Revenues surged 25 percent to P15.1 billion, driven by higher production from the Maco and Sangilo mines, as well as favorable gold prices and a strong U.S. dollar.
Despite a five-month operational slowdown due to a February landslide, the company successfully met its production targets.
Maco Mine processed 899,002 tonnes of ore, a 9 percent increase from 2023, though average gold grades slightly declined. Sangilo Mine also improved output to 148,021 tonnes, reflecting steady gains.
Management’s view
“We were tested by the landslide that happened in February 2024. But despite being on limited operations for five months to help the landslide victims and their families and to support the province’s disaster management and rehabilitation, our team was able to catch up and meet our targets,” said Luis Sarmiento, Apex president and CEO.
Key factors behind this growth include:
• Higher gold prices, averaging $2,436 per ounce
• Strong US dollar, averaging P57.45 per dollar
• Strategic investments in mine rehabilitation and equipment upgrades
Apex Mining’s estimated ore reserves now stand at 9.9 million tonnes, a 72 percent increase from 2021, extending the Maco Mine’s lifespan by at least a decade. Meanwhile, its Amacan project is progressing, with mining operations set to begin soon following environmental and regulatory approvals.
The company is also expanding its small-scale mining footprint through subsidiaries like Paracale Gold Limited, reinforcing its long-term growth strategy.
