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Manila Bulletin devider Business devider The Stock Market devider Apex Mining earnings up 78% as gold prices soar

Apex Mining earnings up 78% as gold prices soar

Published Nov 11, 2025 12:41 pm
Razon-led Apex Mining Co. Inc. reported a 78-percent increase in earnings in the first nine months compared to the previous year, driven by more robust sales buoyed by higher metal prices, especially gold.
In a disclosure to the Philippine Stock Exchange (PSE), Apex Mining said its net income reached ₱5.45 billion from January to September, surpassing the ₱3.07 billion in the same period last year.
The listed mining firm pointed to the continued rise in gold prices and strong performance of the United States (US) dollar against the peso as main drivers of its earnings growth.
The company’s revenues in the nine-month period jumped 43 percent to ₱15.48 billion from ₱10.84 billion last year.
This covers the sale of gold and silver from its Maco mine in Davao de Oro and Sangilo mine in Benguet, operated by its fully owned subsidiary, Itogon-Suyoc Resources Inc. (ISRI).
Higher revenues offset the 14-percent increase in expenses during the period, which climbed to ₱6.73 billion from ₱5.89 billion, as the company processed more metals, resulting in higher materials used, manhours spent, and energy consumed.
Apex Mining milled a total of 806,748 metric tons (MT) of metal in the first nine months, up seven percent from 657,975 MT in 2024.
Broken down, the gold recovery rate in the period improved to 87.83 percent, with silver also rising to 73.12 percent.
By end of September, the firm sold 78,751 ounces of gold and 290,894 ounces of silver.
The realized price per ounce of gold rose 41 percent to $3,319 from $2,359 last year, while realized silver prices stood at $36.48 per ounce, up 32 percent from $27.72 per ounce.
Building on this momentum, Apex Mining President and Chief Executive Officer (CEO) Luis Sarmiento said the company’s expansion plans are strategically aligned with current global and local conditions.
Sarmiento noted that the recent acquisition of Asia-Alliance Mining Resources Corp. (AAMRC) further fortifies the company’s future gold resources.
He added that AAMRC’s extensions of mining veins that spill over to Maco mine are currently undergoing the permitting process.
“We are also working on the remaining pre-operation permits of APSA 103,” said Sarmiento, referring to the application for a production sharing agreement.
APSA 103 is the 434-hectare (ha) expansion of ISRI’s Sangilo mine, which earlier secured a certificate precondition, confirming the surrounding community’s consent for the project.
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