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Alphamin Resources Announces Record Production Volumes / Q4 2021 EBITDA Guidance Of US$74M/ Declaration Of FY2021 Dividend
MAURITIUS, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( “Alphamin” or the “Company”), a producer of 4% of the world’s mi
About this update from Alphamin Resources Corp.
[{"type":"text","content":" MAURITIUS, Jan. 11, 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 update for the quarter ended December 2021: Contained tin production up 10% from the prior quarter to 3,114 tons Contained tin sales up 13% from the prior quarter to 3,056 tons Record Q4 EBITDA4 guidance of US$74m, up 38% from prior quarter actual Net cash position increases to US$68m FY2021 dividend of CAD$0.03 per share declared Operational and Financial Summary for the Quarter ended December 20212 1Data obtained from International Tin Association Tin Industry Review Update 2021 2Production information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. 3Q4 2021 EBITDA represents 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 3,114 tons is 10% above the previous quarter. Improved underground mining practices relating to stope planning, delineation and blasting resulted in better grade control with an average tin grade of 3,8% processed during the five months ended December 2021. Waste development is now well ahead of current mining areas providing flexibility in blending high- and low-grade areas for a more consistent grade profile. Contained tin sales of 3,056 tons increased 13% from the prior quarter. EBITDA guidance of US$74m for Q4 2021 is estimated to be 38% higher than the actual EBITDA for the previous quarter of US$53,7m as a result of increased tin production and sales volumes, together with a higher average tin price achieved of US$38,084/t (Current tin price: ~US$39,000/t). The Group Net Cash position as at 31 December 2021 increased by US$67m from the prior quarter. Contained tin production guidance for the financial year ending December 2022 is 12,000 tons. The mineral resource estimation exercise for the Mpama South deposit commenced in December 2021. Drilling activities continue with six rigs on-site and the...