, most of it shipped to the East for steel production. In 1918 the Philipsburg Mining Company completed and put into operation a large mill near Philipsburg designed to concentrate the lower grades of ore from the Algonquin and other mines to increase the rate of production of manganese.

The market for manganese declined at the end of World War I. However, some mines, such as the Algonquin, were able to continue on a reduced scale because of the need for manganese in making dry-cell batteries and certain chemicals. In 1940 the Philipsburg Mining Company owned property including 284 claims and 3,964 acres near Philipsburg, but had no mine in operation.

The company ceased filing annual reports with the Montana Secretary of State in 1944 and its charter expired in 1957.