ALPHAMIN ANNOUNCES Q1 EBITDA GUIDANCE OF US$52 MILLION/ MPAMA SOUTH COMMISSIONING UPDATE - Seite 2

Alphamin’s unaudited consolidated financial statements and accompanying Management’s Discussion and Analysis for the quarter ended 31 March 2024 are expected to be released on or about April 29, 2024.

Mpama South commissioning update

Commissioning of the Mpama South processing plant is progressing well albeit a few weeks behind our target of tin production from early April 2024. The Company’s processing and engineering team is now part of the final commissioning and the SMPPEI (structural, mechanical, piping and platework, electrical and instrumentation) contractor’s labour complement is reducing as its activities scale down.

The Mpama South underground development continues on target and ore stockpiles are being established ahead of the plant. The crusher circuit has produced approximately 5,300 tonnes of crushed ore for the hot commissioning of the jigging, gravity and fine tin plant areas. Representatives of the original equipment manufacturer of the crusher are on site attending to the replacement of a failed mechanical unit. The mine has replacement spares for this unit while the matter is being addressed.

1.Run of mine stockpile ahead of the crushing plan

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2.Crushing plant and crushed ore stockpile 

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3.   Jigging Area 

 
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4.Gravity processing facility, fine tin plant and concentrate drying

 
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Liquidity and dividend update

The Company’s cash position increased to US$53,5m as at 31 March 2024 (Net Debt⁴: US$28m) from US$7,2m at the end of the prior quarter (31 December 2023 Net Debt: US$73m).

As previously reported, the Company intends to make a final FY2023 dividend decision in April 2024 to align with the timing of holding the annual general meeting of Alphamin Bisie Mining SA (ABM), the Company’s DRC operating subsidiary, to approve ABM’s annual financial statements and to consider the declaration of a dividend for distribution to its shareholders. The ABM annual general meeting has been scheduled for 24 April 2024. Alphamin Resources has scheduled a board meeting for 26 April 2024 to consider a final FY2023 dividend.