Mr. Maritz Smith reports

ALPHAMIN PROVIDES Q1 2025 AND CURRENT OPERATIONAL UPDATE

Alphamin Resources Corp. has provided an operational update as follows:

• First quarter 2025 contained tin production of 4,270 tonnes until operations ceased on March 13, 2025 (fourth quarter 2024: 5,237 tonnes);
• Q1 2025 earnings before interest, taxes, depreciation and amortization (2, 3) guidance of $62-million (U.S.) (Q4 2024 actual: $76-million (U.S.));
• Fiscal year 2025 contained tin production guidance revised to 17,500 tonnes due to security-related production interruption (previously 20,000 tonnes);
• Phased resumption of tin production commenced on April 15, 2025.

(1) Information is disclosed on a 100-per-cent basis. Alphamin indirectly owns 84.14 per cent of its operating subsidiary to which the information relates.

(2) Q1 2025 EBITDA and all-in sustaining cost represent management's guidance.

(3) This is not a standardized financial measure and may not be comparable with similar financial measures of other issuers.

Operational and financial performance

Contained tin production of 4,270 tonnes for the quarter ended March, 2025, was 18 per cent below the prior period following a cessation of mining and processing activities on March 13, 2025, due to security concerns. The tin grade of ore processed was 18 per cent higher at 3.55 per cent, and, as a result, daily throughput volumes were reduced to optimize plant recoveries at the higher feed grade. The FY 2025 mine plan still targets an average ore grade of 3 per cent with the outperformance in grade during Q1 2025 expected to average down during the rest of the financial year. The processing facilities continued to perform well -- overall plant recoveries averaged 75 per cent during the quarter, above the target of 73 per cent.

Q1 2025 contained tin sales of 3,863 tonnes were recorded against production of 4,270 tonnes with a significant amount sold and exported postquarter-end totalling 4,581 tonnes for the year to April 16, 2025.

Q1 2025 AISC per tonne of tin sold was $16,339 (U.S.) and 9 per cent above the prior quarter's AISC of $15,034 (U.S.), primarily due to the impact of the operational stop on March 13, 2025. Operating expenditure included fixed costs and payroll for the full month of March, 2025, as well as care and maintenance and mine evacuation costs, while tin production was halted on March 13, 2025. As a result, EBITDA guidance for Q1 2025 is $62-million (U.S.), 19 per cent lower than the previous quarter's actual of $76-million (U.S.).

Following the temporary cessation of operations on March 13, 2025, due to security concerns, the company announced on April 9, 2025, its intention to resume operations at the mine. Tin production recommenced on April 15, 2025, through the treatment of run-of-mine ore stockpiles and are expected to ramp up to nameplate within a week. Underground mining activities are planned to recommence later in April, 2025, as employees continue to return in a phased manner. Following the resumption of mine operations, inbound and outbound logistics providers have remobilized fleets of trucks to continue with normal mine procurement and export product deliveries. The mine is adequately supplied with consumables and spares to support the resumption of production, and tin concentrate exports are expected to continue normally as was the case during Q1 2025 and subsequently.

As a result of the production interruption between March 13, 2025, and April, 2025, the company has reduced its FY 2025 tin production guidance from 20,000 tonnes to 17,500 tonnes.

The company has $99-million (U.S.) in cash at April 17, 2025, with $38-million (U.S.) of sales receipts expected prior to the end of April, 2025. During this time, the company has not utilized its up to $50-million (U.S.) tin prepayment arrangement. The company's $53-million (U.S.) overdraft facility was agreed for renewal, subject to formal documentation, for a further 12 months and subject to either a $28-million (U.S.) international bank guarantee against offshore cash or a $28-million (U.S.) repayment by May 31, 2025. In the event that the operation ceases, the facility will reduce to $25-million (U.S.) with full repayment required should the cessation continue for six months. A final FY 2024 Democratic Republic of the Congo income tax payment of $38-million (U.S.) is due by April 30, 2025.

Due to the timing of the security-related production interruption between March 13, 2025, and April, 2025, the board considered it prudent not to declare a final FY 2024 dividend in April, 2025.

Regional security update

Since late January, 2025, insurgents have advanced from their previous positions and seized the cities of Goma and Bukavu, the capital cities of the North and South Kivu provinces, in eastern Democratic Republic of the Congo. On Feb. 18, 2025, the company announced that the seizure of the city of Bukavu, the second-largest city of the eastern DRC, in addition to Goma, had increased the security risk and operating risk profile of the company. On March 13, 2025, the company announced the temporary cessation of mining operations due to insurgents' advance westward toward the mine location and within 110 kilometres from the mine. Insurgents subsequently occupied the town of Walikale on March 20, 2025. On April 9, 2025, the company announced the initiation of a phased resumption of operations following the withdrawal of insurgents from the town of Walikale eastward toward Masisi. The safety of the company's employees and contractors and compliance with the DRC and international laws remain its committed focus. The company is closely monitoring the situation as it continues to progress and will provide further updates if required.

Changes to operating subsidiary Alphamin Bisie Mining's board

John Robertson, the current managing director of ABM, has elected to retire. The board wishes to thank Mr. Robertson for his valuable input and contribution to the company's steady-state operations and successful expansion to becoming one of the world's largest low-cost tin producers.

Subject to regulatory approval, Jac van Heerden, 50, a mining professional with 25 years of mining experience in Africa, has been appointed managing director of ABM. He has significant surface and underground mine management experience in both base and precious metals and a strong background in mine technical services and general and executive management. The company looks forward to the impact of Mr. van Heerden's leadership qualities as it continues to create sustainable value for the benefit of all of ABM's stakeholders.

Qualified person

Clive Brown, PrEng, BSc in engineering (mining), is a qualified person 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.