Mr. Maritz Smith reports:

Grand Baie, MAURITIUS, July 24, 2023 (GLOBE NEWSWIRE) -- 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 update for the quarter ended June 2023:

Interim dividend for FY2023 of CAD$0.03 per share declared
Tin production of 3,151 tonnes for the quarter, in line with the previous period
Q2 2023 EBITDA3,4 guidance of US$35.4m at a tin price of US$25,587/t (Current tin price: US$28,500/t)
Mine expansion project to increase annual tin production by 60% progressing well
Operational and Financial Summary for the Quarter ended June 20232

Description Units
Description Units Quarter ended June 2023 Quarter ended March 2023 Change
Ore Processed Tonnes 99,035 95,751 3%
Tin Grade Processed % Sn 4.20 4.38 -4%
Overall Plant Recovery % 76 76 0%
Contained Tin Produced Tonnes 3,151 3,187 -1%
Contained Tin Sold Tonnes 3,068 3,161 -3%
EBITDA3,4 (Q2 2023 guidance) US$'000 35,400 41,391 -14%
AISC3, 4 (Q2 2023 guidance) US$/t sold 13,897 13,915 0%
Average Tin Price Achieved US$/t 25,587 26,432 -3%
1Data obtained from International Tin Association Tin Industry Review 2022 2Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. 3Q2 2023 EBITDA and AISC represent management’s guidance. 4This 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.

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