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Apex Mining earns P1 billion on higher gold, silver revenues

APEX Mining Co., Inc. reported an attributable net income of P1.03 billion in the third quarter, 14.8% higher than the P898 million in the same period last year, amid higher gold and silver revenues.

In a regulatory filing, the company said that its top line rose by 10.9% to P3.04 billion from P2.74 billion the previous year.

It said the higher average realized gold price of $1,913 per ounce during the year and favorable Philippine peso to US dollar exchange rate added to further lift revenues.

Gold and silver revenues amounted to P2.92 billion and P116.71 million, respectively. Total volumes reached 26,856 ounces for gold and 89,648 ounces for silver.

The company’s Maco mine site in Davao de Oro has a total gold production of 24,665 ounces, 4% higher than the prior year.

Total tons milled from the site rose by 4% for the three-month period to 218,879 tons, while daily mill throughput was 2,478 tons.

For the nine months ending September, the company’s attributable net income fell by 6.1% to P2.31 billion from P2.46 billion last year.

Apex Mining’s top line increased to P8.73 billion, up 16.2% from P7.51 billion in the same period in 2022 on the back of higher gold revenues at P8.38 billion. The company’s silver revenues amounted to P345.5 million.

The company said that as of Sept. 30, the combined operations of its Maco mine and Sangilo mine in Benguet operated by its subsidiary Itogon-Suyoc Resources, Inc. milled a total of 701,713 tons for a 3% rise from the previous year.

It added that the consolidated gold ounces sold by the two operations reached 77,652 ounces, or 6% higher than the 73,219 ounces in 2022.

From January to September, the Sangilo mine milled 104,270 tons of ore, 15% higher than the previous year. It had a gold recovery rate of 86%.

Meanwhile, the company said that based on its Mine Reserves and Resource Certifications from 2021, its mining operation in Maco has enough reserves and resources to continue its targeted daily production rate of 3,000 tons until 2032.

Apex Mining shares rose by 3.15% or eight centavos to close at P2.62 apiece on Wednesday. — Adrian H. Halili


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