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  • Highlights include record quarterly tin production of 3,180 tonnes
  • Q2 2022 EBITDA guidance of US$66.5 million dividend declared
  • Interim dividend for FY2022 of CAD$0.03 per share declared
  • Alphamin Resources opened trading at C$0.73 per share

Alphamin Resources Corp. (AFM) has provided an operational update for the quarter ended June 2022.

Alphamin Resources produces four per cent of the world’s mined tin from its high-grade operation in the Democratic Republic of Congo (DRC).

Operational and Financial Summary for the Quarter ending June 2022

Quarter ended June 2022Quarter ended March 2022Change
Ore ProcessedTonnes112 569105 5657%
Tin Grade Processed% Sn3,653,73-2%
Overall Plant Recovery%77,377,7-1%
Contained Tin ProducedTonnes3 1803 0614%
Contained Tin SoldTonnes3 2293 336-3%
EBITDA (Q2 2022 guidance)US$’00066 50098 104-32%
AISC (Q2 2022 guidance)US$/t sold14 80015 782-6%
Net Cash (Cash less debt)US$’000138 100129 7756%
Tin Price AchievedUS$/t35 50043 834-19%

Detailed operational and financial performance – Q2 2022

Contained tin production of 3,180 tonnes represents a quarterly record, 4 per cent 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.

AISC per tonne of tin sold is expected to decrease by 6 per cent to US$14,800 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 is estimated at US$66.5m (Q1: US$98m) at an average achieved tin price of US$35,500/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 are expected to be released on or about 26 July 2022.

Alphamin Resources Corp. (TSXV:AFM) opened trading at C$0.75 per share.

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