APEX MINING CO., Inc. reported a 70% increase in its consolidated net income for the first quarter (Q1), reaching P1.4 billion, up from P852.7 million in the same period last year, driven by higher metal prices and a stronger peso.
For the January to March period, Apex Mining saw a 33% rise in its consolidated gross revenues to P4.5 billion, from P3.4 billion in the same period last year.
During the period, Apex Mining sold 25,362 ounces of gold at a realized price of $2,953, reflecting a 7% decrease in volume compared to last year.
However, the lower volume was offset by the higher realized price, which was up 37% from $2,149 last year, the company said in a regulatory filing on Tuesday.
“While the surging metal prices and strong position of the dollar versus the peso bolstered the financial performance of Apex Mining, the cost management initiatives that are being implemented across the mine sites are also creating a stronger foundation for the company to fortify its operations,” said Apex Mining President and Chief Executive Officer Luis R. Sarmiento.
“Alongside reducing costs in the short term, our supply chain has been implementing strategies with the end goal of cost avoidance,” he added.
The gold and silver sold by Apex Mining came from its Maco Mine in Davao de Oro and the Sangilo Mine in Itogon, Benguet.
In the first quarter, the company milled 230,070 ore tonnes at the Maco Mine, which was 12% higher than last year’s 204,636 tonnes.
The gold recovery rate at the Maco Mine was also higher at 86.49%, compared to 85.45% last year. However, the ore gold grades averaged lower at 3.16 grams per tonne, down from 3.59 grams per tonne last year.
At the Sangilo Mine, operated by Itogon Suyoc Resources, total milled ores reached 34,573 tonnes in the first quarter, down 5.6% from 36,641 tonnes a year ago.
“Despite the lower tonnage, the gold grade per tonne of ore averaged 3.75 grams in 2025, compared to 2.87 grams per tonne in the same period last year, resulting in 7% fewer gold ounces produced,” the company said.
Citing Mine Reserves and Resource Certifications for 2025, Apex Mining said the Maco Mine has enough reserves and resources to continue at “the targeted production rate of 3,000 tonnes per day until 2034.”
To ensure it meets its production targets, the company said it is working on optimizing its operating mines’ infrastructure, processes, and manpower. These include upgrades to its equipment, the use of a drain tunnel, and the acquisition of training simulators.
Meanwhile, the company said the permitting process for Asia-Alliance Mining Resources is ongoing.
“We will disclose relevant updates as they unfold,” Mr. Sarmiento said.
On Tuesday, Apex Mining shares closed 0.12 centavo, or 1.92%, lower at P6.12 apiece. — Justine Irish D. Tabile
