Apex Mining Co. Inc. reported consolidated net income of P852.7 million in the first three months this year or 55 percent more than only P548.8 million generated last year.
Consolidated gross revenue for the period total P3.4 billion, up 31 percent from P2.6 billion, driven by the surge in realized price per ounce of gold at USD2,149 versus the year ago price of only USD1,929.
The company noted the 16 percent uptrend in sales volume for gold at 27,373 ounces and 11 percent for silver at 93,081 ounces also boosted revenue for the period.
Apex Mining milled 204,636 tons during the quarter which was 12 percent higher than only 182,639 tons recorded in the same period in 2023.
Gold recovery during the period stood slightly lower at only 85.45 percent versus last year’s 88.77 percent. Gold ore grade averaged lower to 3.59 grams per ton during the 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.
