Alphamin Resources pays an interim dividend and reports 26% increase in tin production

Alphamin Resources, the Toronto-Canada and JSE-listed mining group, has declared a CAD$0.04 per share dividend and increased third-quarter tin production by 26%, from a phased restart on April 15 to June 30.

The company, which mines tin concentrate from the Bisie Tin Mine in the Democratic Republic of Congo since 2019, on Tuesday declared a second interim dividend for its 2025 financial year along with the release of its third-quarter results to September 30, 2025.

The production guidance for the full financial year was increased to between 18 000 and 18 500 tons, from 17 500 tons previously. The quarter’s production of 5 190 tons was in line with expectations as targeted quarterly production is 5 000 tons.

The processing facilities performed well and above target – overall plant recoveries averaged 76% versus 77%, the directors said in the results.

Revenue for the three months from its tin mining operations was slightly lower at CAD$169.27 million versus CAD$174.55m at the same time last year. Contained tin sales of 5 143 tons for the quarter were up by 12% from the prior period.

Operating profit, however, increased to CAD$79.11m from CAD$75.71m. Net income increased to CAD$43.65m from CAD$40.81m. Third-quarter diluted earnings per share in US cents increased to 2.73 from 2.56.

Earnings before interest, tax, depreciation, and amortisation of CAD$96m had increased by 28% from the second quarter. This increase was primarily due to additional tin sales and a higher average tin price achieved.

Cash and its equivalents at the end of the period came to CAD$57.29m versus CAD$69.76m at the same time last year. Third-quarter outflows related to provisional tax payments, a reduction of its overdraft balance, and payment of the first interim dividend of CAD$89m.

The average tin price achieved per ton sold was CAD$33 878, 4% higher compared to CAD$31 757 in the third quarter of 2024. All-in sustaining costs (AISC) per ton of tin sold was estimated at US$15 900, 3% lower than the second quarter due to a normalised production rate, compared to the negative impact of the operational stop during the prior quarter.

The mine took delivery of two replacement underground mine trucks during the third quarter which increased sustaining capital expenditure included in AISC.

On July 22, 2025, International Resource Holding (IRH) completed the acquisition of 56% of Alphamin through its owned subsidiary, Alpha Mining. IRH paid Tremont Master Holdings US$367m in cash for 718.99 million shares at a price of CAD$0.70 per share.

Tremont Master Holdings continues to hold 10.13 million shares, representing 0.8% of Alphamin.

During the third quarter, following the change of control, the company settled related party debt in full. There was no breach of the covenants of the credit facility in the quarter.

The company said its mine is in a remote area about 200km from certain security events, but the mine was operating to guidance parameters. The operating risk profile, however, remained elevated.

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