Apex Mining Co. Inc. posted a sharp jump in first-half profit as surging gold and silver prices more than offset lower production volumes, underscoring how precious-metal prices are reshaping the economics of mining operations.
Consolidated net income rose 68 percent to P5.39 billion in the first six months of 2026 from P3.20 billion a year earlier, giving the miner an additional P2.19 billion in earnings. Second-quarter net income reached P2.57 billion, up from P1.71 billion in the same period last year.
The result came despite weaker sales volumes. Apex sold 43,215 ounces of gold in the first half, down 16 percent from 51,436 ounces a year earlier. Silver sales fell 22 percent to 154,946 ounces.
The difference was price. Gold fetched an average realized price of USD4,656 per ounce, 49 percent higher than USD3,121 a year earlier, while silver prices more than doubled to USD77.67 from USD33.18.
The stronger prices more than compensated for lower output as Apex Mining’s Maco Mine moved through leaner zones while developing deeper, higher-grade areas. Gold mill grade fell to 2.46 grams per tonne from 3.26 grams, while silver grade declined to 10.89 grams from 14.72 grams.
The weaker peso against the US dollar also provided a favorable exchange-rate effect.
The windfall was accompanied by higher government and community contributions. Apex paid P536.59 million in consolidated excise taxes during the first half, up from P363.42 million a year earlier. Payments covering Indigenous Peoples’ royalties, surface rights, taxes, licenses, and permits also rose 43 percent to P103.89 million.
“Through the ups and downs of our business, we remain committed to the welfare of our host communities and LGUs, as well as our partner IPs,” Apex president and CEO Luis R. Sarmiento said.
The company is also investing for longer-term production. Maco has sufficient reserves and resources to operate until 2034 at a production rate of 3,000 tonnes per day, while upgrades are underway to raise processing capacity to 3,500 tonnes.
For Apex, the first-half numbers show both the power and the caveat of a commodities boom. Prices can lift earnings dramatically, but sustaining that performance will ultimately depend on grades, reserves, and the company’s ability to turn exploration into production.
