2022-07-26 | TSXV:AFM | Press release

Grand Baie, MAURITIUS, July 26 2022 (GLOBE NEWSWIRE) — In the press release issued earlier today, there was an error. With respect to the dividend declared on July 5, 2022, the dividend record date should have read July 22, 2022, not July 29, 2022. Please find the complete and corrected press release below.

Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)(‘Alphamin” or the ‘Company’, a producer of 4% of the world’s mined tin’1 of its high-quality operations in the Democratic Republic of the Congo, is pleased to provide the following operational update for the quarter ended June 2022:

  • Registration quarterly tin production of 3,180 tons
  • Q2EBITDAA3 of WE$6sevenm
  • Interm dividend for FISCAL YEAR 2022 of C$0.03 per share declared on July 5, 2022

Operational and Financial Summary for the quarter endedJune 20222

The description Units Real
Quarter ended June 2022 Quarter ended March 2022 To change
Processed ore Tons 112,569 105,565 seven %
Pewter Grade Treated %Sn 3.65 3.73 -2 %
Overall plant recovery % 77.3 77.7 -1 %
Tin content product Tons 3,180 3,061 4 %
Tin content sold Tons 3,229 3,336 -3 %
EBITDA3 000 USD 67,004 98 104 -32 %
AISC3 US$/t sold 14,677 15,782 -seven %
Net cash3 (Cash minus debt) ‘000 USD 138 146 129,775 6 %
Tin price reached USD/t 35,345 43,834 -19 %


1Data from International Tin Association Pewter Industry Review Update 20212Manufacturing information is 100% disclosed. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. Totals may not add up due to rounding effects.3It is not a standardized financial measure and may not be comparable to similar fina.notfinancial 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 -Q2 2022

Confined tin production of 3,180 tons represents a quarterly record, 4% higher than the previous quarter. Recoveries from underground mines and processing plants were in line with expectations. Year-to-date confined tin production of 6,241 tonnes exceeded production rate to reach market forecast of 12,000 tonnes for the year ending December 2022. We expect production and confined tin sales of approximately 3,000 tonnes for the quarter ending September 2022.

AISC per tonne of tin sold decreased 7% to US$14,677 following a 4% increase in production and the impact of lower tin prices on costs non-mine related to product marketing costs, royalties, export duties and smelter debts.

EBITDA for Q2 2022 was $67 million (Q1: $98 million) at an average tin price of $35,345/t (Q1: $43,834/t). In addition to a higher tin price, prior quarter sales volumes included a catch-up from delayed sales during the fourth quarter of 2021.

Alphamin’s consolidated net cash position increased by US$8.3 million during the second quarter of 2022 to US$138.1 million. This increase follows the payment of corporation tax for fiscal year 2021 of US$43.5 million to the DRC government in April 2022.

Alphamin’s unaudited consolidated financial statements and accompanying MD&A for the quarter ended June 30, 2022 have been filed and are available under the company’s profile at www.sedar.com.

IntermAF2022 Dividend declared

On July 5, 2022, the Board of Directors resolved to declare an interim cash dividend for fiscal year 2022 of CA$0.03 per share on the common stock (approximately US$30 million in aggregate) (the “Dividend ””). The dividend will be payable on August 5, 2022 to shareholders of record at the close of business on July 22, 2022. Dividend distributions will be considered semi-annually based on excess cash available after taking into account capital funding requirements, including for the new Mpama South Extension Project.

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 press release. hurry. He is a principal consultant and director of Bara Consulting Pty Limited, an independent technical consultant to the company.



Maritz Smith


Alphamin Resources Corp.

Tel: +230 269 4166

Email: [email protected]

JSE Sponsor

Nedbank Corporate and Investment Banking, a division of Nedbank Limited


The information contained in this press release that is not a statement of historical facts constitutes forward-looking information. The forward-looking statements contained herein include, without limitation, statements relating at contained pewter production guidelines for Q3 2022 and Financial year 2022.Forward-looking statements are based on assumptions that 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 the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or expected. Factors that could cause actual results to differ materially from the expected results described in theforward-looking statements include, but are not limited to: uncertainties regarding estimates of expected mined tin grades, processing plant performance and recoveries, uncertainties about social, community and environmental impacts, uninterrupted access to required infrastructure and third-party service providers, unfavorable policy and geopolitics events,uncertainties regarding legislative requirements in the Democratic Republic of the Congo which may result in unexpected fines and penalties, impacts of the global Covid-19 pandemic on mining operations and commodity prices as well as the risk factors set out in the company’s management report and other disclosure documents available under the company’s profile at www.sedar.com. The forward-looking statements contained herein are made as of the date of this press 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 titles. 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 press release.


This announcement refers to the following non-IFRS financial performance measures:


EBITDA is earnings before net finance costs, income taxes and depreciation, depletion and amortization.EBITDA provides insight into the overall performance of our business (a combination of cost management and growth) and is the corresponding flow driver towards the goal of achieving industry leading returns. This metric helps readers understand the company’s ongoing cash generation potential, including cash to fund working capital, service debt, and fund capital expenditures and investment opportunities.

Eis measure is not recognized under IFRS because This makes do not have a standardized meaning prescribed by IFRS and is therefore, they are unlikely to be comparable to similar measures presented by other issuers. EBITDA the data is intended to provide additional information and should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS.


Net cash is defined as Cash and cash equivalents less total current and non-current portions of interest bearing debts and rental obligations.


It measures production costs and sell a tonnot of contents tin plus capital sustaining costs to maintain the mine, processing plant and infrastructure. AISC to understands mine operating production expenses such as mining, processing, administration, overhead (including surface maintenance and camp and tailings dam construction costs), merger fees and deductionsrefining and freight, distribution, royalties and product marketing costs. AISC doare does not include depreciation, depletion and amortization, rehabilitation expenses, borrowing costs and exploration expenses.

Maintenance capital expenditures are defined as expenditures that do not increase contentstin production at a mine site and excludes all Company project expenditures and certain Company operating site expenditures that are deemed expansionary in nature.

Reconciliation of operating profit to EBITDA Q2 2022 Q1 2022 Variance Q2 2022 Q2 2021 Variance
Operating profit ‘000$ 59,534 90,438 -34 % 59,534 27,120 120 %
Depreciation, depletion and amortization ‘000 $ 7,015 6,852 2 % 7,015 6,419 9 %
Depreciation in inventory movement ‘000$ 73 398 -82 % 73 (37 ) -297 %
Borrowing costs in G&A ‘000$ 20 12 67 % 20 383 -95 %
Share-based payments in G&A ‘000$ 235 278 -15 % 235 85 176 %
Amortization in G&A ‘000$ 127 126 1 % 127 107 19 %
EBITDA 2.3 ‘000$ 67,004 98 104 -32 % 67,004 34,077 97 %

Further information on the calculation of our EBITDA and AISC can be found on pages 5 and 6 of our MD&A – Quarterly Highlights dated July 26, 2022, which has been filed and available on SEDAR at www.sedar .com and is incorporated by reference herein.

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