Apex Mining Reported P1.31 Billion Consolidated Income in 3Q 2024

Apex Mining Co., Inc.’s consolidated net income for the third quarter of 2024 was P1.31 billion, up 27% over its net income in the same period of 2023, which was P1.03 billion.

For the three quarters of 2024, Apex Mining’s consolidated net income reached P3.07 billion or was 33% (P762.49 million) higher versus the P2.31 billion consolidated net income in the same period in 2023. Apex Mining’s consolidated income pertains to Apex Mining and its subsidiaries.

Apex Mining’s Maco Mine site alone generated P1.26 billion in net income, bringing its net income in the three quarters of 2024 to P2.97 billion. According to Luis R. Sarmiento, President and CEO of Apex Mining, “Our High Performing team focused on driving efficiency and productivity despite operational challenges. “ He credited higher tonnes milled and the surge in gold prices are the main drivers of this period’s good performance.

Meanwhile, the consolidated gross revenues earned from the sale of gold and silver in the three quarters of 2024 amounted to P10.84 billion — 24 % higher (equivalent to P2.11 billion) than the gross revenues recorded in the same period in 2023 (pegged at P8.73 billion). These revenues were generated by Apex Mining and its subsidiary, Itogon-Suyoc Resources, Inc.

Apex Mining’s strong performance was again driven by higher realized gold prizes, both during the three quarters of 2024 and the just-concluded third quarter, alone. In the three quarters of 2024, Apex Mining’s Maco Mine site in Davao de Oro and ISRI’s Sangilo Mine site in Benguet collectively sold 78,105 ounces of gold at a realized price of USD 2,359 per ounce. The volume sold in 2024 was up one percent versus the same period in 2023 (77,652 ounces sold at USD 1,939 per ounce). In the third quarter alone, Apex Mining sold 25,112 ounces of gold at a realized price of USD 2,545 per ounce.

In the three quarters of 2024, Maco Mine milled 657,975 tonnes of ore — 10% more than the 597,443 tonnes milled in the same period in 2023. Both gold recovery rate and gold grades slightly dipped, though, with the former at 85.20% and the latter at 3.58 grams per tonne.

Sarmiento is optimistic about their performance for the rest of 2024, barring any more natural calamities that will adversely affect operations. “Cliché as it may sound, our good numbers redound to wins for our host communities, too,” says Sarmiento. He cites that IP surface rights royalty and IP royalty and taxes, licenses and permits paid already reflected a 21% increase versus last year’s P26.94 million. “These royalties are spent by our host IPs in projects that support their economic growth.”

The company’s consolidated excise taxes in the three quarters of 2024 also grew to P423.08 million (from P336.78 million in the same period in 2023), fueled by higher ounces sold at a higher price.

In Maco, Apex Mining is already a hall of famer as a top taxpayer in the Municipality of Maco (Davao de Oro). ISRI also recently earned the Gong Awards in Business Achievement and Yield (GABAY) as the top seven taxpayer in the Province of Benguet. Meanwhile, Apex Mining’s subsidiary, Asia Alliance, is on track with its drilling and exploration works in its Amacan and Hijo projects in Davao de Oro. These two projects were acquired thru an agreement with the PMDC (Philippine Mine Development Corporation), the govt arm tasked to develop idle mining assets.

​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. owns the other business interests of APX, both in the country and abroad. In February 2023, APX took over Asia Alliance Mining Resources Corporation (AAMRC).