APEX mining first-semester earnings surged 70%

Higher metal prices benefitted Apex Mining Co. Inc. of the Razon Group, which reported a 70-percent surge in earnings during the first half of 2025.

In a statement on Wednesday, the listed mining firm said its January-June consolidated net income rose to P3.2 billion from P1.89 billion in the same period a year ago.

Apex Mining’s consolidated revenues jumped by 37 percent to P9.5 billion, driven by higher gold and silver prices.

Metal sales showed mixed results. Gold fell by 3 percent to 51,436 ounces but silver climbed by 12 percent to 197,925 ounces.

Despite this, Apex Mining said the realized price of gold averaged $3,121 per ounce. This was an increase of 38 percent. That for silver rose by 24 percent to $33.18 per ounce.

Apex Mining also said the cost of production went up by 10 percent to P4.23 billion. This was mainly due to more tonnage processed, resulting in increased materials used, more man-hours spent and greater power consumption.

“Alongside our continued growth and strong performance is our increasing contribution to nation-building through payment of taxes,” Apex Mining president and CEO Luis Sarmiento said.

Consolidated excise taxes paid amounted to P363.42 million in the first half of 2025. This—was about 35 percent higher than the P267.7 million paid in the same period of 2024.

See Also

Strong second quarter failed to lift AEV January-June net income

Further, the company said the permitting process and resource validation for Asia-Alliance Mining Resources Corp. (AAMRC) are ongoing.

It also said the Maco Mine in Davao de Oro has enough reserves and resources to continue operating until 2034.

“The acquisition of the Asia Alliance Mining Resources Corp. gives the mine future gold resources as the extensions of existing mining veins spill over to the adjacent tenement, giving our exploration team new ground to drill and validate,” Apex Mining said.

In December last year, the company secured $108 million in funding through an omnibus loan and security agreement with Bank of Commerce and Philippine National Bank. This supported the acquisition of AAMRC.