Listed miner Apex Mining Co., Inc. posted a 70% increase in consolidated net income for the first half of 2025, reaching ₱3.2 billion compared with ₱1.89 billion in the same period last year.
The gold producer sold 51,436 ounces of gold in the first half of 2025, slightly lower than the 52,993 ounces sold year over year. Despite the drop in gold sales volume, the surge in the average realized price — $3,121 per ounce versus $2,264 in 2024 — lifted the company’s consolidated revenue by 37% to ₱9.5 billion from ₱6.94 billion a year ago.
Apex Mining also sold 197,925 ounces of silver in the first half, up 12% from 176,838 ounces in the same period last year. The realized price of silver also increased to $33.18 per ounce from $26.86 in 2024.
The company’s consolidated revenues include gold and silver sales from its Maco Mine in Davao de Oro and the Sangilo Mine in Benguet, operated by its wholly owned subsidiary, Itogon-Suyoc Resources Inc.
“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 was recognized as the Top 1 Business Taxpayer and Top 2 Real Property Taxpayer for 2025 by the Municipality of Maco in Davao de Oro, remitting ₱200,852,196 in business taxes and ₱6,084,096 in real property tax this year alone. Support to the Mansaka — the host Indigenous People of its Maco operations — through surface rights royalty and other relevant fees rose 11% to ₱23.61 million in 2025 from 2024, due to higher revenue and cost bases used in the computation of these fees.
Consolidated excise taxes paid amounted to ₱363.42 million in the first half of 2025, up from ₱267.7 million a year earlier. Apex Mining alone posted a net income of ₱1.56 billion for the second quarter of 2025, compared with ₱1 billion in the same period in 2024.
“Because of higher tonnage processed at a lower grade, our variable costs such as materials, power, royalties and surface rights, SDMP and refining costs increased by 10%,” said Apex Mining Senior Vice President and CFO Billy G. Torres.
Finance costs and other expenses also rose to ₱582 million from ₱278 million due to higher loan balances. As previously disclosed, the company secured a $108 million Omnibus Loan and Security Agreement in December 2024 with Bankcom and PNB for the acquisition of Asia-Alliance Mining Resources Corp., the latest addition to the Apex Mining group.
“The permitting process and resource validation for AAMRC are both ongoing. We will disclose relevant updates as they unfold,” Sarmiento said.
In June, Apex Mining received the Best Managed Company (Bronze Award/Philippines) in the Basic Materials category at Asia’s Best Companies awards organized by FinanceAsia.
Based on the 2025 Mine Reserves and Resource Certifications, the Maco Mine has enough reserves and resources to continue operating until 2034.
Apex Mining’s stock has climbed 523% from Jan. 2, 2020, to June 30, 2025, supported by steadily improving financial results. Between 2020 and 2024, revenue grew 140%, while net income surged 182%.
