Drill Results
ALPHAMIN ANNOUNCES RECORD Q1 EBITDA GUIDANCE OF US$158 MILLION/ EXPLORATION UPDATE
Tin Price Surge and Cash Infusion De-Risk DRC Operations
Executive Summary
- Record Q1 2026 Financials: Alphamin announced a record Q1 2026 EBITDA guidance of US$158 million, representing a 46% increase quarter-over-quarter.
- Production Metrics: Tin production reached 5,026 tonnes in line with the FY2026 guidance target of ~20,000 tonnes annually. Ore processed was flat QoQ at 201,519 tonnes.
- Commodity Price Impact: Average tin price achieved was US$49,278/t, a 30% year-over-year increase driving the EBITDA surge. All-in Sustaining Cost (AISC) guidance rose to US$17,968/t (+7% QoQ).
- Liquidity Position: Net cash increased significantly to US$140 million as of March 31, 2026, up from US$11.96 million at the end of 2025 and a net overdraft position in late 2024.
- Exploration Update: Drilling totaled 4,673 meters with two boreholes intersecting visible cassiterite (up to 3.01% Sn). A VTEM airborne survey is scheduled for Q2 2026.
- Dividend Timing: Final FY-2025 dividend decision pending in late April 2026, aligned with the ABM AGM on April 23, 2026.
Material Impact
- Financial Turnaround: The shift from a US$52 million overdraft position (Dec 2024) to US$183 million cash balance (Mar 2026) is a material de-risking event for the company's solvency and operational continuity.
- Price Sensitivity: While EBITDA guidance beat expectations, it is heavily correlated with the tin price of ~US$49k/t. A reversion to historical averages would materially compress margins given the AISC increase.
- Management Execution: The transition from CEO Maritz Smith to CFO Eoin O'Driscoll appears successful in driving cash flow generation and cost discipline, validating the strategic investor's (IRH) decision to take control.
- Capital Allocation: With net cash of US$140 million, the company has no immediate need for dilutive financing, allowing focus on exploration and potential dividends rather than debt servicing.
AFM · Price
Company Overview
- Company: Alphamin Resources Corp. (TSX-V: AFM).
- Flagship Project: Bisie Tin Mine in North Kivu, Democratic Republic of Congo (DRC).
- Operations: Underground mining at Mpama South and surface/underground operations at Mpama North.
- Production Status: Operations resumed fully after a security-related shutdown in March 2025; currently producing ~5,000 tonnes per quarter.
- Jurisdiction Risk: High-risk jurisdiction (DRC) with history of insurgent activity near the mine site (Masisi/Walikale border).
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Jul 13, 2026 · 17:01