Apex Mining Co. Inc. posted a record consolidated net income of P852.7 million in the first quarter of the year, 55 percent higher than the P548.8 million in the same period last year.
Consolidated gross revenues reached P3.4 billion, up 31 percent year-on-year from P2.6 billion driven by the surge in realized price per ounce of gold which stood at $2,149 from first quarter 2023’s $1,929.
The company said the 16 percent uptrend in sales volume for gold at 27,373 ounces and 11 percent for silver at 93,081 ounces also boosted the revenues for the period.
Apex Mining’s total ore tons milled during the quarter of 204,636 tons was also 12 percent higher than the 182,639 tons recorded in the similar period in 2023.
However, gold recovery was slightly lower at 85.45 percent versus last year’s 88.77 percent. Average ore gold grades likewise went down to 3.59 grams per ton this quarter against the previous year’s 4.56 grams per ton.
“We are confident that we can sustain our performance throughout the year, barring any major obstacle that may come our way. We shall disclose updates on our exploration activities once the third-party competent report on the results of exploration is completed,” said Luis Sarmiento, Apex Mining president and chief executive officer, in a statement.
“Our acquisition of the Asia Alliance Mining Resources Corp. gives us future gold resources as the extensions of existing mine veins spill over to the adjacent tenement, providing our exploration team new ground to drill and validate,” Sarmiento added.
