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General information

Sector: Basic Materials

The company is not available at Interactive Brokers

Alphamin Resources (JSE:APH) is a low cost tin concentrate producer from its high grade deposit at Mpama North. This is on its mining license and it has an additional five exploration licenses covering a total of 1,270km2 in the North Kivu Province of the Democratic Republic of Congo (DRC).

At a tin grade of roughly 4.5%, Mpama North is the world’s highest-grade tin resource – about four times higher than most other operating tin mines in the world.

The Mpama North mine is in production. It has an output of ~10 000 tonnes of contained tin per annum, amounting to ~3% of the world’s mined tin supply.

Alphamin is aiming to increase annual tin output and life of mine through incremental production from Mpama South and by adding more mines in close proximity to the current production and from within our licensed footprint.

The company's management team has successfully developed and brought the Bisie tin mine to production and is focused on taking the business to the next level as the company pursues its objective of realising the full value potential of this extraordinary tin complex.

Alphamin is headquartered in Mauritius and listed on the Toronto Stock Exchange and the Johannesburg Stock Exchange.



  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield -15.9% (LTM), projected -15.9%
  • Share price is 112.9% higher than minimum and 42.5% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (21.2x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (21.8x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)16.50
Share price, USD: 0.8956
Common stocks: 1 273 939 394

Dividend Yield:  0.0%
FCF Yield LTM / expected: -15.9% / -15.9%
EV / LTM EBITDA: 21.2x
Last revenue growth (y/y):  +8.4%
Last growth of EBITDA (y/y):  +12.1%
Historical revenue growth:  -3.5%
Historical growth of EBITDA:  +7.8%
EV / expected EBITDA:
Target EV / EBITDA (hist percentile):
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 1 141
Net Debt ($m): 152
EV (Enterprise Value): 1 293
EBITDA LTM ($m): 61
EV / LTM EBITDA: 21.2x
Price to Book: 3.01x

Revenue and EBITDA

Semi-Annual values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment ZAR per share

Multiple and potential

EV / EBITDA

Potential dynamics

More information for subscribed users:
detailed calculation of
Potential and Created Value,
website traffic data

Releases

2022-08-02
Alphamin announces updated mineral resource and mineral reserve estimates and life of mine schedule for Mpama North
2022-07-26
Alphamin announces record quarterly tin production/ Q2 2022 EBITDA of US$67m/ Dividend declared
2022-07-26
Alphamin announces record quarterly tin production/ Q2 2022 EBITDA of US$67m/ Dividend declared
2022-07-05
Declaration of dividend for the six months ended 30 June 2022
2022-07-05
Alphamin announces record quarterly tin production/ Q2 2022 EBITDA guidance of US$66.5m/ Dividend declared
2022-06-15
Alphamin operations unaffected by recent closure of Bunagana border post with Uganda
2022-06-03
Alphamin announces a 46% increase in the Mpama South inferred mineral resource estimate
2022-05-13
Alphamin announces Q1 EBITDA of US$98m / Tin sold up 9% to 3,336 tonnes for the quarter
2022-04-26
Alphamin reports the best high-grade drilling intercepts to date at Mpama South
2022-04-25
Alphamin announces filing of updated NI43-101 technical report
2022-04-05
Alphamin announces record Q1 2022 EBITDA guidance of US$98m / Tin sold up 9% to 3,336 tonnes for the quarter
2022-03-29
Alphamin announces an updated Mpama South mineral resource estimate and the decision to commence with development
2022-03-22
Alphamin reports high grade exploration assay results at Mpama north mine and Mpama south development project
2022-03-07
Alphamin announces q4 and fy2021 results/ achieves record fourth quarter ebitda and production
2022-03-07
Alphamin announces maiden mineral resource estimate and positive preliminary economic assessment for Mpama South
2022-02-01
Alphamin reports high grade exploration assay results
2022-01-11
Declaration of dividend for the year ended 31 December 2021
2022-01-11
Alphamin announces record production volumes/ Q4 2021 EBITDA guidance of US$74m/ declaration of FY2021 dividend
2021-12-24
Alphamin announces receipt of proceeds from subsidiary distribution and warrant exercises
2021-11-09
Alphamin announces record Q3 2021 EBITDA of US$53,7m and a net debt-free position/ initiation of strategic review

SENS Announcements

2024-04-29
Availability of Quarter 1 2024 Financial Statements and Mpama South Commissioning Update
2024-04-26
Declaration of Dividend for the year ended 31 December 2023
2024-04-09
Alphamin Announces Q1 EBITDA Guidance of US$52 Million/ Mpama South Commissioning Update
2024-03-14
Alphamin Announces Award of Stock Options and SAR Equivalent Shares
2024-03-08
Availability of Audited Consolidated Annual Financial Statements for the year ended 31 December 2023
2024-01-26
Alphamin Announces Record Annual Tin Production / Ebitda and Aisc Guidance/ US$50 Million Tin Prepayment Arrangement
2023-12-27
Alphamin Provides Update on Impact of the Road Conditions; Revises Guidance
2023-11-17
Availability of Interim Financial Statements for the three and nine months ended 30 September 2023
2023-10-09
Alphamin Announces Q3 Operational and Financial Update/ Mpama South Development Progress
2023-08-17
Availability of Quarter 2 2023 Financial Statements
2023-07-24
Declaration of Dividend for the Six Months Ended 30 June 2023
2023-07-24
Alphamin Announces Interim FY2023 Dividend/ Q2 Operational and Financial Update
2023-06-29
Results of Annual General Meeting
2023-05-24
Notice of Annual General and Special Meeting
2023-05-16
Availability Of Quarter 1 2023 Financial Statements
2023-04-11
Alphamin Announces Record Quarterly Tin Production and Q1 2023 EBITDA Guidance
2023-03-10
Availability of Audited Consolidated Annual Financial Statements for the year ended 31 December 2022
2023-02-10
Alphamin Announces Successful Infill Drilling at Mpama South with increase in both Resource Confidence And Mineral R
2023-01-30
Alphamin announces Record Annual Tin Production and Ebitda Guidance/Declaration of Final FY2022 Dividend
2022-12-14
Alphamin announces changes to its board and at its operating subsidiary
2022-11-11
Alphamin announces award of stock options and SAR equivalent shares
2022-11-08
Availability of interim financial statements for the three and nine months ended September 30, 2022
2022-10-05
Alphamin’s Q3 Tin Production and Sales Exceed Guidance/ Mpama South Project/ The Bisie Ridge Exploration Drilling
2022-08-02
Alphamin announces updated mineral resource and mineral reserve estimates and life of mine schedule for Mpama North
2022-07-26
Alphamin announces record quarterly tin production/ Q2 2022 EBITDA of US$67m/ Dividend declared
2022-07-26
Alphamin announces record quarterly tin production/ Q2 2022 EBITDA of US$67m/ Dividend declared
2022-07-05
Declaration of dividend for the six months ended 30 June 2022
2022-07-05
Alphamin announces record quarterly tin production/ Q2 2022 EBITDA guidance of US$66.5m/ Dividend declared
2022-06-15
Alphamin operations unaffected by recent closure of Bunagana border post with Uganda
2022-06-03
Alphamin announces a 46% increase in the Mpama South inferred mineral resource estimate
2022-05-13
Alphamin announces Q1 EBITDA of US$98m / Tin sold up 9% to 3,336 tonnes for the quarter