ALPHAMIN ANNOUNCES Q1 EBITDA GUIDANCE OF US$52 MILLION/ MPAMA SOUTH COMMISSIONING UPDATE

GRAND BAIE, MAURITIUS, April 09, 2024 (GLOBE NEWSWIRE) -- 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 provide the following update for the quarter ended March 2024:

• EBITDA⁴ guidance of US$52m, up 156% from the prior quarter
• Tin sales of 4,126 tonnes, up 102% due to delayed sales the previous quarter
• Tin production of 3,142 tonnes
• Mpama South commissioning update

Operational and Financial Summary for the Quarter ended March 2024²

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¹Data obtained from International Tin Association Tin Industry Review 2022 ²Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. ³Q1 2024 EBITDA and AISC represent management’s guidance. ⁴This 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 and calculation of this financial measure.

Operational and Financial Performance

Contained tin production of 3,142 tonnes for the quarter ended March 2024 was 1% above that achieved in the previous period. Road conditions have improved during Q1 2024 and as a result the Company sold 4,126 tonnes of contained tin which incorporated most of the prior quarter’s backlog (Q4 2023: 2,046 tonnes).

EBITDA for Q1 2024 is estimated at US$52m (Q4 2023: US$20m). The EBITDA variance compared to the prior quarter is attributable to higher tin sales volumes due to the clearance of most of the Q4 2023 sales backlog and a 7% increase in the tin price. Tin prices are currently trading at ~US$30,000/t, 12% above prices achieved in Q1 2024. Guidance for AISC per tonne of tin sold is up 1% from the previous quarter at US$14,785 largely due to increased royalties, export duties, marketing commissions and net smelter returns, which are calculated with reference to the higher tin price.