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Alphamin Announces CAD$0.13 per Share Interim FY2026 Dividend/ Q3 Guidance/Exploration Update
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 CAD$0.13 PER SHARE INTERIM FY2026 DIVIDEND/ Q3 GUIDANCE/EXPLORATION UPDATE
MAURITIUS – October 6, 2026 – 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$171m, up 2% from the prior quarter
- BGH206D2_T5 assay result received: 19.29m @ 5.76% Sn — widest and highest-
grade intercept in the current resource expansion programme at Mpama South to date
Operational and Financial Summary for the Quarter ended September 20261
Quarter
ended Quarter ended
Description Units Change
September June 2026
2026
Ore Processed Tonnes 213,454 211,034 1%
Tin Grade Processed % Sn 3.2 3.3 -1%
Overall Plant Recovery % 72.9 72.8 0%
Contained Tin Produced Tonnes 5,030 5,013 0%
Contained Tin Sold Tonnes 5,046 5,014 1%
EBITDA2,3 (Q3 2026 guidance) US$'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%
_________________________________________________________________________________________
1
Information 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. The Dividend equates to Zac151.68140 cents per Alphamin
share (based on an exchange rate of CAD$1.00 = ZAR11.6678 as at Monday, 5 October 2026.
For holders of Alphamin shares in South Africa, the salient dates of the Dividend on the JSE
Limited (“JSE”) are:
2026
Declaration date Tuesday, 6 October
Last day to trade cum Dividend Tuesday, 20 October
Alphamin shares commence trading ex-Dividend Wednesday, 21 October
Record date to receive the Dividend Friday, 23 October
Payment date Friday, 6 November
Shares certificates on the South African branch register may not be rematerialised or
dematerialised between Wednesday, 21 October 2026 and Friday, 23 October 2026, both days
inclusive, nor may transfers between the Canadian share register and the South African share
register take place between Wednesday, 21 October 2026 and Friday, 23 October 2026, both
days inclusive.
In accordance with the JSE Listings Requirements, the following additional information is
disclosed for South African resident shareholders:
1. the Dividend has been declared out of income reserves and is being sourced from the
Republic of Mauritius;
2. the Dividend is regarded as a “foreign dividend” (as defined in the South African Income
Tax Act No. 58 of 1962) for South African resident shareholders holding shares on the
South African register;
3. Alphamin has no tax registration in South Africa;
4. the local dividend tax (“Dividend Tax”) rate is 20%, resulting in a gross Dividend of
CAD$0.13 (Zac151.68140) and a net Dividend amount of CAD$0.104 (Zac121.34512)
for South African shareholders who are not exempt from paying Dividend Tax;
5. Alphamin has 1 288 456 879 shares in issue; and
6. Alphamin shareholders who are in doubt as to their tax status or position, including any
exchange control requirements, should consult an appropriate independent
professional advisor in their relevant jurisdiction without delay.
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
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.
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
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 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 75 micrometers 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 75 micrometers. 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”
Dip
BHID Easting Northing RL_m Azi (°) FROM TO Sn % LENGTH_m Sample position
(°)
mid
GPS GPS mid x mid y
z
BGH189 582975 9884510 827 270 -45 322 323 1.02 0.76 582745 9884502 602
BGH190 No significant intercepts
521 530 0.95 9.04 582811 9884795 344
BGH191A 583095 9884803 783 270 -60
533 534 1.05 0.86 582805 9884795 338
533 538 0.92 4.98 582809 9884880 365
540 545 4.31 5.08 582804 9884880 361
BGH192 583141 9884873 783 273 -68
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
489 491 0.92 1.94 582921 9885076 327
494 497 4.26 3.04 582918 9885076 323
BGH194 583159 9885089 753 270 -68
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
524.40 538.30 1.68 13.90 582822 9884805 335
BGH204D1 583092 9884805 783 275 -66
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
Visible cassiterite mineralisation observed over 3.60 metres from 455.04
BGH206D3_T6 583074 9885127 758 275 -75
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.
Visible cassiterite mineralisation observed 17 metres, with intense chlorite
BGH209 583139 9884868 784 277 -60
alteration from 562 meters depth.
Visible cassiterite mineralization observed of 5 meters with chlorite and
BGH210D3 583162 9885002 781 277 -64
sulphide alterations from 517 metres depth.
BGH211 583076 9885130 758 269 -79 No visible mineralized intersection observed.
5 meters massive sulphide zone intersected from 541.60 meters followed
BGH212 583092 9884805 783 264 -65 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
55 57 0.60 2.17 582911 9886224 515
MNUD003 582953 9886224 479 270 41
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
248 257 13.63 9.30 583052 9886230 234
MNUD008A 582978 9886230 475 85 -73 259 267 3.65 7.20 583056 9886229 224
269 277 3.54 8.04 583059 9886229 214
236 246 41.47 10.10 583042 9886252 245
249 258 14.72 8.65 583045 9886253 233
MNUD009 582977 9886235 477 68 -74
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.
Date: 06/10/2026 05:35:00
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