Alphamin Resources Corp. (TSX-V:AFM)  (JSE AltX:APH) is pleased to provide the following update for the quarter ended June 30, 2026:

•      Record EBITDA^{2, 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

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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 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 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.