Alphamin Resources Corp. (TSX-V:AFM) (JSE AltX:APH) is pleased to provide the following update for the quarter ended 31 March 2026:

•      Record EBITDA^{2, 3} guidance of US$158m, up 46% from the prior quarter
•      Tin production of 5,026 tonnes, 5016 tonnes of Tin sold
•      Net cash increase of US$128m
•      Exploration update

Operational and Financial Summary for the Quarter ended March 2026¹

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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.² Q1 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.

Operational and Financial Performance

Contained tin production of 5,026 tonnes for the quarter ended March 2026 was in line with the target guidance of 20,000 tonnes per annum and that of the previous period. Tin sales of 5,016 tonnes were achieved compared to 5,045 in Q4 2025, with improved road conditions and a strong tin price resulting in a net cash increase of US$128m.

EBITDA for Q1 2026 is estimated at a record US$158m (Q4 2025: US$108m). The EBITDA variance compared to the prior quarter is attributable to a 30% increase in the tin price, from a US$37,995 av erage in Q4 2025, to US$49,278 average in Q1, 2026 (current price circa US$48,000). Guidance for AISC per tonne of tin sold in Q1 2026 is US$17,968, up 7% from the previous quarter of US$16,815 largely due to increased royalties, export duties, marketing commissions and net smelter returns, which are calculated with reference to the higher tin price. Increased fuel prices did not affect Q1 2026 but are expected in Q2, with additional fuel being sourced at premiums in the range of 25% to 35% since early March. The Company has approximately 30 days of diesel at site with a further 75 days consumption in the DRC in transit to site. Direct diesel consumption contributed just over $2,000 per tonne of AISC before price increases.

Alphamin’s unaudited consolidated financial statements and accompanying Management’s Discussion and Analysis for the quarter ended 31 March 2026 are expected to be released on or about April 29, 2026.

Exploration update

Alphamin’s exploration strategy remains focused on three primary pillars:

1. Resource Expansion: Extending the mine life at Mpama North and Mpama South.
2. New Discovery: Identifying the next major tin deposit within the Bisie mine vicinity.
3. Regional Growth: Continuing grassroots exploration across our highly prospective land package.

Drilling Progress

Drilling activity intensified in Q1, 2026, with surface rig counts increasing at both Mpama South and Mpama North.

• A total of 4,673m was drilled (3,221m at Mpama South; 1,452m at Mpama North).

• Directional d rilling (Devico-IMDEX) was introduced in late December 2025. Following the loss of the original tool downhole in early February, two new devices were mobilized and are now operational.

• Details of drillhole outcomes from the drilling campaign which started in Q4 2024 are set out in Appendix 1. Sample preparation is detailed in Appendix 2.

Drilling Results & Analysis

Since the end of Q3 2025, ten boreholes have been completed. Two of these intercepted visible cassiterite (tin mineralization):

Mpama North

• The initially targeted extension of the mineral resource (grey block in figure 1) has resulted in visible cassiterite in only one hole (MND056AD1_T1), which intercepted a thin tin intercept at low grade. See Table 1.

• Several holes encountered an oblique east-west fault structu re. Additional drilling is planned to explore down-dip extensions and determine how this structure impacts the tin-bearing zone.

• Two mother holes (MND056B and MND057) have recently been completed, MND056B was used to reach target T2 (mentioned in point 1 above) and is currently drilling for target T5; drill hole MND056D2_T5. MND057 will be used to intercept deeper targets further down plunge.

Figure 1: Mpama North section showing completed boreholes from October 2024 to p resent.

Mpama South

• Borehole BGH196A_D1 intersected visible cassiterite. Preliminary in-house assays are encouraging (see Table 1).

• The deeper holes (BGH198D1, BGH196B, BGH199, BGH200and BGH192A) did not intersect mineralization, and the data is being used to refine the structural model to improve future targeting.

Figure 2: Mpama South long section showing completed boreholes from October 2024 to present.

Table 1: Preliminary Assay Results (In-House XRF)
Note: These are indicative values from the Alphamin-Bisie laboratory. Final results from ALS-Johannesburg are pending.

Forward-Looking Initiatives

• Downhole Geophysics: A Downhole electromagnetic (EM) survey tool has been mobilised to site. This will assist in mapping the apparent spatial association between massive sulphides and tin mineralisation in order to identify furt her resource extension drilling targets.

• Airborne Survey: A VTEM (Versatile Time Domain Electromagnetic) survey covering the entire license area is en route to site and will be completed in Q2, 2026. This will be instrumental in identifying new regional drill targets.

• Geochemical Surveys: Geochemical (soil) surveys are planned 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 scheduled start commence in Q2.

Liquidity and dividend update

The Company’s cash position increased to US$183m as at 31 March 2026 (Net Cash³: US$140m) from US$56m at the end of the prior quarter (31 December 2025 Net Cash: US$12m).

The Company intends to make a final FY2025 dividend decision in late April 2026 to align with the timing of holding the annual general meeting of Alphamin Bisie Mining SA (ABM), the Company’s DRC 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 23 April 2026. Alphamin Resources has scheduled a board meeting for 29 April 2026 to consider a final FY2025 dividend.

Amendments to Omnibus Plan and Correction to Awards

Alphamin has amended its Omnibus Incentive Plan to make certain clarifying changes to meet the requirements of the TSX Venture Exchange. The changes relate to clarifying that awards granted to a participant prior to becoming an insider are included in the insider limits contained in the Plan and to clarify that, with respect to SAR Equivalent Shares awarded under the Plan, dividends are not permitted on such shares other than in settlement of such awards and not earlier than one year from the date of award, and that the SARES count towards Plan limits until settled. The amendments are contained in an Amended and Restated Omnibus Incentive Plan dated March 10, 2026 which has been filed and is available for viewing and download under the Company’s profile on SEDAR+ at www.sedarplus.ca.

On March 11, 2026 the Company announced the award of certain stock options and SARES under the Plan. That press release incorrectly identified the date of the awards as March 11, 2026 instead of the correct date of March 10, 2026, and incorrectly identif ied the reference price for the SARES awarded as C$1.26 instead of the correct reference price of C$1.27.

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 Appendix 1. 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 as defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in the section “Exploration update” and Appendix 1. He is Head of Mineral Resources at the MSA Group (Pty) Ltd and is an indep endent technical consultant to the Company.