ALPHAMIN REPORTS FATALITY AT MPAMA SOUTH UNDERGROUND MINE

On December 25, 2025, Alphamin reported a fatal accident at its Mpama South underground mine. The incident involved an employee of its subsidiary, Alphamin Bisie Mining S.A., who was fatally injured due to an "unexpected detonation" during blasting wire connection. The company stated that mining activities were temporarily suspended but have already restarted following a visit from local authorities. An internal investigation is currently underway to determine the cause of the detonation.

This is a material negative event from an ESG and regulatory perspective, though the immediate operational impact appears contained. - Operations: The temporary suspension was short-lived, with mining already resumed. This suggests the incident did not cause significant structural damage to the mine. - Regulatory/Safety Risk: A fatality involving explosives often triggers rigorous safety audits by DRC mining authorities. Any finding of negligence could lead to fines or mandated operational changes that increase costs. - Investor Sentiment: For a company recently acquired by International Resources Holding (IRH), such safety lapses may trigger internal reviews of management protocols. While it is unlikely to stop the production growth at Mpama South, it creates a "headline risk" that may cap the stock's recent momentum near its 52-week high.

Alphamin is a low-cost, high-grade tin producer operating the Bisie Tin Mine in the North Kivu province of the DRC. Its flagship project consists of two primary deposits: - Mpama North: The primary producer, characterized by exceptionally high grades. - Mpama South: Recently brought into production (phased restart April 2025) to increase total annual contained tin production toward a target of 20,000 tonnes. The company is one of the world's largest tin producers outside of China and Indonesia, making it a strategic asset for industrial metals.