ALPHAMIN ANNOUNCES CAD$0.13 PER SHARE INTERIM FY2026 DIVIDEND/ Q3 GUIDANCE/EXPLORATION UPDATE

Alphamin Resources Corp. (AFM) declared an interim FY2026 cash dividend of CAD$0.13 per share, representing an aggregate value of approximately US$120 million. The dividend is payable on 6 November 2026 to holders of record as of 23 October 2026.

For the quarter ended September 2026, the company reported tin production of 5,030 tonnes and sales of 5,046 tonnes. Ore processed totaled 213,454 tonnes at a feed grade of 3.2% Sn, with a plant recovery rate of 72.9%.

Guidance for Q3 2026 included EBITDA of US$171 million, compared to US$167.3 million in Q2, marking a 2% increase. Average selling price per tonne sold (AISC) was US$20,642/t, up 8% from Q2’s US$19,042/t. Net cash stood at US$199.8 million, up from US$90.7 million in Q2. The average tin price achieved was US$54,374/t, a 5% increase.

Drilling activity in the quarter totaled 4,531.55 metres, down from 5,546.50 metres in Q2. Of this total, 3,574.65 metres were completed at Mpama South, with the remainder at Mpama North. Five holes were completed at Mpama South, though two were abandoned due to ground collapse or bogged rods. Surface drilling at Mpama North was constrained by drill-rod availability, resulting in the abandonment of two mother holes. Underground exploration drives are approximately 30% complete, with underground drilling expected in Q1 2027.

Key assayed intercepts, reported as apparent widths with a 0.5% Sn lower threshold, include:

• BGH206D2_T5: 19.29 m @ 5.76% Sn from 426.41 m. This is the widest and highest-grade intercept in the current resource expansion programme at Mpama South to date, featuring intense chlorite and sulphide alteration and massive cassiterite mineralisation.
• BGH204D1: 13.90 m @ 1.68% Sn from 524.40 m (plus 0.25 m @ 0.89% Sn from 541.23 m).
• BGH203D1: 1.35 m @ 0.51% Sn from 577.85 m.
• BGH199: 0.50 m @ 1.08% Sn from 606.50 m.

Visible cassiterite was observed in four additional holes, with assays pending: BGH206D3_T6 (3.60 m from 455.04 m, including 0.30 m of massive cassiterite vein), BGH209 (17 m from 562 m), BGH210D3 (5 m from 517 m), and BGH212 (4.40 m from 546.60 m, following a 5 m massive sulphide zone). Hole BGH211 encountered a thick massive sulphide zone at 478.40 m but showed no visible cassiterite.

A VTEM Plus airborne EM survey was flown over two licence blocks. Priority responses in the East Zone define a strike-extensive corridor extending 7 km south of Mpama South and 3 km north of Mpama North. The West-Central Block remains undrilled, and no drill targets have been confirmed from the VTEM survey yet.

Geochemistry efforts have collected 3,868 of approximately 13,000 planned phase-one soil samples. A downhole EM tool is now operating. Alphamin plans to release an updated Mineral Resource and Reserve estimate in late Q4 2026. Unaudited financial statements and Management’s Discussion & Analysis for Q3 2026 are expected on or about 12 November 2026.

Alphamin Resources Corp. (AFM) issued a combined dividend declaration, quarterly operational and financial guidance, and exploration update, rather than a formal earnings release. The financial statements and management discussion and analysis referenced in the source material provide prior-period context, covering Q2 2026 three- and six-month figures, Q1 2026, and FY2025. The company’s Q3 2026 numbers are management guidance and will be reported on or about 12 November 2026.

As an established producer, Alphamin operates the Bisie mine, the only industrial tin mine in North Kivu, which produces approximately 20,000 tonnes of contained tin annually, representing roughly 6.5% of global mined tin supply. The mine generated an FY2025 EBITDA of US$341 million. At a market capitalization of approximately C$1.78 billion, the materiality threshold for drill results is high; equity movements at producers typically require changes to reserves or mine life rather than individual drill intercepts.

In the Mpama South expansion programme, the previous best result was BGH192, reported in October 2025, which returned 24.13 metres at 2.43% Sn (58.6 %Sn·m). The most recent prior result, BGH196A_D1, was reported in July 2026 with 12.94 metres at 2.10% Sn (27.2 %Sn·m). The new assay result of 111.1 %Sn·m represents a significant increase in both grade and metal-metres, roughly doubling the best prior expansion hole. The 19.29-metre length was previously flagged as visible cassiterite in a 13 July 2026 release; the new data reveals an assay grade of 5.76% Sn, compared to the 2.10-2.43% Sn range of prior expansion results.

The share price has remained range-bound, tracking tin prices, EBITDA, and cash generation rather than drilling narratives. The stock ranged from C$1.00 in November 2025 to C$1.66 on 10 August 2026, closing at C$1.38 the day before this release. This price action suggests the market has not yet priced in the higher grade of the new intercept, indicating genuine, unpriced positive information. However, the single near-mine extension hole, located proximal to the existing resource boundary with no true width or tonnage estimate, does not alter the scale, grade, or odds of the Bisie system in a manner that would materially move a C$1.78 billion producer on its own. The result supports the narrative for a late-Q4 2026 Mineral Resource and Reserve update and mine-life extension.

The most market-relevant element of the release is the dividend. Alphamin declared a dividend of CAD$0.13 per share, totaling approximately US$120 million. This compares to a FY2025 interim payment of CAD$0.07 and a FY2025 full-year total of CAD$0.11, marking an increase of roughly 86% versus the prior interim payment. At C$1.38, the payment represents a return of roughly 9.4%, with a second payment expected. The dividend is funded from a net cash position that rose to US$199.8 million from US$90.7 million in the quarter. The direction of continued bi-annual distributions was previously flagged in the Q2 MD&A, and the DRC government’s 5% ownership requires minimum dividend distributions, meaning part of this payout is structurally obliged.

Operationally, production remained flat at 5,030 tonnes. Feed grade decreased from 3.3% to 3.2% Sn, while recovery remained flat at 72.9% against a 75% design target. All-in sustaining costs (AISC) increased by 8% to US$20,642 per tonne, with approximately US$300 per tonne attributed to price-linked royalties, export duties, smelter deductions, and marketing fees. EBITDA rose only 2% quarter-on-quarter despite a 5% increase in the realized tin price. Guidance remains in line with previous expectations.

Alphamin Resources Corp. (TSXV: AFM; JSE AltX: APH) is a tin producer incorporated in Mauritius and operating in the Democratic Republic of the Congo. Its primary asset is the Bisie tin mine in North Kivu Province, which is stated to be the only industrial mine in the region. The operation features two underground orebodies: Mpama North, which serves as the operating mine, and Mpama South, which is underground and operational, feeding a second processing plant.

Alphamin indirectly owns 84.14% of its operating subsidiary, Alphamin Bisie Mining SA (ABM), to which the operational and financial information in this release relates, disclosed on a 100% basis. International Resources Holding holds 56% of Alphamin through its subsidiary Alpha Mining Ltd, and a director appointed in July 2026 is IRH's head of M&A.

The company has set an annual target of approximately 900,000 tonnes mined and processed at a blended feed grade of approximately 3% Sn, targeting approximately 20,000 tonnes of contained tin per year for FY2026 guidance. The combined plant capacity is stated to be up to 25,000 tonnes of contained tin per year. Following the expansion, global mined tin production share increased from 4.3% to 6.5%, based on prior-period presentation context.

Exploration history includes an 18-month drilling campaign that added approximately 175,000 tonnes of contained tin. Resource updates occurred in February 2022 with the maiden Mpama South resource, March 2022 with a 75% increase in inferred contained tin, and February 2023 with a 286% increase in indicated resources. A Preliminary Economic Assessment (PEA) for Mpama South was completed in February 2022. These are prior-period presentation figures and not new information.

Current exploration levers include VTEM Plus airborne EM over two licence blocks, a approximately 13,000-sample phase-one soil geochemistry programme, and downhole EM. An underground exploration drive at Mpama North is approximately 30% complete for future deep drilling, and an updated Mineral Resource and Reserve estimate is due late Q4 2026.

In prior-period context, not from this release, Q2 2026 three-month revenue was US$252.7 million, gross profit was US$158.9 million, net income was US$78.5 million, and operating cash flow was US$105.1 million. FY2025 revenue was US$620.9 million and net income was US$179.4 million. Book value per share was US$0.31 at 30 June 2026, implying roughly 3.3x price-to-book at C$1.38, using a C$1.38 / US$0.31 comparison and ignoring currency conversion. There is no going-concern flag. The as-reported EPS figures in the supplied financial data appear inconsistently scaled; a Q2 2026 three-month net income of US$78.5 million over 1,287,774,479 shares computes to roughly US$0.06, not 4.92, so EPS should be treated with caution and re-derived from net income.