SENS

APH : Alphamin Announces Record Q2 Tin Production of 4,027 Tonnes, Up 28%:

Alphamin Resources Corp.

Continued in the Republic of Mauritius

Date of incorporation: 12 August 1981

Corporation number: C125884 C1/GBL

TSX-V share code: AFM

JSE share code: APH

ISIN: MU0456S00006

ALPHAMIN ANNOUNCES RECORD Q2 TIN PRODUCTION OF 4,027 TONNES, UP 28%

MAURITIUS - July 10, 2024 - Alphamin Resources Corp. (AFM:TSXV, APH:JSE

AltX)( "Alphamin" or the "Company"), is pleased to provide the following update for the quarter

ended June 2024:

- Record tin production of 4,027 tonnes, up 28% from the prior quarter

- Tin sales of 3,245 tonnes, with increased tin stocks from the expansion expected to clear

in Q3

- EBITDA(3) guidance of US$54,2m, up 4% from the prior quarter

Operational and Financial Summary for the Quarter ended June 2024(1)

Quarter ended Quarter ended

Description Units Change

June 2024 March 2024

Ore Processed Tonnes 166 676 109 424 52%

Tin Grade Processed % Sn 3,20 3,83 -16%

Overall Plant Recovery % 75 75 0%

Contained Tin Produced Tonnes 4 027 3 142 28%

Contained Tin Sold Tonnes 3 245 4 126 -21%

EBITDA(2,3) (Q2 2024 guidance) US$'000 54 238 52 094 4%

AISC(2,3) (Q2 2024 guidance) US$/t sold 15 576 14 858 5%

Average Tin Price Achieved US$/t 32 314 26 863 20%

_________________________________________________________________________________________________________________________________

1) Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information

relates. Tin production includes tin produced at Mpama South since 14 May 2024.

2) Q2 2024 EBITDA and AISC represent management's guidance.

3) This 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 and calculation of this financial measure.

Operational and Financial Performance

The new Mpama South processing facility has been producing tin concentrate to sales

specification since 14 May 2024 and achieved commercial production on 17 May 2024.

Accordingly, AISC and EBITDA includes Mpama South from 17 May 2024. Tin sales lagged

production resulting in a limited contribution from the expansion to EBITDA during the quarter.

AISC guidance of US$15,576/t is inclusive of the incremental Mpama South production costs

- the quarter-on-quarter increase in AISC is as a result of the impact of the higher tin price on

royalties, export charges, net smelter returns and marketing fees.

Contained tin production of 4,027 tonnes for the quarter ended June 2024 was 28% above the

prior period. This increase is a result of the Mpama South expansion. With only half of the

quarter benefiting from the expansion, we expect Q3 to deliver a further increase in tin

production.

Due to the expansion from mid-May 2024, ore processed increased by 52% to 166,675 tonnes

and the tin grade of the feed ore reduced to 3,2%. This is in line with expectations as the

expansion targets a doubling of processing volumes and a reduction in the overall tin grade to

~3%.

The Mpama South facility was originally targeted to produce at a metallurgical recovery of 70%

on the basis of a 2% tin feed grade, which should result in a combined recovery of ~73% going

forward. The new plant outperformed during Q2 and achieved recoveries in excess of 70% at

an average feed grade of 2,2%.

Tin sales decreased by 21% to 3,245 tonnes - the comparative quarter recorded exceptionally

high sales volumes as the quarter cleared the backlog from low Q4 2023 sales due to poor

road conditions. The current quarter's delay in tin sales should clear during Q3 2024.

EBITDA for Q2 2024 is estimated at US$54,2m (Q1 2024: US$52,1m). The EBITDA variance

compared to the prior quarter was impacted by a 21% reduction in tin sales volumes and

benefited from a positive tin price variance of 20%. The additional tin production from the

expansion should translate into higher sales volumes from Q3 2024 and accordingly contribute

to EBITDA. The lag in tin sales compared to production in Q2 2024 impacted EBITDA by

approximately US$15m.

Alphamin's unaudited consolidated financial statements and accompanying Management's

Discussion and Analysis for the quarter ended 30 June 2024 are expected to be released on

or about 23 August 2024.

Qualified Person

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 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:

Maritz Smith

CEO

Alphamin Resources Corp.

Tel: +230 269 4166

E-mail: msmith@alphaminresources.com

10 July 2024

JSE Sponsor

Nedbank Corporate and Investment Banking, a division of Nedbank Limited

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 Q2 2024; timing regarding the clearance

of the backlog in tin sales; expectations regarding Mpama South plant recoveries and

expectations regarding a further increase in tin production in Q3 2024; expectations regarding

an increase to processing volumes and a reduction in the tin grade processed. 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: ongoing processing recoveries at the Mpama

South plant and the availability of ore at expected quantities and grades, uncertainties

regarding global supply and demand for tin and market and sales prices, uncertainties with

respect to social, community and environmental impacts, uninterupted 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 global Covid-19 pandemic 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.

Date: 10-07-2024 01:00:00

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