PERRIERI OFFICE SUITES, C2-302, Level 3, Office Block C, La Croisette, Grand Baie 30517, Mauritius The above media statement and accompanying material for media use are issued by ALPHAMIN RESOURCES CORP. without embargo unless an embargo is indicated above

NEWS RELEASE

C/o ADANSONIA MANAGEMENT SERVICES LIMITED, Suite 1,

PERRIERI OFFICE SUITES, C2-302, Level 3, Office Block C,

La Croisette, Grand Baie 30517, Mauritius

The above media statement and accompanying material for media use are issued by

ALPHAMIN RESOURCES CORP. without embargo unless an embargo is indicated above

ALPHAMIN ANNOUNCES AWARD OF STOCK OPTIONS AND SAR EQUIVALENT SHARES

GRAND BAIE, MAURITIUS – November 11, 2022 – Alphamin Resources Corp. (TSXV: AFM, JSE

AltX: APH, “Alphamin” or “the Company”) announced today that, subject to regulatory approval, it has

awarded stock options and SAR Equivalent Shares pursuant to its Omnibus Incentive Plan. The

Company has granted stock options to acquire an aggregate of 6,100,000 common shares to employees

and a director of an Alphamin subsidiary, with each option exercisable for a seven year term to acquire

one common share at a price of C$0.68 per share. The options granted vest over a three year period

from the date of grant.

The Company has also authorized the issuance of 3,500,000 SAR Equivalent Shares (“SARES”) to two

senior officers of the Company. The SARES are functionally equivalent to stock appreciation rights

however, any entitlements are satisfied by dividend payments on the SARES. The reference price for

the SARES awarded is C$0.68 and dividends shall be payable on the SARES (to the the extent that

they are “in-the-money”) on the first, second and third anniversaries of the date of award.

FOR MORE INFORMATION, PLEASE CONTACT:

Maritz Smith

CEO

Alphamin Resources Corp.

Tel: +230 269 4166

E-mail: [email protected]

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies

of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.