Business
Alphamin Resources Announces Record Q3 2021 EBITDA Guidance of US$53m and a Net Debt-Free Position; Production and Exploration Update
GRAND BAIE, Mauritius, Oct. 04, 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, Oct. 04, 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 exploration update for the quarter ended September 2021: Record Q3 EBITDA guidance of US$53m, up 56% from prior quarter Contained tin production up 17% from the prior quarter to 2,832 tons Net debt-free at 30 September 2021 (Net debt 30 June 2021: US$29.5m) Mpama South drilling continues to intercept significant visual mineralisation Operational and Financial Summary for the Quarter ended September 20212 Description Units Actual Quarter endedSeptember 2021 Quarter ended June 2021 Change Tons Processed Tons 108,901 105,294 3% Tin Grade Processed % Sn 3.5 3.2 8% Overall Plant Recovery % 75.2 71.5 5% Contained Tin Produced Tons 2,832 2,412 17% Contained Tin Sold Tons 2,710 2,404 13% EBITDA (Q3 2021 guidance)3 US$'000 53,000 34,077 56% Net Cash / (Net Debt) US$'000 1,036 (29,506) -104% Tin Price Achieved US$/t 33,863 28,326 20% __________________________1Data obtained from International Tin Association Tin Industry Review 2020. 2Production information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. 3Q3 2021 EBITDA represents management’s guidance. All numbers are rounded. Operational and Financial Performance Contained tin production of 2,832 tons is 17% above the previous quarter. Underground mining practices relating to stope planning, delineation and blasting were significantly improved from mid July 2021. This resulted in an average tin grade of 3.8% processed during August and September 2021 with an average of 3.5% for the quarter. In addition to improved grade control, run-of-mine volumes and waste development increased by 5% quarter-on-quarter. The benefit of the newly commissioned Fine Tin Plant increased overall processing recoveries by 5% to 75%. EBITDA guidance of US$53m for Q3 2021 is 56% higher than the previous quarter’s actual as a result of increased tin production and sales volumes, together with a higher tin price. The Company moved to a net cash position at 30 September 2021 compared to a net debt position of U...