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Alphamin Resources Corp

TSXV:AFMLive AI agent

Alphamin Resources is a mining company focused on the production of tin from its Mpama North mine located in the North Kivu Province of the Democratic Republic of Congo (DRC).

Investor website: https://alphaminresources.com/

About

Alphamin Resources is a mining company focused on the production of tin from its Mpama North mine located in the North Kivu Province of the Democratic Republic of Congo (DRC). The company is committed to responsible mining practices, ensuring compliance with international regulations regarding conflict minerals, and positively impacting local communities through economic development and infrastructure improvements.

Verified company data

Shares outstanding
672667224
Mineral resource
Mpama South updated Inferred Resource up 75% to 3.42Mt based on assays from 22 additional drillholes. Mpama South Mineral Resource now stands at: - 0.85Mt @ 2.55% Sn for 21.5kt contained tin in the Indicated category; and - 3.42Mt @ 2.45% Sn for 83.7kt contained tin in the Inferred category. The updated Mineral Resource presented in Figure 1 closely follows the spatial position of reported assays which Alphamin presented in its 22nd March 2022 Company announcement. The Mineral Resource is classified into the Indicated and Inferred categories and is reported at a base case tin grade of 1.0%, which satisfies reasonable prospects for economic extraction. The MRE for Mpama South does not include a substantial quantity of subsequent drilling containing characteristic high grade visual cassiterite. Around 30 additional drillholes and over ~10,000 metres beyond and within the limits of the updated MRE at Mpama South have been completed. Subsequent Mpama South MRE updates are expected to be released throughout the remainder of the drilling phases in 2022 and beyond as assays are received.
Projects
["Bisie Tin Project development update - Alphamin Resources: GRAND BAIE, MAURITIUS – March 1, 2019 – Alphamin Resources Corp. (AFM: TSXV, “Alphamin”, or the “Company”) is pleased to announce an update to the development status of its flagship tin project in the DRC. The processing plant front-end crushing circuit commissioning has been completed and has run at nameplate capacity of sixty tonnes per hour. To date, some six thousand, five hundred tons of ore has been crushed and stockpiled for feeding into the gravity separation circuit. Cold commissioning on the gravity concentration section has also commenced and is progressing well. In connection with the previously announced change of mining method to a cut and fill method, a detailed mine schedule for 2019 and 2020 has been received. Production of ore from the cut and fill stoping operation has now commenced. A life of mine schedule is expected during Q2 2019 following which the Company plans to update its NI 43-101 and announce updated project economics. Initial analysis indicates the unit costs per ton will be higher in 2019 and 2020 than had been anticipated in the Company’s most recent feasibility study. Full commissioning and ramp up is scheduled to occur during Q2 2019. Production at planned through put is planned to commence in Q3, 2019. The Company has reviewed the working capital requirements to achieve planned production volumes. The current cashflow projections indicate a likely short term working capital shortfall. Factors impacting the projected working capital shortfall include a delayed response to a request to partially export concentrates by airfreight, requiring the company to truck all export material, which has impacted delivery times and related revenue receipts; a delay in VAT refunds and the delayed manufacture and delivery of certain components to finalise plant commissioning. In addition to this, the change in the mining method has resulted in a slower ramp up of material to the ROM stockpile. The Company estimates that up to $9m may be required to bridge this expected working capital deficit and enables the Company to acquire certain sustaining capital and critical spares. Management considers it prudent to seek a working capital facility of up to US$12m, which exceeds the projected shortfall of $9m but provides a buffer for any additional unforeseen events or challenges. The Company is in discussion with its lenders to provide this facility.","ALPHAMIN ANNOUNCES AN UPDATED MPAMA SOUTH MINERAL RESOURCE ESTIMATE AND THE DECISION TO COMMENCE WITH DEVELOPMENT - Alphamin Resources: 29 March 2022 – Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, “Alphamin” or the “Company”), a producer of 4% of the world’s mined tin from its high-grade operation in the Democratic Republic of Congo, is pleased to announce an updated Mpama South Mineral Resource estimate and the decision to commence with the development of the Mpama South mine and processing plant. Highlights: - Mpama South updated Inferred Resource up 75% to 3.42Mt based on assays from 22 additional drillholes. Mpama South Mineral Resource now stands at: - 0.85Mt @ 2.55% Sn for 21.5kt contained tin in the Indicated category; and - 3.42Mt @ 2.45% Sn for 83.7kt contained tin in the Inferred category. - Significant additional resource growth potential at Mpama South – drilling is ongoing with considerable mineralisation intercepted beyond the updated Mineral Resource boundary. - Decision to commence with the development of Mpama South: - Targeted first tin production by December 2023. - Estimated annual contained tin production of 7,232 tonnes at an estimated AISC of US$15,188/t tin (Based on an assumed US$40,000/t tin price). - Estimated annual EBITDA of US$187m at an assumed tin price of US$40,000/t. - Estimated capital development cost of US$116m providing a projected short payback in relation to annual EBITDA potential. - De-risked project execution with similar mining method, mining fleet and processing route as currently applied at Alphamin’s adjacent Mpama North Mine. - Capital development cost to be funded from cash reserves. Mpama South’s development is expected to increase annual contained tin production from the current 12,000tpa to ~20,000tpa, approximating 6.6% of the world’s mined tin."]
Leadership
Boris Kamstra (Executive Director, Led Alphamin through development and mine build phase, responsible for investor relations and tin marketing.), Maritz Smith (CEO, 18 years of experience in mining operations, previously CFO/Financial Director at Metorex and Chief Executive of Pangea.)

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