ALPHAMIN PROVIDES UPDATE ON IMPACT OF THE ROAD CONDITIONS; REVISES GUIDANCE

Grand Baie, MAURITIUS, Dec. 22, 2023 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( “Alphamin” or the “Company”), a producer of 4% of the world’s mined tin from its high grade operation in the Democratic Republic of Congo, wishes to update shareholders and other market participants regarding the road conditions and the impact it has on Q4 2023 tin concentrate sales and the timing of the commissioning of the Mpama South plant.

As reported on 16 November 2023, poor road conditions resulting from heavy rainfall has had a negative impact on truck transit times and export revenue receipts as well as the arrival of the last batch of containers for the Mpama South processing plant. These road conditions have further deteriorated with ongoing heavy rains which are only recently showing signs of subsiding. Historically, the months of December, January and February are relatively dry from a rainfall perspective.

As a result of increased truck transit times, contained tin sales for Q4 2023 are now expected to be between 2,000 tonnes and 2,200 tonnes (Q3 2023: 3,110t). Contained tin production remains on target and is expected at approximately 3,100 tonnes for Q4 2023 (Q3 2023: 3,104t). The Q4 2023 sales delays should catch-up during Q1 2024 when road conditions are expected to improve. For the year ending December 2023, contained tin production of approximately 12,500 tonnes (previous guidance: 12,000t) and contained tin sales of approximately 11,400 tonnes (previous guidance: 12,000t) are expected.

The delay in the arrival of the last batch of containers required for the completion of the Mpama South plant is estimated to defer the project’s completion by a further month with commissioning now expected from late February 2024 and ore processing from the end of March 2024. The Mpama South underground mine is operational and has commenced with the stockpiling of ore on surface in preparation for a rapid ramp-up during plant commissioning.

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FOR MORE INFORMATION, PLEASE CONTACT:

Maritz Smith                                
CEO                        
Alphamin Resources Corp.