APEX Mining Co., Inc. reported a net income of PHP 3.2 billion, a 70% increase from the PHP 1.89 billion recorded in the same period last year, driven by stronger metal prices despite slightly lower gold sales volumes.
The company’s revenues, meanwhile, surged to PHP 9.5 billion, up 37% from PHP 6.94 billion last year.
The company sold 51,436 ounces of gold in the period, down from 52,993 ounces last year. However, the average realized gold price surged to $3,121 per ounce from USD 2,264, pushing consolidated revenues up 37% to PHP 9.5 billion.
Silver sales rose 12% year-on-year to 197,925 ounces, with average prices increasing to USD 33.18 per ounce from USD 26.86. Sales came from its Maco Mine in Davao de Oro and the Sangilo Mine in Benguet under wholly owned subsidiary Itogon-Suyoc Resources, Inc. (ISRI).
“Alongside our continued growth and strong performance is our increasing contribution to nation-building through payment of taxes,” said Apex Mining President and CEO Luis R. Sarmiento.
The company paid PHP 200.85 million in business taxes and PHP 6.08 million in real property tax to the Municipality of Maco this year, earning Top 1 Business Taxpayer and Top 2 Real Property Taxpayer recognition. Royalties and fees to the Mansaka Indigenous People rose 11% to PHP 23.61 million. Excise taxes reached PHP 363.42 million in H1 2025, up from PHP 267.7 million last year.
Second-quarter net income stood at PHP 1.56 billion, up from PHP 1.0 billion last year. Senior Vice President and CFO Billy G. Torres said higher tonnage processed at lower ore grades drove up variable costs by 10%. Finance costs nearly doubled to PHP 582 million from PHP 278 million due to increased loan balances, including the USD 108 million Omnibus Loan and Security Agreement signed in December 2024 to acquire Asia-Alliance Mining Resources Corp.
“The permitting process and resource validation for AAMRC are both ongoing,” Sarmiento said, adding that updates will be disclosed in due course.
Apex Mining recently received the Bronze Award for Best Managed Company (Philippines) in the Basic Materials category at Finance Asia’s Asia’s Best Companies awards. The company’s Maco Mine has certified reserves to operate until 2034.
APEX, which operates the Maco Gold Mine in Davao de Oro, continues to align its mining practices with global environmental and social standards. It invests in community programs and environmental rehabilitation as part of its long-term sustainability plan.
Maco Mine, one of its key properties, has enough gold and silver reserves to operate until 2034. Supported by steady growth, the company’s shares have surged 523% since 2020.
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