Alphamin Resources Corp. (TSX-V:AFM) (JSE AltX:APH) a producer of 4% of the world’s mined tin¹ from its high grade operation in the Democratic Republic of Congo, is pleased to provide the following operational update for the quarter ended June 2022:

• Record quarterly tin production of 3,180 tonnes
• Q2 EBITDA³ of US$67m
• Interim dividend for FY2022 of CAD$0.03 per share declared on 5 July 2022

Operational and Financial Summary for the Quarter ended June 2022²

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¹Data obtained from International Tin Association Tin Industry Review Update 2021 ²Production information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. Totals may not add due to rounding effects. 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 – Q2 2022

Contained tin production of 3,180 tonnes represents a quarterly record, 4% above the previous quarter. Underground mining and processing plant recoveries were in line with expectations. Year-to-date contained tin production of 6,241 tonnes exceeded the run-rate to achieve market guidance of 12,000 tonnes for the year ending December 2022. We expect contained tin production and sales of approximately 3,000 tonnes for the quarter ending September 2022.

AISC per tonne of tin sold decreased by 7% to US$14,677 following a 4% increase in production and the impact of lower tin prices on off-mine costs related to product marketing fees, royalties, export duties and smelter payables.

EBITDA for Q2 2022 amounted to US$67m (Q1: US$98m) at an average achieved tin price of US$35,345/t (Q1: US$43,834/t). In addition to a higher tin price, the previous quarter’s sales volumes included a catch-up from delayed sales during Q4 2021.

The Alphamin consolidated Net Cash position increased by US$8,3 million during Q2 2022 to US$138.1 million. This increase is after a FY2021 corporate tax payment of US$43.5 million to the DRC government in April 2022.

Alphamin’s unaudited consolidated financial statements and accompanying Management’s Discussion and Analysis for the quarter ended 30 June 2022 have been filed and are available under the Company’s profile at www.sedar.com.

Interim FY2022 Dividend Declared

On 5 July 2022, the Board resolved to declare an interim FY2022 cash dividend of CAD$0.03 per share on the common shares (approximately US$30m in the aggregate) (the “Dividend”). The Dividend will be payable on 5 August 2022 to shareholders of record as of the close of business on 29 July 2022. Dividend distributions will be considered semi-annually based on excess free cash after taking account of capital funding requirements, including for the new Mpama South expansion project.

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.