TSX-V- and JSE-listed Alphamin Resources ended the second quarter to June 30 with a net cash position of $50-million, an improvement of $52-million from a net debt position of $2-million at the end of the first quarter. 

Contained tin production for the three months ended June 30 totalled 4 106 t. This was lower than the targeted quarterly production of 5 000 t owing to a temporary suspension of operations on March 13, related to security concerns. Production resumed in a phased manner beginning April 15.

The company reported on July 3 that contained tin production for the months of May and June alone reached 3 361 t, which was in line with the annualised target of 20 000 t. Alphamin stated that processing facilities performed above target, with overall plant recoveries averaging 77% for the quarter, compared with 75% in the first quarter of the year.

Tin sales during the second quarter amounted to 4 587 t, reflecting a 19% increase from the previous quarter. This figure exceeded the quarter’s production of 4 106 t owing to the clearing of a sales backlog from the first quarter.

The average tin price achieved was $32 512/t, consistent with the prior quarter. The tin price at the time of reporting was about $33 700/t.

The company provided earnings before interest, taxes, depreciation and amortisation (Ebitda) guidance of $75-million for the second quarter, which represents a 21% increase from the actual Ebitda of $62-million recorded in the first quarter. The company attributed this increase primarily to the higher sales volumes in the second quarter, including the clearance of the backlog from the previous quarter.

The all-in sustaining cost for the second quarter was estimated at $16 500/t, compared with $16 279/t in the first quarter. The company stated that this higher figure was a result of the operational stoppage in March and the subsequent restart in April.

Operating expenditures during the quarter included fixed costs and payroll for the full period, as well as care-and-maintenance and mine restart costs.

Regarding exploration, Alphamin’s strategy continued to focus on three key objectives: increasing the resource base and life-of-mine at Mpama North and Mpama South, discovering additional tin deposits in proximity to the Bisie mine, and conducting grassroots exploration for remote tin deposits across its broader landholding.

Exploration drilling at Mpama North and Mpama South resumed in the fourth quarter of 2024.

At Mpama South, a surface drilling campaign using a single rig targeted down-dip, up-dip and strike extensions. Four holes were completed during the second quarter.

The first two holes, drilled to the far south of the current mineralised zone and designed to test lower-grade southern extensions, did not intersect visual tin mineralisation.

The third hole (BGH191A), drilled 82 m below the existing resource boundary, intercepted multiple narrow cassiterite veins across three zones measuring 9.04 m, 0.86 m, and 1.04 m, potentially indicating a continuation of the mineralised system.

The fourth and fifth holes (BGH192 and BGH193) followed this sequence, with BGH192 intersecting visible cassiterite veins and BGH193 not intersecting any visible cassiterite. A sixth hole (BGH194), drilled and completed during the second quarter, intercepted visible cassiterite veins further north of BGH193 and below the current resource.

At Mpama North, underground exploration drilling using a single rig started in the fourth quarter of 2024, focused on geological fan drilling across the northern extensions of the mineralised zone.

Eight holes totalling 1 525 m were drilled. These intersected several chlorite alteration zones associated with tin mineralisation as well as minor cassiterite veins. One hole intersected wide zones of massive sulphides, which the company noted were frequently used as a hanging wall marker horizon, potentially indicating further cassiterite mineralisation at depth.

The next phase of drilling at Mpama North targeted deeper extensions along the northern strike. The first of these drillholes, MNUD008A, completed in early January 2025, intersected a thick chlorite-altered zone with visible tin cassiterite about 20 m north of the previously most northerly resource drillhole and 200 m below the base of the current mining echelon.

The second hole, MNUD009, drilled about 20 m north of MNUD008A, also intersected a thick zone of visible tin cassiterite. A third hole along strike was completed during the first quarter and did not encounter visible cassiterite.

Alphamin announced that it would fly a dedicated surface drill rig to the site to initiate deeper drilling for potential extensions of the Mpama North deposit. The company also stated that external laboratory assay results for all exploration drilling conducted to date were expected to be released during the third quarter.