Alphamin Announces Financial Results for the Quarter Ended June 2020/ Updates Corporate Matters

GRAND BAIE, Mauritius, Aug. 07, 2020 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, “Alphamin” or the “Company”) is pleased to report its financial results for the quarter ended June 2020. The Company has filed on SEDAR at www.sedar.com today its interim financial statements and related management’s discussion and analysis for the quarter.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

• Tin production up 29% to 2,739 tons versus previous quarter
• AISC per ton of tin sold down 13% to US$10,849 versus previous quarter
• EBITDA of US$12,9 million
• Q3 2020 production guidance of 2,600 - 2,800 tons contained tin
• Increase in ownership of the Bisie tin mine from 80.75% to 84.14%
• $31.2m debt reduction concluded concurrently with $31m offering of shares
• Significant improvement in debt terms following the restructure including an interest rate reduction and partial debt holiday in 2020
• Initiation of significant growth initiatives post quarter-end

Production and Financial Summary for the Quarter ended June 2020¹

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

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¹ Production and financial information are disclosed on a 100% basis. Alphamin indirectly owns 80,75% (84,14% post quarter-end) of its operating subsidiary to which the information relates.

Operational Performance:
Tin production increased 29% to a quarterly record 2,739 tons and was higher than our previous market guidance due to better than expected tin feed grades. Plant throughput increased 8% to 91,928 tons from higher underground volumes derived from the new Open Stoping with Hydraulic Backfill (LHS) mining method. During the quarter, mined volumes exceeded plant throughput by some 4,000 tons increasing the run-of-mine stockpiles. The processing plant is performing well and various initiatives aimed at achieving consistently higher throughput are underway.

The all-in sustaining cost per ton of payable tin sold reduced by 13% to US$10,849 mainly attributable to increased tin production. Additionally, the previous quarter’s costs were negatively affected by high arsenic penalties and exceptional logistical costs incurred while the national road bridge was under repair.

The Bisie tin mine recorded two lost-time injuries during the past quarter. An employee and a contractor sustained minor injuries during two separate accidents – and both have returned to work.