Alphamin Resources

Overview
Price performance
Financials
Research
Thematics

Alphamin owns (84.14%) and operates the Bisie tin mine at Mpama North in the North Kivu province of the Democratic Republic of the Congo with a grade of c 4.5% tin (the world’s highest). Accounting for c 4% of mined supply, it is the second largest tin mine in the world outside China and Indonesia.

Including production from Mpama South from Q224, we calculated a value for Alphamin of US$1.06 (or C$1.44), based on the dividends that can be generated from existing resources. However, this increases to as much as US$1.76 (C$2.36) in the event that the company’s exploration programme continues to extend its mines’ lives indefinitely. In the meantime, its peers imply a share price for Alphamin of C$2.89/share.

Latest Insights

Metals & Mining |
Update

15.11.24

Alphamin Resources — From alpha to omega

Metals & Mining |
Initiation

04.09.23

Alphamin Resources — Still leading the pack

Metals & Mining |
Update

13.04.22

Alphamin Resources — Mpama South continues the charge

Metals & Mining |
Update

08.12.21

Alphamin Resources — Presenting the bull case

Visit Website

Sector

Metals & Mining

Equity Analyst

Lord Ashbourne

Director of Content, Mining

Key Management

Charles Needham

Non-executive Chairman
Eoin O'Driscoll

CFO
Maritz Smith

CEO

Balance Sheet

Forecast net cash (US$m)

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(5.6)	18.0	35.6
Relative	(6.4)	8.6	9.7
52 week high/low	C$1.3/C$0.8

Financials

Alphamin announced record quarterly tin production of 4,917t (+22.1% quarter-on-quarter) in Q324 and EBITDA of US$91.6m (+68.8%) after the Mpama South mine completed its first full quarter of production at (or near) steady state. Alphamin’s consolidated annual financial statements and accompanying management discussion and analysis (MD&A) for FY24 will probably be released in early March. In the meantime, we are forecasting that EPS will continue to advance into FY25 and beyond under the influence of continued strength in the tin price and increasing efficiencies as both Mpama North and Mpama South develop (in particular) along strike.