Management Discussion and Analysis (MDA 2025 Q3)

MANAGEMENT'S DISCUSSION AND ANALYSIS -QUARTERLY HIGHLIGHTS

(EXPRESSED IN US DOLLARS)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

C2-202, Level 2, Office Block C, La Croisette, Grand Baie 30517, Mauritius Phone: +230 269 4166

https://www.alphaminresources.com

TABLE OF CONTENTS

INTRODUCTION 2

OVERVIEW AND OUTLOOK 2

KEY OPERATING MILESTONES 3

CURRENT COMPANY OBJECTIVES 6

SELECTED CONSOLIDATED FINANCIAL INFORMATION 7

LIQUIDITY AND CAPITAL RESOURCES 8

RELATED PARTY TRANSACTIONS 9

INTERNAL CONTROL 9

RISK FACTORS 9

OTHER MD&A REQUIREMENTS 9

USE OF NON-IFRS FINANCIAL PERFORMANCE MEASURES 11

QUALIFIED PERSON 13

APPROVAL 13

This Management's discussion and analysis - quarterly highlights ("Quarterly Highlights") of the financial position and results of operations of Alphamin Resources Corp. ("Alphamin," or the "Company") should be read in conjunction with the unaudited condensed consolidated interim financial statements of the Company and the notes thereto as at and for the three and nine months ended September 30, 2025 and the audited annual consolidated financial statements of the Company as at and for the year ended December 31, 2024. In this discussion and analysis, unless the context otherwise dictates, a reference to the Company refers to Alphamin Resources Corp. and its subsidiaries. Additional information about Alphamin Resources Corp. is available on SEDAR+ at https://www.sedarplus.ca. This Quarterly Highlights is dated November 3, 2025 and information contained herein is presented as of that date, unless otherwise indicated.

This discussion and analysis contains forward-looking statements. Please refer to the cautionary language under "Forward-Looking Statements" within this report.

‌OVERVIEW AND OUTLOOK‌

• Q3 2025 contained tin production of 5,190 tonnes, up 26% from the previous quarter (Q2 2025: 4,106 tonnes (period from phased restart on April 15 to June 30))

• FY2025 contained tin production guidance increased to between 18,000 and 18,500

  tonnes (17,500 tonnes previously)

• Contained tin sales of 5,143 tonnes for the quarter, up 12% from the prior period

• Q3 2025 EBITDA2of US$96m, up 28% from Q2 2025

• Interim FY2025 dividend of CAD0.07 cents per share paid on 15 September 2025

• Second interim FY2025 dividend of CAD0.04 cents per share declared

• External laboratory assays received for drilling at Mpama North and Mpama South

1Production 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. 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" and "Liquidity and Capital Resources - Investing Activities" below for the composition and calculation of this financial measure and reconciliation to the most comparable IFRS measure, if applicable.

2

Alphamin's primary business is the production and sale of high-grade tin concentrate from the Bisie Tin Mine in the Democratic Republic of the Congo ("DRC"). The Company commenced commercial production on September 1, 2019. The Bisie Tin Mine occurs within Permis de Exploitation (Mining Permit) PE13155, along with one research permit granted to Alphamin's DRC-registered subsidiary, Alphamin Bisie Mining SA ("ABM"). ABM is an 84.14% indirect controlled subsidiary of Alphamin, with the remaining 15.86% owned by the DRC government (5%) and the Industrial Development Corporation of South Africa Ltd ("IDC") (10.86%). All tenements are located within the Walikale District, North Kivu Province of the east-central DRC and lie within one of the world's principal gold and tin metallogenic provinces. The shares of Alphamin are listed on the TSX Venture Exchange ("TSX.V" - symbol AFM) in Canada, and the Johannesburg Stock Exchange AltX (symbol APH) in South Africa. For further information on the Company, readers are referred to the Company's website (https://www.alphaminresources.com) and to Canadian regulatory filings on SEDAR+ at https://www.sedarplus.ca.

Contained tin production of 5,190 tonnes for the quarter ended September 2025 was 26% above the prior quarter which was impacted by the evacuation of the mine. This is in line with expectations as the targeted quarterly production is 5,000 tonnes. The processing facilities performed well and above target - overall plant recoveries averaged 76% during the quarter (Q2: 77%).

Q3 2025 contained tin sales of 5,143 tonnes was recorded against production of 5,190 tonnes. The average tin price achieved during Q3, 2025 was slightly higher than the prior quarter at US$33,877/t -the current trading price for tin is around US$36,000/t.

Q3 2025 AISC per tonne of tin sold was US$15,978 (Q2: US$16,387) and was lower than the prior quarter which was elevated due to the impact of the operational stop on 13 March 2025 and subsequent restart during the second half of April 2025. The mine took delivery of two replacement underground mine trucks during Q3 which increased sustaining capital expenditure included in AISC.

EBITDA for Q3 2025 amounted to US$96.2m, 28% higher than the previous quarter of US$75m. This increase is primarily due to additional tin sales and a higher average tin price achieved during Q3 2025.

The Company expects to produce approximately 5,000 tonnes of contained tin during the final quarter of the financial year which, together with its year-to-date production of 13,566 tonnes, increases tin production guidance for FY2025 to between 18,000 and 18,500 tonnes (17,500 tonnes previously).

The Company had US$57.3m in cash at 30 September 2025 after Q3 outflows related to provisional FY2025 tax payments of US$25m, a reduction of its overdraft balance by US$15m to US$24m and payment of the first interim FY2025 dividend and withholding taxes of US$89m.

The Company notes an increased number of security events on the border line between the Massisi and Walikale territories in the North Kivu province of the DRC. The Company's mine is located in a remote area approximately 200 kilometers away from these events and at this time the Company continues to operate within guidance parameters.

As a result of the ongoing security risks in the area, the operating risk profile remains elevated and a sustained advance closer to the mine location could result in mining operations being affected.

The safety of the Company's employees and contractors and compliance with the DRC and international laws remains its committed focus.

On the 5 September 2025, at the request of its majority shareholder Alpha Mining Ltd, a subsidiary of International Resources Holding (IRH), two new non-executive directors have been appointed to the Board of Alphamin. Subject to regulatory approval, Mr. Ziad Mikhael and Mr. Salman Bhatti have been appointed to the board of directors of the Company. Both appointees serve in management capacities with 2PointZero, an Abu Dhabi-based private global investment company and the holding company of IRH. As the Company's constitution did not allow for a further increase in its Board size without a further shareholders' meeting, in order to make room on the board for the requested appointments, Eoin O'Driscoll and Jan Trouw agreed to and have resigned as directors.

Mr. O'Driscoll continues in his role of Chief Financial Officer of the Company. Mr. Jan Trouw will remain involved as a technical mining consultant to the Company. The board wishes to thank Mr. O'Driscoll and Mr. Trouw for their contributions to the board during their tenures and looks forward to their continued collaboration in their respective roles.

Mr. Mikhael currently serves as the Director of Investments at 2PointZero. Mr. Mikhael has previously served in roles in investment banking, engineering, and large-scale project delivery including with Chimera Investment, SHUAA Capital and AECOM. He holds a BSc in Engineering from Queen's University, an MSc in Engineering from Concordia University, and an MBA from INSEAD.

Mr. Bhatti is Vice President of Investments at 2PointZero. He has over a decade of financial and transactional experience, spanning investment banking, corporate finance and restructuring including with Chimera Investments, Deloitte and KPMG. He holds a Masters in Economics and is a member of the Association of Chartered Certified Accountants (ACCA).

On August 7, 2025, the Board declared an interim FY2025 cash dividend of CAD$0.07 per share on the common shares (approximately US$65 million in the aggregate) (the "First Interim Dividend"). The First Interim Dividend was paid on September 15, 2025 to shareholders of record as of the close of business on August 29, 2025.

On November 3, 2025, the Board declared a second interim FY2025 cash dividend of CAD$0.04 per share on the common shares (approximately US$37 million in the aggregate) (the "Second Interim Dividend"), intended as a catch up dividend for the missed final FY2024 dividend. The Second Interim Dividend will be paid on December 8, 2025 to shareholders of record as of the close of business on November 21, 2025.

Alphamin's exploration strategy focuses on three key objectives:

1. Increase the Mpama North and Mpama South Resource base and life of mine

2. Discover the next tin deposit in close proximity to the Bisie mine

3. Ongoing grassroots exploration in search of remote tin deposits on the large prospective land package

   Mpama South assay results received1, included:

   • BGH192: 24.13 metres @ 2.43% Sn from 532.92 metres, including 5.08 metres [as per press release] @ 4.31% Sn from 539.92 metres, 1.81 metres @ 4.67% Sn from 546.6 metres,

     and 5.45 metres @ 4.18% Sn from 551.6 metres

     1 All intercepts are reported as apparent widths and are not true widths. See news release of 7 October 2025 for details.

   • BGH194: 13.98 metres @ 1.62 % Sn from 489.26 metres, including 3.04 metres [as per press release] @ 4.26% Sn from 494.06 metres

     Mpama North assay results1 received, included:

   • MNUD008A: 29.34 metres @ 6.21% Sn, including 9.3 metres [as per press release] @ 13.63% Sn both from 247.7 metres

   • MNUD009: 33.28 metres @ 16.83% Sn, including 10.1 metres [as per press release] @ 41.47% Sn, both from 236.3 metres

The assayed drill hole intercepts for BGH 192 and BGH 194 are approximately 50m down dip of the current declared Mpama South Resource.

A second surface drill rig was mobilised at Mpama South targeting down-dip extensions. During the quarter, two holes were abandoned due to excessive hole deviations and drilling issues. Two drill holes are currently in progress.

The assayed drill hole intercepts for MNUD 008A and MNUD 009 are approximately 30m to 70m down plunge of the current declared Mpama North Resource.

Following a single rig exploration campaign of geological fan drilling from underground at Mpama North which resulted in the drilling update illustrated in Figure 2, the Company mobilised a dedicated surface drill rig during Q3 to test for extensions at depth below the currently defined mineralised area. After experiencing excessive deviation, the first surface drill hole was abandoned. The second hole was successfully completed probing for mineralisation 40 m south of the main trend and 100 m deeper than the recent underground drilling (MNUD008A) and did not intercept visual tin mineralisation. The next hole from surface is in progress. The Company is planning to introduce directional core drilling technology which will enable fan drilling at depth in order to expedite the identification of tin mineralisation extensions, structural faults and possible shifts in the deposit.

Alphamin's strategic objectives are:

1. To continue mining safely with due regard to the health of our employees and the impact on the environment.

2. To consistently produce and sell 20,000 tonnes of tin per annum at a competitive cost and to continue with bi-annual dividend distributions, subject to cash availability and market conditions.

3. Increase the intensity of our exploration efforts to significantly add to the current life of mine through drilling campaigns as well as a focus on grassroots exploration in search of tin deposits in close proximity to the Bisie mine.

4. Maintaining a balanced distribution of value amongst key stakeholders, notably provincial and national government through legislated taxes, importantly our local communities from our committed social spend of 4% of on-mine operating expenditure, shareholders and debt providers.

Profit for the nine months ("YTD 2025") and three months ("Q3 2025") ended September 30, 2025, compared to the nine months ("YTD 2024") and three months ("Q3 2024") ended September 30, 2024

The profit before tax for YTD 2025 and Q3 2025 was US$178.9m and US$77.8m, respectively, compared to US$149.6m and US$71.7m in YTD 2024 and Q3 2024, respectively. The increased profitability from 2024 to 2025 is attributed to both higher production and sales volumes as a result of the addition of production from the Mpama South plant which was completed in May 2024 as well as higher tin prices. YTD 2025 was negatively impacted by the mine evacuation and temporary cessation of mine activities in mid-March 2025 due to regional security issues.

The average tin price achieved per tonne sold in Q3 2025 was $33,878 compared to $31,757 in Q3 2024.

AISC decreased by 2% from Q2 2025 to Q3 2025 and increased 2% compared to Q3 2024. The on mine cost per tonne sold decreased by 11% since the previous quarter and increased by 4% since Q3 2024. Overall, mine operating costs increased in Q3 2025 versus Q3 2024 due to 10% higher underground development meters and run-of-mine ore, annual payroll increases and an ad hoc junior payroll increase following a jobs reclassification exercise and additional flight and accommodation costs due to the change in flight routes following the shutdown of the city of Goma at the end of January 2025. Off mine costs included in AISC have increased by 2% since the previous quarter and decreased by 10% since Q3 2024. The decrease from the prior year quarter is as a result of the reduced marketing fees following the amended offtake agreement previously announced.

Cash on hand increased from US$29.7m at the end of December 2024 to US$57.3m as at September 30, 2025 (US$69.8m at the end of Q3 2024).

The Net Cash2 position improved from a Net Debt of US$49.5m at the end of December 2024 to Net Cash of US$14.7m at the end of Q3 2025.

Operating activities

Net Cash generated from operating activities in YTD 2025 and Q3 2025 was US$160.1m and $54.7m, respectively, compared to US$163.7m in YTD 2024 and US$58.3m in Q3 2024. Net Cash generated during YTD 2025 and YTD 2024 has remained flat despite increased operational cash generation due to US$85.7m in DRC tax payments made in YTD 2025 compared to US$27.5m in YTD 2024. The DRC tax payment variance arises from provisional tax payments made in FY2023 exceeding the actual tax charge for that year, resulting in no final tax payment being due in April 2024 and higher provisional payments during FY2025 due to increased profits from FY2024. Accounts receivable have reduced by

$32m during the nine months ending September 30, 2025 as a result of being abnormally high at year end, which in turn was due to the backending of Q4, 2024 sales as a result of seasonal rains.

Investing activities

Net cash used in investing activities in YTD 2025 and Q3 2025 was US$17.2m and US$8m, respectively, compared to US$46.4m in YTD 2024 and US$9.5m in Q3 2024. Capital expenditures are lower in 2025 because of the Mpama South expansion projects having been completed but exploration expenditures are expected to increase from Q4 2025.

Financing activities

Cash outflows from financing activities increased from US$54.6m in YTD 2024 to $115.2m in YTD 2025 as a result of declaring an interim FY2025 dividend in August 2025 and a reduction of US$28.6m in the overdraft facility. Further, $2.4m in debt was repaid to Tremont Master Holdings following the change of control in July 2025.

Liquidity outlook

The market price for tin has averaged over $30,000 since 2021. It is currently trading at around US$36,000/t, amid significant macroeconomic uncertainty. The 2025 financial year was due to be the Company's first full year of post expansion production, but production guidance was reduced from 20,000 tonnes to 18,500 tonnes due to the temporary security related mine evacuation in mid March 2025. As a result of the stoppage, the Board resolved not to declare a final FY2024 dividend but declared a first interim FY2025 dividend of CAD0.07 in August 2025 and a second interim FY2025 dividend, to catch up for the missed final FY2024 dividend, of CAD0.04 cents per share on 3 November 2025. Following the successful restart of the mine, the outlook for the remainder of the year is positive, subject to no deterioration of the security situation. Dividend distributions will continue to be considered semi-annually based on excess free cash after taking account of DRC tax payments, the security situation in proximity to the mine, exploration plans, the short-term tin price outlook, capital commitments and the Company's gearing position.

For the quarter ended September 30, 2025, US$12,000 was paid to Adansonia Management Services Limited for corporate secretarial services performed by Mrs. Zain Madarun. Adansonia Management Services Limited is owned by Adansonia Holdings Limited, which is ultimately owned by Rudolf Pretorius, a former Director of the Company who resigned on June 23, 2025, and Mrs. Zain Madarun, Company Secretary and a Director. All potential conflicts have been disclosed via the Company's interest register.

US$23,150 was paid to Pangea (Pty) Ltd relating to management fees and office rent. Maritz Smith, the Company's Chief Executive Officer, is a director of Pangea.

In accordance with National Instrument 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings ("NI 52-109"), the Chief Executive Officer and Chief Financial Officer of the Company will file a Venture Issuer Basic Certificate with respect to the financial information contained in the unaudited condensed consolidated financial statements and respective accompanying Management's Discussion and Analysis.

In contrast to the full certificate under NI 52-109, the Venture Issuer Basic Certification does not include representations relating to the establishment and maintenance of disclosure controls and procedures and internal control over financial reporting, as defined in NI 52-109.

An investment in the securities of the Company is highly speculative and involves numerous and significant risks. Such investment should be undertaken only by investors whose financial resources are sufficient to enable them to assume these risks and who have no need for immediate liquidity in their investment. Prospective investors should carefully consider the risk factors that have affected, and which in the future are reasonably expected to affect, the Company and its financial position. Please refer to the section entitled "Risk and Uncertainties" in the Company's Annual MD&A for the fiscal year ended December 31, 2024, available on SEDAR+ at https://www.sedarplus.ca, and elsewhere in these Quarterly Highlights, for a description of these risk factors.

The Company operates in an area with significant security risks for property and personnel. While the Company remains of the view that security risks are manageable, it announced a mine evacuation late Q1 2025 due to security concerns. The safety of Alphamin's people remains its highest priority and regional security risks remain high.

The Company depends on uninterrupted production and continued access, in terms of logistical, security and government approvals, to import required supplies and consumables and export its production to meet its financial obligations and growth target timelines and any failure to receive such uninterrupted access could materially adversely affect the Company's revenues, cash flows, results of operations, financial position and liquidity.

A number of significant fines and penalties have been received from various governmental authorities. The Company is disputing these as it believes it to be substantially compliant and does not expect material settlements.

As a matter of course, various tax authorities in the DRC issue draft assessments adjusting revenue and denying costs and other items, along with customs-related claims for alleged non-compliance or incorrect coding on certain filings. Upon receipt of such draft assessments, the Company engages with the tax authorities to defend its filing positions. As at September 30, 2025, there are various ongoing technical discussions and challenges as well as Company initiated court proceedings to defend its tax position, the ultimate outcome of which remains uncertain, and therefore there remains a risk that the outcome could materially impact the recognised balances within the next financial year. It is impractical to provide further sensitivity estimates of potential downside variances.

As disclosed annually in the Company's risk factors, the DRC tax authorities may determine that capital gains tax is due from a DRC mining title holder when there has been a direct or indirect sale. The buyer is required to withhold any applicable tax from the purchase price and provide this amount to the DRC mining title holder for remittance to tax authorities. In connection with the indirect change of control in July 2025 between Alpha Mining Ltd, a subsidiary of International Resources Holding, and Tremont Master Holdings, ABM engaged with its tax advisors which, based on information provided by Tremont Master Holdings and an opinion from its international and DRC tax advisor, determined no capital gain arose on the indirect change of control in terms of the DRC tax law. ABM accordingly submitted a nil tax return to the DRC tax authorities. The DRC tax authorities challenged this nil tax return and issued a tax assessment claiming US$32m in capital gains taxes plus penalties. This tax assessment is not based on the provisions of the tax law and relevant ministerial decree and accordingly, as is the case with any of ABM's disputed tax assessments, will be challenged in court. The Company's new majority owned shareholder, Alpha Mining Ltd, is funding the 10% deposit to enable court proceedings.

ABM's disputed tax matters in the DRC, including the capital gains tax matter should ABM be determined to be liable for this tax and unable to recover a claim from the buyer and/or seller, can be significant and adverse and tax court rulings could have a material adverse affect on the Company's cash flow, results of operations and financial condition. To date, ABM has been successful in defending its disputed tax matters in court.

In addition to the above, readers are directed to other risk factors facing the Corporation and its business and mining operations, as disclosed in Alphamin's Management's Discussion and Analysis for the year ended December 31, 2024 filed on and available at https://www.sedarplus.ca.

This Quarterly Highlights refers to the following non-IFRS financial performance measures: Earnings before interest, taxes, depreciation and amortization ("EBITDA"), Net Debt and All-In Sustaining Cost ("AISC").

These measures are not recognized under IFRS as they do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. We use these measures internally to evaluate the underlying operating performance of the Company for the reporting periods presented. The use of these measures enables us to assess performance trends and to evaluate the results of the underlying business of the Company. We understand that certain investors, and others who follow the Company's performance, also assess performance in this way.

We believe that these measures reflect our performance and are useful indicators of our expected performance in future periods. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

EBITDA provides insight into our overall business performance (a combination of cost management and growth) and is the corresponding flow drivers towards the objective of achieving industry-leading returns. This measure assists readers in understanding the ongoing cash generating potential of the business including liquidity to fund working capital, servicing debt, pay taxes and funding capital expenditures and investment opportunities. EBITDA is profit before net finance expense, foreign exchange gains or losses, income taxes and depreciation, depletion, and amortization. See "Selected Consolidated Financial Information" and "Liquidity and Capital Resources - Investing Activities" for the calculation of our EBITDA and a reconciliation to operating profit.

Net debt demonstrates how our debt is being managed and is defined as total current and non-current portions of interest-bearing debt and lease liabilities less cash and cash equivalents.

This measures the cash costs to produce and sell a tonne of contained tin. This measure includes mine operating production expenses such as mining, processing, administration, indirect charges (including surface maintenance and camp and head office costs), and smelting, refining and freight, distribution and royalties. Cash Costs do not include depreciation, depletion, and amortization, reclamation expenses, capital sustaining, borrowing costs and exploration expenses. On mine costs, exclusive of stock movement, are calculated on a cost per tonne produced basis, off mine costs are calculated on

a cost per tonne sold basis.

This measures the cash costs to produce and sell a tonne of contained tin plus the capital sustaining costs to maintain the mine, processing plant and infrastructure. This measure includes the Cash Cost per tonne and capital sustaining costs together divided by tonnes of contained tin produced. All-In Sustaining Cost per tonne does not include depreciation, depletion, and amortization, reclamation, borrowing costs, foreign exchange gains and losses, exploration expenses and expansion capital expenditures.

Sustaining capital expenditures are defined as those expenditures which do not increase payable mineral production at a mine site and excludes all expenditures at the Company's projects and certain expenditures at the Company's operating sites which are deemed expansionary in nature. The following table reconciles sustaining capital expenditures to the Company's total capital expenditures:

This Quarterly Highlights contains certain forward-looking statements and information relating to the Company that are based on the beliefs of its management as well as assumptions made by and information currently available to the Company. When used in this document, the words "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. This Quarterly Highlights may contain forward-looking statements relating to, among other things, FY2025 contain tin production guidance, estimated Q4 2025 contained tin production; targeted annual tin production; expected increase in exploration activities; anticipated timing of possible future dividend declaration; anticipated exploration activities and the Company's liquidity position, outlook for the remainder of fiscal 2025 and capital expenditures. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Such factors include, without limitation: risks of security related incidents which may impact operations or safety of the Company's people, especially considering the high levels of security related incidents and current instability in the North-Kivu province within which the Company operates; price volatility in the spot and forward markets for tin and other commodities; the economic and other effects of outbreaks of illness, including the outbreak of mpox globally and in the eastern DRC; ongoing capital requirements and the availability and management of capital resources; additional funding requirements; fluctuations in the international currency markets and in the rates of exchange of the currencies of the Democratic Republic of Congo (DRC) and the United States of America (US); discrepancies between actual and estimated tin production levels and the costs thereof; differences between actual and estimated reserves and resources especially inferred resources which inherently carry a low level of confidence and between actual and estimated metallurgical recoveries; changes in national and local government legislation in the DRC or any other country in which Alphamin currently or may in the future conduct business; taxation; controls, regulations and political or economic developments in the countries in which Alphamin does or may conduct business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which Alphamin operates, including, but not limited to: obtaining the necessary permits; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal and tax challenges and court proceedings Alphamin is or may become a party to; diminishing quantities or grades of reserves and resources; competition; loss of key employees; inclement weather conditions; availability of power, water, transportation routes and other required infrastructure for the mine; general economic conditions and inflation and rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities;

uncertainties inherent to mining economic studies; changes in project parameters as the operation continues to be refined; accidents; labour disputes and strikes; defective title to mineral claims or property or contests over claims to mineral properties; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorisations, complying with permitting requirements, including those associated with the environment. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and losses of processed tin (and the risk of inadequate insurance or inability to obtain insurance to cover these risks), as well as "Risk Factors" included elsewhere in this Quarterly Highlights and Alphamin's public disclosure documents filed on and available at https://www.sedarplus.ca.

Mr. Clive Brown, Pr. Eng., B.Sc. Engineering (Mining), is a qualified person (QP) as defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in these Quarterly Highlights except for the section under "Key Operating Milestones - Exploration Update". He is a Principal Consultant and Director of Bara Consulting Pty Limited, an independent technical consultant to the Company.

Mr. Jeremy Witley, Pr. Sci. Nat., BSc. (Hons) Mining Geology, MSc (Eng), is a qualified person (QP) as defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in the section "Key Operating Milestones - Exploration Update". He is Head of Mineral Resources at the MSA Group (Pty) Ltd, an independent technical consultant to the Company.

The Board of Directors of the Company has approved the disclosure contained in this Quarterly Highlights. Readers of this Quarterly Highlights and other filings can review and obtain copies of the Company's filings from SEDAR+ at https://www.sedarplus.ca and copies will also be provided upon request.