Wrap Text
Alphamin Announces Record Q2 EBITDA Guidance of US$167 Million/ Exploration Update
Alphamin Resources Corp.
Continued in the Republic of Mauritius
Date of incorporation: 12 August 1981
Corporation number: C125884 C1/GBL
TSX-V share code: AFM
JSE share code: APH
ISIN: MU0456S00006
ALPHAMIN ANNOUNCES RECORD Q2 EBITDA GUIDANCE OF US$167 MILLION/ EXPLORATION UPDATE
MAURITIUS – July 13, 2026 – Alphamin Resources Corp. (AFM:TSXV, APH:JSE
AltX)( "Alphamin" or the "Company"), is pleased to provide the following update for the quarter
ended June 30, 2026:
- Record EBITDA2, 3 guidance of US$167m, up 6% from the prior quarter
- Tin production of 5,013 tonnes and 5,014 tonnes of Tin sold
- Exploration update
Operational and Financial Summary for the Quarter ended June 20261
Quarter ended Quarter ended
Description Units Change
June 2026 March 2026
Ore Processed Tonnes 211,034 201,519 5%
Tin Grade Processed % Sn 3.3 3.4 -3%
Overall Plant Recovery % 72.8 74.2 -2%
Contained Tin Produced Tonnes 5,013 5,026 0%
Contained Tin Sold Tonnes 5,014 5,016 0%
EBITDA2,3 (Q2 2026 guidance) US$'000 167,279 157,761 6%
US$/t
AISC2, 3 (Q2 2026 guidance) 19,043 17,968 6%
sold
Net Cash/Debt3 US$'000 90,671 140,000 -35%
Average Tin Price Achieved US$/t 51,957 49,278 5%
__________________________________________________________________________________________
1
Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information
relates.2Q2 2026 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. Apparent computational errors due to rounding are not considered
significant.
Operational and Financial Performance
Contained tin production of 5,013 tonnes for the quarter ended June 2026 was in line with the
target guidance of 20,000 tonnes per annum and that of the previous period. Tin sales of 5,014
tonnes were achieved compared to 5,016 in Q1 2026, resulting in the first four-quarter rolling
period of 20,000 tonnes achieved. Processing recoveries dipped 2% from 74.2% in Q1 2026,
to 72.8% in Q2 2026. The metal sulphides in the current mining area are above average levels,
and this resulted in excessive near gravity material interfering with the efficiency of the gravity
circuit.
EBITDA for Q2 2026 is estimated at a record US$167m (Q1 2026: US$158m). The EBITDA
variance compared to the prior quarter is attributable to a 5% increase in the tin price, from a
US$49,278 average in Q1 2026, to US$51,957 average in Q2 2026 (current price circa
US$53,000). Guidance for AISC per tonne of tin sold in Q2 2026 is estimated at US$19,043,
up 6% from the previous quarter of US$17,968 due to a combination of off-mine costs in the
form of increased royalties, export duties, marketing commissions and net smelter returns,
which increase as tin price increases, and timing on capital expenditure. On-mine operating
costs increased largely as a result of higher fuel prices impacting diesel and transport costs.
Fuel stocks have been and remain at full capacity with higher prices expected to continue into
Q3 due to ongoing orders at elevated prices.
Alphamin's unaudited consolidated financial statements and accompanying Management's
Discussion and Analysis for the three and six months ended 30 June 2026 are expected to be
released on or about July 31, 2026.
Exploration update
Drilling Progress
Drilling continued in Q2 2026 at Mpama North and South with mixed results;
• A total of 5,547m (Q1 2026: 4,673m) was drilled (3,654m at Mpama South; 1,893m at
Mpama North).
Cassiterite (tin oxide) vein zones are associated with strong chlorite alteration.
Proximity of the tin mineralisation to sulphide mineralisation has been noted whereby
the sulphides tend to occur above the cassiterite zone.
Mpama North
A total of 1,893m was drilled at Mpama North in Q2, with three holes completed and a further
drill hole abandoned due to difficult ground conditions.
• MND057D2_T7 Deflected from the MND057 mother hole. Intersected 1 metre of
intense chlorite alteration with thin visible cassiterite mineralisation from 696m to 697m
down-hole depth (approximately 610m vertical depth below surface). Although thin, this
is the deepest cassiterite intersection recorded at Mpama North to date, confirming that
the tin mineralising system extends to at least this depth below surface. Sampling is
underway with external laboratory assay results pending.
• MND056BD4_T5 Deflected from the MND056B mother hole. Intersected 11 metres of
amphibolite host rock from 609m to 620m, including 1 metre of intense chlorite
alteration from 619m to 620m. No visible cassiterite mineralisation was intersected.
The intersection is interpreted to be at or beyond the lateral margin of the mineralised
corridor. This result informed the design of an up-dip deflection to re-test the
mineralised envelope at a shallower position within the same structural corridor.
• MND057D1_T6 Deflected from the MND057 mother hole. Intersected 3.5 metres of
amphibolite host rock from 702m to 705.50m with moderate chlorite alteration. No
visible cassiterite mineralisation was observed, consistent with the lateral margin of the
mineralised system at this depth.
Mpama South
A total of 3,653.7m was drilled at Mpama South in Q2, with 5 holes completed and a further 2
abandoned due to difficult ground conditions.
The Mpama South deposit is hosted in the same north-south trending shear zone as Mpama
North, approximately 300m to the south. Q2 drilling targeted extensions of the defined resource
at depth, with three of five completed holes intersecting visible cassiterite mineralisation.
• BGH206D2_T5 Visible cassiterite mineralisation observed at 19.29m, with intense
chlorite and sulphide alteration from 426.41m to 445.70m. This is the most significant
new intersection at Mpama South in the current programme. Two deflections from the
BGH206 mother hole are planned at 275m and 230m depth to test continuity of
mineralisation with the defined resource above. External laboratory assay results are
pending.
• BGH204D1 Visible cassiterite mineralisation observed over 17.48m, with intense
chlorite and sulphide alteration from 524.00m to 541.48m. External laboratory assay
results are pending.
• BGH203D1 Visible cassiterite mineralisation observed over 1.35m, from 577.85m to
579.20m. External laboratory assay results are pending.
• BGH205D1 No visible cassiterite observed.
• BGH208A No visible cassiterite observed.
External laboratory assays on previously disclosed holes were received and included below;
• Mpama South: BGH196A_D1: 12.94m @ 2.10% Sn from 407.84m to 420.78m.
• Mpama North: MND056A_D1_T1: 0.81m @ 0.72% Sn from 567.63m to 568.44 m.
See Appendix 2 for additional assay results.
All intercepts are reported as apparent widths and true widths of the mineralisation are
unknown.
Image 1: Mpama North and South cross section
Future Initiatives
• Airborne Survey: A VTEM (Versatile Time Domain Electromagnetic) airborne survey
covering the full Alphamin licence area was completed in mid-June 2026. Interpretation
of results is underway and expected to be delivered in Q3 2026. This is intended to
provide advanced targets across ABM's license areas using the spatial association of
sulphide mineralisation with cassiterite (tin oxide).
• Geochemical Surveys: Geochemical (soil) surveys commenced in Q2, to cover the
Mpama Ridge north of the Oso River and all areas adjacent to basement rock units
(similar geological settings to the Mpama Ridge which houses the Bisie deposit) with
13,000 samples planned for phase one of the survey which is expected to take six
months to complete.
• Downhole Geophysics: A downhole electromagnetic (EM) survey tool has been
mobilised to site in Q2 2026 and commenced operation in early Q3 2026. This will
assist in mapping the apparent spatial association between massive sulphides and tin
mineralisation in order to identify further resource extension drilling targets.
• Further Extension Drilling: Further drilling is planned to test the gap between Mpama
North and Mpama South, Mpama North depth extensions beyond the current faults and
north of Mpama North as depicted by the white circles in image 1.
• Resource and Reserve Update: The Company plans to release an updated resources
and reserves estimate in Q4 2026.
Image 2: ABM license areas with yellow vertical lines depicting the area covered by the VTEM survey
Liquidity and dividend update
The Company's Net Cash3 position was US$91m as at 30 June 2026 (31 March 2026:
US$140m) after distributions to shareholders of US$160m (US$121m to shareholders of the
Company, US$26m to minority shareholders in the Company's subsidiary in the DRC and
US$13m in dividend withholding taxes in the DRC) and corporate tax payments of US$26m.
The Company intends to make a FY2026 interim dividend decision in Q4 2026.
Security and health update
The regional security situation remains largely unchanged and operations continue as normal.
In Q2 2026 an Ebola outbreak was declared in the Ituri province of Northeastern DRC. Whilst
several cases have been reported in North Kivu, there have been none to date in the Walikale
health zone, where the mine operates. The Company has implemented enhanced hygiene and
screening protocols and expects operations to continue uninterrupted.
Qualified Person
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" and
Appendices 1 and 2. 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" and Appendices 1 and
2. 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:
Eoin O'Driscoll
CEO
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: eoin.odriscoll@alphaminresources.com
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,
statements relating to EBITDA and AISC guidance and constituent components of AISC for
Q2 2026; guidance for contained tin production for the year ending 31 December 2026; the
expected timing regarding the next dividend assessment; expected timing for the release of
financial results for the three and six months ended 30 June 2026, the expectation that higher
fuel prices will negatively affect financial results for Q3 2026; anticipated future exploration
activities; expected timing for updating the Company's mineral resources and mineral
reserves; and expectations regarding the effects on operations of the recent Ebola outbreak
in North Eastern DRC. Forward-looking statements are based on assumptions management
believes to be reasonable at the time such statements are made. There can be no assurance
that such statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Although Alphamin has attempted to identify
important factors that could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. Factors that may cause actual results to differ materially
from expected results described in forward-looking statements include, but are not limited to:
the availability of ore at expected quantities and grades, uninterrupted processing of ore at
targeted processing recoveries, uncertainties regarding global supply and demand for tin and
market and sales prices together with the impact of reported and unreported global tin stocks
on the tin price, uncertainties with respect to social, community, environmental and safety
impacts, uninterrupted access to required infrastructure and third party service providers,
uncertainties regarding the state of inbound and outbound roads and truck availabilities
impacting sales and the availability of spares and consumables, adverse political events and
risks of security related incidents or security threats which may impact the ongoing operation
or safety of its people, uncertainties regarding the legislative and permitting requirements in
the Democratic Republic of the Congo which may result in unexpected fines and penalties or
the ability to continue with normal operations, impacts of the global Covid-19 pandemic or other
health crises, including the Bundibugyo Ebola outbreak, on mining operations and commodity
prices as well as those risk factors set out in the Company's most recent annual Management
Discussion and Analysis and other disclosure documents available under the Company's
profile at www.sedarplus.ca. Forward-looking statements contained herein are made as of the
date of this news release and Alphamin disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or results or otherwise,
except as required by applicable securities laws.
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.
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/Debt
Net cash/(debt) demonstrates how our net cash/(debt) is being managed and is defined as net
cash and cash equivalents less total current and non-current portions of debt and lease
liabilities.
Appendix 1: SAMPLE PREPARATION, ANALYSES AND QUALITY CONTROL AND QUALITY ASSURANCE (QAQC)
Mpama North and Mpama South diamond drilling was completed from surface. The collar
positions of the drillholes were accurately surveyed by Alphamin Bisie Mining (ABM) and down-
hole surveys were completed by the drilling contractor allowing for accurate location of the
mineralised intercepts. Cores were logged, mineralised intervals were identified and half core
samples were taken at nominal 1 m intervals by the ABM geologists, which included the
insertion of various certified reference material and blank samples (QAQC). No significant
issues with the QAQC samples were noted. At the on-site ABM laboratory (managed by
Anchem), samples were first checked off against the submission list supplied and then
weighed and oven dried for 2 hours at 105 degrees Celsius. The dried samples were crushed
by jaw crusher to 75% passing 2mm, from which a 250g riffle split was taken. This 250g split
was pulverised in ring mills to 90% passing 75 micrometers from which a sample for analysis was
taken. Received samples at ALS Johannesburg are checked off against the list of samples
supplied and logged in the system. Quality Control is performed by way of sieve tests every
50 samples and should a sample fail, the preceding 50 samples are ground in a ring mill
pulveriser using a carbon steel ring set to 85 % passing 75 micrometers. Samples are analysed for tin
using method code ME-XRF05 conducted on a pressed pellet with 10% precision and an upper
limit of 5,000ppm. The over-limit tin samples are analysed as fused disks according to method
ME-XRF15c, which makes use of pre-oxidation and decomposition by fusion with 12:22 lithium
borate flux containing 20% Sodium Nitrate as an oxidizing agent, with an upper detection limit
of 79% Sn.
Appendix 2: SIGNIFICANT INTERCEPTS (0.5% Sn lower threshold)
Mpama South Drillholes prefixed "BGH"
Mpama North Drillholes prefixed "MNUD" and "MND"
Easting Northing Azi Dip Sn
BHID RL FROM TO LENGTH Sample position
(GPS) (GPS) (°) (°) grade
m m m m m % m mid x mid y mid z
BGH189 582975 9884510 827 270 -45 322 323 1.02 0.76 582745 9884502 602
BGH190 No significant intercepts
521 530 0.95 9.04 582811 9884795 344
BGH191A 583095 9884803 783 270 -60
533 534 1.05 0.86 582805 9884795 338
533 538 0.92 4.98 582809 9884880 365
540 545 4.31 5.08 582804 9884880 361
BGH192 583141 9884873 783 273 -68
547 548 4.67 1.81 582800 9884881 358
552 557 4.18 5.45 582795 9884881 353
BGH193 No significant intercepts
BGH192A No visible mineralized intersection observed
489 491 0.92 1.94 582921 9885076 327
494 497 4.26 3.04 582918 9885076 323
BGH194 583159 9885089 753 270 -68
498 501 1.99 2.83 582915 9885076 319
502 503 1.97 0.88 582913 9885076 317
BGH195A No significant intercepts
Intersected sulphide zone from 545.87m to 550.78m. This zone is commonly found above the tin mineralised zone;
BGH198D1
however, no cassiterite was intersected.
BGH196AD1 583166 9885210 720 265 -56 407.84 420.78 2.10 12.94 582912 9885196 393
BGH196B No visible mineralized intersection observed
Intersected sulphide zone from 600.80m to 604.60m. This zone is commonly found above the tin mineralised zone;
BGH199
however, no cassiterite was intersected.
BGH200 No visible mineralized intersection observed
BGH201 Abandoned at 381.70 meters due to bad ground conditions
BGH202 Abandoned the hole due to collapsing ground and bogging rods
BGH203D1 Visible cassiterite mineralisation observed over 1.35 meters, from 577.85 meters to 579.20 meters.
Visible cassiterite mineralisation observed over 17.48 meters, with intense chlorite and sulphide alteration, from 524.00
BGH204D1
meters to 541.48 meters.
BGH205D1 No visible mineralisation observed.
Visible cassiterite mineralisation observed over 19.29 meters, with intense chlorite and sulphide alteration, from 426.41
BGH206D2_T5
meters to 445.70 meters.
BGH208A No visible mineralisation observed.
MNUD001 582953 9886224 477 270 0 36 36 0.97 0.65 582917 9886224 477
MNUD002 582953 9886224 478 271 20 31 31 0.61 0.25 582925 9886224 488
55 57 0.60 2.17 582911 9886224 515
MNUD003 582953 9886224 479 270 41
73 73 1.10 0.35 582898 9886224 526
MNUD004 582953 9886224 476 269 -20 40 40 0.68 0.44 582915 9886224 462
MNUD005 No significant intercepts
MNUD006 No significant intercepts
MNUD007 No significant intercepts
248 257 13.63 9.30 583052 9886230 234
MNUD008A 582978 9886230 475 85 -73 259 267 3.65 7.20 583056 9886229 224
269 277 3.54 8.04 583059 9886229 214
236 246 41.47 10.10 583042 9886252 245
MNUD009 582977 9886235 477 68 -74 249 258 14.72 8.65 583045 9886253 233
263 265 1.75 1.82 583048 9886253 223
266 270 2.64 3.42 583049 9886253 219
MNUD010 No significant intercepts
MNUD011 No significant intercepts
MND054A No significant intercepts
MND056AD1_T1 Visible cassiterite intersection; 0.81m @ 0.72% ALS Assay from 567.63m to 568.44m.
MND055D1_T3 No visible mineralisation observed.
MND056BD1_T2 No visible mineralisation observed.
MND056BD2_T4 No visible mineralisation observed.
MND057D1_T6 No visible mineralisation observed.
MND056BD4_T5 No visible mineralisation observed.
MND057D2_T7 Intersected 1m of intense chlorite alteration with visible cassiterite mineralisation from 696m to 697m.
14 July 2026
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Date: 14-07-2026 07:05:00
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