Mr. Maritz Smith reports

ALPHAMIN ANNOUNCES CAD$0.06 PER SHARE INTERIM FY2024 DIVIDEND/ RECORD QUARTERLY TIN PRODUCTION OF 4,917 TONNES/ Q3 EBITDA GUIDANCE OF US$91.5 MILLION

Alphamin Resources Corp. has declared an interim FY 2024 dividend and provide an operational update for the quarter ended September, 2024:

• Interim FY 2024 dividend increased to six cents per share (previously three cents per share);
• Record quarterly tin production of 4,917 tonnes, up 22 per cent from the prior quarter;
• Q3 EBITDA (earnings before interest, taxes, depreciation and amortization) guidance of $91.5-million (U.S.), up 69 per cent from actual EBITDA for the prior quarter.

Operational and financial performance

Contained tin production of 4,917 tonnes for the quarter ended September, 2024, was 22 per cent above the prior period. This increase is a result of the Mpama South expansion contributing for a full quarter compared with half of the prior quarter. Ore processed increased by 37 per cent to 229,107 tonnes and the tin grade of the feed ore reduced to 2.9 per cent. This is in line with expectations as the company targets annual processing volumes of 900,000 tonnes of ore at a tin grade of approximately 3 per cent, producing approximately 20,000 tonnes of contained tin per year. Both processing facilities performed well during the quarter and achieved an overall plant recovery of 73.4 per cent, in line with expectations.

Tin sales volumes increased by 71 per cent to 5,552 tonnes which included the clearing of the approximately 600 tonnes sales backlog experienced in the prior quarter.

Guidance for AISC per tonne of tin sold is in line with the prior quarter at $15,700 (U.S.) and includes the impact of tin prices on off-mine costs such as royalties, export duties, the smelter deductions and marketing fees, which are linked to movements in the tin price. Off-mine costs are expected to reduce from early Q4 2024 due to an approximately 60-per-cent reduction in marketing fees as a condition to the previously announced extension of the tin concentrate off-take agreement with Gerald Metals.

EBITDA for Q3 2024 is estimated to increase by 69 per cent to $91.5-million (U.S.) (Q2 2024 actual: $54.2-million (U.S.)) due to higher tin production and sales volumes.

Alphamin's unaudited consolidated financial statements and accompanying management's discussion and analysis for the quarter ended Sept. 30, 2024, are expected to be released on or about Nov. 8, 2024.

Alphamin and the tin market

Alphamin's tin production expansion is being delivered against a period of weakness in global tin supply with major producing regions experiencing production challenges, while no obvious major investments are being made in the industry. Demand for tin in solar installations remains robust and semi-conductor sales, a proxy for tin's application in electronics, are reportedly improving. Demand in other applications is expected to recover as major economies enter a lower interest rate cycle and the recently introduced economic stimulus in China takes effect. These dynamics bode well for the tin price while exchange traded tin stocks are on the decline.

Interim FY 2024 dividend declared

The board has declared an interim FY 2024 cash dividend of six cents per share on the common shares (approximately $57-million (U.S.) in the aggregate). The dividend will be payable on Nov. 4, 2024, to shareholders of record as of the close of business on Oct. 25, 2024.

Qualified person

Clive Brown 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.