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Philippines Gold Miners : APX vs PX, etc

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Philippines Gold Miners : APX vs. PX, etc

APX ... update : from 6.22.19 / Last: Php 1.11 /PX: 2.32 : 47.8%, /SHNG: 2.70 : 41.1%

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With that heavy volume, the path of least resistance should be and away.  the chart looks great for a breakout now

===> a Jump from 1.10 to 1.20 came the next day, +8.1%, on 28.5 Mn shares volume, breaking thru 50% of PX

PX vs; APX, NIKL... update : fr.02.15.20 : YTD: / 0.94 @ 4.17.20, 1.20 @ 6.23.20 vs. PX: 2.30= 52.2%

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PX vs APX : since 2010:

vEb2GaJ.gif

PX vs APX : since 2016: apx: 1.20 / px: 2.30= Ratio: 52.2%

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===

PH GOLD related ... from 2016: 2018: 2019 / 10yr: 5yr: 2yr: 1yr: 10d/ 0.97, PX:2.88, AT:2.24, NIKL:2.61

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APEX / APX ... 5yr: 2yr / Php0.97, PER: 39.4X, Yield: 0% // 6.23Bn sh x 0.97= Php 6.04B /50= US$48 Million

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APEX :

====:
Yr/Qtr: Au.Prod: Au.Eqv.: Rev.Php/ FX-p: $Revs. : PerOz.: PrdCost: $Cost: Margin: PerOz.
2016  : 59.00k: 63.60k: P3,522M/ 48.0 = $73.4K: $1,154: $56.2M: $884.: $17.2M: $270 :
2017  : 60,185 : 64.40k: P4,122M/ 50.5 = $81.6K: $1,270: $63.1M: $979.: $18.5M: $287 :
2018  : 70,564 : 74.57k: P4,658M/ 52.5= $88.7K: $1,189: $67.9M: $911.: $20.8M: $279 :

Yr/Qtr: Au.Prod: Au.Eqv.Rat.: Rev.Php/ FX-p: $Revs. : PerOz.: PrCost: $Cost : Margin: PerOz.: NetInc
2016  : 59.00k: 63.60k @67: P3,522M/ 48.0 = $73.4K: $1,154: $56.2M: $884.: $17.2M: $270 :
2017  : 60,185 : 64.40k @76: P4,122M/ 50.5 = $81.6K: $1,270: $63.1M: $979.: $18.5M: $287 :
2018  : 70,564 : 74.57k @82: P4,658M/ 52.5= $88.7K: $1,189: $67.9M: $911.: $20.8M: $279 :
18.Q1  15,771: 16.79k @82: P1,180M/ 52.5= $22.4K: $1335: $11.3M: $000.: $00.0M: $000 : P000M
==.Q2: 16.563: 00.00k @82: P1,200M/ 52.5= $00.0K: $0000: $00.0M: $000.: $00.0M: $000 : P000M
==.Q3: 20,218: 00.00k @82: P0,000M/ 52.5= $00.0K: $0000: $00.0M: $000.: $00.0M: $000 : P000M
9mos:  52,552: 00.00k @82: P0,000M/ 52.5= $00.0K: $0000:
==.Q4: 00,000: 00.00k @82: P0,000M/ 52.5= $00.0K: $0000: $00.0M: $000.: $00.0M: $000 :
12mo: 00,000: 00.00k @82: P4,68M/ 52.5= $88.7k:
====
’19.Q1  17,215:  18.42k @86: P 1,230M/ 51.0= $24.1M:  $1311:  $13.9M: $000.: $00.0M: $000 : P000M
==.Q2: 14,896: 00.00k @86: P 1,100M/ 51.0= $00.0K: $0000: $00.0M: $000.: $00.0M: $000 : P000M
==.Q3: 15,724: 00.00k @86: P0,000M/ 51.0= $00.0K: $0000: $00.0M: $000.: $00.0M: $000 : P149M
9mos:  47,835: 00.00k @86: P0,000M/ 51.0= $00.0K: $0000:
==.Q4: 00,000: 00.00k @86: P 000.0M/ 51.0= $00.0K: $0000: $00.0M: $000.: $00.0M: $000 :
=====


Mining  Prod. xPrice = Rev’18: Prod. = Rev’17 : Prod.= Rev’16 :
Php—:  ——  : P52.5: 4,409.3m/  50.5, 3,850.6m/ 48.0, 3,264.6m/
Gold- : 70.56k: 1,190= $84.0M: 60.2k : $76.2M : 59.0k : $68.0M:
Silver : 328.8k: 14.29= $ 4.7M : 316.k  : $ 5.4M :  310.k : $  5.4M:
Au/Ag: r-82.0 : ———: ——-—: r-76.0 : ———- : r-67.0 : ———- :
G.eqv.:   4.01k: 1,172 = $ 4.7M :   4.2k : $  5.4M :   4.6k : $  5.4M :
Total : 74.57k 1,189= $88.7M: 64.4k $81.6M:  63.6k: $73.4M :
Cost/oz ——> $ 910.6: ———: $979.2: ———-: $883.6: ———- :
PCost : 3563M: / 52.5: $67.9M: 3189m $63.1M: 2699m $56.2M:
Margin: $279oz>—>   $20.8M: $287 > $18.5M: $270 > $17.2M:
GoldEq $1,189 > —> +  23.4%: $1270 > 22.7%: $1,154 > 23.4%:

LINKS:

APX/ Apex : website/ Annual Rpt.: 2018: 2019 / Quarterly :

 

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APEX  Mining- Quarter by Quarter: Gold & Silver production

====: ConNI, Parent, OpInc +PrCost (/oz)= Revs : “Revs” : FX= $Revs: / Oz. : Gold , Silver : ##: AuEqv.:
Q1’17:  ???m, 112m : 415M + 548M (000)=  ????M: 1000M: 50: $00.0M 1234: 00,000, 00.00k/xx
Q2’17: 000m, 000m : 000M +000M (000)= 0000M: 0000M: 00: $00.0M 0000: 00,000, 00.00k/xx
Q3’17: 000m, 000m : 000M +000M (000)= 0000M: 0000M: 00: $00.0M 0000: 00,000, 00.00k/xx
=9mo: 000m, 000m : 000M +000M (000)= 0000M: 0000M: 00: $00.0M 0000: 00,000, 00.00k/76
====
Q1’18: 100m, 121m : 519M +593M (000)= 1112M: 0000M: 52: $00.0M 1335: 15,771, 83.13k/82=
Q2’18: 116m, 113m : 481M +607M (000)= 0000M: 0000M: 00: $00.0M 1283: 16,563, 76.12k/82=
Q3’18: 112m, 122m : 500M +000M (000)= 0000M: 0000M: 00: $00.0M 1200: 20,219, 68.75k/82=
=9mo: 328m, 356m : 1.50B + 2.0B  (000)= 0000M: 3670M: 00: $70.4M 1273: 52,553, 228.0k/82= 55.33k
====
Q1’19: 075m, 086m : 497M +710M (000)= 1207M: 1300M: 50: $00.0M 1311: 17,215, 103.3k/ 86=
Q2’19: 003m, 011m : 249M +640M (000)= 0000M: 1100M: 00: $00.0M 1307: 14,896, 83.28k/86=
Q3’19: 149m, 156m : 654M +650M (000)= 0000M: 1200M: 00: $00.0M 1472: 15,724, 93.15k/86=
=9mo: 227m, 253m : 1.40B + 2.0B  (000)= 0000M: 3560M: 51: $69.6M 1363: 47,835, 279.7k/86= 51.09k
Xxxx
====: 000m, 000m : 000M +000M (000)= 0000M: 0000M: 00: $00.0M 0000: 00,000, 00.00k/xx

====

APX : Price x Sh.OS = MarketCap

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Look how APX has outperformed... PX & NIKL - A gold premium?

Stock : 02/23 : 04/15 : change: pct,
APX - : P0.57 : P0.93 : +0.36, +63.2%
NIKL  : P1.50 : P1.81 : +0.31, +20.7%
PX — : P1.85 : P2.20 : +0.35, +18.9%
Gold- : 1,565 : 1,740 : +$175,, +11.2%
GDX - : 21.93 : 30.15 : +9.22, +42.0% (Gold stock index)
=====

APX -etc... update : fr.02.15.20 : YTD: / Last: P 0.94 @ 4.17.20

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PHL miners have lagged far behind GDXJ, the Junior Gold Mining index

PHL miners vs GDXJ... 5yr: 2yr: 1yr: 3mo: 10d / APX: 0.99 Unch. / GDXJ: 46.00 -1.90 = 2.15%

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APX / Apex Mining... update : 10d / Php 1.04

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"continuing development of these mines in preparation for higher grade and larger tonnage operations"

APEX MINING REPORTS 28% 2019 EARNINGS GROWTH" HIGHLIGHTS

- Consolidated net income of P306 million, 28% higher than 2018

- Parent Company net income of P351 million, 6% higher than 2018

- Highest average metal prices for gold and silver in recent years

- Revenue of P5.0 billion, new record level - Record milling throughput of 2,063 tonnes per day average - Mill recovery rate all-time high at 85.5%

Apex Mining Co., Inc. (APX) reported consolidated net income of P306 million in 2019, higher by 28% from the P239 million income in 2018. Parent Company net income, before share of subsidiaries’ losses, was P351 million, higher by 6% from the income of P332 million in 2018. Metal prices averaging $1,389 per ounce for gold and $16.14 per ounce for silver, the highest in recent years, established a new record for the Company’s annual revenue of P5.0 billion in 2019. This was higher by 6% than the previous record revenue reported in 2018 of P4.7 billion from the average prices of $1,260 and $15.49 per ounce for gold and silver, respectively. Milling throughput of the Maco mine in 2019 of 711,788 tonnes, equivalent to a daily average of 2,063 tonnes, also bested the prior year’s record of 609,604 tonnes or 1,789 tonnes per day. Mill recovery was likewise at its highest at 85.5% as compared to the 84.8% record established in 2018. Ore grade, however, was lower averaging at 3.19 grams of gold per tonne and 20.47 grams of silver per tonne, compared to 4.25 grams and 24.80 grams, respectively, a year ago. While gold sold was 2% lower at 64,763 ounces in 2019 against 66,053 in 2018, silver sold was 22% higher 369,616 grams in 2019 from 303,385 grams in 2018. The mill recovery rate for silver increased to 75.5% this year from 71.7% last year.

“We could have produced more gold ounces this year were it not for the lower ore grade which we had to contend with passing through the lower grade zones of the Maco mine in the first half of the year. The higher milling tonnage and recovery rates helped in minimizing the reduction in gold output while at the same time increasing our silver production,” said Luis R. Sarmiento, President and CEO. “The strengthening of the metal prices towards the latter part of the year, with gold breaking above $1,500 per ounce and silver reaching $17 per ounce, somewhat offset our lower production”. The increase in milling tonnage increased cash operating cost to P2.7 billion, up by 7% from the year ago cost of P2.6 billion. On a per unit basis, however, this averaged 7% lower at $74 per tonne as compared to $79 per tonne in 2018. Per ounce, the lower ore grade this year resulted in 11% higher cost to $813 in 2019 from $731 in 2018. Cash income from operations was slightly ahead at P2.0 billion this year versus the P1.9 billion income in 2018. The continuing investments in capital expenditures, which for 2019 amounted to P1.7 billion, increased non-cash charges for depreciation and amortization to P691 million, 23% higher than last year. These investments were in relation to the continuing development of these mines in preparation for higher grade and larger tonnage operations. Depletion cost was 6% higher at P562 million, to a greater extent due to the higher milling tonnage.

The rehabilitation and construction work at the Sangilo mine of another wholly-owned subsidiary, Itogon-Suyoc Resources, Inc., continued in full steam in 2019. The targeted commencement of commercial operation of the mine, however, has been moved from first quarter this year to the first week of July, 2020, due to the effect on the mine’s activities by the community quarantines imposed in Benguet Province from March 16, 2020 through May 31, 2020 on account of the Covid-19 pandemic. Developments are awaited over the Sampaguita gas field offshore northwest of Palawan covered by Service Contract 72 where wholly- owned subsidiary, Monte Oro Resources & Energy, Inc. holds a 30% participating interest.

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PX - Philex Mining Corp. ... 5yr: 3yr: 2yr: 1yr: 6mo: 10d/ Last: 2.30 / YrH: xx, YrL: xx / BkValue: 0.00
"PHILEX SWINGS TO PHP103 MILLION CORE INCOME IN 1Q2020
FROM CORE NET LOSS OF PHP112 MILLION LAST YEAR"
HIGHLIGHTS:
- 1Q2020 Core Net Income of Php103 million turnaround from a Core Net Loss of Php112 million in 1Q2019, driven by the positive momentum in the business operations beginning 3Q2019.
- Favorable gold prices continue to push operating revenues higher by 15% to Php1.860 billion for 1Q2020 from Php1.613 billion for the same period in 2019, inspite of a 21% decline in realized copper prices. Realized gold prices increased by 23%.
- Operational improvements reduced cash and non-cash production cost and expenses by Php41 million in 1Q2020 to only Php1.360 billion versus Php1.401 billion in 1Q2019
- Core EBITDA for 1Q2020 significantly increased by 93% to Php419 million from Php217 million in 1Q2019. The Board of Directors of Philex Mining Corporation (PSE:PX) (the “Company” or “Philex”) today announced that for the first quarter of 2020, the Company generated Core Net Income of Php103 million which is a complete turnaround from a Core Net Loss of Php112 million reported in 1Q2019, mainly due to higher metal output and higher realized gold prices during the period. The Company also reported a 15% increase in its operating revenue to Php1.860 billion in 1Q2020 from Php1.613 billion for the first quarter of 2019. On the other hand, the Company reported a Net Income of Php102 million for 1Q2020 versus a Reported Net Income of Php206 million for the same period in 2019 which however includes a one time non-recurring net gain of Php318 million in the first quarter of 2019. Production and Revenues For the first quarter of 2020, total tonnage milled increased by 7% to 1.969 million tonnes from 1.832 million tonnes during the first quarter of 2019. The continuing improvement in the mining procedures, resulted in the increase of the final blended metal grades for both gold and copper.
 
The higher tonnage milled and the improvement in blended metal grades increased gold production by 35% to 14,159 ounces for 1Q2020 versus 10,493 ounces of gold produced in 1Q2019. Copper output increased by 18% to 6.738 million pounds in 1Q2020 versus the 5.727 million pounds for 1Q2019. For 1Q2020, operating revenues increased by 15% to Php1.860 billion from Php1.613 billion for the first quarter of 2019 due to higher tonnage milled, better blended metal grades, favorable realized gold prices but was tempered by declining realized copper prices, and lower foreign exchange rates. Costs and Expenses, Core and Net Income Meanwhile, the continuing improvement in the operating process has resulted into a slight decrease in the Company’s total costs and expenses from Php1.566 billion in 1Q2019 to Php1.552 billion in 1Q2020. The slight decrease is attributable to lower cash and non- cash production costs in 1Q2020 amounting to Php1.360 billion as compared with the cash and non-cash production costs in 1Q2019 amounting to Php1.401 billion. The slight improvement is due to the lower cost of power, materials and supplies usage during the period. The favorable cash and non-cash production costs was partly offset by the higher excise tax and royalties on account of higher operating revenues as well as slight increase in the Company’s general and administrative expenses . The Company generated an EBITDA of Php419 million for the first quarter of 2020 versus Php217 million in 1Q2019, a 93% improvement. It also turned around to core profitability from Core Net Loss of Php112 million in 1Q2019 to Core Net Income of Php103 million for 1Q2020. However, the Company’s operations resulted into a lower net income amounting to Php102 million for the first quarter of 2020 as compared with Php206 million for the same period in 2019, since last year’s net income is inclusive of a one time non-recurring net gain amounting to Php318 million.

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Apex Mining, a Philippines gold producer had a good day

APX closed at 1.11 +0.07, +6.73% on 9.2 Million, best volume since Sep.2019

APX ... update : from 6.22.19 / Last: Php 1.11 /PX: 2.32 : 47.8%, /SHNG: 2.70 : 41.1%

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With that heavy volume, the path of least resistance should be and away.  the chart looks great for a breakout now

===

PX vs; APX, NIKL... update : fr.02.15.20 : YTD: / 0.94 @ 4.17.20, 1.20 @ 6.23.20 vs. PX: 2.30= 52.2%

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PX vs APX : since 2010:

vEb2GaJ.gif

PX vs APX : since 2016: apx: 1.20 / px: 2.30= Ratio: 52.2%

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==

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REED BANK: is Another Explanation for the APX rise:

"Going up on SC-72 news/speculation."

"Service contract Reed Bank. APX buoyant together with PXP also in SC-72"

"I believe APX only has SC 72 - And PXP has SC 75"

"But SC 72 is also that of Forum Energy which is 72.18% owned by PXP"

APX vs PXP, psei... update: from July.2019: 10d / Last: 1.11 / PXP: 2.32 = 47.8%

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