- 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$0.73 per share
Alphamin Resources Corp. (AFM) has provided an operational update for the quarter ended June 2022.
Alphamin Resources produces four per cent of the world’s mined tin from its high-grade operation in the Democratic Republic of Congo (DRC).
Operational and Financial Summary for the Quarter ending June 2022
| Description | Units | Actual | ||
| Quarter ended June 2022 | Quarter ended March 2022 | Change | ||
| Ore Processed | Tonnes | 112 569 | 105 565 | 7% |
| Tin Grade Processed | % Sn | 3,65 | 3,73 | -2% |
| Overall Plant Recovery | % | 77,3 | 77,7 | -1% |
| Contained Tin Produced | Tonnes | 3 180 | 3 061 | 4% |
| Contained Tin Sold | Tonnes | 3 229 | 3 336 | -3% |
| EBITDA (Q2 2022 guidance) | US$’000 | 66 500 | 98 104 | -32% |
| AISC (Q2 2022 guidance) | US$/t sold | 14 800 | 15 782 | -6% |
| Net Cash (Cash less debt) | US$’000 | 138 100 | 129 775 | 6% |
| Tin Price Achieved | US$/t | 35 500 | 43 834 | -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.
