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Alphamin Resources Announces Q1 2021 EBITDA Guidance of US$36,5M/ Production, Sales and Growth Update
GRAND BAIE, Mauritius, April 09, 2021 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, “Alphamin” or the “Company”), a producer of 4% of th
About this update from Alphamin Resources Corp.
[{"type":"text","content":" GRAND BAIE, Mauritius, April 09, 2021 (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 operational and growth update for the quarter ended March 2021: Q1 EBITDA guidance of $36,5m, which would be a new quarterly record, at a tin price of $23,083/t (Current: ~$25,000/t); Tin sales of 3,351 tons, up 45% from the previous quarter; Main Zone mineralisation intercepted at Mpama South, based on visual inspection and interpretation, is comparable to the Resource mined at the high grade Mpama North Mine; New parallel mineralisation zone discovered in the footwall of the Main Zone at Mpama South; Fine tin recovery plant on schedule for commissioning during June 2021 Operational and Financial Summary for the Quarter ended March 20212 Description Units Actual Quarterended March2021 QuarterendedDecember2020 Variance Tons Processed Tons 93,997 93,560 0 % Tin Grade Processed % Sn 3.8 4.2 -9 % Overall Plant Recovery % 74 74 -0 % Contained Tin Produced Tons 2,611 2,898 -10 % Contained Tin Sold Tons 3,351 2,306 45 % EBITDA (Q1 2021 guidance) US$'000 36,5003 16,748 118 % Tin Price Achieved US$/t 23,083 18,497 25 % ____________________________________________________________________________ 1Data obtained from International Tin Association Tin Industry Review 2020 2 Production information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. 3Q1 2021 EBITDA represents management’s guidance. Operational and Financial Performance Contained tin sales of 3,351 tons was 45% higher than the previous quarter as we recouped the sales shortfall of Q4 2020. Contained tin production of 2,611 tons was impacted by a lower feed grade of 3.8% Sn compared to 4.2% Sn the previous quarter. Tin feed grades are variable between quarters but on average trend close to the targeted 4% Sn Reserve Grade over a rolling 12-month period. The processing plant performed well at an average recovery of 74% whilst treating more material than the previous quarter. Our EBITDA guidance of $36,5m for Q1 2021 is 118% above the previous quarter due to increased sales volumes benefiting from a 25% higher tin p...