Alphamin Releases Financial Statements and Management’s Discussion and Analysis for the Quarter Ended September 2020

GRAND BAIE, Mauritius, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, “Alphamin” or the “Company”) is pleased to release its financial statements and management’s discussion and analysis for the third quarter ended September 2020 on SEDAR at www.sedar.com

FINANCIAL AND OPERATIONAL HIGHLIGHTS

• Tin sales up 3% to 2,695 tons versus previous quarter
• EBITDA up 24% to US$16.1 million for the quarter
• Run-of-mine material processed up 5% versus previous quarter
• Q4 2020 production guidance of 2,600 - 2,800² tons contained tin
• Commencement of significant growth initiatives
  

Production and Financial Summary for the Quarter ended September 2020¹

Description	Units	Actual
		Quarter ended September 2020	Quarter ended June 2020	Variance
Tons Processed	Tons	96,086	91,928	5%
Tin Grade Processed	% Sn	3.8	4.3	-12%
Overall Plant Recovery	%	71	69	3%
Contained Tin Produced	Tons	2,563	2,739	-6%
Contained Tin Sold	Tons	2,695	2,613	3%
EBITDA	US$'000	16,052	12,900	24%
AISC per ton tin sold	US$/t	10,777	10,849	-1%
Tin Price Achieved	US$/t	17,436	15,359	14%

Operational Performance

Run-of-mine volumes processed increased 5% to 96,086 tons. Our average tin grade was lower than the previous quarter at 3.8% however, this only marginally reduced the year to date average tin grade to 3.9%, and we expect to achieve our target tin grade of 4.0% for the financial year ending December 2020. Increased plant recoveries and throughput partially offset the impact of the lower tin grades. Tin production was at the lower end of our previous production guidance range and tin sales increased 3% to 2,695 tons for the quarter.