Business
Alphamin Resources Announces Record Annual Tin Production / EBITDA and AISC Guidance / US$50 Million Tin Prepayment Arrangement Secured
Grand Baie, MAURITIUS, Jan. 26, 2024 (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, Jan. 26, 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 year and quarter ended December 2023: FY2023 tin production of 12,568 tonnes, up 1% from the prior year Q4 tin production of 3,126 tonnes Q4 tin sales of 2,046 tonnes impacted by poor road conditions, which have subsequently improved FY2023 EBITDA3,4 guidance of US$136m at an average tin price of US$26,009/t, with EBITDA negatively affected by a temporary delay in Q4 tin sales volumes US$50 million tin prepayment arrangement and lower marketing commission secured Operational and Financial Summary for the Year and Quarter ended December 20232 Description Units Year ended December 2023 Year ended December 2022 Change Quarter ended December 2023 Quarter ended September 2023 Change Ore Processed Tonnes 400,691 436,400 -8% 105,510 100,395 5% Tin Grade Processed % Sn 4.15 3.82 9% 3.98 4.08 -3% Overall Plant Recovery % 75 75 1% 75 76 -2% Contained Tin Produced Tonnes 12,568 12,493 1% 3,126 3,104 1% Contained Tin Sold Tonnes 11,385 12,764 -11% 2,046 3,110 -34% EBITDA3,4 (FY2023 and Q4 2023 guidance) US$'000 135,541 222,215 -39% 20,321 38,429 -47% AISC3, 4 (FY2023 and Q4 2023 guidance) US$/t sold 14,259 14,237 0% 14,645 14,625 0% Dividends paid (cents per share) C$ cps 6 6 0% 0 3 n/a Average Tin Price Achieved US$/t 26,009 30,636 -15% 25,157 26,557 -5% 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. 3FY2023 and Q4 2023 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 3,126 tonnes for the quarter ended December 2023 was in line with the previous quarter. Tin production of 12,568 tonnes for the year ended December 2023 exceeded market guidance of 12,000 tonnes. The Mpama North underground mine c...