ALPHAMIN ANNOUNCES Q3 OPERATIONAL AND FINANCIAL UPDATE/ MPAMA SOUTH DEVELOPMENT PROGRESS

Grand Baie, MAURITIUS, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( “Alphamin” or the “Company”), a producer of 4% of the world’s mined tin¹ from its high grade operation in the Democratic Republic of Congo, is pleased to provide the following update for the quarter ended September 2023:

• Tin production of 3,104 tonnes for the quarter, in line with the previous quarter
• Q3 2023 EBITDA^3,4 guidance of US$38.3m, up 8% from the previous quarter
• Mpama South development projected to increase annual tin production by 60% progressing well
• Additional debt facilities secured

Operational and Financial Summary for the Quarter ended September 2023²

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¹Data obtained from International Tin Association Tin Industry Review 2022 ²Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. ³Q3 2023 EBITDA and AISC represent management’s guidance. ⁴This 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 3,104 tonnes for the quarter ended September 2023 was in line with the previous quarter. Tin production of 9,442 tonnes for the nine months ended September 2023 exceeds the run-rate to achieve market guidance of 12,000 tonnes for the year ending December 2023. The run-of-mine and crushed ore stockpiles ahead of the processing plant were at record levels at quarter-end, being 30,393 tonnes at an average tin grade of 4,79% (Q2: 27,439 tonnes at 6.74%).

Sales volumes of 3,111 tonnes of tin for Q3 2023 were slightly higher than the previous quarter and averaged a tin price of US$26,557/t (Q2 2023: US$25,587/t).

Guidance for AISC per tonne of tin sold is US$14,812, 6% above the previous quarter. Approximately half of the AISC cost increase relates to the timing effect of sustaining capital expenditure. The remaining variance in AISC follows the impact of the higher tin price on off-mine costs, higher diesel prices and a 7% increase in underground development metres at Mpama North. The higher underground development rate at Mpama North is expected to increase developed ore reserves and improved mining flexibility.