Alphamin estimates Q2 EBITDA of $167M (U.S.)

Mr. Eoin O'Driscoll reports ALPHAMIN ANNOUNCES RECORD Q2 EBITDA GUIDANCE OF US$167 MILLION WITH AN UPDATE ON EXPLORATION Alphamin Resources Corp. has provided the following update for the quarter ended June 30, 2026: Record earnings before interest, taxes, depreciation and amortization guidance of $167-million (U.S.), up 6 per cent from the prior quarter; Tin production of 5,013 tonnes and 5,014 tonnes of tin sold; Exploration update. Operational and financial performance Contained tin production of 5,013 tonnes for the quarter ended June, 2026, was in line with the target guidance of 20,000 tonnes per annum and that of the previous period. Tin sales of 5,014 tonnes were achieved compared with 5,016 in first quarter 2026, resulting in the first-four-quarter rolling period of 20,000 tonnes achieved. Processing recoveries dipped 2 per cent from 74.2 per cent in Q1 2026 to 72.8 per cent in Q2 2026. The metal sulphides in the current mining area are above average levels, and this resulted in excessive near-gravity material interfering with the efficiency of the gravity circuit. EBITDA for Q2 2026 is estimated at a record $167-million (U.S.) (Q1 2026: $158-million (U.S.)). The EBITDA variance compared with the prior quarter is attributable to a 5-per-cent increase in the tin price, from a $49,278 (U.S.) average in Q1 2026 to $51,957 (U.S.) average in Q2 2026 (current price circa $53,000 (U.S.)). Guidance for AISC per tonne of tin sold in Q2 2026 is estimated at $19,043 (U.S.), up 6 per cent from the previous quarter of $17,968 (U.S.) due to a combination of off-mine costs in the form of increased royalties, export duties, marketing commissions and net smelter returns, which increase as tin price increases, and timing on capital expenditure. On-mine operating costs increased largely as a result of higher fuel prices impacting diesel and transport costs. Fuel stocks have been and remain at full capacity with higher prices expected to continue into third quarter due to continuing orders at elevated prices. Alphamin's unaudited consolidated financial statements and accompanying management's discussion and analysis for the three and six months ended June 30, 2026, are expected to be released on or about July 31, 2026. Exploration update Drilling progress Drilling continued in Q2 2026 at Mpama North and South with mixed results: A total of 5,547 metres (Q1 2026: 4,673 m) were drilled (3,654 m at Mpama South and 1,893 m at Mpama North). Mpama North One thousand eight hundred ninety-three m were drilled at Mpama North in Q2, with three holes completed and a further drill hole abandoned due to difficult ground conditions. MND057D2-T7 deflected from the MND057 mother hole; intersected one metre of intense chlorite alteration with thin visible cassiterite mineralization at 696-metre depth; although thin, this is the deepest cassiterite intersection recorded at Mpama North to date, confirming that the tin mineralizing system extends to at least this depth below surface; sampling is under way with external laboratory assay results pending; MND056BD4-T5 deflected from the MND056B mother hole; intersected 11 metres of amphibolite host rock from 609 m, including one metre of intense chlorite alteration at 619 m; no visible cassiterite mineralization was intersected; the intersection is interpreted to be at or beyond the lateral margin of the mineralized corridor; this result informed the design of an updip deflection to retest the mineralized envelope at a shallower position within the same structural corridor; MND057D1-T6 deflected from the MND057 mother hole; intersected 3.5 metres of amphibolite host rock from 702 m with moderate chlorite alteration; no visible cassiterite mineralization was observed, consistent with the lateral margin of the mineralized system at this depth. Mpama South A total of 3,653.7 m were drilled at Mpama South in Q2, with five holes completed and a further two abandoned due to difficult ground conditions. The Mpama South orebody is hosted in the same north-south-trending shear zone as Mpama North, approximately 300 m to the south. Q2 drilling targeted extensions of the defined resource at depth, with three of five completed holes intersecting visible cassiterite mineralization. BGH206D2-T5: visible cassiterite mineralization observed over 19 metres, with intense chlorite and sulphide alteration from 427-metre depth; this is the most significant new intersection at Mpama South in the current program; two deflections from the BGH206 mother hole are planned at 275-metre and 230-metre depth to test continuity of mineralization with the defined resource above; external laboratory assay results are pending; BGH204D1: visible cassiterite mineralization observed over 17 metres, with intense chlorite and sulphide alteration from 524-metre depth. External laboratory assay results are pending; BGH203D1: visible cassiterite mineralization observed in thin veins over 1.35 metres, with intense chlorite alteration from 577.85-metre depth; external laboratory assay results are pending; BGH205D1: no visible cassiterite observed; BGH208A: no visible cassiterite observed. External laboratory assays on previously disclosed holes were received and included below: Mpama South: BGH196A-D1: 12.94 m of 2.10 per cent Sn from 407.84 m; Mpama North: MND056A-D1-T1: 0.81 m of 0.72 per cent Sn from 567.63 m. All intercepts are reported as apparent widths and are not true widths. Future initiatives: Airborne survey: A VTEM (versatile time domain electromagnetic) airborne survey covering the full Alphamin licence area was completed in mid-June, 2026. Interpretation of results is under way and expected to be delivered in third quarter 2026. This is intended to provide advanced targets across ABM's licence areas using the spatial association of sulphide mineralization with cassiterite (tin). Geochemical surveys: Geochemical (soil) surveys commenced in Q2 to cover the Mpama Ridge north of the Oso River and all areas adjacent to basement rock units (similar geological settings to the Mpama Ridge which houses the Bisie deposit) with 13,000 samples planned for phase 1 of the survey, which is expected to take six months to complete. Downhole geophysics: A downhole electromagnetic survey tool has been mobilized to site in Q2 2026 and commenced operation in early Q3 2026. This will assist in mapping the apparent spatial association between massive sulphides and tin mineralization to identify further resource extension drilling targets. Further extension drilling: Further drilling is planned to test the gap between Mpama North and Mpama South, Mpama North depth extensions beyond the current faults, and north of Mpama North. Resource and reserve update: The company plans to release an updated resource and reserve estimate in fourth quarter 2026. Liquidity and dividend update The company's net cash position was $91-million (U.S.) as at June 30, 2026 (March 31, 2026: $140-million (U.S.)) after distributions to shareholders of $160-million (U.S.) ($121-million (U.S.) to shareholders of the company, $26-million (U.S.) to minority shareholders in the company's subsidiary in the Democratic Republic of the Congo and $13-million (U.S.) in dividend withholding taxes in the DRC) and corporate tax payments of $26-million (U.S.). The company intends to make a fiscal 2026 interim dividend decision in fourth quarter 2026. Security and health update The regional security situation remains largely unchanged, and operations continue as normal. In Q2 2026, an Ebola outbreak was declared in the Ituri province of northeastern DRC. Whilst several cases have been reported in North Kivu, there have been none to date in the Walikale health zone, where the mine operates. The company has implemented enhanced hygiene and screening protocols, and expects operations to continue uninterrupted. Qualified persons Clive Brown, PrEng, BSc in engineering (mining), is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the scientific and technical information contained in this news release other than in the section Exploration update. He is a principal consultant and director of Bara Consulting Pty. Ltd., an independent technical consultant to the company. Jeremy Witley, PrSciNat, BSc (honours) in mining geology, MSc (eng), is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the scientific and technical information contained in the section Exploration update. He is head of mineral resources at the MSA Group Pty. Ltd. and is an independent technical consultant to the company. We seek Safe Harbor.