Apex Mining Co. Inc. nearly doubled first-quarter earnings as soaring gold prices offset weaker production, while the listed miner unveiled an aggressive capital spending program anchored on a planned USD300-million copper project and the expansion of its Maco mine operations.
The company said consolidated net income jumped 94 percent to P2.82 billion in the first quarter of 2026 from P1.45 billion a year earlier, despite a 20 percent decline in gold sales volume.
Gold sold during the period fell to 20,354 ounces from 25,362 ounces last year as ore grades at the Maco mine in Davao de Oro weakened to an average of 2.43 grams per tonne from 3.16 gpt. But the sharp rise in gold prices more than compensated for the lower output, with the average realized price surging to USD4,909 per ounce from USD2,953 previously.
Apex Mining president and chief executive officer Luis R. Sarmiento said the lower ore grades resulted from “lean zones” encountered during mining operations, though the company is moving to mitigate the impact through infrastructure investments.
“Once completed, the Tagbaros Drain and Ventilation Tunnel will provide access to deeper ore blocks while improving water and ventilation systems, enhancing both operational efficiency and miner safety,” Sarmiento said.
The company is upgrading the Maco mine’s processing capacity from 3,000 tons per day to 3,500 tons daily under a P100-million expansion program already embedded in its regular capital expenditure budget.
Apex is also preparing for a far larger investment through its Asia-Alliance unit, which is developing a copper project estimated to require about USD300 million in capital expenditures over the next three years, including plant construction and development works.
Sarmiento said the company remains financially equipped to fund its expansion plans, citing strong cash flows, a solid balance sheet, and favorable relationships with local banks.
He added that geopolitical tensions in the Middle East have had a limited impact on operations, with fuel accounting for only about 4 percent to 5 percent of total production costs.
