Alphamin guides Q2 EBITDA to US$167 million
Grand Baie, MAURITIUS, July 13, 2026 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( “Alphamin” or the “Company”), is pleased to provide the following update for the quarter ended June 30, 2026:
- Record EBITDA2, 3 guidance of US$167m, up 6% from the prior quarter
- Tin production of 5,013 tonnes and 5,014 tonnes of Tin sold
- Exploration update
Operational and Financial Summary for the Quarter ended June 20261
| Description | Units | Quarter ended June 2026 | Quarter ended March 2026 | Change |
| Ore Processed | Tonnes | 211,034 | 201,519 | 5% |
| Tin Grade Processed | % Sn | 3.3 | 3.4 | -3% |
| Overall Plant Recovery | % | 72.8 | 74.2 | -2% |
| Contained Tin Produced | Tonnes | 5,013 | 5,026 | 0% |
| Contained Tin Sold | Tonnes | 5,014 | 5,016 | 0% |
| EBITDA2,3 (Q2 2026 guidance) | US$'000 | 167,279 | 157,761 | 6% |
| AISC2, 3 (Q2 2026 guidance) | US$/t sold | 19,043 | 17,968 | 6% |
| Net Cash/Debt3 | US$'000 | 90,671 | 140,000 | -35% |
| Average Tin Price Achieved | US$/t | 51,957 | 49,278 | 5% |
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1Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates.2Q2 2026 EBITDA and AISC represent management’s guidance. 3This 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. Apparent computational errors due to rounding are not considered significant.
Operational and Financial Performance
Contained tin production of 5,013 tonnes for the quarter ended June 2026 was in line with the target guidance of 20,000 tonnes per annum and that of the previous period. Tin sales of 5,014 tonnes were achieved compared to 5,016 in Q1 2026, resulting in the first four-quarter rolling period of 20,000 tonnes achieved. Processing recoveries dipped 2% from 74.2% in Q1 2026, to 72.8% in Q2 2026. The metal sulphides in the current mining area are above average levels, and this resulted in excessive near gravity material interfering with the efficiency of the gravity circuit.
EBITDA for Q2 2026 is estimated at a record US$167m (Q1 2026: US$158m). The EBITDA variance compared to the prior quarter is attributable to a 5% increase in the tin price, from a US$49,278 average in Q1 2026, to US$51,957 average in Q2 2026 (current price circa US$53,000). Guidance for AISC per tonne of tin sold in Q2 2026 is estimated at US$19,043, up 6% from the previous quarter of US$17,968 due to a combination of off-mine costs in the form of increased royalties, export duties, marketing commissions and net smelter returns, which increase as tin price increases, and timing on capital expenditure. On-mine operating costs increased largely as a result of higher fuel prices impacting diesel and transport costs. Fuel stocks have been and remain at full capacity with higher prices expected to continue into Q3 due to ongoing orders at elevated prices.
Alphamin’s unaudited consolidated financial statements and accompanying Management’s Discussion and Analysis for the three and six months ended 30 June 2026 are expected to be released on or about July 31, 2026.
Exploration update
Drilling Progress
Drilling continued in Q2 2026 at Mpama North and South with mixed results;
- A total of 5,547m (Q1 2026: 4,673m) was drilled (3,654m at Mpama South; 1,893m at Mpama North).
Cassiterite (tin oxide) vein zones are associated with strong chlorite alteration. Proximity of the tin mineralisation to sulphide mineralisation has been noted whereby the sulphides tend to occur above the cassiterite zone.
Mpama North
A total of 1,893m was drilled at Mpama North in Q2, with three holes completed and a further drill hole abandoned due to difficult ground conditions.
- MND057D2_T7 Deflected from the MND057 mother hole. Intersected 1 metre of intense chlorite alteration with thin visible cassiterite mineralisation from 696m to 697m down-hole depth (approximately 610m vertical depth below surface). Although thin, this is the deepest cassiterite intersection recorded at Mpama North to date, confirming that the tin mineralising system extends to at least this depth below surface. Sampling is underway with external laboratory assay results pending.
- MND056BD4_T5 Deflected from the MND056B mother hole. Intersected 11 metres of amphibolite host rock from 609m to 620m, including 1 metre of intense chlorite alteration from 619m to 620m. No visible cassiterite mineralisation was intersected. The intersection is interpreted to be at or beyond the lateral margin of the mineralised corridor. This result informed the design of an up-dip deflection to re-test the mineralised envelope at a shallower position within the same structural corridor.
- MND057D1_T6 Deflected from the MND057 mother hole. Intersected 3.5 metres of amphibolite host rock from 702m to 705.50m with moderate chlorite alteration. No visible cassiterite mineralisation was observed, consistent with the lateral margin of the mineralised system at this depth.
Mpama South
A total of 3,653.7m was drilled at Mpama South in Q2, with 5 holes completed and a further 2 abandoned due to difficult ground conditions.
The Mpama South deposit is hosted in the same north-south trending shear zone as Mpama North, approximately 300m to the south. Q2 drilling targeted extensions of the defined resource at depth, with three of five completed holes intersecting visible cassiterite mineralisation.
- BGH206D2_T5 Visible cassiterite mineralisation observed at 19.29m, with intense chlorite and sulphide alteration from 426.41m to 445.70m. This is the most significant new intersection at Mpama South in the current programme. Two deflections from the BGH206 mother hole are planned at 275m and 230m depth to test continuity of mineralisation with the defined resource above. External laboratory assay results are pending.
- BGH204D1 Visible cassiterite mineralisation observed over 17.48m, with intense chlorite and sulphide alteration from 524.00m to 541.48m. External laboratory assay results are pending.
- BGH203D1 Visible cassiterite mineralisation observed over 1.35m, from 577.85m to 579.20m. External laboratory assay results are pending.
- BGH205D1 No visible cassiterite observed.
- BGH208A No visible cassiterite observed.
External laboratory assays on previously disclosed holes were received and included below;
- Mpama South: BGH196A_D1: 12.94m @ 2.10% Sn from 407.84m to 420.78m.
- Mpama North: MND056A_D1_T1: 0.81m @ 0.72% Sn from 567.63m to 568.44 m.
See Appendix 2 for additional assay results.
All intercepts are reported as apparent widths and true widths of the mineralisation are unknown.
Image 1: Mpama North and South cross section
Future Initiatives
- Airborne Survey: A VTEM (Versatile Time Domain Electromagnetic) airborne survey covering the full Alphamin licence area was completed in mid-June 2026. Interpretation of results is underway and expected to be delivered in Q3 2026. This is intended to provide advanced targets across ABM’s license areas using the spatial association of sulphide mineralisation with cassiterite (tin oxide).
- Geochemical Surveys: Geochemical (soil) surveys commenced in Q2, to cover the Mpama Ridge north of the Oso River and all areas adjacent to basement rock units (similar geological settings to the Mpama Ridge which houses the Bisie deposit) with 13,000 samples planned for phase one of the survey which is expected to take six months to complete.
- Downhole Geophysics: A downhole electromagnetic (EM) survey tool has been mobilised to site in Q2 2026 and commenced operation in early Q3 2026. This will assist in mapping the apparent spatial association between massive sulphides and tin mineralisation in order to identify further resource extension drilling targets.
- Further Extension Drilling: Further drilling is planned to test the gap between Mpama North and Mpama South, Mpama North depth extensions beyond the current faults and north of Mpama North as depicted by the white circles in image 1.
- Resource and Reserve Update: The Company plans to release an updated resources and reserves estimate in Q4 2026.
Image 2: ABM license areas with yellow vertical lines depicting the area covered by the VTEM survey
Liquidity and dividend update
The Company’s Net Cash3 position was US$91m as at 30 June 2026 (31 March 2026: US$140m) after distributions to shareholders of US$160m (US$121m to shareholders of the Company, US$26m to minority shareholders in the Company’s subsidiary in the DRC and US$13m in dividend withholding taxes in the DRC) and corporate tax payments of US$26m.
The Company intends to make a FY2026 interim dividend decision in Q4 2026.
Security and health update
The regional security situation remains largely unchanged and operations continue as normal.
In Q2 2026 an Ebola outbreak was declared in the Ituri province of Northeastern DRC. Whilst several cases have been reported in North Kivu, there have been none to date in the Walikale health zone, where the mine operates. The Company has implemented enhanced hygiene and screening protocols and expects operations to continue uninterrupted.
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 news release other than in the section “Exploration update” and Appendices 1 and 2. He is a Principal Consultant and Director of Bara Consulting Pty Limited, an independent technical consultant to the Company.
Mr. Jeremy Witley, Pr. Sci. Nat., BSc. (Hons) Mining Geology, MSc (Eng), is a qualified person (QP) as defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in the section “Exploration update” and Appendices 1 and 2. He is Head of Mineral Resources at the MSA Group (Pty) Ltd and is an independent technical consultant to the Company.
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FOR MORE INFORMATION, PLEASE CONTACT:
Eoin O’Driscoll
CEO
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: eoin.odriscoll@alphaminresources.com
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Forward-looking statements contained herein include, without limitation, statements relating to EBITDA and AISC guidance and constituent components of AISC for Q2 2026; guidance for contained tin production for the year ending 31 December 2026; the expected timing regarding the next dividend assessment; expected timing for the release of financial results for the three and six months ended 30 June 2026, the expectation that higher fuel prices will negatively affect financial results for Q3 2026; anticipated future exploration activities; expected timing for updating the Company’s mineral resources and mineral reserves; and expectations regarding the effects on operations of the recent Ebola outbreak in North Eastern DRC. Forward-looking statements are based on assumptions 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 forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: the availability of ore at expected quantities and grades, uninterrupted processing of ore at targeted processing recoveries, uncertainties regarding global supply and demand for tin and market and sales prices together with the impact of reported and unreported global tin stocks on the tin price, uncertainties with respect to social, community, environmental and safety impacts, uninterrupted access to required infrastructure and third party service providers, uncertainties regarding the state of inbound and outbound roads and truck availabilities impacting sales and the availability of spares and consumables, adverse political events and risks of security related incidents or security threats which may impact the ongoing operation or safety of its people, uncertainties regarding the legislative and permitting requirements in the Democratic Republic of the Congo which may result in unexpected fines and penalties or the ability to continue with normal operations, impacts of the global Covid-19 pandemic or other health crises, including the Bundibugyo Ebola outbreak, on mining operations and commodity prices as well as those risk factors set out in the Company’s most recent annual Management Discussion and Analysis and other disclosure documents available under the Company’s profile at
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 news release.
USE OF NON-IFRS FINANCIAL PERFORMANCE MEASURES
This announcement refers to the following non-IFRS financial performance measures:
EBITDA
EBITDA is profit before net finance expense, income taxes and depreciation, depletion, and amortization. EBITDA provides insight into our overall business performance (a combination of cost management and growth) and is the corresponding flow driver towards the objective of achieving industry-leading returns. This measure assists readers in understanding the ongoing cash generating potential of the business including liquidity to fund working capital, servicing debt, and funding capital and exploration expenditures and investment opportunities.
This measure is not recognized under IFRS as it does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. EBITDA data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
CASH COSTS
This measures the cash costs to produce and sell a tonne of contained tin. This measure includes mine operating production expenses such as mining, processing, administration, indirect charges (including surface maintenance and camp and head office costs), and smelting, refining and freight, distribution and royalties. Cash costs do not include depreciation, depletion, and amortization, reclamation expenses, capital sustaining, borrowing costs and exploration expenses. On-mine costs, exclusive of stock movement, are calculated on a cost per tonne produced basis, off-mine costs are calculated on a cost per tonne sold basis.
AISC
This measures the cash costs to produce and sell a tonne of contained tin plus the capital sustaining costs to maintain the mine, processing plant and infrastructure. This measure includes the Cash Cost per tonne and capital sustaining costs together divided by tonnes of contained tin produced. All-In Sustaining Cost per tonne does not include depreciation, depletion, and amortization, reclamation, borrowing costs, foreign exchange gains and losses, exploration expenses and expansion capital expenditures.
Sustaining capital expenditures are defined as those expenditures which do not increase payable mineral production at a mine site and excludes all expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are deemed expansionary in nature.
Net Cash/Debt
Net cash/(debt) demonstrates how our net cash/(debt) is being managed and is defined as net cash and cash equivalents less total current and non-current portions of debt and lease liabilities.
Appendix 1: SAMPLE PREPARATION, ANALYSES AND QUALITY CONTROL AND QUALITY ASSURANCE (QAQC)
Mpama North and Mpama South diamond drilling was completed from surface. The collar positions of the drillholes were accurately surveyed by Alphamin Bisie Mining (ABM) and down-hole surveys were completed by the drilling contractor allowing for accurate location of the mineralised intercepts. Cores were logged, mineralised intervals were identified and half core samples were taken at nominal 1 m intervals by the ABM geologists, which included the insertion of various certified reference material and blank samples (QAQC). No significant issues with the QAQC samples were noted. At the on-site ABM laboratory (managed by Anchem), samples were first checked off against the submission list supplied and then weighed and oven dried for 2 hours at 105 degrees Celsius. The dried samples were crushed by jaw crusher to 75% passing 2mm, from which a 250g riffle split was taken. This 250g split was pulverised in ring mills to 90% passing 75μm from which a sample for analysis was taken. Received samples at ALS Johannesburg are checked off against the list of samples supplied and logged in the system. Quality Control is performed by way of sieve tests every 50 samples and should a sample fail, the preceding 50 samples are ground in a ring mill pulveriser using a carbon steel ring set to 85 % passing 75μm. Samples are analysed for tin using method code ME-XRF05 conducted on a pressed pellet with 10% precision and an upper limit of 5,000ppm. The over-limit tin samples are analysed as fused disks according to method ME-XRF15c, which makes use of pre-oxidation and decomposition by fusion with 12:22 lithium borate flux containing 20% Sodium Nitrate as an oxidizing agent, with an upper detection limit of 79% Sn.
Appendix 2: SIGNIFICANT INTERCEPTS (0.5% Sn lower threshold)
Mpama South Drillholes prefixed “BGH”
Mpama North Drillholes prefixed “MNUD” and “MND”
| BHID | Easting (GPS) | Northing (GPS) | RL | Azi (°) | Dip (°) | FROM | TO | Sn grade | LENGTH | Sample position | ||
| m | m | m | m | m | % | m | mid x | mid y | mid z | |||
| BGH189 | 582975 | 9884510 | 827 | 270 | -45 | 322 | 323 | 1.02 | 0.76 | 582745 | 9884502 | 602 |
| BGH190 | No significant intercepts | |||||||||||
| BGH191A | 583095 | 9884803 | 783 | 270 | -60 | 521 | 530 | 0.95 | 9.04 | 582811 | 9884795 | 344 |
| 533 | 534 | 1.05 | 0.86 | 582805 | 9884795 | 338 | ||||||
| BGH192 | 583141 | 9884873 | 783 | 273 | -68 | 533 | 538 | 0.92 | 4.98 | 582809 | 9884880 | 365 |
| 540 | 545 | 4.31 | 5.08 | 582804 | 9884880 | 361 | ||||||
| 547 | 548 | 4.67 | 1.81 | 582800 | 9884881 | 358 | ||||||
| 552 | 557 | 4.18 | 5.45 | 582795 | 9884881 | 353 | ||||||
| BGH193 | No significant intercepts | |||||||||||
| BGH192A | No visible mineralized intersection observed | |||||||||||
| BGH194 | 583159 | 9885089 | 753 | 270 | -68 | 489 | 491 | 0.92 | 1.94 | 582921 | 9885076 | 327 |
| 494 | 497 | 4.26 | 3.04 | 582918 | 9885076 | 323 | ||||||
| 498 | 501 | 1.99 | 2.83 | 582915 | 9885076 | 319 | ||||||
| 502 | 503 | 1.97 | 0.88 |
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