Apex rides gold rally to 78% profit jump

Listed miner Apex Mining Co., Inc. rode a surge in gold prices and strong sales to post a 78 percent jump in consolidated net income for the first nine months of the year, reaching P5.45 billion from P3.07 billion a year earlier. 

The Razon-led company said in a Tuesday disclosure that the robust performance was also supported by the higher output from its Maco Mine in Davao de Oro and Sangilo Mine in Benguet, coupled with a favorable United States (US) dollar against the peso.

Consolidated gross revenues climbed 43 percent to P15.48 billion during the period, from P10.84 billion last year.

Gold sales for the first three quarters totaled 78,751 ounces, slightly up from 78,105 ounces last year, while the realized average gold price surged 41 percent to $3,319 per ounce. Silver sales rose 13 percent to 290,894 ounces, from 257,169 ounces in 2024.

While higher gold prices and a stronger US dollar boosted earnings, President and CEO Luis R. Sarmiento, ASEAN Eng. said the company’s “expansion plans are strategically aligned with the current global and local conditions, making us agile and quick to adjust.”

Sarmiento also noted the company’s swift response following the 7.6-magnitude earthquake that struck Davao in October.

The company was allowed to resume operations four days after the provincial government’s suspension order was issued.

“We understood the rationale behind the order of Gov. Mabanglo but we were confident that our consistent commitment to safe and responsible mining will bear us out,” he said. Apex’s rapid assessment team confirmed there was no damage to its Maco site within hours after the quake.

According to Apex, its reserves show the Maco Mine can operate until 2034 at 3,000 tons per day. 

The company is upgrading the plant to 3,500 tons per day and continuing exploration to expand resources.

Apex also acquired Asia-Alliance Mining Resources Corp., whose mineral veins extend into Maco. AAMRC is undergoing permitting.

To further boost its capacity, the company is moving forward with APSA 103, a 434-hectare expansion of the Sangilo Mine in Benguet, which has already secured community approval.