Apex Mining Achieves Record Q1 Net Income Surge Of 55% To PHP852.7 Million

Apex Mining Company, Inc. has reported a significant milestone with a record consolidated net income of PHP852.7 million in the first quarter of 2024, representing a remarkable 55% increase from the same period last year.

The company also recorded PHP3.4 billion in consolidated gross revenues for the quarter, marking a substantial 31% year-on-year growth. I Photo: Apex Mining Co., Inc.

The company disclosed to the Philippine Stock Exchange (PSE) that it also recorded PHP3.4 billion in consolidated gross revenues for the quarter, marking a substantial 31% year-on-year growth.

Apex attributed this notable increase in revenues to several factors, including a surge in the realized price per ounce of gold, which reached $2149 in Q1 2024 compared to $1929 in 2023.

Additionally, a significant climb in sales volumes for both gold and silver contributed to this growth.

During the quarter, the total ore tonnes milled amounted to 204,636 tonnes, representing a 12% increase compared to the same period in 2023. Apex subsidiary, Itogon-Suyoc Resources, Inc., also reported higher milling activities, with a total of 36,641 tonnes milled in Q1 2024, up from 34,221 tonnes milled last year.

Apex highlighted the optimistic outlook provided by the Mine Reserves and Resource Certifications of 2021, indicating that the Maco Mine possesses sufficient reserves and resources to sustain its targeted production rate of 3,000 tonnes per day until 2032.

Luis R. Sarmiento, ASEAN Eng, President, and CEO of Apex Mining, expressed confidence in the company's ability to maintain its upward performance throughout the year, barring any major obstacles.

Sarmiento also emphasized the strategic acquisition of Asia Alliance Mining Resources Corporations in February 2023, providing Apex Mining with future gold resources and expansion opportunities.

Furthermore, Sarmiento underscored Apex Mining's commitment to social responsibility, particularly in extending assistance to families affected by the landslide in Barangay Masara in Maco, Davao De Oro.

The company reduced milling activities to aid in search, rescue, and retrieval operations, providing resources and support to affected residents. Apex continues to provide assistance, including food packs, financial aid, and psycho-social interventions, to displaced families and residents affected by the tragedy.