APEX Mining Co. Inc. on Tuesday reported netting P852.7 million in the first three months of 2024, up 55 percent from P548.8 million last year, amid higher realized gold prices during the quarter.

Consolidated gross revenues grew 31 percent year-on-year to P3.4 billion as the realized price per ounce of gold was higher at $2,149 in the first quarter compared to the year-earlier $1,929.

Higher gold and silver sales, up 16 percent and 11 percent respectively, also increased the firm's topline,

"We are confident that we can sustain our performance throughout the year, barring any major obstacle that may come our way," Apex President and CEO Luis Sarmiento said in a statement.

"We shall disclose updates on our exploration activities once the third-party competent report on the results of exploration is completed," he added.

In February 2023, the listed firm acquired Asia Alliance Mining Resources Corp. in line with efforts to expand its mining operations in Davao de Oro.

Total ore tonnes milled in the first quarter rose 12 percent to 204,636 from the 182,639 tonnes produced in 2023.

Gold recovery slightly fell to 85.45 percent from 88.77 percent, while the average ore gold grades were lower at 3.59 grams per tonne compared to the 4.56 grams per tonne recorded previously.

Apex subsidiary Itogon-Suyoc Resources Inc., meanwhile, produced a total of 36,641 tonnes in the first three months, up from 34,221 tonnes milled a year earlier.

In 2023, Apex saw its consolidated net income inch up 1 percent to P3.4 billion from P3.3 billion following increased mine production and metal prices.

Apex Mining's share price rose by 13 centavos to P3.70 on Tuesday.

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