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ALPHAMIN RESOURCES CORPORATION - Alphamin announces an updated Mpama South mineral resource estimate and the decision to commence with development

Release Date: 29/03/2022 13:00
Code(s): APH     PDF:  
Wrap Text
Alphamin announces an updated Mpama South mineral resource estimate and the decision to commence with development

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 AN UPDATED MPAMA SOUTH MINERAL RESOURCE
           ESTIMATE AND THE DECISION TO COMMENCE WITH DEVELOPMENT

29 March 2022 – Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, “Alphamin” or the
“Company”), a producer of 4% of the world’s mined tin1 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 on-going
       with considerable mineralisation intercepted beyond the updated Mineral Resource
       boundary

     - Decision to commence with the development of Mpama South:-

                o    Targeted first tin production by December 2023
                o    Estimated annual contained tin production of 7,232 tonnes3 at an estimated
                     AISC2 of US$15,188/t tin (Based on an assumed US$40,000/t tin price)
                o    Estimated annual EBITDA2 of US$187m3 at an assumed tin price of US$40,000/t

1 Data obtained from International Tin Association Tin Industry Review 2020.
2 This is a non-GAAP financial measure, is not standardized and may not be comparable to similar financial measures of other issuers. See “Use
of Non-IFRS Financial Performance Measures” below for a further explanation of this performance metric and how it is calculated.
                  o    Estimated capital development cost of US$116m3 providing a projected short
                       payback in relation to annual EBITDA potential
                  o    De-risked project execution with similar mining method, mining fleet and
                       processing route as currently applied at Alphamin’s adjacent Mpama North Mine
                  o    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 tin1

Chief Executive Officer, Maritz Smith comments:
“The development of Mpama South as a brownfields expansion is expected to increase
Alphamin’s annual tin production by 65% to a targeted 20,000t from FY2024. Tin and technology
are inter-linked and consequently global demand for tin continues to increase despite constrained
supply. This development decision and the resultant additional production expected by the end of
2023, positions us to deliver more tin into this widening market deficit.”

Mpama South Updated Mineral Resource Estimate
The updated Mineral Resource for Mpama South follows three weeks after the announcement of
the maiden Mineral Resource in the Company’s announcement of 7th March 2022. The update is
based on the receipt of assays for a further 22 drillholes to the original 79 drillholes on which the
Maiden Mineral Resource estimate was based.
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. This
practice of regularly plotting intercepted visual cassiterite and assays in news announcements,
as an early indication of where Mineral Resources may potentially extend to and then following it
up with regular Mineral Resource updates, is planned to continue during 2022.

    Figure 1: Updated Mpama South Mineral Resource and visual cassiterite intercepts
    awaiting assay

3   Data obtained from Preliminary Economic Assessment study announced on 7 March 2022.
    Source: Alphamin 2022

Following the receipt of assays for the additional 22 drillholes, an updated Mineral Resource
Estimate (MRE) for the Mpama South project was completed. The MRE, which now includes
results from 102 drillholes, was estimated using the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) Best Practice Guidelines (2019) and is reported in accordance with the 2014
CIM Definition Standards.

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.
Mpama South Inferred Resources increased by 75% to 3.42Mt. The Mineral Resource Statement
with an effective date of 28 March 2022 is presented in Table 1:-
Table 1: Updated Mpama South Mineral Resources effective 28 March 2022
                                                                                                                        Sn Tonnes
    Classification                     Tonnes (millions)                                Sn %
                                                                                                                        (thousands)
    Indicated4                                      0.85                                2.55                                21.5
    Inferred5                                       3.42                                2.45                                83.7

Mineral Resources that are not Mineral Reserves do not have a demonstrated economic viability
and require advanced studies and economic analysis to prove their viability for extraction.

4 CIM Definition: An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and
physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors insufficient detail to support mine
planning and evaluation of the economic viability of the deposit.
5 CIM Definition: An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the

basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality
continuity.

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.
The MRE has been completed by Mr. J.C. Witley (BSc Hons, MSc (Eng.)) who is a geologist with
33 years’ experience in base and precious metals exploration and mining as well as Mineral
Resource evaluation and reporting. He is a Principal Resource Consultant for The MSA Group
(an independent consulting company), is registered with the South African Council for Natural
Scientific Professions (SACNASP) and is a Fellow of the Geological Society of South Africa
(GSSA). Mr. Witley has the appropriate relevant qualifications and experience to be considered
a “Qualified Person” for the style and type of mineralisation and activity being undertaken as
defined in National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Preliminary Economic Assessment (PEA) Results on Mpama South
Summary results from the PEA announced on 7 March 2022 are tabulated below. The PEA was
based on the maiden Resource estimate and excludes Resources from the updated MRE
included in this announcement.

 Description                                                                 Unit                  Value
 Avg. Annualised ROM mined and processed                                    ‘000t                    468
 Avg. Annualised ROM grade                                                   %Sn                    2.21
 Processing recovery                                                          %                     70.0
 Avg. Annualised Contained tin produced                                    tonnes                  7,232
 Avg. Annualised AISC per tonne contained tin sold (At                     $/t tin                15,188
 US$40,000/t tin price)
 Avg. Annualised AISC per tonne contained tin sold (At                     $/t tin                14,326
 US$30,000/t tin price)
 Avg. Annualised EBITDA (At US$40,000/t tin price)                         US$’000               187,310
 Avg. Annualised EBITDA (At US$30,000/t tin price)                         US$’000               121,220
 Development Capital Estimate                                              US$’000               115,970
* The outputs are based on 100% of the project. Alphamin indirectly owns 84,14% of the project.

The PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too
speculative geologically to have economic considerations applied to them that would enable them
to be categorized as Mineral Reserves. There is no certainty that the PEA results will be realized.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability,
nor is there certainty that the Mineral Resource will be converted into Mineral Reserves.

Decision to commence with the development of Mpama South
PEA studies are conceptual in nature and are most commonly applied to projects at an early stage
of exploration to conceptualise potential viability. A PEA is not a pre-feasibility or feasibility study
and the Company does not purport the PEA results to be equivalent to a feasibility study.
However, notwithstanding the very preliminary and conceptual nature of the PEA, based on the
Company’s experience at Mpama North and knowledge base, including regarding underground
conditions, the mining method and processing route, and the proximity and very similar
characteristics of the deposits, the Company believes that Mpama South represents an
immediately accessible adjacent Resource to the current producing Mpama North mine.
The Board has approved the commencement of development of Mpama South without delay
taking account of:

   •   the opportunity to take advantage of the current and forecasted supply deficit in the tin
       market;
   •   the Company’s ability to self-fund its development from current and short-term forecasted
       cash reserves;
   •   the continued exploration success at Mpama South which has immediate potential for
       further resource extensions and successful conversion of inferred resources;
   •   the expected short payback on this capital investment;
   •   the potential significant value any additional production has to the operating profits of the
       Company in the near term.

The lead time to project completion and commissioning is estimated at 20 months with first tin
production targeted by December 2023. The surface infrastructure and processing plant
construction will be executed under an EPCM contract model, using contractors who are familiar
with the Mpama North mine, and who have proven their competence at the mine to date. The
underground mine development will be executed by a dedicated Alphamin mining team who will
progress from developing the project to planned production mining.

Qualified Persons
Mr Jeremy Witley, Pr. Sci. Nat., B.Sc. (Hons.) Mining Geology, M.Sc. (Eng.), is a qualified person
(QP) as defined in National Instrument 43-101 and has reviewed and approved the scientific and
technical information relating to Mineral Resources contained in this news release. He is a
Principal Mineral Resource Consultant of The 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 all scientific and technical information
other than relating to the mineral resources 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

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 the results of the Mpama South PEA, including estimated development
costs, estimated quantities of materials to be mined and processed, estimated grades,
metallurgical recoveries and quantities of tin to be produced, and estimated costs of production
and EBITDA, estimated time for mine construction, the merit and potential viability of the project,
estimated Mineral Resources for Mpama South, development of a mine at Mpama South and
anticipated exploration activities and outcomes. 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: uncertainties inherent in estimates of Mineral Resources, mine development and
operating costs, mining volumes, grades and processing recoveries, particularly in light of the
very early stage at which some of these estimates are being made, global economic uncertainties,
volatility of metal prices, uncertainties with respect to social, community and environmental
impacts, uninterrupted access to required infrastructure, adverse political geopolitical events,
impacts of the global Covid-19 pandemic on mining, global supply chain issues which may cause
longer lead-times to procure critical equipment and consumables which may delay project
implementation as well as those risk factors set out in the Company’s Management Discussion
and Analysis and other disclosure documents available under the Company’s profile at
www.sedar.com. 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.

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. This measure assists readers in understanding the cash generating potential of the
project including liquidity to fund working capital, pay taxes, service 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.

AISC

This measures the costs to produce a tonne of contained tin plus the capital sustaining costs to
maintain the mine, processing plant and infrastructure. AISC includes mine operating production
expenses such as mining, processing, administration, indirect charges (including surface
maintenance and camp and tailings dam construction costs), smelting costs and deductions,
refining and freight, distribution, royalties and product marketing fees. AISC does not include
depreciation, depletion, and amortization, reclamation expenses, borrowing costs and exploration
expenses. Contractual product marketing fees terminate in August 2024, following which date
zero marketing fees have been included in estimated AISC and EBITDA.

Sustaining capital expenditures are defined as those expenditures which do not increase
contained tin 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.

Risks relating to Mineral Resource Estimates

The figures for Mineral Resources contained in this news release are estimates only and no
assurance can be given that the anticipated tonnages and grades will be achieved, that the
indicated level of recovery will be realized or that the Mineral Resources could be mined or
processed profitably. There are numerous uncertainties inherent in estimating Mineral Resources,
including many factors beyond the Company’s control. Such estimation is a subjective process,
and the accuracy of any resource estimate is a function of the quantity and quality of available
data and of the assumptions made and judgments used in engineering and geological
interpretation. Short-term operating factors relating to the Mineral Resources, such as the need
for orderly development of the ore bodies or the processing of new or different ore grades, may
cause the mining operation to be unprofitable in any particular accounting period. In addition,
there can be no assurance that metal recoveries in small scale laboratory tests will be duplicated
in larger scale tests under on-site conditions or during production. Lower market prices, increased
production costs, the presence of deleterious elements, reduced recovery rates and other factors
may result in revision of its resource estimates from time to time or may render the Company’s
resources uneconomic to exploit. Resource data is not indicative of future results of operations.
If the Company’s actual Mineral Resources are less than current estimates or if the Company fails
to develop its resource base through the realization of identified mineralized potential, its results
of operations or financial condition may be materially and adversely affected.

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.

Appendix 1: SAMPLE PREPARATION, ANALYSES AND QUALITY CONTROL AND QUALITY
ASSURANCE (QAQC)
After receipt of diamond drill core from the drillers at the drill rig in marked core trays, core was
transported to the Company’s core shed by the site geologist for logging and sampling. After
sample mark up, lithological and geotechnical logging and photography, the core was split
longitudinally in half using a water-cooled rotating diamond blade core saw. The cut core was
replaced into the core tray with the half to be sampled facing upward. The Archimedes method of
weight in air vs weight in water was used to provide relative density measurements on the whole
length of the half core that was to be sampled and then replaced in the core trays.

Air dried samples were placed in pre-numbered sample bags together with pre-printed numbered
sample tickets, which were cross-checked afterwards to prevent sample swaps. Sample bags
were sealed using a plastic cable tie and then placed into poly-weave sacks which were in turn
sealed with plastic cable ties. Each poly-weave sack was marked with a number and the sample
numbers contained within, ready for delivery to the on-site Alphamin-Bisie laboratory (managed
by Anchem) for sample preparation.

At the laboratory, 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?m from which a sample for analysis was taken.
Samples were homogenised using a corner-to-corner methodology and two samples were taken
from each pulp, one of 10g for on-site laboratory preliminary assaying and another 150g sample
for export and independent accredited 3rd party laboratory assaying.

For the initial on-site laboratory assay, 10 grams of pulverised sample is mixed with 2 grams of
binder before press pellet preparation at 20t/psi for 1 minute. Press pellets are analysed in a
desktop Spectro Xepos XRF analyser, twelve at a time, for Sn, Fe, Zn, Cu, Ag, Pb and As along
with a standard, duplicate and blank. The analytical method conducted on the pressed pellet has
an expected 10% precision and an upper detection limit of 70,000ppm and lower detection limit
of 500ppm. Over-limit samples are titrated by wet chemistry with an upper limit validation of 70%
Sn. The on-site laboratory assays are merely an exploration tool and were not used for reporting
the exploration results or Mineral Resource estimation, which are based solely on the ALS assays.

The 150g sample is packaged in sealed paper sample envelopes and packed in a box for export
in batches of approximately 500 samples and prepared for export authorisation with national
authorities. Once authorisation is received, samples are air-couriered to ALS Global in
Johannesburg South Africa, a subsidiary of ALS Limited, which is an independent commercial
analytical facility. ALS operations are ISO 9001:2015 certificated and the Johannesburg office is
ISO 17025 accredited for Chemical Analysis by SANAS (South African National Accreditation
System, facility number T087), although the accreditation does not extend to the methods used
for tin.

Received samples at ALS Johannesburg are checked off against the list of samples supplied and
logged in the system. Quality Control is performed in the 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?m. 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.

Method code ME-ICP61 (HF, HNO3, HClO4 and HCl leach with ICP-AES finish) is used for 33
elements including base metals. ME-OG62, a four-acid digestion, is used on ore grade samples
for lead, zinc, copper and silver. Both methods are accredited by SANAS.

The program is designed to include a comprehensive analytical quality assurance and control
routine comprising the systematic use of Company inserted standards, blanks and field duplicate
samples, internal laboratory standards and analysis at an accredited laboratory. The pulps were
accompanied by blind QAQC samples inserted into the sample stream by the Alphamin-Bisie
geologists. These comprised blank samples, certified reference materials and pulp duplicates
each at an insertion rate of approximately 5%.

The QAQC results demonstrate that the assay results are both accurate and precise with an
insignificant amount of contamination (in the order of 10pmm Sn on average) and negligible
sampling errors.

Laboratory verification work was conducted by check assays conducted at SGS South Africa (Pty)
Ltd. This included 105 check samples submitted in November 2021. These samples comprised
duplicated pulps from the maiden resource drillholes derived from the sample preparation at the
on-site laboratory. CRMs and blanks to an appropriate level also formed part of the 105-sample
submission. Check assay results showed that there was a near zero overall bias and that inter-
lab precision, after removal of <0.10% Sn samples ,was ~85% within 10% error and ~95% within
20% error. Given the nature of high-grade tin variability and previous knowledge of umpire check
exercises at the operation, these results are considered acceptable.

         Appendix 2: SIGNIFICANT INTERCEPTS (0.5% Sn lower threshold)
         Mpama South Drillholes prefixed “BGH”
         Mpama North Drillholes prefixed “MND”
Hole     Easting   Northing   RLm   Azi (°)   Dip (°)   From     To       Sn %    Width   Sample Position
         GPS       GPS                                                            (m)1    mid_x        mid_y          mid_z
BGH017   582535    9884822    732   55        -10       237.8    238.8    4.99    1       582,732      9,884,966      678.6
BGH018   582535    9884822    732   93        0         141.2    144.35   2.07    3.15    582,691      9,884,820      727.9
                                                        145.75   151      0.76    5.25    582,696      9,884,820      727.9
BGH019   582535    9884822    732   85        -5        147      152      2.05    5       582,696      9,884,837      715.8
BGH020   582535    9884822    732   84        -15       160.6    164.4    1.45    3.8     582,704      9,884,846      689.3
                                                        169.3    171.1    5.42    1.8     582,711      9,884,846      687.7
BGH021   582535    9884822    732   93        -15       109.15   110.25   3.2     1.1     582,654      9,884,821      700.1
                                                        164.6    167.32   3.29    2.72    582,708      9,884,818      687.6
BGH022   582554    9884785    732   90        0         75       80.53    3.99    5.53    582,633      9,884,784      729.3
                                                        109      110      1.35    1       582,664      9,884,785      729.9
                                                        119.22   122.1    2.22    2.88    582,676      9,884,785      730.1
BGH023   582535    9884822    732   75        -15       171.43   174.32   1.72    2.89    582,710      9,884,859      683.7
                                                        175.85   178      1.09    2.15    582,714      9,884,860      683
BGH024   582554    9884785    732   103       -5        127.7    129.6    0.54    1.9     582,679      9,884,749      717.2
                                                        137.95   142      1.13    4.05    582,690      9,884,746      716.2
BGH025   582535    9884822    732   55        -20       212.25   213.4    0.6     1.15    582,724      9,884,919      662.3
                                                        218      221.45   2.29    3.45    582,731      9,884,921      660.7
                                                        222.7    223.7    13.05   1       582,734      9,884,923      659.9
                                                        228      234.8    2.73    6.8     582,741      9,884,926      658
BGH026   582554    9884785    732   113       -10       103.71   108      3.3     4.29    582,649      9,884,735      713.7
                                                        134.8    136.45   3.72    1.65    582,676      9,884,722      708.6
                                                        161      162.5    5.61    1.5     582,699      9,884,711      704.5
BGH030   582554    9884785    732   115       -20       110      111.4    7.24    1.4     582,655      9,884,753      692.2
                                                        141.9    152.5    4.85    10.6    582,686      9,884,745      680
                                                        158      161.2    3.61    3.2     582,699      9,884,742      675.3
                                                        174.45   175.8    11.03   1.35    582,713      9,884,738      670.5
BGH032   582554    9884785    732   125       -20       177      178.72   1.7     1.72    582,692      9,884,684      671.3
                                                        182      188.25   3       6.25    582,697      9,884,679      669.1
                                                        190.25   193      0.95    2.75    582,702      9,884,676      667.2
                                                        194.4    202      1.37    7.6     582,707      9,884,672      665.3
                                                        203.5    208      2.67    4.5     582,713      9,884,668      663.2
BGH034   582554    9884785    732   115       -25       174.8    178      11.99   3.2     582,689      9,884,696      653.3
                                                        195.7    200      1.21    4.3     582,706      9,884,686      644.8
                                                        202.37   206.65   1.86    4.28    582,711      9,884,683      642.3
                                                        208      213.3    1.4     5.3     582,716      9,884,680      640.1
                                                        216.25   221.3    1.42    5.05    582,722      9,884,676      637.3
                                                        225.65   231      0.7     5.35    582,730      9,884,671      634
BGH027   582544    9884822    732   68        -27       212.35   214      0.58    1.65    582,729      9,884,879      634
                                                        226      229.3    1.32    3.3     582,741      9,884,883      628.4
                                                        235.45   236.58   1.54    1.13    582,749      9,884,885      625.2
BGH028   582554    9884785    732   90        -10       125      126      1.72    1       582,676      9,884,772      700.9
                                                        136.1    137.18   1.85    1.08    582,687      9,884,770      698.4
                                                        140.28   142      1.03    1.72    582,691      9,884,770      697.4
                                                        147.46   151.25   2.88    3.79    582,699      9,884,769      695.5
BGH029   582544    9884822    732   93        -25       126      128.35   4.66    2.35    582,663      9,884,826      678.5
                                                        178.9    184.05   1.25    5.15    582,713      9,884,827      657.7
                                                        193.7    196.05   3.95    2.35    582,726      9,884,827      653
BGH031   582544    9884822    732   75        -25       208      211.53   0.99    3.53    582,729      9,884,876      639.9
                                                        219.4    222.38   1.16    2.98    582,739      9,884,879      636
BGH033   582544    9884822    732   60        -27       259      265.46   7.32    6.46    582,756      9,884,929      612.8
                                                        268.53   270.52   1.02    1.99    582,762      9,884,931      610
BGH035   582554    9884785    732   90        -25       152      165      2.96    13      582,686      9,884,816      665
                                                        171      173.6    1.47    2.6     582,703      9,884,815      657.4
                                                        176.6    180.08   2.4     3.48    582,709      9,884,814      654.9
                                                        147.45   151.35   2.31    3.9     582,687      9,884,878      724.8
BGH036   582544    9884822    732   65         0        156.63   160.65   0.93    4.02    582,696      9,884,881      724.7
BGH037   582554    9884785    732   105       -30       154      157      3.81    3       582,680      9,884,741      647.5
                                                        194.6    197.55   1.54    2.95    582,712      9,884,730      626
                                                        207.95   211.18   1.29    3.23    582,723      9,884,726      619.3
                                                        216.25   220.15   2.79    3.9     582,730      9,884,723      615.1
                                                        222.4    226.7    1.77    4.3     582,735      9,884,721      612.1
BGH038   582544    9884822    732   75        -30       151.7    154.6    5.22    2.9     582,677      9,884,851      654.3
                                                        218.3    223.65   3.38    5.35    582,735      9,884,861      621.4
                                                        226.7    231.5    1.95    4.8     582,743      9,884,862      617.6
BGH039   582554    9884785    732   100       -22       112.08   113      2.12    0.92    582665.1     9,884,755      687.6
                                                        116.3    120.95   3.33    4.65    582,661      9,884,753      686.1
                                                        145      166      2.2     21      582,696      9,884,744      674.2
                                                        174.5    176      0.95    1.5     582,713      9,884,739      668.9
BGH040   582544    9884822    732   60        -30       232      233      0.95    1       582,725      9,884,922      618.2
                                                        273.7    277.05   3.79    3.35    582,761      9,884,937      600
BGH041   582500    9884847    732   55        -25       340      344.5    3.03    4.5     582,807      9,885,002      599.5
BGH042   582544    9884822    732   60        -35       277.35   280      1.93    2.65    582,751      9,884,922      569.4
                                                        308.5    312      0.62    3.5     582,776      9,884,932      552.6
                                                        313      315.55   1.52    2.55    582,779      9,884,933      550.5
BGH043   582544    9884822    732   100       -10       102.5    104.15   2.69    1.65    582,644      9,884,808      709
                                                        123      124      1.06    1       582,663      9,884,805      704.8
                                                        163.64   167      2.82    3.36    582,704      9,884,798      696.7
BGH044   582500    9884847    710   70        -35       330      334.13   1.31    4.13    582,764      9,884,941      533.4
BGH045   582544    9884822    732   100       -20       120.65   121.75   31.55   1.1     582,656      9,884,806      687.4
                                                        156      159.4    0.56    3.4     582,689      9,884,799      674.7
                                                        176.7    183.62   3.24    6.92    582,708      9,884,795      668.1
BGH046   582544    9884822    732   100       -30       195.18   206      2.85    10.82   582,712      9,884,795      630.5
                                                        212.53   215.18   1.9     2.65    582,723      9,884,793      623.7
                                                        218      220.6    7.16    2.6     582,728      9,884,792      620.8
                                                        225      226      4.36    1       582,733      9,884,791      617.7
BGH047   582565    9884535    718   60         0        121.58   124.57   0.91    2.99    582,653      9,884,879      739.2
                                                        147.09   148.09   1.28    1       582,675      9,884,889      741.1
BGH048   582567    9884509    727   90         0        140.75   143.05   0.9     2.3     582,708      9,884,496      727.7
                                                        146.53   148      0.74    1.47    582,713      9,884,495      728
BGH049   582565    9884535    718   65        -15       145.4    147.4    4.27    2       582,689      9,884,599      674.5
BGH050   582567    9884509    727   105       -5        160      161.38   1.06    1.38    582,722      9,884,469      711.7
BGH051   582565    9884535    718   40         0        134.8    137      2.23    2.2     582,662      9,884,630      712.3
                                                        151      156.3    1.2     5.3     582,675      9,884,642      711.4
                                                        164.18   169.45   3.95    5.27    582,685      9,884,651      710.8
                                                        171.27   172.57   4.08    1.3     582,688      9,884,655      710.6
BGH052   582567    9884509    727   120        0        205.9    207.1    1.86    1.2     582,732      9,884,385      722.9
BGH053   582565    9884535    718   40        -15       173.73   176.93   9.58    3.2     582,685      9,884,653      669.2
                                                        178.55   181.43   4.07    2.88    582,688      9,884,656      667.9
                                                        192.41   196.86   3.28    4.45    582,698      9,884,666      664
                                                        198.86   206.77   2.45    7.91    582,704      9,884,671      661.8
                                                        207.53   209.5    5.04    1.97    582,708      9,884,675      660.3
                                                        214.65   216      2.32    1.35    582,713      9,884,680      658.6
BGH054   No significant intercepts
BGH055   582565    9884535    718   80        -15       145      146      0.62    1       582,705      9,884,549      682.7
BGH056   No significant intercepts
BGH057   No significant intercepts
BGH058   582565    9884510    727   95        -5        153.35   155.6    1.98    2.25    582,717.30   9,884,501.20   703.9
BGH059   582567    9884536    718   95         0        165      166      3.63    1       582,732.30   9,884,528.30   714.4
BGH060   No significant intercepts
BGH061   582567    9884536    727   130       -10       157.57   159.19   1.22    1.62    582,719      9,884,525      677.7
BGH062   582567    9884537    718   95        -15       154      156      2.18    2       582,695      9,884,589      650.2
BGH063   582782    9884646    829   270       -70       186.25   194.37   0.82    8.12    582,719      9,884,661      650.5
                                                        197.42   202.45   1.12    5.03    582,715      9,884,661      641.8
                                                        205      209.05   0.83    4.05    582,712      9,884,661      635.4
                                                        211.13   218.9    2.06    7.77    582,709      9,884,661      628.3
                                                        220.4    222.55   0.86    2.15    582,706      9,884,661      622.5
                                                        231      233      0.87    2       582,701      9,884,661      613
BGH064    582888   9884976    839   270       -50       220.8    222.6    0.63    1.8    582,746       9,884,976      668.9
BGH065    582913   9885057    819   270       -60       271      275.95   2.93    4.95   582,769       9,885,057      586.1
                                                        291.56   292.56   1.7     1      582,759       9,885,057      570.9
BGH066    582888   9884976    839   270       -60       276      278.59   8.49    2.59   582,754       9,884,965      596.1
                                                        300      301      1.78    1      582,742       9,884,965      576.6
BGH067    582913   9885057    819   270       -67       295.75   300.47   3.21    4.72   582,789       9,885,065      548.1
                                                        303      304.62   1.56    1.62   582,786       9,885,065      543.1
                                                        337      338      0.55    1      582,769       9,885,068      514.3
BGH068    582913   9885057    819   270       -50       247      248.2    2.1     1.2    582,749       9,885,051      633.1
                                                        251.8    255.1    1.75    3.3    582,745       9,885,051      628.8
BGH069    582888   9884976    839   270       -70       321.8    324.73   3.84    2.93   582,779       9,884,962      534.7
BGH070    582913   9885057    819   270       -73       331      336.35   3       5.35   582,802       9,885,040      505.2
BGH071    No significant intercepts
BGH072    582852   9884845 831      270       -67       274.6    279.7    2.7     5.1    582,749       9,884,847      574
                                                        290.4    294.8    3.61    4.4    582,742       9,884,847      560
BGH073    582731   9884691    838   280       -60       121      123      0.72    2      582,671       9,884,702      731.9
BGH074    582944   9885130    798   270       -67       278.9    283.93   2.85    5.03   582,810       9,885,137      551.2
                                                        285.49   289.1    1.6     3.61   582,807       9,885,138      546.3
                                                        294.51   297.3    7.14    2.79   582,802       9,885,139      539.1
                                                        299.65   303.34   0.53    3.69   582,799       9,885,139      534.5
BGH075    582731   9884691    838   270       -70       115.4    116.65   6.76    1.25   582,690       9,884,690      729.4
                                                        119.5    120.8    15.22   1.3    582,688       9,884,690      725.7
                                                        125.09   129.8    3.56    4.71   582,684       9,884,690      719.3
                                                        162.55   164.63   8.94    2.08   582,667       9,884,689      687.8
BGH076    582752   9884801    849   300       -40       108      109      0.84    1      582,682       9,884,844      779.6
                                                        118.8    119.45   3.71    0.65   582,675       9,884,848      772.7
                                                        128.15   131      2.82    2.85   582,668       9,884,852      765.8
                                                        136.7    137      0.97    0.3    582,663       9,884,855      761
BGH077    582944   9885130    798   270       -72       316.84   321.2    2.57    4.36   582,830       9,885,130      501.7
                                                        323      328.36   2.56    5.36   582,827       9,885,130      495.8
                                                        329.06   330.13   0.52    1.07   582,825       9,885,130      492.4
                                                        335.25   337.36   9.63    2.11   582,822       9,885,130      486.5
                                                        339.77   340.07   7.07    0.3    582,820       9,885,131      483.4
BGH078    582752   9884801    849   280       -40       102      106      1.88    4      582,674       9,884,816      782.6
                                                        108      109      0.62    1      582,671       9,884,817      779.7
                                                        115      117.15   0.8     2.15   582,665       9,884,818      774.8
BGH079    582852   9884845    831   270       -73       290.15   294.4    1       4.25   582,765       9,884,842      552.6
                                                        296.3    302.3    9.46    6      582,763       9,884,841      546.1
                                                        304.81   305.7    18.75   0.89   582,761       9,884,841      540.5
                                                        312      313      1.08    1      582,758       9,884,841      533.8
                                                        316.9    321.63   4.65    4.73   582,755       9,884,840      527.5
                                                        322.57   328      5.41    5.43   582,753       9,884,840      522
                                                        328.95   329.48   1.59    0.53   582,751       9,884,840      518.4
                                                        340.68   341.42   4.29    0.74   582,747       9,884,839      507.6
BGH080    582944   9885130    798   270       -75       339.9    343.6    1.05    3.7    582,853       9,885,141      469.2
                                                        345      346.55   4.11    1.55   582,851       9,885,141      465.5
                                                        360.7    361      11.95   0.3    582,846       9,885,143      451.5
BGH081a   583022   9885299    776    270      -50       269      274.56   1.99    5.56   582,838       9,885,306      578.6
                                                        275.56   275.86   0.64    0.3    582,835       9,885,307      576
BGH082a   583013   9885209    752    270      -50       263.83   266.3    3.43    2.47   582,836       9,885,222      556
                                                        268.35   269.15   3.32    0.8    582,833       9,885,223      553.5
                                                        276.97   277.27   15.65   0.3    582,827       9,885,224      547.9
BGH083    No significant intercepts
BGH084    583023   9885299    776    270      -57       278.95   280.9    6.25    1.95   582,857       9,885,307      552.8
                                                        283.06   286.31   1.28    3.25   582,854       9,885,307      549.2
BGH085    583023   9885299    776    270      -65       294.65   298.35   0.83    3.7    582,890       9,885,304      512.9
BGH086    583013   9885208    752    270      -57       275.35   280.78   3.07    5.43   582,847       9,885,214      530.1
                                                        286.05   286.51   18.9    0.46   582,841       9,885,215      524.4
BGH087    583023   9885299    777    270      -75       263.75   264.28   0.59    0.53   582,946       9,885,305      525.0
BGH088    583012   9885208    752    270      -67       297.74   299.46   11.93   1.72   582,876       9,885,221      487.3
                                                        301      301.77   6.79    0.77   582,875       9,885,221      485.0
                                                        303.7    304      2.47    0.3    582,873       9,885,222      483.0
                                                        305.7    306      1.66    0.3     582,872      9,885,222      481.4
                                                        307.2    307.55   6.66    0.35    582,871      9,885,223      480.2
                                                        308.26   308.93   12.15   0.67    582,871      9,885,223      479.2
                                                        309.46   309.77   1.98    0.31    582,870      9,885,223      478.3
                                                        310.35   310.68   17.65   0.33    582,869      9,885,223      477.6
                                                        313      313.85   2.82    0.85    582,868      9,885,224      475.3
                                                        324.48   324.86   5.77    0.38    582,861      9,885,226      466.3
                                                        325.43   325.83   10.40   0.4     582,861      9,885,226      465.6
BGH089    582951   9885352    779    270     -50        198      199      4.58    1       582,822      9,885,357      628.9
                                                        202.65   203.45   12.25   0.8     582,819      9,885,357      625.5
                                                        205.1    205.54   7.96    0.44    582,818      9,885,357      623.7
                                                        217.45   218.45   31.90   1       582,809      9,885,358      614.1
BGH090    582951   9885423    769    270     -50        168.8    170.48   2.45    1.68    582,843      9,885,424      638.3
                                                        170.88   171.48   12.55   0.6     582,842      9,885,424      637.1
                                                        172.97   173.3    5.05    0.33    582,841      9,885,424      635.6
BGH091    582951   9885352    779    270     -65        222.1    223.5    4.02    1.4     582,850      9,885,358      581.3
BGH092    583021   9885430    752    270     -55        193.5    193.88   17.15   0.38    582,913      9,885,431      591.9
BGH093    583013   9885345    759    270     -70        224.25   224.75   4.06    0.5     582,932      9,885,341      549.9
                                                        225.8    226.72   1.81    0.92    582,931      9,885,341      548.3
                                                        227.7    228.3    2.75    0.6     582,930      9,885,341      546.7
BGH094    582990   9885055    810    270     -65        381      384.81   3.84    3.81    582,808      9,885,054      473.5
                                                        389.74   390.25   5.95    0.51    582,805      9,885,054      467.4
                                                        408.45   411      5.82    2.55    582,795      9,885,054      450.4
BGH095    582960   9884759    831    270     -60        391.57   399.6    4.56    8.03    582,773      9,884,762      482.7
                                                        400      401      1.85    1       582,770      9,884,761      478.6
                                                        405      411.97   4.47    6.97    582,766      9,884,761      471.9
                                                        414      414.3    1.36    0.3     582,763      9,884,761      467.2
BGH096       No significant intercepts
BGH097    583013   9885345    759    270     -58        242      245.5    1.10    3.5     582,879      9,885,344      555.7
                                                        247      250.1    2.66    3.1     582,876      9,885,344      551.8
BGH099       No significant intercepts
BGH100    583013   9885345    759    270     -79        226.76   231.27   2.09    4.51    582,965      9,885,347      535.2
                                                        233.08   235      1.58    1.92    582,964      9,885,347      530.3
BGH101    582990   9884975    813    270     -65        387.37   388.62   2.66    1.25    582,802      9,884,968      474.7
                                                        392.33   394.68   1.49    2.35    582,799      9,884,968      470.1
                                                        396      398.24   0.53    2.24    582,797      9,884,968      467.1
                                                        402.74   410.2    3.68    7.46    582,792      9,884,967      459.3
                                                        423.64   425.48   13.48   1.84    582,781      9,884,967      444.5
BGH102       No significant intercepts
MND001       No significant intercepts
MND002       No significant intercepts
MND003       No significant intercepts
MND004    583392   9886283    682    270     -52        524.76   525.06   0.67    0.3     582,994      9,886,250      347
MND005       No significant intercepts
MND006       No significant intercepts
MND007    583100   9886210    726    270     -75        402      402.45   0.58    0.45    582,987      9,886,211      340.5
MND009    582881   9886200    752    270     -65        96.35    96.75    2.28    0.4     582,842      9,886,200      667.3
MND010       No significant intercepts
MND011    583103 9886211 726         270     -83        419.26   428      21.85   8.74    583,021      9,886,194      312.7
                                                        430.6    438.9    17.52   8.3     583,018      9,886,193      302
MND012    582950   9886140    765    270     -60        64.7     65.35    12.2    0.65    582,916      9,886,142      699.8
MND013    582945   9886142    759    270     -50        142.7    142.98   10.05   0.28    582,852      9,886,146      651.2
                                                        177      178      1.02    1       582,829      9,886,146      625.5
MND014       No significant intercepts
MND015a   582950   9886140    755    270     -70        172.32   172.68   6.34    0.36    582,887      9,886,144      594.8
MND016    583063   9886162    741    270     -50        249.42   253      0.62    3.58    582,895      9,886,161      554.1
MND017    583200   9886170    745    270     -50        385      386      1.02    1       582,952      9,886,164      450.4
MND018    583063   9886162    741    270     -60        284.7    285      11.7    0.3     582,912      9,886,160      499.2
MND019    583200   9886170    745    270     -64        432.24   444      25.94   11.76   582,996      9,886,161      357.6
                                                        445      445.55   15.3    0.55    582,993      9,886,160      351.6
1. Apparent widths, not true thickness

               Appendix 3: Checklist of Assessment and Reporting Criteria

Drilling techniques         All drillholes were diamond drill cored and drilled from surface (most
                            intersections drilled using NQ size), holes drilled orientated in an east-west
                            direction were angled between -60° and -70°. Holes collared in the west
                            were drilled out in fan patterns into the side of a hill and angled between 0°
                            and minus 35°.
Logging                     All of the drillholes were geologically logged by qualified geologists. The
                            logging is of an appropriate standard for grade estimation.
Drill sample recovery       Core recovery in the mineralised zones was observed to be very good and
                            is on average 97%.
Sampling methods            Half core samples were collected continuously through the mineralised
                            zones after being cut longitudinally in half using a diamond saw. Drillhole
                            samples were taken at nominal 1 m intervals, which were adjusted to
                            smaller intervals in order to target the cassiterite vein zones. Lithological
                            contacts were honoured during the sampling. MSA’s observations indicated
                            that the routine sampling was performed to a reasonable standard and is
                            suitable for evaluation purposes.
Quality of assay data and   At the on-site ABM laboratory (managed by Anchem), samples were first
laboratory tests            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?m
                            from which a sample for analysis was taken. Samples were homogenised
                            using a corner-to-corner methodology and two samples were taken from
                            each pulp, one of 10g for on-site laboratory assaying and another 150g
                            sample for export and independent accredited 3rd party laboratory
                            assaying.
                            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?m. 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.
                            Prior to the 2021 drilling the assays were also conducted at ALS Global in
                            Johannesburg where samples were analysed for tin using fused disc ME-
                            XRF05 with 10% precision and an upper limit of 10 000 ppm. This was
                            reduced to 5,000 ppm from 2014 onwards. Over limit samples were sent to
                            Vancouver for ME-XRF10 which uses a Lithium Borate 50:50 flux with an
                            upper detection limit of 60% and precision of 5%.
                            ME-ICP61, HF, HNO3, HCL04 and HCL leach with ICP-AES finish was
                            used for 33 elements including base metals. ME-OG62, a four-acid
                            digestion, was used on high grade samples for Pb, Zn, Cu & Ag.
                            External quality assurance of the laboratory assays for the Alphamin
                            samples was monitored. Blank samples (223), certified reference materials
                            (310) and duplicate samples (277) were inserted with the field samples
                            accounting for approximately 11% of the total sample set.
                            The QAQC measures used by Alphamin revealed the following:
                                •    Blank samples indicated that no significant contamination occurred
                                     overall. Low levels of contamination (mostly <200 ppm Sn) mostly
                                     occurred, however 9 values between 229 ppm and 1,285 ppm
                                     were returned. Given the high grades at Bisie, the levels of
                                     contamination are not significant.
                                    •    Five different CRMs were used with expected values between
                                         0.18% and 31.42% Sn. The lower grade CRMs were prepared by
                                         Ore Research and Exploration (OREAS) and the two high grade
                                         CRMs (4.19% and 31.42% Sn) by the Bureau of Analysed
                                         Samples Ltd (BCS). In general, ALS returned values within the
                                         tolerance limits (three standard deviations) for the OREAS CRMs,
                                         although slightly lower than the expected value. Assays of the
                                         highest grade BCS CRM were mostly outside of the three standard
                                         deviation limits but within ±4%of the expected value. The update
                                         assays of the high grade BCS-355 CRM were within ±6% of the
                                         expected value with no overall bias relative to the CRM expected
                                         value. For the 5.07% Sn BCS CRM, assays were consistently
                                         lower than the expected value by as much as 7%. This trend
                                         continued for the update assays with an average under-assay of
                                         7% relative to the CRM expected value. Overall, the CRMs results
                                         indicate a slight negative bias for the ALS assays.
                                    •    Coarse duplicates show mostly excellent correlation, indicating
                                         minimal error in the process and a high degree of repeatability.
Verification of sampling and    The mineralisation in thirteen of the drillholes completed in 2021 at Mpama
assaying                        South were visually verified during a site-visits by the QP in August 2021
                                and several of the initial drillholes were examined during earlier site visits to
                                Bisie. The QP observed the mineralisation in the cores and compared it with
                                the assay results. It was found that the assays generally agreed with the
                                observations made on the core. Core photos from the drilling programme
                                have regularly been provided to the QP for inspection.
                                105 pulp duplicates were sent to SGS (Johannesburg) in November 2021
                                for confirmation assaying.
                                    •    The pulp duplicates showed acceptable correlation with the ALS
                                         assays at both high- and low-grade ranges with an overall bias of
                                         near zero.
                                          o Average bias for grade ranges > 1% is less than 1%.
                                          o Tendency for ALS to be higher (~5%) for the grade ranges
                                              less than 1%.
                                    •    Inter-lab precision (after removal of <0.10%) is 85% within 10%
                                         error and 95% within 20% error
Location of data points         The drillhole collar positions were surveyed using a differential GPS.
                                Downhole surveys were completed using a multishot down-hole survey
                                instrument (Reflex EZ-Track), or north seeking gyro (Reflex EZ-Gyro /
                                Reflex Gyro Sprint-IQ).
Tonnage factors (in situ bulk   Relative density measurements were made on the majority of recent
densities)                      drillhole samples using the Archimedes Principle of weight n air versus
                                weight in water. A regression formula of tin grade against relative density
                                was developed and applied to the samples that did not have direct
                                measurements. The assigned specific gravity was interpolated into the
                                block model using ordinary kriging.
Data density and distribution   A total of 107 holes were drilled in Mpama South. Holes were drilled steeply
                                from east to west, along section lines spaced approximately 60 m to 80 m
                                apart. Several sets of holes were drilled in a fan pattern into the side of a
                                steep hill, with orientations spanning from the northeast to the southeast
                                (from azimuth 045° to 125°). These drillholes fans intersect the
                                mineralisation 25 m to 40 m apart in most of the Mineral Resource area.
Database integrity              Data was provided as Excel files. MSA completed spot checks on the
                                database and is confident that the Alphamin database is an accurate
                                representation of the original data collected.
Dimensions                      The mineralisation consists of seven zones, with a total extent of 1 110 m
                                along strike. The two main zones are MZ1 which has a strike length of 900
                                metres and 350 m down-dip and MZ2, with a strike length of 650 m and 350
                                m down-dip, accounting for 88% of the Mineral Resource.
                                The zones occurring in the footwall and hangingwall of the MZ1 and MZ2
                                tend to be narrower and irregular in shape with strike lengths from 100 m to
                                300 m. MZ6, which is located to the south has a strike length of 270 m and
                                a dip length of 110 m.
Geological interpretation       The mineralised intersections in drill core are clearly discernible. The
                                Mineral Resource is interpreted to occur as irregular tabular mineralised
                                zones, dipping 65-70° to the east, containing several narrow veins and
                                disseminations of cassiterite. The mineralised zones are hosted in chlorite
                                schist that is the result of intense hydrothermal alteration associated with a
                                fracture system.
                                The two main zones of the Mineral Resource (MZ1 and MZ2) are
                                continuous for almost 900 m, with average thicknesses of 4.1 m and 3.4 m
                                respectively. However, the thicknesses of these two zones vary from as little
                                as 1 m, up to 14 m thick.
                                Three smaller zones (MZ3 to MZ5) occur in the footwall of the main
                                mineralisation which progressively become narrower, moving away from the
                                main zone. MZ3 thickness ranges from 1 m to 9 m with an average
                                thickness of 1.5 m. MZ4 has an average thickness of 1 m, attaining a
                                maximum thickness of 5 m. MZ5 has an average thickness of 1.2 m,
                                ranging from 1 m to 5 m. All zones become narrower along the edges,
                                where they pinch-out.
                                A small, narrow zone (MZ7) occurs in the hangingwall of the main
                                mineralisation with an average thickness of 0.5 m and a maximum thickness
                                of 4 m.
                                MZ6, which occurs to the south, tends to be lower in grade and has an
                                average thickness of 4 m, ranging from 1 m up to 9 m.
                                A three-dimensional wireframe model was created for the seven zones of
                                mineralisation based on a grade threshold of 0.40% Sn. The MZ1 and MZ2
                                make up the main zone, which are the most consistent zones and occur
                                within a persistent chlorite schist. Narrower less continuous zones occur
                                above and below the main zone within chlorite-mica schists.
Domains                         The mineralisation was modelled as seven tabular zones containing
                                irregular vein style mineralisation. A hard boundary was used to select data
                                for estimation in order to honour the sharp nature of vein boundaries.
Compositing                     Sample lengths were composited to 1 m by length and density weighting.
Statistics and variography      Statistics for the seven estimation domains show distributions that are
                                positively skewed with coefficients of variation (CV) ranging from 1.33 to
                                1.97, the only exception being domain MZ7 which shows lower variability
                                due to very few composites resulting in a CV of 0.79.
                                The two main zones (MZ1 and MZ2) have similar average tin grades
                                (2.30% and 2.07% respectively). The smaller, footwall zones (MZ3 to MZ5)
                                are higher in tin grade with averages ranging from 2.4% to 4.11% while MZ6
                                and MZ7 are lower in tin grade, with an average of 0.57% and 1.05%
                                respectively.
                                Normal Scores semivariograms were calculated in the plane of the
                                mineralisation, down-hole and across strike. Variograms were modelled for
                                tin, with a range of 40 m within the plane of mineralisation and with a range
                                of 3 m across the structures.
Top or bottom cuts for grades   Top caps were applied to outlier values, identified as breaks in the
                                cumulative, probability plots.
Data clustering                 Data clustering occurs where the fan drilling, collared on the western side of
                                the deposit, intersect the surface drilling collared in the east, resulting in a
                                data spacing of 25 m to 40 m towards the centre of the deposit. Outside of
                                this area, the grid spacing becomes more regular, 60m to 80 m along strike
                                and 50 m down-dip.
Block size                      A rotated block model with a parent cell of 10 mX by 10 mY by 2 mZ was
                                used. Sub-celling was used to divide the parent cells to a minimum sub-cell
                                of 1 mX by 1mY by 0.2 mZ to closely fit the narrow portions of the vein
                                structures
Grade estimation                Tin, copper, lead, zinc, silver, arsenic and density were estimated using
                                ordinary kriging. A minimum number of 5 and a maximum of 10 one metre
                                composites were required for the tin and density estimates. A minimum of 5
                                and maximum of 8 composites were used for the other elements.
                                Estimation was carried out in three passes, with the first pass using search
                                volumes coinciding with the variogram ranges. A second pass estimate
                                expanded the search volumes by a factor of 1.5 to estimate blocks where
                                insufficient samples were present for an estimate in the first pass. Where
                                blocks remained un-estimated from the first two passes, a third pass, using
                                an expansion factor of 10 was used to ensure all blocks in the model
                                received a grade and density estimate.
                                Dynamic Anisotropy was used to orientate the search volumes to the strike
                                and dip of the individual mineralised zones.
Resource classification         Indicated Mineral Resources were declared where the drillhole spacing is
                                approximately 40 m and where the geological model has low variability. The
                                remainder of the interpreted model was classified as Inferred Mineral
                                Resources, corresponding to areas informed by drilling spaced 50 m to 80
                                m apart with a maximum extrapolation of 20 m from the nearest drillhole.
Mining cuts and cut-off grade   A minimum of 1 m was applied to the mineralisation model. The thickness,
assumptions.                    grade and steep dip implies that the Mineral Resource can be extracted
                                using established underground mining methods similar to those applied at
                                Mpama North.
                                A 1% cut-off grade was applied based on the Mpama North costs and
                                prevailing tin price.
                                Isolated blocks above cut-off grade in dominantly low-grade areas of the
                                model were not included in the Mineral Resource
Metallurgical factors or        The tin mineralisation occurs as cassiterite, an oxide of tin (SnO2). At
assumptions                     Mpama North gravity separation is used to produce a tin concentrate. The
                                Cu, Zn and Pb mineralisation occurs as sulphides, which are removed by
                                flotation to create the cassiterite product. It is assumed that similar
                                processes will be used to process the Mpama South mineralisation.
Legal aspects and tenure        Alphamin through its wholly owned DRC subsidiary, Alphamin Mining Bisie
                                SA, has a Mining License PE 13155 which includes the Bisie Tin Mine.
                                Alphamin has an 84.14 percent interest in ABM. The Government of the
                                Democratic Republic of Congo (GDRC) has a non-dilutive, 5% share in
                                ABM.
Audits, reviews and site        The following review work was completed by MSA:
inspection                          •    Inspection of approximately 20% of mineralised core intersections
                                         used in the Maiden Mineral Resource estimate.
                                    •    Database checks.
                                    •    Inspection of Mpama South drill sites in August 2021.
                                    •    On-site review of the exploration processes.
                                    •    Laboratory inspections.

Date: 29-03-2022 01:00:00
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