Apex Mining Co., Inc. Reported P852.7 Million in Net Income in Q12024, Up 55%

In the first quarter of 2024, Apex Mining Company, Inc. reported a record consolidated net income of P852.7 million, which is 55% more than the P548.8 million earned at the same time the previous year. For the quarter, total gross revenues increased by 31% year over year to P3.4 billion.

The spike in the realized price per ounce of gold, which was $2149 in Q12024 as opposed to $1929 in 2023, was the primary cause of the increase in revenues. The period's revenues were further increased by the 16% and 11% uptrends in gold (27,373 ounces) and silver (93,081 ounces) sales volume, respectively.
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The 204,636 tonnes of total ore that were milled during the quarter represented a 12% increase over the 182,639 tonnes that were reported in Q1 2023. As compared to the previous year, when it was 88.77%, the gold recovery this quarter was slightly lower at 85.45%, and the average ore gold grades decreased to 3.59 grams per tonne from 4.56 grams per tonne. However, Itogon-Suyoc Resources, Inc., a subsidiary of Apex Mining, milled 36,641 tonnes in total in Q1 2024—a higher amount than the 34,221 tonnes milled the previous year.

The Maco Mine has sufficient reserves and resources to continue producing at the intended rate of 3,000 tonnes per day until 2032, as per the Mine Reserves and Resource Certifications of 2021.

"We are confident that we can sustain our performance throughout the year, barring any major obstacle that may come our way. We shall disclose updates on our exploration activities once the third-party competent report on the results of exploration is completed,” says Apex Mining President and CEO Luis R. Sarmiento, ASEAN Eng.

“Our acquisition of the Asia Alliance Mining Resources Corporations gives us future gold resources as the extensions of existing mine veins spill over to the adjacent tenement, providing our exploration team new ground to drill and validate,” Sarmiento adds. Apex Mining took over the AAMRC in February 2023.

Last February 6, a landslide triggered by abnormally heavy rains occurred in Barangay Masara in Maco, Davao De Oro, three kilometers away from Apex Mining’s active mining area. “This has been a devastating tragedy,” says Sarmiento and up to today, Apex Mining continues to extend help to those affected by the landslide. Milling activities at the time of the landslide were reduced to about 50% to 80% as the company focused on assisting in the search, rescue and retrieval operations by providing resources including the necessary equipment, tools and personnel. Apex Mining also gave food packs and financial aid as well as psycho-social interventions to the displaced families in the evacuation centers as well as the residents who lost family members during the tragedy.

The company’s 3-hectare property in Bgry. Malamodao in Maco is currently serving as the tent city for Masara residents who can no longer go back to their homes. Sarmiento says they are welcome to stay in the area while the local government is working on their relocation sites.

Deployed resources of Apex Mining that were used in the search, rescue, retrieval and relief operations have been returned to their posts and the mine and mill operations are currently operating at a normal capacity.

Apex Mining Company, Inc. (APX) is a publicly listed mining company. It operates the Maco Gold Mine in Maco, Davao de Oro while its fully owned subsidiary, Itogon-Suyoc Resources, operates two mines in Benguet (Sangilo Mine in Itogon and Suyoc Mine in Mankayan). Another fully owned subsidiary, Monte Oro Resources, Inc. operates the other business interests of APX, both in the country and abroad.