Apex Mining Co. Inc. (APX) and its subsidiaries posted a consolidated net income of ₱5.45 billion for the first nine months of 2025, marking a 78 percent increase from ₱3.07 billion in the same period last year.
For the third quarter alone, the group earned ₱2.15 billion, up from ₱1.31 billion in 2024. Parent company Apex Mining recorded ₱5.02 billion in standalone net income for the same nine-month period, also showing strong growth from ₱2.97 billion last year.
Consolidated gross revenues rose 43 percent year-on-year to ₱15.48 billion, driven mainly by higher gold and silver sales from the Maco Mine in Davao de Oro and the Sangilo Mine in Itogon, Benguet, operated by its subsidiary Itogon-Suyoc Resources Inc. (ISRI).
Gold sold during the period totalled 78,751 ounces, slightly higher than last year’s 78,105 ounces. The realised gold price per ounce surged to USD 3,319 — a 41 percent increase from USD 2,359 in 2024. Silver sales also improved, reaching 290,894 ounces, up 13 percent from 257,169 ounces last year.
Company officials attributed the earnings boost to stronger gold prices and the appreciation of the US dollar against the peso.
Apex Mining president and CEO Luis R. Sarmiento said the company’s solid results reflect both favourable market conditions and timely business decisions. “Our expansion plans are strategically aligned with the current global and local conditions, making us agile and quick to adjust,” he said.
Quick recovery after Davao quake
Operations at the Maco Mine were briefly halted after the magnitude 7.6 earthquake that struck Davao on 10 October 2025. Davao de Oro Governor Raul Mabanglo had ordered a temporary suspension of all mining activities as a safety precaution.
Apex Mining resumed operations just four days later, after the Mines and Geosciences Bureau Region XI cleared the site within 48 hours of the company’s safety report.
“We understood the rationale behind Governor Mabanglo’s order but were confident that our consistent commitment to safe and responsible mining would bear us out,” Sarmiento said. The company’s rapid response team confirmed there was no structural damage to the mine site.
Long-term mine capacity and expansion
According to Billy G. Torres, senior vice president and head of finance at Apex Mining, recent mine reserve and resource certifications show that the Maco Mine has enough reserves to sustain operations until 2034, assuming a daily milling rate of 3,000 tonnes.
The company is currently modifying its processing plant to raise capacity to 3,500 tonnes per day. Exploration and development efforts are ongoing to expand both resources and reserves. “We continue to harness growth and expansion prospects,” Torres said.
Strengthening future gold resources
Apex Mining also recently acquired Asia-Alliance Mining Resources Corp. (AAMRC), whose mineral veins are believed to extend into Maco’s deposit area. The acquisition is expected to further strengthen the company’s long-term gold resource base. AAMRC is now completing its permitting process.
Sarmiento said the company is also progressing with pre-operation permits for APSA 103, the expansion area of ISRI’s century-old Sangilo Mine in Benguet. The project has already obtained a Certificate of Precondition, which indicates community consent. APSA 103 covers about 434 hectares.
Recognition for business excellence
Apex Mining was recently named among only five Philippine companies on Forbes Asia’s “Best Under A Billion” list for 2025, which highlights 200 top-performing small and mid-sized companies across the Asia-Pacific region.
The company said its strong financial results, disciplined operations, and strategic growth plans continue to position it for sustainable expansion in the years ahead.
