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Alphamin provides Q3 2025 Operational 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 PROVIDES Q3 2025 OPERATIONAL UPDATE
MAURITIUS – October 7, 2025 – Alphamin Resources Corp. (AFM:TSXV, APH:JSE
AltX)( "Alphamin" or the "Company") is pleased to provide an operational update as follows:
- Q3 2025 contained tin production of 5,190 tonnes, up 26% from the previous quarter (Q2
2025: 4,106 tonnes (period from phased restart on April 15 to June 30))
- FY2025 contained tin production guidance increased to between 18,000 and 18,500 tonnes
(17,500 tonnes previously)
- Contained tin sales of 5,143 tonnes for the quarter, up 12% from the prior period
- Q3 2025 EBITDA (2,3) guidance of US$96m, up 28% from Q2 2025 actual of US$75m
- Interim FY2025 dividend of CAD0.07 cents per share paid on 15 September 2025
- External laboratory assays received for drilling at Mpama North and Mpama South
Operational and Financial Summary for the Quarter ended September 20251
Quarter ended Quarter ended
Description Units Change
September 2025 June 2025
Ore Processed Tonnes 221 581 168 141 32%
Tin Grade Processed % Sn 3,09 3,16 -2%
Overall Plant Recovery % 76 77 -2%
Contained Tin Produced Tonnes 5 190 4 106 26%
Contained Tin Sold Tonnes 5 143 4 587 12%
EBITDA (2,3) (Q3 2025 guidance) US$'000 96 200 75 066 28%
AISC (2,3) (Q3 2025 guidance) US$/t sold 15 900 16 387 -3%
Average Tin Price Achieved US$/t 33 877 32 512 4%
__________________________________________________________________________________________
1. Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information
relates. 2Q3 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.
Operational and Financial Performance
Contained tin production of 5,190 tonnes for the quarter ended September 2025 was
substantially in line with the targeted quarterly production of 5,000 tonnes and 26% higher than
the prior quarter. The comparative quarter ended June 2025 was impacted by the temporary
cessation of operations related to security concerns and the phased restart from 15 April 2025.
The processing facilities continue to perform well with overall plant recoveries averaging 76%
during the quarter (Q2: 77%).
Q3 2025 contained tin sales of 5,143 tonnes was in line with the increased production. The
average tin price achieved was 4% above the prior quarter at US$33,877/t – the tin price is
currently trading at around US$37,000/t.
Q3 2025 AISC per tonne of tin sold is estimated at US$15,900 (Q2: US$16,387), 3% lower
than Q2 due to a normalised production rate compared to the negative impact of the
operational stop during the prior quarter. The mine took delivery of two replacement
underground mine trucks during Q3 which increased sustaining capital expenditure included
in AISC.
EBITDA guidance for Q3 2025 is US$96m, 28% higher than the previous quarter's actual of
US$75m. This increase is primarily due to additional tin production and sales and a slightly
higher tin price.
The Company expects to produce approximately 5,000 tonnes of contained tin during the final
quarter of the financial year which, together with its year-to-date production of 13,566 tonnes,
increases tin production guidance for FY2025 to between 18,000 and 18,500 tonnes (17,500
tonnes previously).
The Company had US$57m in cash at 30 September 2025 (30 June 2025: US$110m) after
Q3 outflows related to provisional FY2025 tax payments of US$25m, a reduction of its
overdraft balance by US$15m to US$24m and payment of the interim FY2025 dividends and
withholding taxes of US$89m.
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. The
Company received external laboratory assays from drilling at Mpama North and South (refer
to Appendix 1 and 2), the highlights of which are:
Mpama South assay results received1, included:
- BGH192: 24.13 metres @ 2.43% Sn from 532.92 metres, including 5.08 metres @
4.31% Sn from 539.92 metres, 1.81 metres @ 4.67% Sn from 546.6 metres, and 5.45
metres @ 4.18% Sn from 551.6 metres
- BGH194: 13.98 metres @ 1.62 % Sn from 489.26 metres, including 3.04 metres @
4.26% Sn from 494.06 metres
Mpama North assay results1 received, included:
- MNUD008A: 29.34 metres @ 6.21% Sn, including 9.3 metres @ 13.63% Sn both from
247.7 metres
- MNUD009: 33.28 metres @ 16.83% Sn, including 10.1 metres @ 41.47% Sn, both
from 236.3 metres
Mpama South Drilling Update
The assayed drill hole intercepts for BGH 192 and BGH 194 are approximately 50m down dip
of the current declared Mpama South Resource.
A second surface drill rig was mobilised at Mpama South targeting down-dip extensions.
During the quarter, two holes were abandoned due to excessive hole deviations and drilling
issues. Two drill holes are currently in progress and are approximately 1-2 weeks from the
planned depth targets.
1 All intercepts are reported as apparent widths and are not true widths
Mpama North Drilling Update
Figure 1: Mpama North drilling update with significant Sn intercepts (>0.5% shown as purple spheres).
The assayed drill hole intercepts for MNUD 008A and MNUD 009 are approximately 30m to
70m down plunge of the current declared Mpama North Resource.
Following a single rig exploration campaign of geological fan drilling from underground at
Mpama North which resulted in the drilling update illustrated in Figure 2, the Company
mobilised a dedicated surface drill rig during Q3 to test for extensions at depth below the
currently defined mineralised area. After experiencing excessive deviation, the first surface drill
hole was abandoned. The second hole was successfully completed probing for mineralisation
40 m south of the main trend and 100 m deeper than the recent underground drilling
(MNUD008A) and did not intercept visual tin mineralisation. The next hole from surface is in
progress. The Company is planning to introduce directional core drilling technology which will
enable fan drilling at depth in order to expedite the identification of tin mineralisation
extensions, structural faults and possible shifts in the deposit.
Security Update
The Company notes an increased number of security events on the border line between the
Massisi and Walikale territories in the North Kivu province of the DRC. The Company's mine
is located in a remote area approximately 200 kilometers away from these events and at this
time the Company continues to operate within guidance parameters. As a result of the ongoing
security risks in the area, the operating risk profile remains elevated and a sustained advance
closer to the mine location could result in mining operations being affected. The safety of the
Company's employees and contractors and compliance with the DRC and international laws
remains our committed focus.
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" and
Appendix 1 and Appendix 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", Appendix 1
and Appendix 2. He is Head of Mineral Resources at the MSA Group (Pty) Ltd and is an
independent technical consultant to the Company.
The figures referred to in this announcement can be found on Alphamin's website.
________________________________________________________________________________________
FOR MORE INFORMATION, PLEASE CONTACT:
Maritz Smith
CEO
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: msmith@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,
Q3 2025 EBITDA and AISC guidance and FY2025 contain tin production guidance, estimated
Q4 2025 contained tin production and estimated timing for the completion of the current two
Mpama South drill holes in progress. 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: the availability of ore at expected quantities and grades, uninterrupted processing of
ore at targeted processing recoveries, 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 or
threats of security related incidents which may impact the operation or cause a stop to mine
activities, 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.
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.
Appendix 1: SAMPLE PREPARATION, ANALYSES AND QUALITY CONTROL AND
QUALITY ASSURANCE (QAQC)
Mpama North diamond drilling was completed from underground 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?m 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?m. 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"
BHID Easting Northing RLm Azi Dip FROM TO Sn % LENGTH Sample position
(°) (°)
GPS GPS mid x mid y mid z
BGH189 582975 9884510 827 270 -45 322.00 322.76 1.02 0.76 582745 9884502 602
BGH190 No significant intercepts
BGH191A 583095 9884803 783 270 -60 521.06 530.10 0.95 9.04 582811 9884795 344
533.18 534.04 1.05 0.86 582805 9884795 338
BGH192 583141 9884873 783 273 -68 532.92 537.90 0.92 4.98 582809 9884880 365
539.92 545.00 4.31 5.08 582804 9884880 361
546.60 548.41 4.67 1.81 582800 9884881 358
551.60 557.05 4.18 5.45 582795 9884881 353
BGH193 No significant intercepts
BGH194 583159 9885089 753 270 -68 489.26 491.20 0.92 1.94 582921 9885076 327
494.06 497.10 4.26 3.04 582918 9885076 323
498.37 501.20 1.99 2.83 582915 9885076 319
502.36 503.24 1.97 0.88 582913 9885076 317
BGH195A No significant intercepts
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 31.00 0.61 0.25 582925 9886224 488
MNUD003 582953 9886224 479 270 41 54.80 56.97 0.60 2.17 582911 9886224 515
72.65 73.00 1.10 0.35 582898 9886224 526
MNUD004 582953 9886224 476 269 -20 39.56 40.00 0.68 0.44 582915 9886224 462
MNUD005 No significant intercepts
MNUD006 No significant intercepts
MNUD007 No significant intercepts
MNUD008A 582978 9886230 475 85 -73 247.70 257.00 13.63 9.3 583052 9886230 234
259.37 266.57 3.65 7.2 583056 9886229 224
269.00 277.04 3.54 8.04 583059 9886229 214
MNUD009 582977 9886235 477 68 -74 236.30 246.40 41.47 10.1 583042 9886252 245
249.20 257.85 14.72 8.65 583045 9886253 233
263.00 264.82 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
8 October 2025
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