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Alphamin Resources Announces Q1 2022 EBITDA of US$98M/ Tin Sold Up 9% to 3,336 Tonnes for the Quarter
MAURITIUS, May 13, 2022 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( “Alphamin” or the “Company”), a producer of 4% of the world’s min
About this update from Alphamin Resources Corp.
[{"type":"text","content":" MAURITIUS, May 13, 2022 (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 update for the quarter ended March 2022: Q1 EBITDA2 of US$98.1m, up 32% from prior quarter Contained tin sold up 9% from the prior quarter to 3,336 tonnes Record plant recovery of 78% achieved (previous quarter: 75%) Net cash2 position increased 90% to US$129.8m, after a US$30m dividend payment Maiden mineral resource declared and subsequently updated at Mpama South Decision to commence construction of the Mpama South mine following positive PEA results Continued high grade assay results from ongoing drilling campaigns at Mpama North and Mpama South Operational and Financial Summary for the Quarter ended March 20223 Description Units Actual Quarter ended March 2022 Quarter ended December 2021 Change Ore Processed Tonnes 105,565 107,981 -2 % Tin Grade Processed % Sn 3.7 3.9 -4 % Overall Plant Recovery % 78 75 4 % Contained Tin Produced Tonnes 3,061 3,114 -2 % Contained Tin Sold Tonnes 3,336 3,056 9 % EBITDA2 US$'000 98 104 74,347 32 % Net Cash2 (Cash less debt) US$'000 129,775 68,233 90 % Tin Price Achieved US$/t 43,834 38,432 14 % AISC2 $/ton sold 15,782 15,117 4 % __________________________________________________________________________________________ 1Data obtained from International Tin Association Tin Industry Review Update 2021. 2This 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. 3Production and financial information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. Totals may not add due to rounding effects.Operational and Financial Performance – Q1 2022 Contained tin production of 3,061 tonnes is in line with the previous quarter and FY2022 guidance. Underground mining continued to deliver steady results and processing plant recoverie...