NEWS RELEASE

C/o ADANSONIA MANAGEMENT SERVICES LIMITED, Suite 1,
PERRIERI OFFICE SUITES, C2-302, Level 3, Office Block C,
La Croisette, Grand Baie 30517, Mauritius

Alphamin Resources Corp.
Continued in the Republic of Mauritius
Date of incorporation: 12 August 1981
Corporation number: C125884 C1/GBL
TSX-V share code: AFM
JSE AltX share code: APH
ISIN: MU0456S00006


    ALPHAMIN ANNOUNCES RECORD QUARTERLY TIN PRODUCTION/ Q2 2022 EBITDA
                      OF US$67m/ DIVIDEND DECLARED

MAURITIUS – 26 July, 2022 –


In the news release issued earlier today there was an error. In relation to the dividend declared
on 5 July 2022, the dividend record date should have read 22 July 2022, and not 29 July 2022.
Please find below the complete and corrected news release.


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 update for the quarter ended
June 2022:

✓    Record quarterly tin production of 3,180 tonnes
✓    Q2 EBITDA3 of US$67m
✓    Interim dividend for FY2022 of CAD$0.03 per share declared on 5 July 2022

Operational and Financial Summary for the Quarter ended June 20222


    Description                         Units                         Actual
                                                    Quarter ended    Quarter ended
                                                                                     Change
                                                     June 2022        March 2022
    Ore Processed                      Tonnes              112,569      105,565       7%
    Tin Grade Processed                 % Sn                3.65         3.73         -2%
    Overall Plant Recovery                %                 77.3         77.7         -1%
    Contained Tin Produced             Tonnes               3,180        3,061        4%
    Contained Tin Sold                 Tonnes               3,229        3,336        -3%
            3
    EBITDA                            US$'000              67,004       98,104        -32%
    AISC3                            US$/t sold            14,677       15,782        -7%
    Net Cash3 (Cash less debt)        US$'000              138,146      129,775       6%
    Tin Price Achieved                  US$/t              35,345       43,834        -19%
__________________________________________________________________________________________
1
 Data 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. Totals may not add due
to rounding effects. 3This 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 – Q2 2022
Contained tin production of 3,180 tonnes represents a quarterly record, 4% above the previous
quarter. Underground mining and processing plant recoveries were in line with expectations.
Year-to-date contained tin production of 6,241 tonnes exceeded the run-rate to achieve market
guidance of 12,000 tonnes for the year ending December 2022. We expect contained tin
production and sales of approximately 3,000 tonnes for the quarter ending September 2022.

AISC per tonne of tin sold decreased by 7% to US$14,677 following a 4% increase in
production and the impact of lower tin prices on off-mine costs related to product marketing
fees, royalties, export duties and smelter payables.

EBITDA for Q2 2022 amounted to US$67m (Q1: US$98m) at an average achieved tin price of
US$35,345/t (Q1: US$43,834/t). In addition to a higher tin price, the previous quarter’s sales
volumes included a catch-up from delayed sales during Q4 2021.

The Alphamin consolidated Net Cash position increased by US$8,3 million during Q2 2022 to
US$138.1 million. This increase is after a FY2021 corporate tax payment of US$43.5 million
to the DRC government in April 2022.

Alphamin’s unaudited consolidated financial statements and accompanying Management’s
Discussion and Analysis for the quarter ended 30 June 2022 have been filed and are available
under the Company’s profile at www.sedar.com.


Interim FY2022 Dividend Declared

On 5 July 2022, the Board resolved to declare an interim FY2022 cash dividend of CAD$0.03
per share on the common shares (approximately US$30m in the aggregate) (the “Dividend”).
The Dividend will be payable on 5 August 2022 to shareholders of record as of the close of
business on 22 July 2022. Dividend distributions will be considered semi-annually based on
excess free cash after taking account of capital funding requirements, including for the new
Mpama South expansion project.

Qualified Person

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 this news release. He is a Principal Consultant and Director of Bara
Consulting Pty Limited, an independent technical consultant to the Company.
_________________________________________________________________________________________

FOR MORE INFORMATION, PLEASE CONTACT:

Maritz Smith
CEO
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: msmith@alphaminresources.com


The      results   for   Q2    2022   are     available  on    the         JSE      website    at
https://senspdf.jse.co.za/documents/2022/jse/isse/aphe/q22022.pdf


JSE Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited



CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not a statement of historical fact constitutes forward-
looking information. Forward-looking statements contained herein include, without limitation,
statements relating to contained tin production guidance for Q3 2022 and FY 2022. Forward-
looking statements are based on assumptions management believes to be reasonable at the
time such statements are made. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on forward-looking
statements. Although Alphamin has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated, estimated or intended. Factors
that may cause actual results to differ materially from expected results described in forward-
looking statements include, but are not limited to: uncertainties regarding estimates of the
expected mined tin grades, processing plant performance and recoveries, uncertainties with
respect to social, community and environmental impacts, uninterupted access to required
infrastructure and third party service providers, adverse political and geopolitical events,
uncertainties regarding the legislative requirements in the Democratic Republic of the Congo
which may result in unexpected fines and penalties, impacts of the global Covid-19 pandemic
on mining operations and commodity prices as well as those risk factors set out in the
Company’s Management Discussion and Analysis and other disclosure documents available
under the Company’s profile at www.sedar.com. Forward-looking statements contained herein
are made as of the date of this news release and Alphamin disclaims any obligation to update
any forward-looking statements, whether as a result of new information, future events or results
or otherwise, except as required by applicable securities laws.


Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.


USE OF NON-IFRS FINANCIAL PERFORMANCE MEASURES
This announcement refers to the following non-IFRS financial performance measures:

EBITDA

EBITDA is profit before net finance expense, income taxes and depreciation, depletion, and
amortization. EBITDA provides insight into our overall business performance (a combination
of cost management and growth) and is the corresponding flow driver 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, and funding capital expenditures and investment opportunities.

This measure is not recognized under IFRS as it does not have any standardized meaning
prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented
by other issuers. EBITDA 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.

NET CASH

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


AISC

This measures the costs to produce and sell a tonne of contained tin plus the capital sustaining
costs to maintain the mine, processing plant and infrastructure. AISC includes mine operating
production expenses such as mining, processing, administration, indirect charges (including
surface maintenance and camp and tailings dam construction costs), smelting costs and
deductions, refining and freight, distribution, royalties and product marketing fees. AISC does
not include depreciation, depletion, and amortization, reclamation expenses, borrowing costs
and exploration expenses.

Sustaining capital expenditures are defined as those expenditures which do not increase
contained tin 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.

Reconciliation of operating profit to EBITDA     Q2 2022   Q1 2022 Variance   Q2 2022   Q2 2021 Variance
Operating Profit                         $'000    59,534    90,438    -34%     59,534    27,120    120%
Adjustments;
Depreciation, depletion & amortisation   $'000     7,015     6,852      2%      7,015     6,419      9%
Depreciation in stock movement           $'000       73       398     -82%        73       (37)    -297%
Borrowing costs in G&A                   $'000       20        12      67%        20       383     -95%
Share based payments in G&A              $'000      235       278     -15%       235        85     176%
Depreciation in G&A                      $'000      127       126       1%       127       107      19%
EBITDA2,3                                $'000    67,004    98,104    -32%     67,004    34,077     97%




Further information on the calculation of our EBITDA and AISC is contained on pages 5 and 6
of our Management’s Discussion and Analysis – Quarterly Highlights dated July 26, 2022
which has been filed and available on SEDAR at www.sedar.com and is incorporated by
reference herein.