Apex Mining Co., Inc. and its subsidiaries posted PHP 5.39 billion in consolidated net income for the first half of 2026, up 68% from PHP 3.20 billion a year earlier, even as gold and silver sales volumes declined.
Second-quarter consolidated net income also rose to PHP 2.57 billion from PHP 1.71 billion in the same period last year.
Apex sold 43,215 ounces of gold in the first six months of the year, 16% lower than the 51,436 ounces sold in the same period in 2025.
Gold sold in the second quarter also fell 12% to 22,861 ounces.
The company said the Maco Mine recorded lower mill grades during the period, with gold declining to 2.46 grams per tonne (gpt) from 3.26 gpt and silver to 10.89 gpt from 14.72 gpt.
Apex attributed the lower grades to mining in lean zones while operations move toward deeper, higher-grade areas.
The weaker volumes were offset by significantly higher realized metal prices.
Apex’s realized gold price rose 49% to USD 4,656 per ounce from USD 3,121 per ounce, while its realized silver price increased to USD 77.67 per ounce from USD 33.18.
Silver sales volume fell 22% to 154,946 ounces in the first half from 197,925 ounces a year earlier.
In the second quarter, realized gold prices rose 34% to USD 4,424 per ounce, while silver prices climbed 106% to USD 71.04 per ounce.
Apex said the stronger realized prices drove revenues higher during the first half, while the depreciation of the peso against the US dollar as of June 30 also resulted in a favorable exchange-rate variance.
Despite the lower volumes sold, the company’s consolidated excise taxes paid to the national government increased to PHP 536.59 million from PHP 363.42 million in the same period last year.
Surface rights royalties, Indigenous Peoples royalties, taxes, licenses and permits also collectively increased by PHP 103.89 million, or 43%, year on year.
“Through the ups and downs of our business, we remain committed to the welfare of our host communities and LGUs as well as our partner IPs,” said Luis R. Sarmiento, president and chief executive officer of Apex Mining.
The company also said its Social Development and Management Program expense increased, reflecting a higher operating cost base in the previous year.
Apex said the Maco Mine has enough reserves and resources to operate until 2034, assuming production remains steady at 3,000 tonnes per day.
The company is also modifying the mine’s crushing and grinding infrastructure to increase processing capacity to 3,500 tonnes per day, while continuing exploration and development activities aimed at expanding its existing resources and reserves.
With stronger metal prices offsetting weaker sales volumes and lower grades, Apex enters the second half with earnings momentum while continuing its push toward deeper, higher-grade zones at the Maco Mine.
Can Apex sustain its earnings growth as it transitions toward higher-grade areas and expands processing capacity?
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