Grand Baie, MAURITIUS, Oct. 06, 2026 (GLOBE NEWSWIRE) — Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( “Alphamin” or the “Company”), is pleased to announce its interim FY2026 dividend and provide an operational update for the quarter ended September 2026:
- Interim FY2026 dividend of CAD$0.13 per share
- Quarterly tin production and sales of 5,030 and 5,046 tonnes respectively
- Q3 EBITDA2,3 guidance of US$171m, up 2% from the prior quarter
- BGH206D2_T5 assay result received: 19.29m @ 5.76% Sn — widest and highest-grade intercept in the current resource expansion programme at Mpama South to date
Operational and Financial Summary for the Quarter ended September 20261
| Description |
Units |
Quarter ended September 2026 |
Quarter ended June 2026 |
Change |
| Ore Processed |
Tonnes |
213,454 |
211,034 |
1% |
| Tin Grade Processed |
% Sn |
3.2 |
3.3 |
-1% |
| Overall Plant Recovery |
% |
72.9 |
72.8 |
0% |
| Contained Tin Produced |
Tonnes |
5,030 |
5,013 |
0% |
| Contained Tin Sold |
Tonnes |
5,046 |
5,014 |
1% |
| EBITDA2,3 (Q3 2026 guidance) |
US$’000 |
171,000 |
167,280 |
2% |
| AISC2, 3 (Q3 2026 guidance) |
US$/t sold |
20,642 |
19,042 |
8% |
| Net Cash/Debt3 |
US$’000 |
199,780 |
90,671 |
120% |
| Average Tin Price Achieved |
US$/t |
54,374 |
51,957 |
5% |
__________________________________________________________________________________________
1Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. 2Q3 2026 EBITDA and AISC represent management’s guidance. 3This is not a standardized financial measure and may not be comparable to similar financial measures of other issuers. See “Use of Non-IFRS Financial Measures” below for the composition of this financial measure.
Operational and Financial Performance
Contained tin production of 5,030 tonnes for the quarter ended September 2026 was in line with the prior period and the Company’s forecast guidance of 20,000 tonnes per annum. Ore processed increased by 1% to 213,454 tonnes and the tin grade of the feed ore was down marginally from 3.3% in Q2, 2026 to 3.2% in Q3, 2026. Processing recoveries were similar to the prior quarter and achieved an overall plant recovery of 72.9%.
Tin sales volumes were in line with production, supported by favourable road conditions and transit times during the quarter. The fourth quarter is historically the Company’s most logistically challenging period and current El Niño conditions raise the risk of a more disruptive rainy season than usual. The Company has proactively mobilised additional truck capacity and fuel reserves as a precautionary measure.
Guidance for AISC per tonne of tin sold is US$20,642, up eight percent from the prior quarter. The increase comprises approximately $300 per tonne in off-mine costs such as royalties, export duties, the smelter deductor and marketing fees, which are directly proportionate to the tin price increase. The remainder pertains to higher on mine costs as a result of higher diesel cost and higher inbound and outbound logistics and transport costs.
EBITDA for Q3 2026 is estimated at US$171m (Q2 2026: US$167m).
Alphamin’s unaudited consolidated financial statements and accompanying Management’s Discussion and Analysis for the quarter ended 30 September 2026 are expected to be released on or about 12 November 2026.
Interim FY2026 Dividend Declared
The Board has declared an interim FY2026 cash dividend of CAD$0.13 per share on the common shares (approximately US$120 million in the aggregate) (the “Dividend”). The Dividend will be payable on November 6, 2026 to shareholders of record as of the close of business on October 23, 2026.
Exploration update
Drilling continued during the quarter at Mpama South and Mpama North, with a combined 4,531.55 metres completed (Q2 2026: 5,546.50 metres).
Mpama South
A total of 3,574.65 metres were drilled at Mpama South during the quarter, with five holes completed and two abandoned due to difficult ground conditions. All intercepts below are reported as apparent widths and are not true widths.
BGH206D2_T5 returned the widest and highest-grade result in the current resource expansion programme at Mpama South to date, with an interval of 19.29 metres grading 5.76% Sn from 426.41 metres depth, based on the certified assay results from ALS, including intense chlorite and sulphide alteration and massive cassiterite mineralisation.
Four of the five holes completed during the quarter intersected visible cassiterite mineralisation, with external laboratory assays pending for all four: BGH206D3_T6 (3.60 metres, including 0.30 metres of massive cassiterite vein, from 455.04 metres depth); BGH209 (17 metres from 562 metres depth); BGH210D3 (5 metres from 517 metres depth); and BGH212 (4.40 metres within amphibolite schist from 546.60 metres depth, following a 5-metre zone of massive sulphide). BGH211 intersected a thick zone of massive sulphide at 478.40 metres depth but no visible cassiterite mineralisation. Intersections during the quarter are proximal to the existing resource boundary.
External laboratory assays were also received during the quarter on previously disclosed holes. BGH204D1 returned a significant interval of 13.90 metres grading 1.68% Sn from 524.40 metres. BGH203D1 returned 1.35 metres @ 0.51% Sn from 577.85 metres, and BGH199 returned 0.50 metres @ 1.08% Sn from 606.50 metres.
Image 1: Mpama North and South cross section
Please click to view image
Mpama North
The underground exploration drive, which will provide platform access for future deep drilling, is approximately 30% complete, with underground drilling expected to commence in Q1 2027. Underground drilling platforms at depth are expected to unlock a different category of deep Mpama North testing that surface drilling cannot efficiently access.
Drilling from surface at Mpama North was constrained during the quarter by the availability of drill rods, and two mother holes were abandoned following ground collapse and a rod breakage encountered in difficult ground conditions. Drill rod and spare parts availability is expected to normalise by mid-Q4 2026.
VTEM Results and Interpretation
A helicopter-borne VTEM™ Plus electromagnetic and magnetic survey, flown by Geotech Ltd. over two licence blocks, completed flying during the quarter. Interpretation and target ranking of the survey data by external consultants is underway and nearing completion.
In the East Zone, which includes the Mpama Ridge corridor hosting the Company’s current Mpama North and Mpama South mines, a line-by-line review of the survey data has been completed and priority targets ranked. This has identified a number of high-priority responses which are coincident, or slightly offset to the east of, the prominent tin-in-soils geochemical anomaly that is present on Mpama Ridge. This is consistent with the generally steep eastwards dip of the known mineralisation, which is locally associated with massive sulphides. The responses are also concentrated along the same mica-schist stratigraphy that hosts known mineralisation. These responses define a strike-extensive zone which extends for over 7 km to the south of Mpama South and 3 km northwards from Mpama North. Plate modelling of the first group of priority conductors is underway, including conductors identified along strike to the south of Mpama South and north of Mpama North.
In the West-Central Block, which remains entirely undrilled, a large number of anomalies have similarly been identified. Ranking and plate modelling of these targets will follow once the geochemical soil sampling and geological mapping currently underway (see below) provide the additional control needed to rank them with confidence.
All target rankings remain preliminary at this stage, and no drill targets have yet been confirmed from the VTEM programme.
Image 2: East Zone (Mpama Ridge corridor) EM decay-constant (Tau) map with magnetic vertical-gradient contours. Source: Geotech Ltd., VTEM™ Plus airborne geophysical survey.
Please click to view image
Geochemical programme
A geochemical soil sampling programme, which commenced in Q2 2026, covers the Mpama Ridge north of the Oso River and areas with basement geology similar to that hosting the Bisie deposit. Phase one of the programme is planned to comprise approximately 13,000 samples over approximately six months; 3,868 samples were collected during the quarter within licence PR10346. A downhole electromagnetic survey tool, mobilised to site in Q2 2026, commenced operation in early Q3 2026 and is being used to map the spatial association between massive sulphides and tin mineralisation to help identify further resource extension drilling targets.
Further extension drilling is planned to test the gap between Mpama North and Mpama South, depth extensions at Mpama North beyond currently defined faults, and targets north of Mpama North. The Company continues to plan an updated Mineral Resource and Reserve estimate for release in late Q4 2026.
Qualified Person
Mr. Jeremy Witley, Pr.Sci.Nat, is a qualified person (QP) as defined in National Instrument 43-101 and has reviewed and approved the exploration-related scientific and technical information contained in this news release. He is the head of Mineral Resources at MSA Group (Pty) Ltd, an independent technical consultant to the Company.
Mr. Clive Brown, Pr. Eng., B.Sc. Engineering (Mining), is a qualified person (QP) as defined in National Instrument 43-101 and has reviewed and approved the remaining scientific and technical information contained in this news release. He is a Principal Consultant and Director of Bara Consulting Pty Limited, an independent technical consultant to the Company.
_________________________________________________________________________________________
FOR MORE INFORMATION, PLEASE CONTACT:
Eoin O’Driscoll
CEO
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: eoin.odriscoll@alphaminresources.com
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Forward-looking statements contained herein include, without limitation, statements relating to EBITDA and AISC guidance for Q3 2026; expectations regarding annual targeted processing volumes, tin grades and contained tin production; expectations regarding the supply and demand for tin and the tin price; the declaration and payment of the Dividend; logistics and road conditions during the rainy season; the expected timing of underground drilling at Mpama North and the normalisation of drilling supplies; planned exploration drilling; the expected timing of the updated Mineral Resource and Reserve estimate; and the expected release date of the Q3 2026 financial statements. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although Alphamin has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: the availability of ore at expected quantities and grades, uncertainties regarding global supply and demand for tin and market and sales prices together with the impact of reported and unreported global tin stocks on the tin price, uncertainties with respect to social, community and environmental impacts, uninterrupted access to required infrastructure and third party service providers, uncertainties regarding the state of inbound and outbound roads and truck availabilities, adverse political events and risks of security related incidents which may impact the operation or safety of its people, uncertainties regarding the legislative requirements in the Democratic Republic of the Congo which may result in unexpected fines and penalties or the ability to continue with normal operations, impacts of the Ebola outbreak or other health crises on mining operations and commodity prices as well as those risk factors set out in the Company’s annual Management Discussion and Analysis and other disclosure documents available under the Company’s profile at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this news release and Alphamin disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
USE OF NON-IFRS FINANCIAL PERFORMANCE MEASURES
This announcement refers to the following non-IFRS financial performance measures:
EBITDA
EBITDA is profit before net finance expense, income taxes and depreciation, depletion, and amortization. EBITDA provides insight into our overall business performance (a combination of cost management and growth) and is the corresponding flow driver towards the objective of achieving industry-leading returns. This measure assists readers in understanding the ongoing cash generating potential of the business including liquidity to fund working capital, servicing debt, and funding capital expenditures and investment opportunities.
This measure is not recognized under IFRS as it does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. EBITDA data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
CASH COSTS
This measures the cash costs to produce and sell a tonne of contained tin. This measure includes mine operating production expenses such as mining, processing, administration, indirect charges (including surface maintenance and camp and head office costs), and smelting, refining and freight, distribution and royalties. Cash Costs do not include depreciation, depletion, and amortization, reclamation expenses, capital sustaining, borrowing costs and exploration expenses. On mine costs, exclusive of stock movement, are calculated on a cost per tonne produced basis, off mine costs are calculated on a cost per tonne sold basis.
AISC
This measures the cash costs to produce and sell a tonne of contained tin plus the capital sustaining costs to maintain the mine, processing plant and infrastructure. This measure includes the Cash Cost per tonne and capital sustaining costs together divided by tonnes of contained tin produced. All-In Sustaining Cost per tonne does not include depreciation, depletion, and amortization, reclamation, borrowing costs, foreign exchange gains and losses, exploration expenses and expansion capital expenditures.
Sustaining capital expenditures are defined as those expenditures which do not increase payable mineral production at a mine site and excludes all expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are deemed expansionary in nature.
NET CASH
Net cash is defined as cash and cash equivalents less total current and non-current portions of interest-bearing debt and lease liabilities.
Appendix 1: SAMPLE PREPARATION, ANALYSES AND QUALITY CONTROL AND QUALITY ASSURANCE (QAQC)
Mpama North and Mpama South diamond drilling was completed from surface. The collar positions of the drillholes were accurately surveyed by Alphamin Bisie Mining (ABM) and down-hole surveys were completed by the drilling contractor allowing for accurate location of the mineralised intercepts. Cores were logged, mineralised intervals were identified and half core samples were taken at nominal 1 m intervals by the ABM geologists, which included the insertion of various certified reference material and blank samples (QAQC). No significant issues with the QAQC samples were noted. At the on-site ABM laboratory (managed by Anchem), samples were first checked off against the submission list supplied and then weighed and oven dried for 2 hours at 105 degrees Celsius. The dried samples were crushed by jaw crusher to 75% passing 2mm, from which a 250g riffle split was taken. This 250g split was pulverised in ring mills to 90% passing 75μm from which a sample for analysis was taken. Received samples at ALS Johannesburg are checked off against the list of samples supplied and logged in the system. Quality Control is performed by way of sieve tests every 50 samples and should a sample fail, the preceding 50 samples are ground in a ring mill pulveriser using a carbon steel ring set to 85 % passing 75μm. Samples are analysed for tin using method code ME-XRF05 conducted on a pressed pellet with 10% precision and an upper limit of 5,000ppm. The over-limit tin samples are analysed as fused disks according to method ME-XRF15c, which makes use of pre-oxidation and decomposition by fusion with 12:22 lithium borate flux containing 20% Sodium Nitrate as an oxidizing agent, with an upper detection limit of 79% Sn.
Appendix 2: SIGNIFICANT INTERCEPTS (0.5% Sn lower threshold)
Mpama South Drillholes prefixed “BGH”
Mpama North Drillholes prefixed “MNUD” and “MND”
| BHID |
Easting |
Northing |
RL_m |
Azi (°) |
Dip (°) |
FROM |
TO |
Sn % |
LENGTH_m |
Sample position |
|
| |
GPS |
GPS |
|
|
|
|
|
|
|
mid x |
mid y |
mid z |
|
| BGH189 |
582975 |
9884510 |
827 |
270 |
-45 |
322 |
323 |
1.02 |
0.76 |
582745 |
9884502 |
602 |
|
| BGH190 |
No significant intercepts |
| BGH191A |
583095 |
9884803 |
783 |
270 |
-60 |
521 |
530 |
0.95 |
9.04 |
582811 |
9884795 |
344 |
|
| 533 |
534 |
1.05 |
0.86 |
582805 |
9884795 |
338 |
|
| BGH192 |
583141 |
9884873 |
783 |
273 |
-68 |
533 |
538 |
0.92 |
4.98 |
582809 |
9884880 |
365 |
|
| 540 |
545 |
4.31 |
5.08 |
582804 |
9884880 |
361 |
|
| 547 |
548 |
4.67 |
1.81 |
582800 |
9884881 |
358 |
|
| 552 |
557 |
4.18 |
5.45 |
582795 |
9884881 |
353 |
|
| BGH193 |
No significant intercepts |
| BGH192A |
No visible mineralized intersection observed |
| BGH194 |
583159 |
9885089 |
753 |
270 |
-68 |
489 |
491 |
0.92 |
1.94 |
582921 |
9885076 |
327 |
|
| 494 |
497 |
4.26 |
3.04 |
582918 |
9885076 |
323 |
|
| 498 |
501 |
1.99 |
2.83 |
582915 |
9885076 |
319 |
|
| 502 |
503 |
1.97 |
0.88 |
582913 |
9885076 |
317 |
|
| BGH195A |
No significant intercepts |
| BGH198D1 |
No visible mineralized intersection observed |
| BGH196AD1 |
583166 |
9885210 |
720 |
265 |
-56 |
408 |
421 |
2.10 |
12.94 |
582912 |
9885196 |
393 |
|
| BGH196B |
No visible mineralized intersection observed |
| BGH199 |
583141 |
9884873 |
783 |
275 |
-64 |
606.5 |
607 |
1.08 |
0.50 |
582845 |
9884852 |
270 |
|
| BGH200 |
No visible mineralized intersection observed |
| BGH203D1 |
582958 |
9884870 |
834 |
277 |
-83 |
578 |
579 |
0.51 |
1.35 |
582838 |
9884849 |
289 |
|
| BGH204D1 |
583092 |
9884805 |
783 |
275 |
-66 |
524.40 |
538.30 |
1.68 |
13.90 |
582822 |
9884805 |
335 |
|
| 541.23 |
541.48 |
0.89 |
0.25 |
|
|
| BGH205D1 |
No visible mineralisation |
| BGH206D2_T5 |
583074 |
9885127 |
758 |
275 |
-75 |
426.41 |
445.70 |
5.76 |
19.29 |
582930 |
9885135 |
345 |
|
| BGH206D3_T6 |
583074 |
9885127 |
758 |
275 |
-75 |
Visible cassiterite mineralisation observed over 3.60 metres from 455.04 meters depth; with 0.30 meters of massive cassiterite vein. |
|
| BGH206D4_T7 |
Abandoned the hole due to collapsing ground and bogging rods |
|
| BGH209D2 |
Abandoned the hole due to ground collapse |
|
| BGH207 |
Abandoned the hole due to collapsing ground and bogging rods |
|
| BGH208A |
583126 |
9885355 |
742 |
244 |
-56 |
No visible mineralized intersection observed. |
|
| BGH209 |
583139 |
9884868 |
784 |
277 |
-60 |
Visible cassiterite mineralisation observed 17 metres, with intense chlorite alteration from 562 meters depth. |
|
| BGH210D3 |
583162 |
9885002 |
781 |
277 |
-64 |
Visible cassiterite mineralization observed of 5 meters with chlorite and sulphide alterations from 517 metres depth. |
|
| BGH211 |
583076 |
9885130 |
758 |
269 |
-79 |
No visible mineralized intersection observed. |
|
| BGH212 |
583092 |
9884805 |
783 |
264 |
-65 |
5 meters massive sulphide zone intersected from 541.60 meters followed by visible cassiterite mineralization observed 4.40 meters within Amphibolite schist |
|
| MNUD001 |
582953 |
9886224 |
477 |
270 |
0 |
36 |
36 |
0.97 |
0.65 |
582917 |
9886224 |
477 |
|
| MNUD002 |
582953 |
9886224 |
478 |
271 |
20 |
31 |
31 |
0.61 |
0.25 |
582925 |
9886224 |
488 |
|
| MNUD003 |
582953 |
9886224 |
479 |
270 |
41 |
55 |
57 |
0.60 |
2.17 |
582911 |
9886224 |
515 |
|
| 73 |
73 |
1.10 |
0.35 |
582898 |
9886224 |
526 |
|
| MNUD004 |
582953 |
9886224 |
476 |
269 |
-20 |
40 |
40 |
0.68 |
0.44 |
582915 |
9886224 |
462 |
|
| MNUD005 |
No significant intercepts |
| MNUD006 |
No significant intercepts |
| MNUD007 |
No significant intercepts |
| MNUD008A |
582978 |
9886230 |
475 |
85 |
-73 |
248 |
257 |
13.63 |
9.30 |
583052 |
9886230 |
234 |
|
| 259 |
267 |
3.65 |
7.20 |
583056 |
9886229 |
224 |
|
| 269 |
277 |
3.54 |
8.04 |
583059 |
9886229 |
214 |
|
| MNUD009 |
582977 |
9886235 |
477 |
68 |
-74 |
236 |
246 |
41.47 |
10.10 |
583042 |
9886252 |
245 |
|
| 249 |
258 |
14.72 |
8.65 |
583045 |
9886253 |
233 |
|
| 263 |
265 |
1.75 |
1.82 |
583048 |
9886253 |
223 |
|
| 266 |
270 |
2.64 |
3.42 |
583049 |
9886253 |
219 |
|
| MNUD010 |
No significant intercepts |
| MNUD011 |
No significant intercepts |
| MND054A |
No visible mineralized intersection observed. |
| MND056AD1_T1 |
Visible cassiterite mineralization intersection; 0.81m @ 0.72% ALS Assay from 567.63m. |
| MND055D1_T3 |
No visible mineralized intersection observed. |
| MND056BD1_T2 |
No significant tin intersection. |
| MND056BD2_T4 |
No visible mineralized intersection observed. |
| MND057D1_T6 |
No significant intercepts |
| MND056BD4_T5 |
No visible mineralisation |
| MND057D2_T7 |
Intersected 1m of intense chlorite alt with two thin veins of CAS 2-5mm @ 696m |
| OSD005 |
No visible mineralized intersection observed; with thin sulphide alterations. |
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