In its latest quarterly report filed with the Securities and Exchange Commission, Apex Mining Co., Inc. (Apex) reported a consolidated net income of Php1.45 billion for the three months ending March 31, up from Php852.7 million in the same period last year.
Total revenues climbed 33% to Php4.5 billion, boosted by a sharp increase in the selling prices of gold and silver. Apex said the average price of gold sold during the quarter was 2,953 USD per ounce, up from 2,149 USD a year ago. Silver prices also rose to 32 USD per ounce, compared to 23.90 USD last year.
“The increase in revenues was mainly due to higher prices and favorable exchange rates,” the company said in the filing.
Despite a slight decline in gold volume sold, Apex noted that production efficiency helped offset the impact. The company’s Maco Mine in Davao de Oro processed 230,070 tonnes of ore, up 12% year-on-year, while gold recovery improved to 86.49%.
Meanwhile, Itogon-Suyoc Resources, Inc., a subsidiary, saw gold output rise by 7% due to higher gold grades in the ore processed, despite a slight dip in volume.
Apex also disclosed its emergency response to the Masara landslide in February, which temporarily affected operations. The company said it provided aid to affected families and worked closely with government agencies. Normal operations have since resumed.
On the cost side, production expenses inched up to Php2.03 billion due to higher ore tonnage, rising material costs, and increased manpower. General and administrative expenses more than doubled to Php154.3 million, mainly due to bank-related charges and additional staffing.
Cash reserves dropped to Php2.18 billion, from Php3.2 billion at the end of 2024, after the company spent on new equipment, mine development, and a 19-million USD payment tied to the acquisition of Asia Alliance Mining Resources Corp.
Despite the spending, Apex said it remains financially sound. Total assets stood at Php31.87 billion, while equity rose to Php19.07 billion. The company reported an improved debt-to-equity ratio of 0.54:1, down from 0.81:1 last year.
Looking ahead, Apex said its Maco Mine has enough ore reserves to support current production levels until 2034. Exploration efforts are ongoing, including in newly acquired mining areas adjacent to its current operations.
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