Apex Mining Co., Inc., a company that digs for gold and silver in the Philippines, announced on August 11, 2026 that it made much more money in the first six months of this year compared to last year. Let’s break down what happened in a simple way.

How Much Money Did Apex Mining Make?

According to the company’s press release, Apex Mining and its related companies earned a combined net income (that’s the profit left after paying all expenses) of P5.39 billion from January to June 2026. This is 68% higher – that’s more than one and a half times – compared to the P3.20 billion they made during the same period in 2025. The increase amounts to P2.19 billion more in profits.

Just looking at the second quarter alone (April to June 2026), the company made P2.57 billion compared to P1.71 billion in the same months of 2025.

The parent company Apex Mining itself earned P2.07 billion in the second quarter of 2026, while its subsidiary (a smaller company it owns) called Itogon-Suyoc Resources, Inc. made P504.41 million – much better than the P171.93 million it made in the same period last year.

But Wait – They Actually Sold Less Gold and Silver!

Here’s where it gets interesting. Even though Apex Mining made more money, they actually sold less gold and silver than before. In the first half of 2026, they sold 43,215 ounces of gold – that’s 16% less than the 51,436 ounces they sold during the same time in 2025.

The silver sales also dropped by 22% to 154,946 ounces in the first half of 2026, compared to 197,925 ounces in the same period of 2025.

So How Did They Make More Money With Less Gold and Silver?

The answer is simple: the price of gold and silver went up – a lot! Think of it like selling fewer toys but at much higher prices, so you still end up with more money.

In the first half of 2026, Apex Mining sold their gold at an average price of USD4,656 per ounce. That’s 49% higher than last year’s price of USD3,121 per ounce. Silver prices also jumped significantly to USD77.67 per ounce, compared to just USD33.18 per ounce in the same period of 2025.

For the second quarter specifically, gold sold at USD4,424 per ounce (34% higher than 2025’s USD3,298), while silver jumped 106% to USD71.04 per ounce from USD34.52 in 2025.

Additionally, the Philippine peso became weaker compared to the US dollar as of June 30, 2026, which also helped the company earn more when they converted their dollar earnings to pesos.

Why Did They Produce Less Gold?

According to the press release, Apex Mining’s Maco Mine had lower “mill grades” in the first half of 2026. Mill grade is like measuring how much gold or silver you can find in each tonne of rock. Gold grade was 2.46 grams per tonne compared to 3.26 grams per tonne last year, while silver was 10.89 grams per tonne versus 14.72 grams per tonne previously.

The company explained this happened because they were mining in “lean zone areas” – parts of the mine with less gold – while moving toward deeper areas that have more gold. It’s like having to walk through an area with fewer coins on the ground to get to a spot where there are more coins.

More Money to Government and Indigenous Peoples

Even though Apex Mining sold less gold and silver, they paid more taxes to the government. Their excise taxes (a special tax on mining) increased to P536.59 million in the first half of 2026 from P363.42 million in the same period of 2025.

The company also paid more to Indigenous Peoples (IPs) – the original communities living in the areas where they mine. Payments for surface rights royalty, IP royalty, and various taxes and permits collectively increased by P103.89 million, or 43%, during the first half of 2026.

Luis R. Sarmiento, the president and CEO of Apex Mining, said in the press release: “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.”

The company also spent more on its Social Development and Management Program (SDMP), which is calculated at 1.5% of the previous year’s total operating costs. Since operating costs were higher last year, the SDMP spending also increased this year.

About Apex Mining’s Operations

Apex Mining operates two mines in the Philippines. The main Maco Mine is located in Maco, Davao de Oro, while its fully-owned subsidiary Itogon-Suyoc Resources operates the Sangilo Mine in Itogon, Benguet.

According to the press release, the Maco Mine has enough gold reserves to keep operating until 2034 if it continues mining at its current rate of 3,000 tonnes per day. The company is actually working to increase this capacity to 3,500 tonnes per day by modifying its crushing and grinding equipment. They’re also continuing exploration activities to find more gold and silver resources.

Recognition for the Company

For the second year in a row, Apex Mining was included in Forbes Asia’s 2026 Best Under a Billion list. This list recognizes 200 outstanding small to mid-sized publicly listed companies across the Asia-Pacific region that have annual sales between US$10 million and US$1 billion. Apex Mining was the only mining company among the seven Philippine-listed companies that made it to the 2026 roster, highlighting its strong financial performance despite challenging business conditions.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.