Alphamin Resources Corp. (TSX-V:AFM) (JSE:APH) is pleased to provide the following update for the quarter ended June 2024:

• Record tin production of 4,027 tonnes, up 28% from the prior quarter
• Tin sales of 3,245 tonnes, with increased tin stocks from the expansion expected to clear in Q3
• EBITDA³ guidance of US$54,2m, up 4% from the prior quarter

Operational and Financial Summary for the Quarter ended June 2024¹

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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. Tin production includes tin produced at Mpama South since 14 May 2024. ²Q2 2024 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

The new Mpama South processing facility has been producing tin concentrate to sales specification since 14 May 2024 and achieved commercial production on 17 May 2024. Accordingly, AISC and EBITDA includes Mpama South from 17 May 2024. Tin sales lagged production resulting in a limited contribution from the expansion to EBITDA during the quarter. AISC guidance of US$15,576/t is inclusive of the incremental Mpama South production costs – the quarter-on-quarter increase in AISC is as a result of the impact of the higher tin price on royalties, export charges, net smelter returns and marketing fees.

Contained tin production of 4,027 tonnes for the quarter ended June 2024 was 28% above the prior period. This increase is a result of the Mpama South expansion. With only half of the quarter benefiting from the expansion, we expect Q3 to deliver a further increase in tin production.

Due to the expansion from mid-May 2024, ore processed increased by 52% to 166,675 tonnes and the tin grade of the feed ore reduced to 3,2%. This is in line with expectations as the expansion targets a doubling of processing volumes and a reduction in the overall tin grade to ~3%.

The Mpama South facility was originally targeted to produce at a metallurgical recovery of 70% on the basis of a 2% tin feed grade, which should result in a combined recovery of ~73% going forward. The new plant outperformed during Q2 and achieved recoveries in excess of 70% at an average feed grade of 2,2%.

Tin sales decreased by 21% to 3,245 tonnes – the comparative quarter recorded exceptionally high sales volumes as the quarter cleared the backlog from low Q4 2023 sales due to poor road conditions. The current quarter’s delay in tin sales should clear during Q3 2024.

EBITDA for Q2 2024 is estimated at US$54,2m (Q1 2024: US$52,1m). The EBITDA variance compared to the prior quarter was impacted by a 21% reduction in tin sales volumes and benefited from a positive tin price variance of 20%. The additional tin production from the expansion should translate into higher sales volumes from Q3 2024 and accordingly contribute to EBITDA. The lag in tin sales compared to production in Q2 2024 impacted EBITDA by approximately US$15m.

Alphamin’s unaudited consolidated financial statements and accompanying Management’s Discussion and Analysis for the quarter ended 30 June 2024 are expected to be released on or about 23 August 2024.

Qualified Person

Mr. Clive Brown, Pr. Eng., B.Sc. 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 Limited, an independent technical consultant to the Company.