Apex Mining Co., Inc. and its subsidiaries reported a stellar financial performance for the first half of 2026, driven by surging global metal prices and favorable foreign exchange rates.
Consolidated net income for the first six months of 2026 surged 68% to P5.39 billion, an increase of P2.19 billion compared to the P3.20 billion recorded in the same period last year. For the second quarter of 2026 alone, the group registered a consolidated net income of P2.57 billion, up from P1.71 billion in 2Q 2025.
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Consolidated Net Income: P5.39 billion (up68%)
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Apex Mining (Parent) Q2 Net Income: P2.07 billion (vs. P1.56 billion in 2Q 2025)
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Itogon-Suyoc Resources, Inc. (ISRI) Q2 Net Income: P504.41 million (vs. P171.93 million in 2Q 2025)
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Consolidated Excise Taxes Paid: P536.59 million (up from P363.42 million)
While production volumes dipped due to mining in lean zone areas at the Maco Mine as operations transition toward deeper, higher-grade zones, soaring metal prices and the depreciation of the Philippine Peso against the US Dollar more than compensated.
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Gold Sales: 43,215 ounces sold in 1H 2026 (down 16% YoY). However, realized prices spiked 49% to USD4,656 per ounce (compared to USD3,121 per ounce in 1H 2025).
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Silver Sales: 154,946 ounces sold in 1H 2026 (down 22% YoY). Realized prices surged 134% to USD77.67 per ounce (compared to USD33.18 per ounce in 1H 2025).
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Mill Grades (Maco Mine): Gold averaged 2.46 grams per tonne (gpt) and silver averaged 10.89 gpt during the period.
Despite lower sales volumes, Apex Mining expanded its contributions to the national government and local host communities. Consolidated excise taxes climbed to P536.59 million, while Indigenous Peoples (IP) surface rights royalties, local taxes, licenses, and permits grew collectively by 43% (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,” stated Luis R. Sarmiento, ASEAN Eng., President and CEO of Apex Mining.
Sarmiento noted that allocations for the Social Development and Management Program (SDMP) also increased, propelled by a higher operating cost base from the previous year.
Looking ahead, the Maco Mine maintains robust reserves and resources to sustain operations through 2034 at a steady rate of 3,000 tonnes per day (tpd). To capture future growth, infrastructure upgrades are underway at the Maco processing plant to expand capacity to 3,500 tpd, supported by continuous exploration and resource development activities.
Adding to its milestones, Apex Mining was named to Forbes Asia’s 2026 Best Under a Billion list for the second consecutive year. Standing out as the only mining firm among the seven Philippine-listed companies featured, Apex continues to showcase solid financial fundamentals and resilience across the Asia-Pacific region.
