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Apex Mining mill complexApex Mining Co. Inc. reported a 28 percent growth in consolidated net income to ₱4.3 billion last year from the ₱3.4 billion earned in 2023 due to higher gold output and prices as well as a more favorable exchange rate.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues in 2024 rose 26 percent to ₱15.1 billion from ₱12.1 billion in the previous year.
The consolidated revenues are from Apex Mining’s Maco mine and Sangilo mine of Itogon-Suyoc Resources Inc. (ISRI).
Apex Mining President and CEO Luis R. SarmientoApex Mining President and CEO Luis R. Sarmiento credits this solid performance to the resilience of the company’s workforce.
“We were tested by the landslide that happened in February 2024. But despite being on limited operations for five months to help the landslide victims and their families and to support the province’s disaster management and rehabilitation, our team was able to catch up and meet our targets,” he added.
The total production of Maco mine in 2024 was 899,002 tons, with an average grade of 3.61 grams per ton (gpt), compared to 823,427 tons, with an average grade of 4.11 gpt in 2023.
Sangilo mine achieved a total production of 148,021 tons, with an average grade of 3.1 gpt in 2024, compared to 138,361 tons, with an average grade of 3.32 gpt in 2023.
The record results were also due to the high metal price, an average of $2,436 per ounce for gold, and the strength of the US dollar, at an average of ₱57.45 to a dollar in 2024.
Apex underground mining operationsThe investments of the company in mine rehabilitation and new equipment several years ago have paid off, and the company is now able to produce more gold than ever before.
Based on the March 2025 notarized reports by competent persons, Apex Mining’s estimated ore reserve totals 9.9 million tons at a grade of 4.18 gpt for MPSA-225- 2005-XI. MPSA 225 is the company’s area of operation.
This is a 72 percent increase over the 2021 resource report of 5.75 million tons. The findings of the latest technical report extend the mine life of Maco mine by at least a decade at its current level of operation.
Meanwhile, Asia Alliance Mining Resources Corp. (AAMRC) is on track to begin the mining operations at the Amacan project soon, “positioning us for sustained growth and value creation.”
The initial pre-feasibility studies of Amacan indicate a strong potential for reviving its mining operations. AAMRC is also conducting comprehensive environmental baseline studies in preparation for obtaining the enviromental compliance certificate (ECC).
According to Sarmiento, the free, prior, and informed consent (FPIC) process has already started. “This is critical in ensuring the transparency of the process.”
Paracale Gold Ltd. (PGL), another subsidiary, has likewise authorized small-scale mining activities within EXPA-000236-V through a “minahang bayan” declaration, with Mambulao Miner Mining & Quarrying Services (MMMQS) as proponent.
With the approval of their small-scale mining contract and ECC in November 2024, MMMQS, with PGL’s assistance, has embarked on the conduct of mining activities.
