PERRIERI OFFICE SUITES, C2-302, Level 3, Office Block C, La Croisette, Grand Baie 30517, Mauritius ALPHAMIN PROVIDES Q2 2025 OPERATIONAL UPDATE/ FILES AMENDED CONSTITUTION
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
ALPHAMIN PROVIDES Q2 2025 OPERATIONAL UPDATE/ FILES AMENDED
CONSTITUTION
MAURITIUS – July 3, 2025 – Alphamin Resources Corp. (AFM:TSXV, APH:JSE
AltX)( “Alphamin” or the “Company”) is pleased to provide an operational update as follows:
✓ Q2 2025 contained tin production of 4,106 tonnes following a phased operational restart on
15 April 2025 (Q1 2025: 4,270 tonnes)
✓ Contained tin sales of 4,587 tonnes for the quarter, up 19% from the prior period
✓ Q2 2025 EBITDA2,3 guidance of US$75m (Q1 2025 actual: US$62m)
✓ Strong cash flow generation with Net Cash increasing by US$52m from the prior quarter to
US$50m
✓ First exploration drill hole at Mpama South since the restart intersected visible
mineralisation
Operational and Financial Summary for the Quarter ended June 20251
__________________________________________________________________________________________
1Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information
relates. 2Q2 2025 EBITDA and AISC represent management’s guidance. 3This is not a standardized financial measure and may
not be comparable to similar financial measures of other issuers.See “Use of Non-IFRS Financial Measures” below for the
composition and calculation of this financial measure.
Description Units Quarter ended
June 2025
Quarter ended
March 2025 Change
Ore Processed Tonnes 168,141 160,274 5%
Tin Grade Processed % Sn 3.16 3.55 -11%
Overall Plant Recovery % 77 75 3%
Contained Tin Produced Tonnes 4,106 4,270 -4%
Contained Tin Sold Tonnes 4,587 3,863 19%
EBITDA2,3 (Q2 2025 guidance) US$'000 75,000 61,809 21%
AISC2,3 (Q2 2025 guidance) US$/t sold 16,500 16,279 1%
Average Tin Price Achieved US$/t 32,512 32,507 0%
Net Cash/ (Net Debt) US$'000 50,289 -1,718 +ve
Operational and Financial Performance
Contained tin production of 4,106 tonnes for the quarter ended June 2025 was below the
targeted quarterly production of 5,000 tonnes due to the impact of the temporary cessation of
operations on 13 March 2025 related to security concerns and the phased restart from 15 April
2025. The months of May and June 2025 recorded contained tin production of 3,361 tonnes
which was in line with the annualised target of 20,000 tonnes. The processing facilities
performed well and above target – overall plant recoveries averaged 77% during the quarter
(Q1: 75%).
Q2 2025 contained tin sales of 4,587 tonnes was recorded against production of 4,106 tonnes
as the sales backlog from Q1 was cleared. The average tin price achieved was in line with the
prior quarter at US$32,512/t – the tin price is currently trading at around US$33,700/t.
Q2 2025 AISC per tonne of tin sold is estimated at US$16,500 (Q1: US$16,279) which is higher
than under normal operating conditions due to the impact of the operational stop on 13 March
2025 and subsequent restart during the second half of April 2025. Operating expenditures
included fixed costs and payroll for the full quarter as well as care and maintenance and mine
restart costs while tin production recommenced in a phased manner from 15 April 2025.
EBITDA guidance for Q2 2025 is US$75m, 21% higher than the previous quarter’s actual of
US$62m. This increase is primarily due to additional tin sales during Q2 2025 which included
clearing of the backlog experienced during the prior quarter.
The Company had US$110m in cash at 30 June 2025 after settlement of its FY2024 final DRC
tax payment of US$38m at end April 2025, a reduction of its overdraft balance by US$14m to
US$39m and payment of the first FY2025 provisional DRC tax instalment of US$14m. The Net
Cash position of US$50m improved by US$52m from a Net Debt position of US$2m the prior
quarter. During Q2 2025, the Company recommenced utilisation of a portion of its tin
prepayment arrangement with offtaker Gerald Metals.
Exploration update
Alphamin’s exploration strategy focuses on three key objectives:
1. Increase the Mpama North and Mpama South Resource base and life of mine
2. Discover the next tin deposit in close proximity to the Bisie mine
3. Ongoing grassroots exploration in search of remote tin deposits on the large
prospective land package
Exploration drilling at Mpama North and Mpama South re-commenced during Q4 2024.
Mpama South
A single rig surface drilling campaign at Mpama South targeting both down-dip, up-dip and
strike extensions is underway with four holes completed to date. The first two holes to the far
south of the current mineralised zone designed to test the lower grade southern extents did
not intersect visual tin mineralisation. The subsequent holes were planned 50-80m below the
current resource boundary and at depth. The first of these holes (BGH191A) intercepted
multiple narrow cassiterite veins 82m below the current Resource boundary over three zones
of 9.04 m, 0.86m and 1.04m that potentially extends the mineralised system. The next two of
these drillholes (BGH192 and BGH193) were completed with BGH192 intersecting visible
cassiterite veins and BGH193 not intersecting any visible cassiterite. Hole BGH194 was drilled
and completed during Q2 2025 and intercepted visible cassiterite veins further north of
BGH193 and below the current Resource.
Mpama North
A single rig exploration campaign of geological fan drilling from underground at Mpama North
on the northern open extensions of the mineralised zone started in Q4 2024. This campaign
was aimed at better understanding the geological structure in this area. These eight holes
totalling 1,525m, intersected a number of chlorite alteration zones associated with tin
mineralisation as well as minor cassiterite veins. One hole in particular intersected wide zones
of massive sulphides which are frequently used as a hanging wall marker horizon potentially
indicating further cassiterite mineralisation at depth.
The next drill holes at Mpama North are targeting an extension to mineralisation at depth along
strike to the north. The first of these drillholes (MNUD008A) was completed in early January
2025 and intersected a thick chlorite altered zone of visual tin cassiterite approximately 20m
north of the previously most northerly Resource drillhole and some 200m below the bottom of
the current mining echelon. The second of these planned drillholes (MNUD009) also
intersected a thick zone of significant visual tin cassiterite a further ~20m north of drillhole
MNUD008A. The third drillhole on strike was completed in Q1 2025 without a visual cassiterite
intersection.
The Company will be flying a dedicated surface drill rig to site to commence with drilling for
extensions of the Mpama North deposit at depth.
The Company expects to release external laboratory assays for exploration drilling to date
during Q3 2025.
Amendments to Constitution
The Company has filed an amended Constitution with the Registrar of Companies (Mauritius)
that contains certain changes to its Constitution relating to the election, appointment and
removal of directors and the declaration and payment of dividends, to clarify these provisions
and enhance the Company’s corporate governance. The amendments were overwhelmingly
approved by shareholders by special resolution at the Company’s annual general and special
meeting held on June 18, 2025 (the “Meeting”). Full details of the amendments are contained
in the Company’s management information circular dated May 8, 2025 furnished in connection
with the Meeting and a copy of the full amended Constitution will be filed under the Company’s
profile on SEDAR+ at www.sedarplus.ca once the filing is approved by the Registrar.
Qualified Persons
Mr. Clive Brown, Pr. Eng., B.Sc. Engineering (Mining), is a qualified person (QP) as defined in
National Instrument 43-101 and has reviewed and approved the scientific and technical
information contained in this news release other than in the section “Exploration update”. He
is a Principal Consultant and Director of Bara Consulting Pty Limited, an independent technical
consultant to the Company.
Mr. Jeremy Witley, Pr. Sci. Nat., BSc. (Hons) Mining Geology, MSc (Eng), is a qualified
person (QP) as defined in National Instrument 43-101 and has reviewed and approved the
scientific and technical information contained in the section “Exploration update”. He is Head
of Mineral Resources at the MSA Group (Pty) Ltd and is an independent technical consultant
to the Company.
_________________________________________________________________________________________
FOR MORE INFORMATION, PLEASE CONTACT:
Maritz Smith
CEO
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: [email protected]
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not a statement of historical fact constitutes forward-
looking information. Forward-looking statements contained herein include, without limitation,
Q2 2025 EBITDA and AISC guidance, the timing of expected receipt of external lab assays for
exploration samples and the intention to source a dedicated surface drill rig for Mpama North.
Such statements reflect the current views of the Company with respect to future events and
are subject to certain risks, uncertainties and assumptions. Many factors could cause the
actual results, performance or achievements of the Company to be materially different from
any future results, performance or achievements that may be expressed or implied by such
forward-looking statements. Such factors include, without limitation: uncertainties regarding
logistics and the timing of supplier responses to orders; uncertainties with respect to social,
community and environmental impacts, adverse political events and risks of security related
incidents which may impact the operation, outbound roads used to transport product and
consumables or the safety of our people, uncertainties regarding the legislative requirements
in the Democratic Republic of the Congo which may result in unexpected fines and penalties
and tax payments; the speculative nature of mineral exploration and development as well as
“Risk Factors” included elsewhere in Alphamin’s public disclosure documents filed on and
available at www.sedarplus.ca.
USE OF NON-IFRS FINANCIAL PERFORMANCE MEASURES
This announcement refers to the following non-IFRS financial performance measures:
EBITDA
EBITDA is profit before net finance expense, income taxes and depreciation, depletion, and
amortization. EBITDA provides insight into our overall business performance (a combination
of cost management and growth) and is the corresponding flow driver towards the objective of
achieving industry-leading returns. This measure assists readers in understanding the ongoing
cash generating potential of the business including liquidity to fund working capital, servicing
debt, and funding capital and exploration expenditures and investment opportunities.
This measure is not recognized under IFRS as it does not have any standardized meaning
prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented
by other issuers. EBITDA data is intended to provide additional information and should not be
considered in isolation or as a substitute for measures of performance prepared in accordance
with IFRS.
CASH COSTS
This measures the cash costs to produce and sell a tonne of contained tin. This measure
includes mine operating production expenses such as mining, processing, administration,
indirect charges (including surface maintenance and camp and head office costs), and
smelting, refining and freight, distribution and royalties. Cash Costs do not include
depreciation, depletion, and amortization, reclamation expenses, capital sustaining, borrowing
costs and exploration expenses. On mine costs, exclusive of stock movement, are calculated
on a cost per tonne produced basis, off mine costs are calculated on a cost per tonne sold
basis.
AISC
This measures the cash costs to produce and sell a tonne of contained tin plus the capital
sustaining costs to maintain the mine, processing plant and infrastructure. This measure
includes the Cash Cost per tonne and capital sustaining costs together divided by tonnes of
contained tin produced. All-In Sustaining Cost per tonne does not include depreciation,
depletion, and amortization, reclamation, borrowing costs, foreign exchange gains and losses,
exploration expenses and expansion capital expenditures.
Sustaining capital expenditures are defined as those expenditures which do not increase
payable mineral production at a mine site and excludes all expenditures at the Company’s
projects and certain expenditures at the Company’s operating sites which are deemed
expansionary in nature.
NET CASH/ NET DEBT
Net Cash demonstrates how our debt is being managed and is defined as cash and cash
equivalents less total current and non-current portions of interest-bearing debt and lease
liabilities.
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.