# Apex Mining 2025 SEC Form 17-A Annual Report

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Original source: https://www.apexmines.com/wp-content/uploads/2026/03/APX-2025_17A-Annual-Report_Redacted.pdf
Original published: 2026-03-17
EGM generated: 2026-09-04
Company: Apex Mining Co., Inc. (APX)

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# Apex Mining 2025 SEC Form 17-A Annual Report

Source: https://www.apexmines.com/wp-content/uploads/2026/03/APX-2025_17A-Annual-Report_Redacted.pdf
Published: 2026-03-17T00:00:00+00:00
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# Apex Mining 2025 SEC Form 17-A Annual Report
Source: https://www.apexmines.com/wp-content/uploads/2026/03/APX-2025_17A-Annual-Report_Redacted.pdf
Published: 2026-03-17
COVER SHEET
SEC Registration Number
4 0 6 2 1
COMPANY NAME
A P E X M I N I N G C O . , I N C . A N D S U B S
I D I A R I E S
P R I N C I P A L O F F I C E ( No. / Street / Barangay / City / Town / Province )
3 3 0 4 B W e s t T o w e r , T e k t i t e T o w e r
E x c h a n g e R o a d , O r t i g a s C e n t e r ,
P a s i g C i t y
Form Type Department requiring the report Secondary License Type, If Applicable
1 7 - A N / A
COMPANY INFORMATION
Company’s Email Address Company’s Telephone Number Mobile Number
Corpsec@apexmining.com 8706-2805 +639088937925
No. of Stockholders Annual Meeting (Month / Day) Fiscal Year (Month / Day)
2,748 4/30 12/31
(As of February 28, 2026)
CONTACT PERSON INFORMATION
The designated contact person MUST be an Officer of the Corporation
Name of Contact Person Email Address Telephone Number/s Mobile Number
Billy G. Torres bgtorres@apexmining.com 8706-2805
CONTACT PERSON’s ADDRESS
3304B West Tower, Tektite Towers, Exchange Road, Ortigas Center, Pasig City
NOTE 1 : In case of death, resignation or cessation of office of the officer designated as contact person, such incident shall be reported to the Commission
within thirty (30) calendar days from the occurrence thereof with information and complete contact details of the new contact person designated.
2 : All Boxes must be properly and completely filled-up. Failure to do so shall cause the delay in updating the corporation’s records with
the Commission and/or non-receipt of Notice of Deficiencies. Further, non-receipt of Notice of Deficiencies shall not excuse the corporation from
liability for its deficiencies.
SECURITIES AND EXCHANGE COMMISSION
SEC FORM 17-A
ANNUAL REPORT PURSUANT TO SECTION 17 OF THE SECURITIES
REGULATION CODE AND SECTION 141 OF THE CORPORATION CODE OF
THE PHILIPPINES
1. For the calendar year ended: December 31, 2025
2. Date of this report: March 24, 2026
3. Commission Identification Number: 40621
4. BIR Tax Identification No.: 000-284-138
5. Exact Name of Registrant as specified in its charter: APEX MINING CO., INC.
6. Province, country or other jurisdiction of incorporation or organization: PHILIPPINES
7. Industry Classification Code: (SEC Use Only)
8. Address of registrant’s principal office: 3304B West Tower, Tektite Towers, Exchange
Postal Code: 1605 Road, Ortigas Center, Pasig City
9. Telephone number, including area code: Tel. # (02) 8706-2805 Fax # 8706-2804
10. Former name, former address and former fiscal year, if changed since last report. N/A
11. Securities registered pursuant to Sections 8 and 12 of the SRC, or Sections 4 and 8 of the
RSA
Number of Shares of Common Stock
Title of Each Class Outstanding or Amount of Debt Outstanding
Common shares 6,227,887,491
12. Are any of the issuer’s securities listed on a Stock Exchange? Yes [ X ] No [ ]
If yes, disclose the name of such Stock Exchange and the class of securities listed therein:
Philippine Stock Exchange / Common shares
ANNUAL REPORT
TABLE OF CONTENTS
Page
No.
PART I – BUSINESS AND GENERAL INFORMATION
Item 1 Business 1
Item 2 Properties 14
Item 3 Legal Proceedings 14
Item 4 Submission of Matters to a Vote of the Security Holders 14
PART II – OPERATIONAL AND FINANCIAL INFORMATION
Item 5 Market for Registrant Common Equity and Related Stockholders 15
Matters
Item 6 Management Discussion Analysis of Financial Condition and Results 16
of Operations for the Years 2024, 2023 and 2022
Item 7 Financial Statements 23
Item 8 Changes in and Disagreements with Accountants on Accounting and 24
Financial Disclosure
PART III – CONTROL AND COMPENSATION INFORMATION
Item 9 Directors and Executive Officers of the Issuer 24
Item 10 Executive Compensation 29
Item 11 Security Ownership of Certain Records and Beneficial Owners 30
Item 12 Certain Relationships and Related Transactions 30
PART IV – CORPORATE GOVERNANCE
Item 13 Corporate Governance 31
PART V – EXHIBITS AND SCHEDULES
Item 14 Exhibits and Reports on SEC Form 17-C 31
SIGNATURE PAGE 33
Part I – BUSINESS AND GENERAL INFORMATION
Item 1. BUSINESS
Corporate Information and Business Development
Apex Mining Co., Inc. (the “Parent Company”) was incorporated and registered with the
Philippine Securities and Exchange Commission (SEC) on February 26, 1970 under the name
Apex Exploration & Mining Company until 1978 when this was changed to its present name,
Apex Mining Co., Inc.
The Parent Company was incorporated primarily to carry on the business of mining, milling,
concentrating, converting, smelting, treating, preparing for market, manufacturing, buying,
selling, exchanging and otherwise producing and dealing in gold, silver, copper, lead, zinc
brass, iron, steel and all kinds of ores, metals and minerals.
The Parent Company currently operates the Maco Mines in Maco, Davao de Oro, Philippines.
Its registered business and principal office address is 3304B West Tower, Tektite Towers,
Exchange Road, Ortigas Center, Pasig City, Philippines.
On March 7, 1974, the Parent Company listed its shares in the Philippine Stock Exchange
(PSE).
In 1991, the Parent Company ceased operation of the Maco mine due to the prolonged
depressed gold price.
In 2005, Crew Gold Corporation (Crew Gold), a Canadian company, and its associated
Philippine company, Mapula Creek Gold Corporation (Mapula), acquired 28% and 45% of
the Parent Company’s shares, respectively, from the Puyat group. In 2006, Crew Gold
organized Teresa Crew Gold Philippines, Inc. (Teresa) as a subsidiary to support the
rehabilitation of the Parent Company’s mining properties and the refurbishing of the Maco
mine’s processing plant.
In January 2009, Teresa commenced operations of the Maco mine. In October 2009, Crew
Gold sold its holdings in Teresa and Mapula to Mindanao Gold Ltd. (Mindanao Gold), a
special purpose company owned by Abracadabra Speculative Ventures, Inc. (ASVI) of
Malaysia.
In November 2011, Monte Oro Resources & Energy, Inc. (MORE), a Philippine company,
acquired an initial 5% ownership in the Parent Company, the proceeds of which were used
for capital expenditures for the existing mine and mill, and for exploration drilling program
of the Maco mine properties. In December 2011, the Philippine Securities & Exchange
Commission approved the merger of Teresa and the Parent Company, with the Parent
Company as the surviving entity effective on January 1, 2012.
In October 2013, MORE management was voted to take over management of the operation of
the Parent Company by the stockholders. In April 2014, MORE acquired substantial
ownership in the Parent Company held by Mapula. At this point, MORE became the
significant shareholder, controlling 46.5% of the Parent Company.
-1-
In October 2014, the Parent Company acquired 100% ownership of MORE, and Prime
Strategic Holdings, Inc. (PSHI) and other MORE shareholders used the proceeds of the sale
of their shares in MORE to subscribe to new shares in the Parent Company and in the process
acquire control of the Parent Company, diluting to a small minority the shareholdings of
Mindanao Gold and Mapula.
In March 2022, PSHI completed a mandatory tender offer after acquiring the controlling
interest of Devoncourt Estates, Inc. and Lakeland Village Holdings, Inc. (collectively holding
14.43% shares of the Parent Company) and bringing its total direct and indirect shareholdings
with the Parent Company to 54.75%.
In April 2024, PSHI and Mindanao Gold completed a special block sale transaction through
the PSE, increasing PHSI’s total direct and indirect shareholdings in the Parent Company to
63.85%. Subsequently, in March 2025, PSHI acquired additional shares of the Parent
Company, further increasing its total shareholdings to 64.62%.
In December 2025, PSHI completed the acquisition of ownership and control offshore of
Mindanao Gold, which holds 30,224,308 unlisted shares of the Parent Company. As a result,
PSHI’s total direct and indirect shareholdings in the Company increased to 65.11%.
Itogon-Suyoc Resources, Inc.
In June 2015, the Parent Company acquired 98% of the shares of Itogon-Suyoc Resources,
Inc. (ISRI), a Philippine mining company. The Parent Company acquired the remaining 2%
of ISRI in August 2016.
Asia-Alliance Mining Resources Corp.
In February 2023, the Parent Company acquired Asia Alliance Mining Resources
Corporation (AAMRC), a mining company which has interests, by virtue of a Notice of
Award issued by the Philippine Mining Development Corporation (PMDC) as the highest
bidder for the Joint Operating Agreement over copper mines and mining claims covering
20,237 hectares, situated in the Municipalities of Mabini, Maco and Maragusan, Davao de
Oro covered by the North Davao Mining Corporation application FTAA-XI-14. AAMRC
signed a joint operating agreement with PMDC for such tenement. Based on the Area Status
and Clearance dated 10 February 2022 issued by the Department of Environment and Natural
Resources Region XI, the mining claims area has been amended to 19,135.12 hectares.
Business of Issuer
Products
The Parent Company’s Maco mine and ISRI’s Sangilo mine produce bullions containing gold
and silver. All of the production of both mines are sold to Heraeus Ltd. in Hong Kong.
Competition
Competition among mining companies is nonexistent as each mining company operates in its
own individual areas or tenements granted to them by the Philippine government. The
competition is in obtaining a mining license, such as Mineral Production Sharing Agreement
(MPSA) from the government. A mining company with no MPSA, mining patents or other
forms of tenement will not be able to operate.
-2-
Development Activities
Expenditures for the development activities in Maco mine by the Parent Company and in the
last three calendar years and its percentage to revenue are shown in the following table:
Year Development Cost Revenue Percentage
2025 =1,159,181,834
P P
=18,705,360,108 6%
2024 1,095,402,880 13,373,652,603 8%
2023 1,109,745,206 10,696,327,705 10%
Sources of Materials and Supplies
Operating materials and supplies, and equipment and maintenance parts are provided by a
number of suppliers both domestic and foreign.
Employees
Total Parent Company and ISRI’s manpower headcount as of December 31, 2025 is 1,964
and 796, respectively. The table below summarizes the distribution of manpower count as to
division and rank.
Parent Company’s Manpower ISRI Sangilo’s Manpower
Division/Department R&F Supv Mgr Total R&F Supv Mgr Total
Mine Division 731 141 12 884 292 10 1 303
Mill Division 137 31 7 175 72 18 4 94
Geology Division 112 48 5 165 41 12 2 55
Technical Division 329 106 16 451 140 37 8 185
Other Support
107 140 42 289 83 57 19 159
Services & Admin
Total 1,416 466 82 1,964 628 134 34 796
R&F – Rank-and-file
Supv – Supervisor
Mgr – Manager
Status of Operations
A. Mining Properties
Maco Mine
On December 22, 2005, the Mines and Geosciences Bureau (MGB) approved the Parent
Company’s application for a Mineral Production Sharing Agreement (MPSA) covering
679.02 hectares of land situated in Maco, Davao de Oro. On June 25, 2007, the MGB
approved the Parent Company’s second application for an MPSA covering an additional
1,558.50 hectares of land near the area covered by the first mineral permit.
As of December 31, 2025, the Parent Company holds valid and subsisting MPSA Nos.
225-2005-XI and 234-2007-XI, which have terms of 25 years from the effective date.
ISO Certification
The Parent Company’s Maco Mines has three certifications granted in March 2018 by
Certification International, namely:
• ISO 9001:2015 for Quality Management Syst

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