Apex Mining Co., Inc.’s consolidated net income in Q1 2025 reached Php1.4 B, 70% better than Q1 2024’s P852.7 M. The consolidated gross revenues earned during the first quarter of this year amounted to Php 4.5 B, higher by Php 1.12 B (33%) versus the same period in 2024 (Php 3.4 B). The contributors to the gold and silver sold by Apex Mining are its Maco Mine in Davao de Oro and ItogonSuyoc Resources or ISRI. ISRI operates the Sangilo Mine in Itogon, Benguet.
In Q1 2025, Apex Mining sold 25,362 ounces of gold at a realized price of USD 2,953. The lower volume (seven percent less than Q1 2024) was offset by the higher realized price this year (up 37% versus last Q1 2024’s USD 2,149).
While the surging metal prices and strong position of the dollar versus the peso bolstered the financial performance of Apex Mining, Luis R. Sarmiento, ASEAN Eng., President and CEO of Apex Mining, says that the cost management initiatives that are being implemented across the mine sites are also creating a stronger foundation for the company to fortify its operations.
“Alongside reducing costs in the short term, our supply chain has been implementing strategies with the end goal of cost avoidance.”
Sarmiento adds that to ensure meeting production targets, Apex Mining strives to optimize their operating mines’ infrastructure, process, and manpower. The company has upgraded some of its equipment to improve its mill processing output. A drain tunnel is also in the works to give the company easy access to areas in the underground that would be traditionally submerged in water. Apex Mining also focuses on consistently enhancing manpower capability, “especially nowadays when there is a shortage of highly skilled miners.” The company’s recently acquired training simulators also ensure the safety of their employees as they undergo training.
“In fact, we have just hired the first batch of equipment operators that have graduated from our training center,” says Sarmiento.
Total ore tonnes milled in Maco mine in Q1 2025 was 12% higher at 230,070 tonnes compared to the 204,636 tonnes in the same period in 2024. Gold recovery was at 86.49%, higher compared to last period’s 85.45% recovery rate. Ore gold grades averaged lower, at 3.16 grams per tonne compared to the first quarter of 2024 at 3.59 grams of gold per tonne. The Sangilo Mine operated by ISRI milled a total of 34,573 tonnes in the first quarter of 2025 compared to 36,641 tonnes in the same period last year. Despite the lower tonnage, the gold grade per tonne of ore averaged at 3.75 grams in 2025 compared to the 2.87 grams of gold per tonne in the similar period last year, resulting to 7% less gold ounces produced.
From the Mine Reserves and Resource Certifications of 2025, the Apex Mining’s Maco Mine has enough reserves and resources to continue at the targeted production rate of 3,000 tonnes per day until 2034.
Meanwhile, the permitting process for Asia-Alliance Mining Resources is ongoing. On the strength of its Authority to Verify Minerals (ATVM), resource validation started in June 2024, focusing on geological mapping and bench sampling over 524 hectares. Sarmiento assures, “We will disclose relevant updates as they unfold.”
Apex Mining’s stock has been performing well, growing 305% from 02 January 2019 up to 30 April 2025, buoyed by a steadily increasing financial performance. Revenue growth is up 205% between 2019 and 2024; net income also reflects an upward trend, with 2024’s 1,314% higher versus 2019.
