Apex Mining Co., Inc. announced on May 13, 2026 that their profits almost doubled in the first three months of 2026, even though they actually sold less gold during this period. The company shared that they’re planning to spend a massive USD 300 million (about PHP 17 billion) on new mining projects over the next few years.

What Happened to Apex Mining’s Earnings?

According to the press release, Apex Mining’s consolidated net income (the money they actually get to keep after all expenses) jumped by 94% to P2.82 billion in the first quarter of 2026. This is P1.37 billion higher than what they earned during the same time period in 2025, when they made P1.45 billion.

Here’s the interesting part: Apex Mining actually sold less gold this year compared to last year. In the first three months of 2026, they sold 20,354 ounces of gold. During the same time in 2025, they sold 25,362 ounces – that’s about 20% more gold.

So How Did They Make More Money?

The answer is simple: gold prices went way up! Think of it like selling lemonade – if you sell fewer cups but charge a lot more per cup, you can still make more money overall.

In early 2026, Apex Mining sold their gold at an average price of USD 4,909 per ounce. Back in early 2025, they only got USD 2,953 per ounce. That’s a huge difference of almost USD 2,000 more per ounce, which more than made up for selling less gold.

Why Did They Produce Less Gold?

The company’s Maco mine found less gold in the rocks they dug up this year. The ore gold grade (which measures how much gold is in the rock) averaged 2.43 grams per tonne in the first quarter of 2026, compared to 3.16 grams per tonne during the same period in 2025.

According to Apex Mining’s President and CEO Luis R. Sarmiento, they ran into several “lean zones” during their mining operations. Lean zones are areas where there’s less gold in the rock – kind of like finding a piece of cake with less frosting. While this happens naturally in mining, it means they get less gold from the same amount of rock.

What is Apex Mining Doing About It?

The company isn’t just sitting around. They’re building something called the Tagbaros Drain and Ventilation Tunnel. This tunnel will help them reach deeper parts of the mine where they expect to find rocks with more gold. It will also improve water drainage and air flow, making it safer and more comfortable for the miners working underground.

Big Spending Plans Ahead

Apex Mining revealed plans to spend significant money (called CAPEX, which stands for Capital Expenditures) on several projects:

• USD 300 million for a copper project: The biggest expense will be for a gold-copper project under their subsidiary Asia-Alliance. This money will be spent over the next three years to build and develop the plant before it starts operating.
• PHP 100 million for mine upgrade: They’re also upgrading their Maco Mine to process more ore each day – increasing from 3,000 tonnes per day (TPD) to 3,500 TPD. This upgrade is already underway and is part of their regular spending program.

The company stated they have strong cash flow, valuable assets, and good relationships with local banks, which will help them pay for these projects.

How Are World Events Affecting Them?

According to the press release, there’s an ongoing US-Iran conflict that could affect fuel prices. However, Sarmiento said Apex Mining isn’t worried because fuel only makes up about 4% to 5% of their total production costs. The company has enough fuel secured for the coming months and is looking for backup fuel suppliers just in case.

Awards and Recognition

Apex Mining started 2026 with several awards recognizing their performance. In February 2026, they were included in the Financial Times’ “High Growth Companies Asia-Pacific 2026” list, TIME’s “Best Companies Asia-Pacific 2026” list, and the Philippine Daily Inquirer/STATISTA’s “The Philippines’ Growth Champions 2026.”

In March 2026, they won Gold honors in two categories at Finance Asia’s Best Companies 2026 awards: Best Managed Company in the Market Category and Best Managed Company/Basic Materials in the Industry Category.

The company is currently part of two stock market indices: the midcap index of the Philippine Stock Exchange and the small cap index of Morgan Stanley Capital International (MSCI).

About Apex Mining

Apex Mining (stock symbol: APX) is a publicly listed mining company in the Philippines. They operate the Maco Gold Mine in Maco, Davao de Oro. The company also has several subsidiaries: Itogon-Suyoc Resources operates the Sangilo Mine in Itogon, Benguet; Monte Oro Resources, Inc. manages other business interests both in the Philippines and abroad; and Asia-Alliance Mining Resources Corp., which is currently developing the copper project mentioned above.

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.