APEX Mining Co., Inc. announced on Tuesday that it earned a net income of P852.8 million in the first quarter (Q1), up 55% from P548.8 million last year, boosted by increased revenues from gold and silver.
“We are confident that we can sustain our performance throughout the year, barring any major obstacle that may come our way,” Apex Mining President and Chief Executive Officer Luis R. Sarmiento said in a disclosure.
The company said that its revenues increased by 31% to P3.4 billion from P2.6 billion in the same period last year.
“The increase in revenues was driven by the surge in realized price per ounce of gold which stood at $2,149 in Q1 2024 versus $1,929 in 2023,” Apex Mining said.
It added that gold sales increased by 16% to P3.3 billion, while silver rose by 11% to 124.3 million for the three-month period.
According to the company, the total ores milled increased during the period to 204,636 tons, which was 12% higher than the 182,639 tons milled last year.
Its subsidiary Itogon-Suyoc Resources, Inc. saw a jump in milling output to 36,641 tons during the period from 34,221 tons the prior year.
“We shall disclose updates on our exploration activities once the third-party competent report on the results of exploration is completed,” Mr. Sarmiento added.
He added that the company’s acquisition of Asia Alliance Mining Resources Corp. could expand Apex Mining’s gold resources.
Meanwhile, the company said that it had reduced its milling activities for its Maco Mine in Davao de Oro following a landslide last February.
“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,” it added.
The landslide was 500 meters away from the company’s gate and three kilometers away from the active operating areas of the Maco mine.
Apex Mining shares went up by 3.6% or 13 centavos to close at P3.7 apiece on Tuesday.—Adrian H. Halili
