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 share code: APH
ISIN: MU0456S00006


    ALPHAMIN ANNOUNCES RECORD FY2024 AND Q4 2024 TIN PRODUCTION /FY2025
               PRODUCTION GUIDANCE/ EXPLORATION SUCCESS

MAURITIUS – January 17, 2025 – Alphamin Resources Corp. (AFM:TSXV, APH:JSE
AltX)( “Alphamin” or the “Company”) is pleased to provide the following update for the year
and quarter ended 31 December 2024:

✓ FY2024 tin production of 17,324 tonnes, up 38% from the prior year
✓ Q4 tin production of 5,237 tonnes (Q3: 4,917 tonnes)
✓ FY2024 EBITDA2,3 guidance of US$274m, an estimated increase of 102% from actual
  FY2023
✓ Positive exploration results at Mpama North and South
✓ FY2025 contained tin production guidance of approximately 20,000 tonnes


Operational and Financial Summary for the Year and Quarter ended December 20241

    Description               Units     Year ended    Year ended      Change     Quarter ended      Quarter ended   Change
                                        December      December                   December 2024      September
                                        2024          2023                                          2024
    Ore Processed             Tonnes    738 067       400 691         84%        232 860            229 107         2%

    Tin Grade Processed       % Sn      3,1           4,2             -25%       3,0                2,9             3%

    Overall Plant Recovery    %         74,7          75,5            -1%        75,1               73,5            2%

    Contained Tin Produced    Tonnes    17 324        12 568          38%        5 237              4 917           7%

    Contained Tin Sold        Tonnes    17 865        11 385          57%        4 942              5 552           -11%

    EBITDA2,3 (FY2024 and     US$'000   274 100       135 537         102%       76 200             91 567          -17%
       Q4 2024 guidance)

    AISC2, 3 (FY2024 and Q4   US$/t     15 323        14 205          8%         15 106             15 728          -4%
       2024 guidance)            sold

    Dividends paid (cents     C$ cps    9             6               50%        6                  0               n/a
        per share)

    Average Tin Price         US$/t     30 345        26 009          17%        30 371             31 757          -4%
       Achieved

1
 Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information
relates.
2
 FY2024 and Q4 2024 EBITDA and AISC represent management’s guidance.
3
 This 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
Contained tin production of 5,237 tonnes for the quarter ended December 2024 was 7% above
the prior period. The volumes and tin grade of ore processed were slightly above that of the
previous quarter and in line with the annualised target of 900,000 tonnes at a grade of 3%.
The processing facilities performed exceptionally well – overall plant recoveries averaged 75%
during the quarter, above the target of 73%. For the year ended 31 December 2024, the
Company produced 17,324 tonnes of contained tin, 38% above that of the previous year and
within the guidance range of 17,000 to 18,000 tonnes. This increase is a result of production
from the Mpama South expansion which was completed during Q2 2024.

Tin sales volumes for the quarter decreased by 11% to 4,942 tonnes – the previous quarter’s
sales of 5,552 tonnes included the clearing of a ~600 tonnes sales backlog. As has historically
been the case, Q4 experienced high rainfall which impacted the outbound road conditions and
transit times and as a result sales volumes for Q4 were 295 tonnes below tin volumes produced
with the backlog expected to clear during January 2025.

Q4 guidance for AISC per tonne of tin sold is US$15,106 at 4% below the prior quarter’s actual
AISC of US$15,728, primarily due to a ~60% reduction in marketing fees as a condition to the
previously announced extension of the tin concentrate off-take agreement with Gerald Metals.

EBITDA for the year ended 31 December 2024 is estimated to increase by 102% to US$274m
(FY2023 actual: US$136m) due to higher tin production and sales volumes following the
Mpama South expansion as well as the benefit of a 17% increase in the average tin price to
US$30,345/t. The Q4 EBITDA guidance of US$76m is 17% below the actual of the previous
quarter due to lower sales volumes for the reasons outlined above as well as a 4% lower tin
price.

Alphamin’s audited consolidated financial statements and accompanying Management’s
Discussion and Analysis for the year and quarter ended 31 December 2024 are expected to
be released on or about March 14, 2025.

Production guidance for the year ending December 2025

Production guidance for the year ending December 2025 is approximately 20,000 tonnes of
contained tin (FY2024: 17,324 tonnes) with the full year expected to benefit from the Mpama
South expansion.

Exploration update

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

Exploration drilling at Mpama North and Mpama South re-commenced during Q4 2024.

Mpama South
A surface drilling campaign at Mpama South targeting both down-dip, up-dip and strike
extensions is underway with three holes completed to date. The first two holes to the far south
of the current mineralised zone designed to test the lower grade southern extents did not
intersect visual tin mineralisation. The subsequent holes were planned 50-80m below the
current resource boundary and at depth. The first of these holes (BGH191A) intercepted
multiple narrow cassiterite veins 82m below the current Resource boundary over three zones
of 9.04 m, 0.86m and 1.04m that potentially extends the mineralised system.

Figure 01: Mpama South down-dip extension hole BGH191A viewed from the South




Figure 02: Mpama South (viewing from the East) current exploration drilling program targeting
extensions of tin mineralisation at depth which is still open with a strike length of ~500m
Mpama North

A short campaign of geological fan drilling from underground at Mpama North on the northern
open extensions of the mineralised zone started in Q4 2024. This campaign was aimed at
better understanding the geological structure in this area. These eight holes totalling 1,525m,
intersected a number of chlorite alteration zones associated with tin mineralisation as well as
minor cassiterite veins. One hole in particular intersected wide zones of massive sulphides
which are frequently used as a hanging wall marker horizon potentially indicating further
cassiterite mineralisation at depth.

The next drill holes at Mpama North are targeting an extension to mineralisation at depth
along strike to the north. The first of these drillholes (MNUD008A) was completed in early
January 2025 and intersected a thick chlorite altered zone of visual tin cassiterite
approximately 20m north of the previously most northerly Resource drillhole and some 200m
below the bottom of the current mining echelon. Two more step-out holes are planned from
underground targeting these strike and dip extensions, after which surface drilling targeting
further dip and strike extension is planned.

Figure 03: Core photographs from Mpama North drillhole MNUD008A of highly mineralized tin
cassiterite intercepts
No external laboratory assays have been received to date.


Qualified Persons

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 (excluding the Exploration Update section) contained in this news release. 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
Exploration Update section in this news release. He is Head of Mineral Resources at the
MSA Group (Pty) Ltd and is 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

17 January 2025

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 EBITDA and AISC guidance for Q4 2024; guidance for contained tin
production for the year ending 31 December 2025 and anticipated exploration activities.
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: the availability
of ore at expected quantities and grades, uninterrupted processing of ore at targeted
processing recoveries, uncertainties regarding global supply and demand for tin and market
and sales prices together with the impact of reported and unreported global tin stocks on the
tin price, uncertainties with respect to social, community and environmental impacts,
uninterupted access to required infrastructure and third party service providers, uncertainties
regarding the state of inbound and outbound roads and truck availabilities impacting sales and
the availability of spares and consumables, adverse political events and risks of security
related incidents or security threats which may impact the ongoing operation or safety of its
people, uncertainties regarding the legislative requirements in the Democratic Republic of the
Congo which may result in unexpected fines and penalties or the ability to continue with normal
operations, impacts of the global Covid-19 pandemic or other health crises on mining
operations and commodity prices as well as those risk factors set out in the Company’s most
recent annual Management Discussion and Analysis and other disclosure documents
available under the Company’s profile at www.sedarplus.ca. 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 and exploration 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.


CASH COSTS

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.

AISC
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.