Alphamin Resources Corporation (JSE:APH) News - Alphamin announces updated mineral resource and mineral reserve estimates and life of mine schedule for Mpama North 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 UPDATED MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES AND LIFE OF MINE SCHEDULE FOR MPAMA NORTH TIN MINE 2 August 2022 – 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 announce updated Mineral Resource and Mineral Reserve estimates along with an updated life of mine schedule (LoM) for the Mpama North Mine. HIGHLIGHTS The updated LoM schedule shows:- • replacement of contained tin depleted over the past 2.5 years • contained tin inventory over LoM of 154.5kt at 30 June 2022 (31 Dec 2019: 154.2kt); The updated Resource shows:- • 155.7kt (30 June 2019: 199kt) and 41.2kt (30 June 2019: 21.8kt) tin contained (which includes mineral reserves) at 30 April 2022 in Measured/Indicated and Inferred Resources, respectively, with an 8.0% and a 65.4% increase in grade, respectively. The updated Reserve shows:- • 121.4kt tin contained at 30 June 2022 (31 Dec 2019: 133.4kt) in the Proven and Probable mineral reserve categories with 15.7% increase in grade to 4.64% Sn . Updated Mpama North Life of Mine Plan An updated Mineral Resource Estimate (MRE) and Mineral Reserve estimation have been developed for the Mpama North Mine. These updates replace those announced in the Technical Report of 22 April 2022 which, for Mpama North, were not updated and remained the same as those contained in the Technical Report effective 31 December 2019. The culmination of these Resource and Reserve updates is the re-design and scheduling of the Mpama North Mine into an updated Life of Mine (LoM) schedule. A comparative summary of the previous and updated LoM schedules is presented in Table 1. Table 1: Mpama North LoM Schedule Comparison 31 December 2019 30 June 2022 Description Units LoM Schedule LoM Schedule RoM tonnes Mt 3.85 3.23 Grade delivered to process plant % Sn 4.00 4.78 Tin content kt Sn 154.2 154.5 Cut-off grade % Sn 1.60 1.00 *Note: Rounding may result in computational discrepancies Mining has progressed steadily at Mpama North since the 2019 estimation of the Reserves and LoM schedule with 990,821 tonnes of ore having been extracted in the 30 months Dec 2019 – Jun 2022. A number of operational improvements and changes resulted in actual mine performance surpassing the 2019 LoM schedule. Run of Mine (RoM) tonnes mined for the financial years 2020 and 2021 exceeded the 2019 LoM schedule by 18.5% and 8.1%, respectively. In addition, the Reserve cut-off grade calculated in the 31 December 2019 LoM schedule of 1.6% Sn, has at an operational level consistently been reduced due to the improved RoM output, optimised mine planning, out-performance versus dilution assumptions, improvements in the process plant recoveries and an increase in the tin price. These actual results have now been captured in the updated Reserve cut-off grade and LoM schedule which are declared at 1.0% Sn. Exploration success in the form of strike extension of the high-grade chute in the Mpama North deeps target plus the reduced cut-off grade valorises previously excluded lower grade Resource Blocks, converting them into Reserve blocks, which has further added valuable additions to the LoM schedule. The result of these positive factors is that all contained tin depleted since 31 December 2019 has been replaced in the new LoM schedule. The 154.5kt contained tin in the updated LoM versus the previous 154.2kt has also been accompanied by a valuable grade increase of 19.6% to 4.78% Sn from 4.00% Sn previously scheduled. As with the previous LoM schedule of 31 December 2019, the updated LoM schedule contains a small portion of Inferred Resources. The Inferred Resource constitutes 18.9% of all RoM tonnes delivered to the plant. 50% of these planned Inferred Resources are scheduled in the final three years of mining in the deep portion of the mine and will be the subject of infill Resource drilling to increase confidence before they are included in any shorter term mine plans or budgets. The annual contained tin mined target remains ~15,000 tonnes per year which, after expected processing recoveries of 78%, results in ~12,000 tonnes per year of contained tin in concentrate production at the Mpama North Mine. Mpama North Mineral Resource Estimate The updated Mineral Resource Estimate (MRE) at Mpama North is illustrated in Figure 1. It is based on new resource exploration drilling on the northern deeps high-grade extensions as well as partial mine depletions (area shaded grey) since the last estimate effective 30 June 2019. All resource additions have resulted from the renewed Mpama North Mine resource exploration drilling commenced in 2021. The drilling targeted and successfully extended the known dimensions of the highly mineralised linear plunging high-grade chute, returning some of the best project intercepts to date (see Appendix 2). On-going drilling continues at Mpama North with mineralisation intercepted outside the mineral resource boundaries declared in this update. The updated MRE includes 9 NQ size additional core intersections from the recent exploration drilling at the Mpama North Mine which were completed from August 2021 to March 2022. These new intersections in addition to the original 122 NQ size and 21 PQ size drillholes completed pre- mining between July 2012 to November 2015, form the basis for the updated MRE. The updated MRE and previous MRE for comparison are presented in Table 2. Table 2: Bisie Mpama North Mineral Resource at 0.50% Sn Cut-Off Grade (30 June 2022) Quantity Grade Tin Content Category Mt % Sn kt 06/2019 04/2022 06/2019 04/2022 06/2019 04/2022 Measured 0.33 0.04 4.75 2.16 15.6 0.9 Indicated 3.99 3.09 4.59 5.02 183.4 154.9 Total Measured and Indicated 4.32 3.13 4.61 4.98 199.0 155.7 Total Inferred 0.48 0.55 4.57 7.56 21.8 41.2 Notes: 1. All tabulated data have been rounded and as a result minor computational errors may occur. 2. Mineral Resources which are not Mineral Reserves and have no demonstrated economic viability. 3. Mineral Resources are reported inclusive of Mineral Reserves. 4. Alphamin has an 84.1 percent interest in ABM. The Government of the Democratic Republic of Congo (GDRC) has a non-dilutive, 5% share in ABM. The Gross Mineral Resource for the Project is reported. 5. The 2022 MRE is effective 30 April 2022 and has been depleted by mining from mine surveys as at 30 April 2022 and an estimate of the extent of artisanal mining to 725 mamsl. 6. The 2019 MRE is effective 30 June 2019 and is depleted by mining from mine surveys as at 30 June 2019 and an estimate of the extent of artisanal mining to 725 mamsl. Differences between the previous MRE and updated MRE are a decrease in Measured and Indicated Resources contained tin content of 43.3kt Sn with an increase in grade of 8.0% to 4.98% Sn. An increase in Inferred Resources contained tin content of 19.4kt and an increase in grade of 65.4% to 7.56% Sn is also observed for Inferred Resources. In addition to any resource growth in the northern depths high-grade zone, promising additional resource growth potential is likely at Mpama North Mine in the shallow northern strike extension as well as in the down-dip eastern dip extension, both of which are currently undergoing exploration drilling. The full Mineral Resource checklist of assessment and reporting criteria are presented in Appendix 3. The Mineral Resource estimate has been completed by Mr. J.C. Witley (BSc Hons, MSc (Eng.)) who is a geologist with 33 years’ experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting. He is a Principal Resource Consultant for The MSA Group (an independent consulting company), is registered with the South African Council for Natural Scientific Professions (SACNASP) and is a Fellow of the Geological Society of South Africa (GSSA). Mr. Witley has the appropriate relevant qualifications and experience to be considered a “Qualified Person” for the style and type of mineralisation and activity being undertaken as defined in National Instrument 43-101 Standards of Disclosure of Mineral Projects. Mpama North Mineral Reserve Estimate An updated Mineral Reserve estimation was completed subsequent to the updated MRE. Modifying factors in the updated Reserve estimate are largely based on:- • Actual performance statistics and site-specific experience and reconciliation data to support revised modifying factors (mining recovery, dilution, pillar loss etc.), • More detailed geotechnical data from mining allowing the mine to be divided into geotechnical domains with different stope design parameters per domain, • Increased mining levels per mining echelon for stoping, resulting in a reduction in the pillar losses and an increased extraction ratio, • A reduced cut-off grade based on updated calculations from actual operating costs, increased tin prices and the impact from higher processing recoveries, and • Recent additions to Mineral Resources from 2021/2022 exploration activities. The updated Reserve estimate and previous estimate for comparison are presented in Table 3. Table 3: Bisie Mpama North Mineral Reserve at 1.0% Sn Cut-Off Grade (30 June 2022) Quantity Grade Tin Content Category Mt % Sn kt 2019 2022 2019 2022 2019 2022 Proven Mineral Reserve 0.05 0.00 3.77 1.38 1.9 0.0 Probable Mineral Reserve 3.28 2.62 4.01 4.64 131.5 121.3 Total Proven and Probable Mineral Reserves 3.33 2.62 4.01 4.64 133.4 121.4 Notes: 1. The Mineral Reserve has been reported in accordance with the requirements and guidelines of NI43- 101 and are 100% attributable to ABM. 2. Apparent computational errors due to rounding and are not considered significant. 3. The Mineral Reserves are reported with appropriate modifying factors of dilution and recovery. 4. The Mineral Reserves are reported at the head grade and at delivery to Plant. 5. Although stated separately, the Mineral Resources are inclusive of the Mineral Reserves. 6. No Inferred Mineral Resources have been included in the Mineral Reserve estimate. 7. Quantities are reported in metric tonnes. 8. The input studies are to the prescribed level of accuracy. 9. The Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential exploitation of such Mineral Reserves The Mineral Reserve assessment and reporting criteria are presented in Appendix 4. The Mineral Reserve estimate has been prepared by 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 ____________________________________________________________________________ JSE Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited 2 August 2022 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 the updated LoM schedule for Mpama North, and planned future exploration activities and anticipated outcomes. 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: uncertainty of future exploration and assay results and consistency with past results and expectations;; uncertainties inherent in estimates of Mineral Resources and Mineral Reserves; global geopolitical and economic uncertainties; volatility of metal prices; uncertainties with respect to social, community and environmental impacts; uninterrupted access to required infrastructure; adverse political events; impacts of the global Covid-19 pandemic 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. Appendix 1: SAMPLE PREPARATION, ANALYSES AND QUALITY CONTROL AND QUALITY ASSURANCE (QAQC) For sample preparation, analyses and quality control and quality assurance, see the Company’s news release dated 07 March 2022 entitled “ALPHAMIN ANNOUNCES MAIDEN MINERAL RESOURCE ESTIMATE AND POSITIVE PRELIMINARY ECONOMIC ASSESSMENT FOR MPAMA SOUTH” Appendix 2: SIGNIFICANT INTERCEPTS FROM RECENT DRILLING AT MPAMA NORTH. EARLIER DRILLING INTERCEPTS ARE REPORTED IN THE TECHNICAL REPORT DATED 22 APRIL 2022 FILED ON SEDAR.COM (0.5% Sn lower threshold) Easting Northing Width Sample Position Hole RLm Azi (°) Dip (°) From To Sn % GPS GPS (m)1 mid_x mid_y mid_z MND001 No significant intercepts MND002 No significant intercepts MND003 No significant intercepts MND004 583392 9886283 682 270 -52 524.8 525.1 0.67 0.30 582,994 9,886,250 347.0 MND005 No significant intercepts MND006 No significant intercepts MND007 583100 9886210 726 270 -75 402.0 402.5 0.58 0.45 582,987 9,886,211 340.5 MND009 582881 9886200 752 270 -65 96.4 96.8 2.28 0.40 582,842 9,886,200 667.3 MND010 No significant intercepts 419.3 428.0 21.85 8.74 583,021 9,886,194 312.7 MND011 583103 9886211 726 270 -83 430.6 438.9 17.52 8.30 583,018 9,886,193 302.0 MND012 582950 9886140 765 270 -60 64.7 65.4 12.20 0.65 582,916 9,886,142 699.8 142.7 143.0 10.05 0.28 582,852 9,886,146 651.2 MND013 582945 9886142 759 270 -50 177.0 178.0 1.02 1.00 582,829 9,886,146 625.5 MND014 No significant intercepts MND015a 582950 9886140 755 270 -70 172.3 172.7 6.34 0.36 582,887 9,886,144 594.8 MND016 583063 9886162 741 270 -50 249.4 253.0 0.62 3.58 582,895 9,886,161 554.1 MND017 583195 9886171 744 270 -50 385.0 386.0 1.02 1.00 582,947 9,886,165 450.1 MND018 583063 9886162 740 270 -60 284.7 285.0 11.70 0.30 582,912 9,886,160 498.4 432.2 444.0 25.94 11.76 582,992 9,886,162 357.3 MND019 583196 9886171 744 270 -64 445.0 445.6 15.30 0.55 582,988 9,886,162 351.2 484.9 492.3 7.08 7.36 583,024 9,886,160 288.3 MND020 583196 9886171 744 270 -72 495.0 499.3 7.50 4.25 583,020 9,886,159 280.6 MND021 583195 9886171 744 270 -57 425.3 425.6 10.50 0.30 582,962 9,886,178 388.9 547.0 558.3 7.62 11.30 583,060 9,886,205 220.5 MND022a 583244 9886211 741 270 -73 559.0 565.9 16.37 6.85 583,056 9,886,205 211.4 567.7 569.5 1.31 1.83 583,054 9,886,205 205.7 511.6 524.7 21.27 13.10 583,038 9,886,208 249.3 MND023 583204 9886236 738 270 -75 527.0 528.4 2.35 1.42 583,033 9,886,207 240.8 1. Apparent widths, not true thickness Appendix 3: Mineral Resource Checklist of Assessment and Reporting Criteria Drilling techniques A total of 195 exploration drillholes have been completed at Mpama North. All drillholes were diamond drill cored and drilled from surface (mostly NQ) at angles of between -60° and -75°. The drillholes were drilled from east to west along section lines spaced between approximately 25 m and 50 m apart. 21 PQ sized holes from a metallurgical drilling campaign were also included that were drilled in three clusters approximately 25 m apart. Logging All of the drillholes were geologically logged by qualified geologists. The logging is of an appropriate standard for grade estimation. Drill sample recovery Core recovery in the mineralised zones was observed to be very good and is on average greater than 95%. Five of the shallow drillholes intersected artisanal workings and so recovery of the high-grade mineralisation was poor and therefore the data from these holes were not used for grade estimation. Sampling methods Half core samples were collected continuously through the mineralised zones after being cut longitudinally in half using a diamond saw. Drillhole samples were taken at nominal 1 m intervals, which were adjusted to smaller intervals in order to target the vein zones. Lithological contacts were honoured during the sampling. MSA’s observations indicated that the routine sampling was performed to a reasonable standard and is suitable for evaluation purposes. Quality of assay data and 2012-2015 Drilling laboratory tests The assays were conducted at ALS Chemex in Johannesburg where samples were analysed for tin using fused disc ME-XRF05 with 10% precision and an upper limit of 10 000 ppm. This was reduced to 5,000 ppm from 2014 onwards. Over limit samples were sent to Vancouver for ME- XRF10 which uses a Lithium Borate 50:50 flux with an upper detection limit of 60% and precision of 5%. ME-ICP61, HF, HNO3, HCL04 and HCL leach with ICP-AES finish was used for 33 elements including base metals. ME-OG62, a four-acid digestion, was used on ore grade samples for Pb, Zn, Cu & Ag. External quality assurance of the laboratory assays for the Alphamin samples was monitored. Blank samples, certified reference materials and duplicate samples were inserted with the field samples accounting for approximately 10% of the total sample set. The QAQC measures used by Alphamin revealed the following: • The high-grade CRM (31.42% Sn) assays by ALS prior to 2015 returned values approximately 8% higher than the certified mean value. 98 pulp rejects from this period of between 1.5% and 60% Sn were re-assayed by ALS in 2016 together with the high-grade CRM. The 2016 assays correlated well with those prior to 2015 and the high-grade CRM returned values within tolerance. Therefore, the pre-2015 assays were accepted for estimation without modification. • The lower grade CRM assays (80 %t/m) and a lower grade population (80 %tm) in order to reduce the influence of these values on estimates further away from them. The high- and low-grade populations were estimated separately using ordinary kriging and the block model grade was then assigned based on the estimated grade of the high and low grade and their proportion in each block. A minimum number of 4 and a maximum of 10 one metre composites were required for the high-grade Sn-accumulation population. A minimum number of 8 and a maximum of 24 one metre composites were required for the lower grade Sn-accumulation population and other variables. Search distances and orientations were aligned with the variogram range and mineralised trends. Estimates were extrapolated for a maximum distance of 20 m up- or down- plunge from the nearest drillhole intersection. Extrapolation is minimal over most of the Mineral Resource as the up-and down dip limits have been well defined by the drilling, except in a portion on the down-plunge area that is open at depth. Resource classification Measured Mineral Resources were declared where the drillhole spacing is approximately 25 m and where the geological model has low variability. The mineralisation was classified as Indicated Mineral Resources if block estimates occur within the 50 m drilling grid, so that all Indicated estimates are informed by samples within the variogram range. The remainder of the interpreted model within the sparser drilled area was classified as Inferred Mineral Resources with a maximum extrapolation from a drillhole of 20 m along plunge. The up-plunge extremity is separated from the main area by a fault and the structural interpretation in this area is tenuous and it does not contain sufficient data to classify them as Indicated Mineral Resources. Consequently, this area was classified as Inferred Mineral Resources. The high-grade mineralisation of reasonable tonnage leads no doubts as to reasonable potential for economic extraction, it being one of the highest- grade tin deposits in the world. Mpama North is currently a profitable mine. Mining cuts The thickness of the mineralisation was honoured in the estimate and as a result some areas will be more sensitive to dilution than others. The thickness, grade and steep dip implies that the Mineral Resource can be extracted using established underground mining methods. Metallurgical factors or The tin mineralisation occurs as cassiterite, an oxide of tin (SnO2). The Cu, assumptions Zn and Pb mineralisation occurs as sulphides. Each of these minerals is amenable to standard processing techniques for each metal. At the Mpama North Mine, gravity separation is used to create a saleable tin concentrate and the sulphide minerals are removed from the tin concentrate as they represent impurities. Legal aspects and tenure Alphamin through its wholly owned DRC subsidiary, Alphamin Mining Bisie SA, has a Mining License PE 13155 which includes the Bisie Tin Mine. Alphamin has an 80.75 percent interest in ABM. The Government of the Democratic Republic of Congo (GDRC) has a non-dilutive, 5% share in ABM. Audits, reviews and site The following review work was completed by MSA: inspection • Inspection of approximately 25% of the Alphamin cores used in the Mineral Resource estimate • Database spot check • Inspection of drill sites • Independent check sampling • Inspection of the on-site sample preparation laboratory. Appendix 4: Mineral Reserve and Mine Schedule Modifying factors Modifying Factors TABLE 0.1 MODIFYING FACTORS APPLIED Modifying factor Value Comment Mining recovery Development and slyping 98% Based on historical performance reported Long hole stopes 98% Sill pillars (other) 61% Dilution Development and slyping 8% Based on historical performance reported Long hole stopes 10% Sill pillars 18% A cut-off grade calculation was performed based on the metal price provided by Alphamin of US$32,000 per tonne and costs as per the 2022 mine budget, provided by Alphamin and reviewed by Bara. The breakeven grade calculation is shown in the table below. This breakeven grade of 1.5% Sn was applied to determine the limits of mining while the marginal cut-off grade of 1.0% was applied to select stopes for inclusion in the mine schedule and Mineral Reserve. TABLE 0.2 BISIE TIN PROJECT CUT OFF GRADE ESTIMATE - JUNE 2022 Breakeven Marginal cut-off grade cut-off grade Item Unit Value Value Tin price US$/tonne 32,000 32,000 Operating costs On mine costs US$/t RoM 196 86 Off mine costs (fixed) US$/t RoM 168 168 Total cost US$/t milled 364 254 Breakeven recovered grade % 1.14 0.79 Plant recovery % 78% 78% Breakeven RoM grade % 1.5 1.0 The stoping and development productivities to be used in the life of mine plan were discussed and agreed with mine management. The scheduling rates included consideration of: o Performance over the year to date o Changes to shift arrangements to CONOPS o Maintenance and services installation requirements o Equipment availability. Table 4.3 below summarises the advance rates used in the mine schedule. TABLE 4.3 SCHEDULING ADVANCE PER MONTH PER END TYPE FW Ore Unit Decline Drive Drive Shifts per day Unit 2 2 2 Days per month Unit 26 26 26 Blast hole length metres 3.2 3.2 3.2 Effective advance metres 2.8 2.8 2.8 Time to drill and blast (shifts) Unit 1 1 1 Time to muck and support (shifts) Unit 1 1 2 Blasts per day Unit 1 1 0.7 Advance pr day metres 2.8 2.8 1.9 Blast efficiency % 80% 80% 80% Advance per month Metres/month 58 58 39 Advance used in schedule Metres/month 60 40 40 There are currently three development jumbos available on site and they are planned at a maximum of 240 metres per month. These drill rigs are allocated in the mine schedule as follows: o One to the ramp (Decline) and ancillary excavations off of the ramp. o One to lateral waste development o One to ore development and slyping. The long hole drilling capacity of the long hole production drill rig limited the long hole stoping production to a maximum of 27,000 tonnes per month. The mining schedule targets RoM tin content delivered to plant of minimum 15,000 tonnes tin per year. The processing plant has capacity to process a maximum of 40,000 tonnes per month. This processing constraint was used as a constraint in the mining schedule. The Rom tonnage on a monthly basis based on the grade in order to achieve the required tin production within the processing and mining constraints. The targeted production rate of an average of 1500 t contained Sn per month can be maintained for 99 months (Eight years and three months). The mining schedule includes 18.9% made up of inferred resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Ore reserve statement Only Measured and Indicated Mineral Resources are converted to Mineral Reserves. The total life of mine schedule included 18.9 % of the scheduled production from Inferred Mineral Resources, which was not included in the Mineral Reserves. This Mineral Reserve estimate is based on a depletion date of 30 June 2022. It followed an assessment of the economic viability of the Mineral Resources that were scheduled for depletion before confirming them as Mineral Reserves. Summary of Reserves for Bisie Tin at 30 June 2022 Quantity Tin Grade Tin Content Classification (Mt) (%) (kt) 2022 2019 2022 2019 2022 2019 Proven Mineral Reserve 0.00 0.05 1.38 3.77 0.0 1.9 Probable Mineral Resource 2.62 3.28 4.64 4.01 121.3 131.5 Total Mineral Reserves 2.62 3.33 4.64 4.01 121.4 133.4 Source: Bara (2022) Notes: o The Mineral Reserve has been reported in accordance with the requirements and guidelines of NI43-101 and are 100% attributable to ABM. o Apparent computational errors due to rounding and are not considered significant. o The Mineral Reserves are reported with appropriate modifying factors of dilution and recovery. o The Mineral Reserves are reported at the head grade and at delivery to Plant. o The Mineral Reserves are stated at a price of US32,000/t Sn as at 30 June 2022. o Although stated separately, the Mineral Resources are inclusive of the Mineral Reserves. o No Inferred Mineral Resources have been included in the Mineral Reserve estimate. o Quantities are reported in metric tonnes. o The input studies are to the prescribed level of accuracy of a minimum pre-feasibility study level. o The Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential exploitation of such Mineral Reserves. The Qualified Person for Mineral Reserves has satisfied himself that the methodology used for estimating and presenting Mineral Reserves herein conform to the requirements and guidelines of NI 43-101 and therefore supports this Mineral Reserve estimate as stated above. Date: 02-08-2022 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.