CHAIRMAN’S & PRESIDENT’S MESSAGE
THE CHAIRMAN’S MESSAGE
The year 2025 was another stellar year for gold as heightened investment activity drove overall demand growth. According to the World Gold Council, the LBMA gold price recorded 53 new all-time highs during that year. Pushing investment interest were safe-haven and diversification, along with price-driving motivations.
Apex Mining rode this positive trend, finishing 2025 with a strong bottom line: a 41% increase in our consolidated revenues — ₱21.3 billion in 2025 vs ₱15.1 billion in 2024. The Board has decided to share this blessing with the shareholders by doubling our annual regular dividend payout from 10% to 20% and adding a 30% special cash dividend. Thus, our total dividend payout based on our 2025 performance is P3.83 billion.
Today, oil supply and price shocks borne of the US-Israel-Iran conflict dominate the headlines. The rush to liquidity has caused the price of gold to drop, at one point by a thousand dollars from its historical high of US$ 5,600 in January 2026. It is now at the US$ 4,700 level. Will these spell boon or bane for gold? Volatile seems to be the prevailing sentiment. But one thing is certain: Apex Mining is well equipped to address any difficulty or situation that may arise from these uncertain times. We have the mineral reserves, resources, the knowhow, the equipment, and more importantly, the talent backed by informed strategy and proactive foresight to overcome and prevail.
Alongside our commitment to provide consistently good returns to our shareholders, we are also looking towards the future, already formulating plans for expansion beyond our current operating mines or ramping up the production capacity of each operating mine. We are also heavy into consolidating the capacities of our mines, looking for more areas of synergy where possible.
The year 2025, while challenging, was a good one for Apex Mining. I would like to extend my sincerest appreciation to you, our dear shareholders for your consistent support of Apex Mining, our board members for their guidance, and our hardworking Apex Mining team — our miners, support staff and service providers – for their consistent exemplary hard work.
May our Lord Almighty continue to steer our company, protect our miners and bless our stakeholders.
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Jose Eduardo J. Alarilla
Chairman
THE PRESIDENT’S MESSAGE
Dear Shareholders,
Dear shareholders:
In 2025, we did a refresh of our vision-mission-core values to rally our employees across all our mining sites to rise up to the challenges of an increasingly volatile and highly-regulated business environment. In a nutshell, we are now looking towards global shores as we strive for a bigger contribution to nation-building. And with our expanded corporate world view, we hit the ground running in 2025.
Our consolidated revenues increased to P21.3 billion in 2025 from P15.1 billion in 2024 representing year-on-year increase of 41% or P6.2 billion. Thanks to the realized metal prices averaging $3,531 per ounce for gold and $43.04 per ounce for silver, 2025 consolidated revenue is our new record high. However, the lower average ore grades resulted in a four percent decrease in gold sales volume to 100,425 ounces, compared to 104,107 ounces in 2024. In contrast, silver sales increased by four percent to 365,007 ounces, from 350,151 ounces in the previous year.
On a consolidated basis, the Apex Mining group milled 1,098,362 tonnes in 2025, a five percent increase from 1,047,023 tonnes in 2024; average gold recovery improved to 87.59%, compared to 85.69% in the prior year.
Based on the Mine Reserves and Resource Certifications of 2025, our Maco Mine has enough reserves and resources to continue until 2034 at a daily production rate of at least 3,000 tonnes. As the exploration program for MPSA 225 and MPSA 234 continued all throughout 2025, we also did groundwork to validate the prospects in the vast tenement of the Asia-Alliance Mining Resources Corp. (If you will recall, the acquisition of this subsidiary was primarily with the end-view of having an area for our new TSF to accommodate our increase in production —ensuring the continuity of the Maco Mine’s operations).
Always taking to heart our commitment to sustainable mining, your company spent more than P159 million for our wide array of environmental management activities focused on the Maco Mine and our surrounding communities. And alongside the growth of our operations is the increase in our support to our host and neighboring communities, too, with our SMDP spending in 2025 reaching P107 million (versus 2024’s P101.3 M). More importantly, our elite team of ERTs were very much front and center of emergency response initiatives both here and abroad. For two weeks following the strong earthquake that hit Myanmar in late March, our ERTs were part of the private-public, multi-sectorial Philippine mission sent to the Southeast Asian nation to help in the search, rescue and retrieval operations. Miners, indeed, are some of the bravest people around.
The year 2025 was seemingly the year that the “world sat up and took notice” of Apex Mining with our company earning two international recognitions: Bronze Award as Best Managed Company in the Basic Materials/Industry Category) at the Asia’s Best Companies 2025 spearheaded by Finance Asia, and, Best Under a Billion 2025 from the media giant, Forbes Asia. Locally, we were again given the nod as the Safest Underground Operation as the Safest Mines Award.
Through the years, we have been focusing on strengthening and stabilizing our balance sheet. We have been channeling our earnings back to mining operations, exploration and development of new sources of ores as well as the acquisition of new machineries and equipment.
Our strong fundamentals will make us withstand the challenges of 2026. The price of gold, for one, has been erratic because of the oil supply and price shocks caused by the US-Israel-Iran conflict. In fact, at one point, in the rush to liquidity by investors, the price of gold to dipped, at one point, by a thousand dollars from its historical high of US$ 5,600 in January 2026. It is now at the US$ 4,700 level – still lower than the 2025 high.
We will continue to practice prudence in spending to protect and further strengthen our cash flow position.
Apex Mining continues to move forward, with gratitude to God’s faithfulness.
We thank you, our shareholders and ever-supportive Board of Directors, our host LGUs and communities, IPs and regulators. We are extra grateful for our High Performance team, our partners and contractors, whose commitment and dedication continue to propel Apex Mining to greater heights.
The continued success of Apex Mining is not built by one party, alone, but on the seamless coming together of all stakeholders. Let us never lose sight of our reason for being. And that is to be relevant contributor to the progress of our country.
Thank you very much and together, let us go for the gold.