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Alphamin Announces Record Q1 EBITDA Guidance of US$158 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
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 ANNOUNCES RECORD Q1 EBITDA GUIDANCE OF US$158 MILLION/ EXPLORATION UPDATE
MAURITIUS – April 9, 2026 – Alphamin Resources Corp. (AFM:TSXV, APH:JSE
AltX)( "Alphamin" or the "Company"), is pleased to provide the following update for the quarter
ended 31 March 2026:
- Record EBITDA2, 3 guidance of US$158m, up 46% from the prior quarter
- Tin production of 5,026 tonnes, 5016 tonnes of Tin sold
- Net cash increase of US$128m
- Exploration update
Operational and Financial Summary for the Quarter ended March 20261
Quarter ended
Quarter ended
Description Units December Change
March 2026
2025
Ore Processed Tonnes 201,519 202,360 0%
Tin Grade Processed % Sn 3.4 3.4 0%
Overall Plant Recovery % 74 73 1%
Contained Tin Produced Tonnes 5,026 5,008 0%
Contained Tin Sold Tonnes 5,016 5,045 -1%
EBITDA2,3 (Q1 2026 guidance) US$'000 157,761 108,326 46%
US$/t
AISC2, 3 (Q1 2026 guidance) 17,968 16,815 7%
sold
Net Cash/Debt3 US$'000 140,000 11,961 1070%
Average Tin Price Achieved US$/t 49,278 37,995 30%
__________________________________________________________________________________________
1
Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information
relates.2Q1 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.
Operational and Financial Performance
Contained tin production of 5,026 tonnes for the quarter ended March 2026 was in line with
the target guidance of 20,000 tonnes per annum and that of the previous period. Tin sales of
5,016 tonnes were achieved compared to 5,045 in Q4 2025, with improved road conditions
and a strong tin price resulting in a net cash increase of US$128m.
EBITDA for Q1 2026 is estimated at a record US$158m (Q4 2025: US$108m). The EBITDA
variance compared to the prior quarter is attributable to a 30% increase in the tin price, from a
US$37,995 average in Q4 2025, to US$49,278 average in Q1, 2026 (current price circa
US$48,000). Guidance for AISC per tonne of tin sold in Q1 2026 is US$17,968, up 7% from
the previous quarter of US$16,815 largely due to increased royalties, export duties, marketing
commissions and net smelter returns, which are calculated with reference to the higher tin
price. Increased fuel prices did not affect Q1 2026 but are expected in Q2, with additional fuel
being sourced at premiums in the range of 25% to 35% since early March. The Company has
approximately 30 days of diesel at site with a further 75 days consumption in the DRC in transit
to site. Direct diesel consumption contributed just over $2,000 per tonne of AISC before price
increases.
Alphamin's unaudited consolidated financial statements and accompanying Management's
Discussion and Analysis for the quarter ended 31 March 2026 are expected to be released on
or about April 29, 2026.
Exploration update
Alphamin's exploration strategy remains focused on three primary pillars:
1. Resource Expansion: Extending the mine life at Mpama North and Mpama South.
2. New Discovery: Identifying the next major tin deposit within the Bisie mine vicinity.
3. Regional Growth: Continuing grassroots exploration across our highly prospective
land package.
Drilling Progress
Drilling activity intensified in Q1, 2026, with surface rig counts increasing at both Mpama
South and Mpama North.
• A total of 4,673m was drilled (3,221m at Mpama South; 1,452m at Mpama North).
• Directional drilling (Devico-IMDEX) was introduced in late December 2025. Following
the loss of the original tool downhole in early February, two new devices were
mobilized and are now operational.
• Details of drillhole outcomes from the drilling campaign which started in Q4 2024 are
set out in Appendix 1. Sample preparation is detailed in Appendix 2.
Drilling Results & Analysis
Since the end of Q3 2025, ten boreholes have been completed. Two of these intercepted
visible cassiterite (tin mineralization):
Mpama North
• The initially targeted extension of the mineral resource (grey block in figure 1) has
resulted in visible cassiterite in only one hole (MND056AD1_T1), which intercepted a
thin tin intercept at low grade. See Table 1.
• Several holes encountered an oblique east-west fault structure. Additional drilling is
planned to explore down-dip extensions and determine how this structure impacts the
tin-bearing zone.
• Two mother holes (MND056B and MND057) have recently been completed, MND056B
was used to reach target T2 (mentioned in point 1 above) and is currently drilling for
target T5; drill hole MND056D2_T5. MND057 will be used to intercept deeper targets
further down plunge.
Figure 1: Mpama North section showing completed boreholes from October 2024 to present.
Mpama South
• Borehole BGH196A_D1 intersected visible cassiterite. Preliminary in-house assays
are encouraging (see Table 1).
• The deeper holes (BGH198D1, BGH196B, BGH199, BGH200and BGH192A) did not
intersect mineralization, and the data is being used to refine the structural model to
improve future targeting.
Figure 2: Mpama South long section showing completed boreholes from October 2024 to
present.
Table 1: Preliminary Assay Results (In-House XRF)
Note: These are indicative values from the Alphamin-Bisie laboratory. Final results from ALS-
Johannesburg are pending.
Location Hole ID From (m) To (m) Length (m) Sn %
Mpama North MND056A_D1_T1 567.63 568.44 0.81 0.63%
Mpama South BGH196A (Zone 1) 407.84 414.85 7.01 2.46%
Mpama South BGH196A (Zone 2) 417.00 420.78 3.78 3.01%
Forward-Looking Initiatives
• Downhole Geophysics: A Downhole electromagnetic (EM) survey tool has been
mobilised to site. This will assist in mapping the apparent spatial association between
massive sulphides and tin mineralisation in order to identify further resource
extension drilling targets.
• Airborne Survey: A VTEM (Versatile Time Domain Electromagnetic) survey covering
the entire license area is en route to site and will be completed in Q2, 2026. This will
be instrumental in identifying new regional drill targets.
• Geochemical Surveys: Geochemical (soil) surveys are planned 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 scheduled start
commence in Q2.
Liquidity and dividend update
The Company's cash position increased to US$183m as at 31 March 2026 (Net Cash3:
US$140m) from US$56m at the end of the prior quarter (31 December 2025 Net Cash:
US$12m).
The Company intends to make a final FY2025 dividend decision in late April 2026 to align with
the timing of holding the annual general meeting of Alphamin Bisie Mining SA (ABM), the
Company's DRC operating subsidiary, to approve ABM's annual financial statements and to
consider the declaration of a dividend for distribution to its shareholders. The ABM annual
general meeting has been scheduled for 23 April 2026. Alphamin Resources has scheduled a
board meeting for 29 April 2026 to consider a final FY2025 dividend.
Amendments to Omnibus Plan and Correction to Awards
Alphamin has amended its Omnibus Incentive Plan (the "Plan") to make certain clarifying
changes to meet the requirements of the TSX Venture Exchange. The changes relate to
clarifying that awards granted to a participant prior to becoming an insider are included in the
insider limits contained in the Plan and to clarify that, with respect to SAR Equivalent Shares
("SARES") awarded under the Plan, dividends are not permitted on such shares other than in
settlement of such awards and not earlier than one year from the date of award, and that the
SARES count towards Plan limits until settled. The amendments are contained in an Amended
and Restated Omnibus Incentive Plan dated March 10, 2026 which has been filed and is
available for viewing and download under the Company's profile on SEDAR+ at
www.sedarplus.ca.
On March 11, 2026 the Company announced the award of certain stock options and SARES
under the Plan. That press release incorrectly identified the date of the awards as March 11,
2026 instead of the correct date of March 10, 2026, and incorrectly identified the reference
price for the SARES awarded as C$1.26 instead of the correct reference price of C$1.27.
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
Appendix 1. 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 Appendix 1. 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 for Q1 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 quarter ended
31 March 2026, the expectation that higher fuel prices will negatively affect financial results for
Q2 2026; and anticipated exploration activities. 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 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: SIGNIFICANT INTERCEPTS (0.5% Sn lower threshold) of drillholes from
October 2024 to present.
Mpama South Drillholes prefixed "BGH"
Mpama North Underground Drillholes prefixed "MNUD"
Mpama North Surface Drillholes prefixed "MND"
BHID Easting Northing RL_m Azi (°) Dip (°) FROM TO Sn % LENGTH_m Sample position
GPS GPS mid x mid y mid z
BGH189 582975 9884510 827 270 -45 322 322.76 1.02 0.76 582745 9884502 602
BGH190 No significant intercepts
521.06 530.1 0.95 9.04 582811 9884795 344
BGH191A 583095 9884803 783 270 -60
533.18 534.04 1.05 0.86 582805 9884795 338
532.92 537.9 0.92 4.98 582809 9884880 365
539.92 545 4.31 5.08 582804 9884880 361
BGH192 583141 9884873 783 273 -68
546.6 548.41 4.67 1.81 582800 9884881 358
551.6 557.05 4.18 5.45 582795 9884881 353
BGH193 No significant intercepts
BGH192A No visible mineralized intersection observed
489.26 491.2 0.92 1.94 582921 9885076 327
494.06 497.1 4.26 3.04 582918 9885076 323
BGH194 583159 9885089 753 270 -68
498.37 501.2 1.99 2.83 582915 9885076 319
502.36 503.24 1.97 0.88 582913 9885076 317
BGH195A No significant intercepts
BGH198D1 No visible mineralized intersection observed
BGH196AD1 583166.354 9885210.22 720.131 265 -56 407.84 420.78 2.25 12.94 582912 9885196 393
BGH196B No visible mineralized intersection observed
BGH199 Intersected massive sulphide zone above tin horizon and favourable host units but no tin mineralization; potentially indicating the edge of the system
BGH200 No visible mineralized intersection observed
BGH201 Abandoned at 381.7m due to bad ground conditions
BGH202 In progress at 131.7m
MNUD001 582953 9886224 477 270 0 35.75 36.4 0.97 0.65 582917 9886224 477
MNUD002 582953 9886224 478 271 20 30.75 31 0.61 0.25 582925 9886224 488
54.8 56.97 0.6 2.17 582911 9886224 515
MNUD003 582953 9886224 479 270 41
72.65 73 1.1 0.35 582898 9886224 526
MNUD004 582953 9886224 476 269 -20 39.56 40 0.68 0.44 582915 9886224 462
MNUD005 No significant intercepts
MNUD006 No significant intercepts
MNUD007 No significant intercepts
247.7 257 13.63 9.3 583052 9886230 234
MNUD008A 582978 9886230 475 85 -73 259.37 266.57 3.65 7.2 583056 9886229 224
269 277.04 3.54 8.04 583059 9886229 214
236.3 246.4 41.47 10.1 583042 9886252 245
249.2 257.85 14.72 8.65 583045 9886253 233
MNUD009 582977 9886235 477 68 -74
263 264.82 1.75 1.82 583048 9886253 223
266.16 269.58 2.64 3.42 583049 9886253 219
MNUD010 No significant intercepts
MNUD011 No significant intercepts
MND054A No visible mineralized intersection observed
MND056AD1_T1 Visible cassiterite mineralization intersection; in house assay 0.81m @ 0.64% Sn from 567.63m
MND055D1_T3 No visible mineralized intersection observed
MND056BD1_T2 No significant tin intersection; in house assays 2.2m @ 0.1% Sn from 582m, 3.3m Cu @ 2.75%, from 569m, drilled thorugh target rock unit
MND056BD2_T4 No visible mineralized intersection observed
MND057 Mother hole drilled up to 419.70 m, ready for deflections.
Appendix 2: SAMPLE PREPARATION, ANALYSES AND QUALITY CONTROL AND
QUALITY ASSURANCE (QAQC)
After receipt of diamond drillcore from the drillers at the drill rig in marked core trays, core was
transported to the Company's core shed by the site geologist for logging and sampling. After
sample mark up, lithological and geotechnical logging and photography, the core was split
longitudinally in half using a water-cooled rotating diamond blade core saw. The cut core was
replaced into the core tray with the half to be sampled facing upward. Based on previous
experience at Bisie with high density variability and at the qualified person's instruction (Mr J.
Witley of MSA Group), specific gravity (SG) was performed exclusively on the half core that
was to be sampled. The Archimedes method of weight in air vs weight in water was used on
the whole length of the half core that was to be sampled and then replaced in the core trays.
Air dried samples were placed in pre-numbered sample bags together with pre-printed
numbered sample tickets, which were cross-checked afterwards to prevent sample swaps.
Sample bags were sealed using a plastic cable tie and then placed into poly-weave sacks
which were in turn sealed with plastic cable ties. Each poly-weave sack was marked with a
number and the sample numbers contained within, ready for delivery to the on-site Alphamin-
Bisie laboratory for sample preparation.
At the laboratory, 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 micrometres from which a sample for analysis was taken.
Samples were homogenised using a corner-to-corner methodology and two samples were
taken from each pulp, one of 10g for on-site laboratory assaying and another 150g sample for
export and independent accredited 3rd party laboratory assaying.
For the initial on-site laboratory assay, 10 grams of pulverised sample is mixed with 2 grams
of binder before press pellet preparation at 20t/psi for 1 minute. Press pellets are analysed in
a desktop Spectro Xepos XRF analyser, twelve at a time, for Sn, Fe, Zn, Cu, Ag, Pb and As
along with a standard, duplicate and blank. The analytical method conducted on the pressed
pellet has an expected 10% precision and an upper detection limit of 70,000ppm and lower
detection limit of 500ppm. Over-limit samples are titrated by wet chemistry with an upper limit
validation of 70% Sn. The on-site laboratory assays produces preliminary results which are
later confirmed by ALS, and were not used for Mineral Resource estimates, which are based
solely on the ALS assays.
The 150g sample is packaged in sealed paper sample envelopes and packed in a box for
export in batches of approximately 500 samples and prepared for export authorisation with
national authorities. Once authorisation is received, samples are air-couriered to ALS Group
in Johannesburg South Africa, a subsidiary of ALS Limited, which is an independent
commercial analytical facility. ALS operations are ISO 9001:2015 certificated and the
Johannesburg office is ISO 17025 accredited for Chemical Analysis by SANAS (South African
National Accreditation System, facility number T087), although the accreditation does not
extend to the methods used for tin.
Received samples at ALS Johannesburg are checked off against the list of samples supplied
and logged in the system. Quality Control is performed in the way of sieve tests every 50
samples and should a sample fail, the preceding 50 samples are ground in a ring mill pulverizer
using a carbon steel ring set to 85 % passing 75micrometres. 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.
Method code ME-ICP61 (HF, HNO3, HClO4 and HCl leach with ICP-AES finish) is used for 33
elements including base metals. ME-OG62, a four-acid digestion, is used on ore grade
samples for lead, zinc, copper and silver. Both methods are accredited by SANAS.
The program is designed to include a comprehensive analytical quality assurance and control
routine comprising the systematic use of Company inserted standards, blanks and field
duplicate samples, internal laboratory standards and analysis at an accredited laboratory. The
pulps were accompanied by blind QAQC samples inserted into the sample stream by the
Alphamin-Bisie geologists. These comprised blank samples, certified reference materials and
pulp duplicates each at an insertion rate of approximately 5%.
The QAQC results demonstrate that the assay results are both accurate and precise with an
insignificant amount of contamination (in the order of 10pmm Sn on average) and negligible
sampling errors. Further verification work is in progress by additional check assays by SGS
South Africa (Pty) Ltd.
9 April 2026
JSE Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 09-04-2026 03:21:00
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