Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₱14.08, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Metals and Mining industry in Asia. Total returns to shareholders of 478% over the past three years. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: ₱0.50 (vs ₱0.26 in 1Q 2025) First quarter 2026 results: EPS: ₱0.50 (up from ₱0.26 in 1Q 2025). Revenue: ₱6.32b (up 46% from 1Q 2025). Net income: ₱2.82b (up 90% from 1Q 2025). Profit margin: 45% (up from 34% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 04
Apex Mining Co., Inc. Appoints Jose Joel M. Sebastian as Director Apex Mining Co., Inc. at its Annual Stockholders held on April 30, 2026 elected Jose Joel M. Sebastian as director. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱18.40, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Metals and Mining industry in Asia. Total returns to shareholders of 643% over the past three years. Upcoming Dividend • Apr 07
Upcoming dividend of ₱0.62 per share Eligible shareholders must have bought the stock before 14 April 2026. Payment date: 27 April 2026. Payout ratio is a comfortable 18% and the cash payout ratio is 80%. Trailing yield: 4.0%. Lower than top quartile of Filipino dividend payers (6.6%). Lower than average of industry peers (5.7%). New Risk • Apr 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Filipino stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. New Risk • Mar 29
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (11% average weekly change). Reported Earnings • Mar 26
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₱1.35 (up from ₱0.76 in FY 2024). Revenue: ₱21.3b (up 47% from FY 2024). Net income: ₱7.66b (up 77% from FY 2024). Profit margin: 36% (up from 30% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.8%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 92% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 23
Now 26% undervalued Over the last 90 days, the stock has risen 3.9% to ₱12.80. The fair value is estimated to be ₱17.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 72% in 2 years. Earnings are forecast to grow by 109% in the next 2 years. Declared Dividend • Mar 19
Dividend increased to ₱0.62 Dividend of ₱0.62 is 343% higher than last year. Ex-date: 14th April 2026 Payment date: 27th April 2026 Dividend yield will be 4.4%, which is lower than the industry average of 5.7%. Payout Ratios Payout ratio: 6%. Cash payout ratio: 41%. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₱15.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 17x in the Metals and Mining industry in Asia. Total returns to shareholders of 754% over the past three years. Announcement • Feb 19
Apex Mining Co., Inc., Annual General Meeting, Apr 30, 2026 Apex Mining Co., Inc., Annual General Meeting, Apr 30, 2026, at 15:00 W. Australia Standard Time. Price Target Changed • Feb 04
Price target increased by 52% to ₱22.00 Up from ₱14.50, the current price target is provided by 1 analyst. New target price is 63% above last closing price of ₱13.46. Stock is up 220% over the past year. The company is forecast to post earnings per share of ₱1.26 for next year compared to ₱0.76 last year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₱12.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 18x in the Metals and Mining industry in Asia. Total returns to shareholders of 564% over the past three years. Board Change • Jan 13
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Valentino Bagatsing was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Oct 13
Apex Mining Co., Inc. Announces Operational Update Following the Magnitude 7.4 Earthquake Apex Mining Co., Inc. announced that Following the magnitude 7.4 earthquake that struck offshore near Manay, Davao Oriental in eastern Mindanao on October 10 at around 9:43am, Apex Mining Company (APX) employees evacuated the underground and surface work areas to muster points in its Maco mine site in Davao De Oro. After careful assessment by the resident engineers and safety officers, no significant damage in major infrastructures and no injuries were reported; underground and mill operations resumed. After a series of aftershocks, the Office of the Governor, on the night of October 10, 2025, ordered a temporary suspension of all mining operations in the Province of Davao De Oro. The suspension remains in effect until a thorough assessment has been conducted by the Mines and Geosciences Bureau (MGB), Provincial Disaster Risk and Reduction Management Office (PDRRMO), and other concerned agencies. Resumption of operations shall only be allowed upon issuances of clearance by proper authorities. APX immediately complied with the order and ceased mining and milling activities except for activities that would ensure safety such as pumping the water underground to avoid flooding and ensuring proper ventilation; only those ores in the mill area were processed. On October 11, 2025, the MGB Region XI and PDRRMO inspected the Maco mine site. APX is awaiting the results of said audit and clearance to resume full operations, as of this reporting time. Major Estimate Revision • Sep 10
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₱18.4b to ₱19.6b. EPS estimate increased from ₱0.992 to ₱1.11 per share. Net income forecast to grow 27% next year vs 36% growth forecast for Metals and Mining industry in Philippines. Consensus price target up from ₱8.00 to ₱9.70. Share price rose 12% to ₱8.35 over the past week. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₱7.14, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Metals and Mining industry in Asia. Total returns to shareholders of 375% over the past three years. Major Estimate Revision • Aug 22
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ₱0.893 to ₱0.992. Revenue forecast unchanged at ₱18.4b. Net income forecast to grow 8.5% next year vs 35% growth forecast for Metals and Mining industry in Philippines. Consensus price target up from ₱7.00 to ₱8.00. Share price fell 3.6% to ₱6.19 over the past week. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ₱0.30 (vs ₱0.16 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.30 (up from ₱0.16 in 2Q 2024). Revenue: ₱5.00b (up 50% from 2Q 2024). Net income: ₱1.71b (up 91% from 2Q 2024). Profit margin: 34% (up from 27% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jun 06
Corporate Secretary recently sold ₱12m worth of stock On the 30th of May, Silverio Benny Tan sold around 2m shares on-market at roughly ₱6.79 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱11m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱6.75, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Metals and Mining industry in Asia. Total returns to shareholders of 360% over the past three years. New Risk • May 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ₱7.26 (vs ₱0.15 in 1Q 2024) First quarter 2025 results: EPS: ₱7.26 (up from ₱0.15 in 1Q 2024). Revenue: ₱4.50b (up 35% from 1Q 2024). Net income: ₱1.45b (up 68% from 1Q 2024). Profit margin: 32% (up from 26% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₱6.95, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Metals and Mining industry in Asia. Total returns to shareholders of 356% over the past three years. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱5.77, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Metals and Mining industry in Asia. Total returns to shareholders of 274% over the past three years. Major Estimate Revision • Mar 30
Consensus revenue estimates increase by 19% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from ₱15.5b to ₱18.4b. EPS estimate increased from ₱0.804 to ₱0.893 per share. Net income forecast to grow 29% next year vs 33% growth forecast for Metals and Mining industry in Philippines. Consensus price target up from ₱5.10 to ₱5.80. Share price rose 2.8% to ₱5.09 over the past week. Upcoming Dividend • Mar 27
Upcoming dividend of ₱0.14 per share Eligible shareholders must have bought the stock before 03 April 2025. Payment date: 25 April 2025. Payout ratio is a comfortable 9.1% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Filipino dividend payers (6.6%). Lower than average of industry peers (5.2%). New Risk • Mar 22
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 21
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₱0.76 (up from ₱0.60 in FY 2023). Revenue: ₱15.1b (up 31% from FY 2023). Net income: ₱4.33b (up 27% from FY 2023). Profit margin: 29% (in line with FY 2023). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to stay flat during the next 2 years compared to a 8.3% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 09
Apex Mining Co., Inc. Announces Promotion of Billy G. Torres to SVP - Chief Finance Officer Apex Mining Co., Inc. announced promotion of Billy G. Torres from VP - Finance, Treasurer and Compliance Officer to SVP - Chief Finance Officer. Effective date is October 1, 2024. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₱0.23 (vs ₱0.18 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.23 (up from ₱0.18 in 3Q 2023). Revenue: ₱3.90b (up 34% from 3Q 2023). Net income: ₱1.31b (up 27% from 3Q 2023). Profit margin: 34% (down from 35% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 20
Price target increased by 20% to ₱4.80 Up from ₱4.00, the current price target is provided by 1 analyst. New target price is 17% above last closing price of ₱4.11. Stock is up 59% over the past year. The company is forecast to post earnings per share of ₱0.61 for next year compared to ₱0.60 last year. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₱0.18 (vs ₱0.13 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.18 (up from ₱0.13 in 2Q 2023). Revenue: ₱3.47b (up 16% from 2Q 2023). Net income: ₱1.03b (up 41% from 2Q 2023). Profit margin: 30% (up from 24% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Asia are expected to grow by 8.4%. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 43% per year. Major Estimate Revision • May 14
Consensus EPS estimates fall by 22%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ₱12.6b to ₱13.2b. EPS estimate fell from ₱0.819 to ₱0.64 per share. Net income forecast to grow 7.1% next year vs 30% growth forecast for Metals and Mining industry in Philippines. Consensus price target down from ₱4.00 to ₱3.90. Share price rose 12% to ₱4.15 over the past week. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: ₱0.15 (vs ₱0.097 in 1Q 2023) First quarter 2024 results: EPS: ₱0.15 (up from ₱0.097 in 1Q 2023). Revenue: ₱3.38b (up 37% from 1Q 2023). Net income: ₱852.8m (up 55% from 1Q 2023). Profit margin: 25% (up from 22% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 25
Upcoming dividend of ₱0.081 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 9.5% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Filipino dividend payers (6.0%). Lower than average of industry peers (4.3%). Declared Dividend • Apr 18
Dividend of ₱0.081 announced Shareholders will receive a dividend of ₱0.081. Ex-date: 29th April 2024 Payment date: 15th May 2024 Dividend yield will be 2.8%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is well covered by both earnings (10% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 74% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 11% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 17
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ₱0.60 (up from ₱0.59 in FY 2022). Revenue: ₱12.1b (up 22% from FY 2022). Net income: ₱3.41b (up 2.0% from FY 2022). Profit margin: 28% (down from 34% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Apr 17
Apex Mining Co., Inc. Approves Special Cash Dividend, Payable on May 15, 2024 Apex Mining Co., Inc. announced that at its board meeting held on April 15, 2024, the board of directors of the company approved the declaration of a special cash dividend in the amount of PHP 0.027278 per common share. The cash dividend is payable on May 15, 2024 to stockholders of record holding shares of APX common stock at the close of business on April 30, 2024. Announcement • Mar 11
Apex Mining Co., Inc., Annual General Meeting, May 31, 2024 Apex Mining Co., Inc., Annual General Meeting, May 31, 2024, at 15:00 Singapore Standard Time. Agenda: To consider the Call to order; to consider the Certification of notice and quorum; to consider the Approval of the Minutes of the Stockholders' Meeting held on 28 April 2023; to consider the Report of the President and Chief Executive Officer; to consider the Approval of Audited Financial Statements for 2023; to consider the Ratification of all acts, contracts, investments and resolutions of the Board of Directors and Management since the last annual stockholders' meeting; to consider the Election of Directors; and to discuss other matters. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ₱0.18 (vs ₱0.16 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.18 (up from ₱0.16 in 3Q 2022). Revenue: ₱3.04b (up 15% from 3Q 2022). Net income: ₱1.03b (up 14% from 3Q 2022). Profit margin: 34% (in line with 3Q 2022). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: ₱0.15 (vs ₱0.16 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.15 (down from ₱0.16 in 2Q 2022). Revenue: ₱2.99b (up 23% from 2Q 2022). Net income: ₱848.4m (down 7.6% from 2Q 2022). Profit margin: 28% (down from 38% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jul 13
Apex Mining Co., Inc. Announces Board Changes Apex Mining Co., Inc. announced the Election of Mr. Roel Z. Castro as a member of the Board of Directors of APX to fill the vacancy in the Board when Dr. Walter Brown declined another term in the Board. The appointment will be effective from July 12, 2023. Mr. Roel Z. Castro Mr. Roel Z. Castro is the President and Chief Operating Officer of MORE Electric and Power Corporation. Previously, he was the President and CEO of ABrown Company Inc. (ABCI), President of Palm Thermal Consolidated Holdings Corp., Palm Concepcion Power Corp., Peakpower Energy Inc. and Hydro Link Power Corp. He was a former director in APX.He finished BS Agricultural Business from UP Los Baños and Master's Degree at Asian Institute of Management. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ₱0.097 (vs ₱0.11 in 1Q 2022) First quarter 2023 results: EPS: ₱0.097 (down from ₱0.11 in 1Q 2022). Revenue: ₱2.58b (up 20% from 1Q 2022). Net income: ₱549.0m (down 15% from 1Q 2022). Profit margin: 21% (down from 30% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 03
Upcoming dividend of ₱0.054 per share at 2.2% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 05 June 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Filipino dividend payers (5.7%). Lower than average of industry peers (5.2%). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱2.99, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 8x in the Metals and Mining industry in Philippines. Total returns to shareholders of 217% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱2.65, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 10x in the Metals and Mining industry in Philippines. Total returns to shareholders of 187% over the past three years. Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: ₱0.59 (vs ₱0.14 in FY 2021) Full year 2022 results: EPS: ₱0.59 (up from ₱0.14 in FY 2021). Revenue: ₱9.91b (up 39% from FY 2021). Net income: ₱3.34b (up 316% from FY 2021). Profit margin: 34% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Production and reserves: Gold Production: 91.072 troy koz (74.334 troy koz in FY 2021) Proved and probable reserves (ore): 5.748 Mt (5.748 Mt in FY 2021) Number of mines: 1 (1 in FY 2021) Silver Production: 377.73 troy koz (358.67 troy koz in FY 2021) Number of mines: 1 (1 in FY 2021) Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 16% share price gain to ₱2.08, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 8x in the Metals and Mining industry in Philippines. Total returns to shareholders of 94% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₱1.87, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 7x in the Metals and Mining industry in Philippines. Total returns to shareholders of 92% over the past three years. Announcement • Dec 07
Apex Mining Co., Inc. (PSE:APX) intends to acquire Asia- Alliance Mining Resources Corp. from Clariden Holdings, Inc.and others Apex Mining Co., Inc. (PSE:APX) intends to acquire Asia- Alliance Mining Resources Corp.(AAMRC) from Clariden Holdings, Inc.and others for $81.5 million on December 2, 2022. Others sellers include Simon L. Paz, Leo Atayde, Marie Paz Tacorda, Anabelle Dera, and Irene Escueta. Under the terms, Apex Mining Co will acquire 1.9 million shares of Asia- Alliance Mining Resources representing 100% stale in Asia- Alliance Mining at a purchase price of $ 42.8947 per share. $5.5 million will be paid upon signing of the Share Purchase Agreement and $76 million will be paid paid in 4 equal annual installment over the next 5 years. Transaction has been approved by Apex Mining board of directors. Share Purchase Agreement is scheduled to be signed on December 5, 2022. Transaction will help APX to expand its mining operations in Maco, Davao De Oro and provide APX with a suitable site for a new Tailings Storage Facility (TSF) that it needs to sustain and expand its mining operation beyond the limited lifespan of its current TSF.
Transaction is subject to Sellers (as disclosed above) settlement of AAMRC’s litigation over the NDMC Claims with PMDC, including the filing of the Joint Motion for Approval of Compromise Agreement by PMDC and AAMRC with the Court of Appeals (CA) and Regional Trial Court(RTC) of Pasig City, Branch 167, Execution of a Joint Operating Agreement under which AAMRC shall explore, develop and operate the NDMC mining claims, Assignment to AAMRC of application FTAA-XI-14 by PMDC, Approval by PMDC of the transfer of the Shares from Sellers to APX and Execution of the Deeds of Absolute Sale for the Shares. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ₱0.16 (vs ₱0.084 loss in 3Q 2021) Third quarter 2022 results: EPS: ₱0.16 (up from ₱0.084 loss in 3Q 2021). Revenue: ₱2.74b (up 50% from 3Q 2021). Net income: ₱898.1m (up ₱1.38b from 3Q 2021). Profit margin: 33% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Valentino Bagatsing was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ₱0.16 (vs ₱0.037 in 2Q 2021) Second quarter 2022 results: EPS: ₱0.16 (up from ₱0.037 in 2Q 2021). Revenue: ₱2.43b (up 65% from 2Q 2021). Net income: ₱917.8m (up 337% from 2Q 2021). Profit margin: 38% (up from 14% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 04
Full year 2021 earnings released: EPS: ₱0.14 (vs ₱0.27 in FY 2020) Full year 2021 results: EPS: ₱0.14 (down from ₱0.27 in FY 2020). Revenue: ₱7.41b (up 22% from FY 2020). Net income: ₱803.1m (down 48% from FY 2020). Profit margin: 11% (down from 25% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Valentino Bagatsing was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 14
Apex Mining Co., Inc., Annual General Meeting, Jun 30, 2022 Apex Mining Co., Inc., Annual General Meeting, Jun 30, 2022, at 15:00 Singapore Standard Time. Agenda: To consider approval of the Minutes of the Stockholders' Meeting held on June 30, 2021 and Report of the President and Chief Executive Officer; to consider approval of Audited Financial Statements for 2021; to consider ratification of all acts, contracts, investments and resolutions of the Board of Directors and Management since the last annual stockholders' meeting; to consider election of Directors; to consider appointment of External Auditors; to consider similar matters. Announcement • Apr 13
Apex Mining Co., Inc. Announces Board Changes Apex Mining Co., Inc. announced the appointment of Mr. JOSE EDUARDO ALARILLA as the new committee chairman and appointment of Mr. MICHAEL RAY AQUINO as a member to fill-in the vacancy in the committee. Appointment of Mr. STEPHEN PARADIES as the new committee chairman, replacing Mr. JOSE EDUARDO ALARILLA. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 16% share price gain to ₱1.99, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 9x in the Metals and Mining industry in Philippines. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 17% share price gain to ₱1.61, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 6x in the Metals and Mining industry in Philippines. Total loss to shareholders of 4.7% over the past three years. Announcement • Dec 30
Prime Strategic Holdings Inc made an offer to acquire additional 59.7% stake in Apex Mining Co., Inc. (PSE:APX) from Monte Oro Resources & Energy, Inc., Lakeland Village Holdings,Inc., Devoncourt Estates Inc. and others for PHP 2.9 billion. Prime Strategic Holdings Inc made an offer to acquire additional 35.5% stake in Apex Mining Co., Inc. (PSE:APX) from Monte Oro Resources & Energy, Inc., Lakeland Village Holdings,Inc., Devoncourt Estates Inc. and others for PHP 2.9 billion on December 29, 2021. As per the transaction, Prime Strategic Holdings Inc made the offer to acquire 2.2 billion shares at PHP 1.30 per share. The transaction is subject to certain conditions as agreed between the parties. The offer period will commence from February 14, 2022 to March 14, 2022. Recent Insider Transactions • Dec 16
Corporate Secretary recently sold ₱8.2m worth of stock On the 7th of December, Silverio Benny Tan sold around 6m shares on-market at roughly ₱1.36 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ₱0.084 loss per share (vs ₱0.12 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₱1.91b (down 24% from 3Q 2020). Net loss: ₱478.9m (down 171% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Executive Departure • Sep 23
Chairman of the Board Ramon Sy has left the company On the 16th of September, Ramon Sy's tenure as Chairman of the Board ended. As of June 2021, Ramon still personally held 44.60m shares (₱71m worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.25 years. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS ₱0.037 (vs ₱0.034 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₱1.54b (up 103% from 2Q 2020). Net income: ₱210.0m (up 9.1% from 2Q 2020). Profit margin: 14% (down from 25% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 23
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₱6.32b (up 33% from FY 2019). Net income: ₱1.53b (up 401% from FY 2019). Profit margin: 24% (up from 6.4% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 09
New 90-day low: ₱1.48 The company is down 18% from its price of ₱1.81 on 09 December 2020. The Filipino market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 31% over the same period. Is New 90 Day High Low • Jan 21
New 90-day low: ₱1.67 The company is down 10.0% from its price of ₱1.86 on 23 October 2020. The Filipino market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 78% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ₱0.12 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₱2.59b (up 113% from 3Q 2019). Net income: ₱679.6m (up 356% from 3Q 2019). Profit margin: 26% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 16
Market bids up stock over the past week After last week's 31% share price gain to ₱2.09, the stock is trading at a trailing P/E ratio of 21.9x, up from the previous P/E ratio of 16.7x. This compares to an average P/E of 13x in the Metals and Mining industry in Philippines. Total returns to shareholders over the past three years are 22%. Is New 90 Day High Low • Oct 16
New 90-day high: ₱2.09 The company is up 73% from its price of ₱1.21 on 17 July 2020. The Filipino market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 35% over the same period. Announcement • Sep 02
Apex Mining Co's Ordinary Shares to Be Delisted from Other OTC Apex Mining Co., Inc. (PSE:APX)'s Ordinary shares will be delisted from other OTC on August 26, 2020 due to Inactive Security. 
