Mr. Maritz Smith reports

ALPHAMIN ANNOUNCES Q1 EBITDA GUIDANCE OF US$52 MILLION/ MPAMA SOUTH COMMISSIONING UPDATE

Alphamin Resources Corp. has provided an update for the quarter ended March, 2024.

• EBITDA (earnings before interest, taxes, depreciation and amortization) guidance of $52-million (U.S.), up 156 per cent from the prior quarter;
• Tin sales of 4,126 tonnes, up 102 per cent due to delayed sales the previous quarter;
• Tin production of 3,142 tonnes;
• Mpama South commissioning update.

Operational and financial performance

Contained tin production of 3,142 tonnes for the quarter ended March, 2024, was 1 per cent above that achieved in the previous period. Road conditions have improved during Q1 2024 and as a result the company sold 4,126 tonnes of contained tin which incorporated most of the prior quarter's backlog (Q4 2023: 2,046 tonnes).

EBITDA for Q1 2024 is estimated at $52-million (U.S.) (Q4 2023: $20-million (U.S.)). The EBITDA variance compared with the prior quarter is attributable to higher tin sales volumes due to the clearance of most of the Q4 2023 sales backlog and a 7-per-cent increase in the tin price. Tin prices are currently trading at about $30,000 (U.S.)/tonne, 12 per cent above prices achieved in Q1 2024. Guidance for AISC (all-in sustaining costs) per tonne of tin sold is up 1 per cent from the previous quarter at $14,785 (U.S.) largely due to increased royalties, export duties, marketing commissions and net smelter returns, which are calculated with reference to the higher tin price.

Alphamin's unaudited consolidated financial statements and accompanying management's discussion and analysis for the quarter ended March 31, 2024, are expected to be released on or about April 29, 2024.

Mpama South commissioning update

Commissioning of the Mpama South processing plant is progressing well albeit a few weeks behind the company's target of tin production from early April, 2024. The company's processing and engineering team is now part of the final commissioning and the SMPPEI (structural, mechanical, piping and platework, electrical, and instrumentation) contractor's labour complement is reducing as its activities scale down.

The Mpama South underground development continues on target and ore stockpiles are being established ahead of the plant. The crusher circuit has produced approximately 5,300 tonnes of crushed ore for the hot commissioning of the jigging, gravity and fine tin plant areas. Representatives of the original equipment manufacturer of the crusher are on site attending to the replacement of a failed mechanical unit. The mine has replacement spares for this unit while the matter is being addressed.

Liquidity and dividend update

The company's cash position increased to $53.5-million (U.S.) as at March 31, 2024 (net debt: $28-million (U.S.)) from $7,2-million (U.S.) at the end of the prior quarter (Dec. 31, 2023, net debt: $73-million (U.S.)).

As previously reported, the company intends to make a final FY2023 dividend decision in April, 2024, to align with the timing of holding the annual general meeting of Alphamin Bisie Mining SA (ABM), the company's DRC (Democratic Republic of the Congo) 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 April 24, 2024. Alphamin Resources has scheduled a board meeting for April 26, 2024, to consider a final FY2023 dividend.

Qualified person

Clive Brown, PrEng, BSc of 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. He is a principal consultant and director of Bara Consulting Pty. Ltd., an independent technical consultant to the company.

We seek Safe Harbor.