Apex Mining Co., Inc. reported a 40% increase in consolidated net income to PHP 7.61 billion for the first nine months of 2026, as higher realized gold and silver prices offset declining sales volumes caused by lower ore grades.
In its November 10 disclosure, the mining company said its net income increased by PHP 2.16 billion from PHP 5.45 billion in the same period last year. Third-quarter consolidated net income also rose to PHP 2.23 billion from PHP 2.15 billion in the corresponding period of 2025.
Despite the earnings growth, Apex Mining’s gold sales volume declined by approximately 17% to 65,691 ounces from 78,751 ounces a year earlier. However, the average realized selling price increased to USD 4,528 per ounce from USD 3,319 per ounce.
Silver sales likewise decreased to 229,746 ounces from 290,894 ounces, representing a decline of approximately 21%. The realized silver price, however, nearly doubled to USD 72.89 per ounce from USD 36.48 per ounce.
The company’s consolidated revenues were derived from gold and silver sales at its Maco Mine in Davao de Oro and Sangilo Mine in Itogon, Benguet, operated by subsidiary Itogon-Suyoc Resources, Inc. (ISRI).
Apex Mining attributed the decline in gold and silver sales volumes to lower ore grades in lean-zone mining areas. Company President and CEO Luis R. Sarmiento pointed to the Tagbaros drain tunnel as part of its efforts to address the issue.
“Once the Tagbaros drain tunnel is completed, we will have more working areas to safely access better grades,” Sarmiento said.
Meanwhile, Apex Mining said its Maco Mine has sufficient mineral reserves and resources to support operations until 2034, based on its 2026 mine reserves and resource certifications and an assumed production rate of 3,000 tonnes per day.
The company has also modified the mine’s existing crushing and grinding infrastructure to increase processing capacity to 3,500 tonnes per day, while exploration and development activities continue to expand its mineral resources and reserves.
Beyond its existing operations, subsidiary Asia Alliance Mining Resources Corporation is targeting the start of copper operations by 2029 at its proposed copper and gold mine in Maco, Davao de Oro. The company is currently engaging host and neighboring communities as part of the Free and Prior Informed Consent (FPIC) process.
In Benguet, ISRI has obtained a Certificate Precondition confirming compliance with the FPIC process for its 434-hectare APSA 103 mining tenement in Itogon. The subsidiary is completing the remaining pre-operation permits for a proposed processing plant with a capacity of 1,000 to 1,500 tonnes per day.
Apex Mining also reported higher contributions to Indigenous Peoples and host communities during the first nine months of 2026, with surface rights and IP royalty remittances increasing 55% to PHP 221.21 million.
Spending under the company’s Social Development and Management Program (SDMP) likewise increased 36.3% to PHP 106.6 million from PHP 78.2 million a year earlier. Third-quarter SDMP expenditures reached PHP 44.8 million, compared with PHP 20.2 million in the same period of 2025.
“We have been working with the Mansakas for 56 years now and we have always found ways to close gaps, settle issues and grow our interdependence,” Sarmiento said, emphasizing the company’s longstanding relationship with its Indigenous Peoples host communities.
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How can mining companies balance stronger financial performance with long-term mine development and greater benefits for their host communities?
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