ALPHAMIN ANNOUNCES FILING OF YEAR END FINANCIAL RESULTS/AWARD OF LONG TERM INCENTIVES/EXPLORATION UPDATE

• FY2025 tin production of 18,576 tonnes, up 7% from the prior year

• Q4 2025 tin production of 5,008 tonnes (Q3: 5,190 tonnes)

• FY2025 EBITDA² of US$341m, an increase of 25% from FY2024 at a tin price of US$34,373/t (Current price: ~US$50,000/t)

• Q4 2025 EBITDA² of US$108m, up 13% from the prior quarter

• FY2026 contained tin production guidance of approximately 20,000 tonnes

• Exploration campaign progressing

Operational and Financial Summary for the Year and Quarter ended December 2025¹

¹Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates.
²This 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 5,008 tonnes for the quarter ended December 2025 was in line with the targeted quarterly production of 5,000 tonnes and 4% lower than the prior quarter. The tin grade of ore processed for the quarter was higher than planned and, as a result, throughput was reduced to balance contained tin in the plant. The processing facilities achieved recoveries of 73 % for the quarter, below the target of 75% and impacted by higher than usual feed grade fluctuations.

For the year ended 31 December 2025, the Company produced 18,576 tonnes of contained tin, substantially in line with revised guidance (18,000 – 18,500 tonnes) and 7% above that of the previous year. Overall processing recoveries for the financial year were in line with target at 75%. FY2025 tin production was impacted by the temporary cessation of operations related to security concerns in March 2025 and the phased restart from 15 April 2025. The Company achieved a pro-forma annualised run-rate of approximately 20,000 tonnes contained tin produced during FY2025 when adjusted for the period during which operations were temporarily ceased.

Tin sales volumes for Q4 2025 and FY2025 were 5,045 tonnes and 18,638 tonnes, respectively, in line with production.

Q4 2025 AISC per tonne of tin sold was US$16,815 at 5% above the prior quarter’s AISC of US$15,978, primarily due to an increase in the diesel prices due to additional taxes imposed by the DRC government and an increase in marketing fees, which increase from 2.25% to 3.35% above a $40,000 tin price. The Q4 2025 tin price achieved of US$37,995/t was 12% higher than the previous quarter. The current tin price is trading at approximately US$50,000/t – for illustrative purposes, at this higher tin price off-mine costs are expected to increase by ~US$1,500/t net of lower 2026 smelter charges.

EBITDA for the year ended 31 December 2025 increased by 25% to US$341m (FY2024: US$274m) due to higher tin production and sales volumes which included a full year from the Mpama South expansion which was completed mid 2024 as well as a 13% increase in the average tin price to US$34,373/t (current tin price: ~US$50,000/t). The Q4 2025 EBITDA of US$108m is 13% above that of the previous quarter mainly due to a 12% higher tin price achieved.

The Company had US$56m in cash at 31 December 2025 (prior year: US$30m) after debt reduction and service costs of US$45m, DRC tax payments of US$106m and total FY2025 dividend payments of US$123m. The current tin price and continued steady production bode well for increased cash flow generation and the potential for higher dividends to shareholders. During FY2025, Alphamin Resources declared dividends totalling CAD$0.11 per share compared to CAD$0.09 in FY2024. The next dividend decision is targeted for the end of April 2026 following finalisation and approval of the Company and its DRC operating subsidiary’s audited financial statements for the year ended December 2025.

Production guidance for the year ending December 2026

Production guidance for the year ending December 2026 is approximately 20,000 tonnes of contained tin (FY2025: 18,576 tonnes).

Exploration update

Alphamin’s exploration strategy is built on three key objectives:

1. Expand the Mpama North and Mpama South resource base to extend mine life.
2. Discover the next tin deposit near the Bisie mine.
3. Continue grassroots exploration across our large, highly prospective land package.

The Company has hired Mr Jamie Anderson as its Head of Exploration effective 01 March 2026. Jamie spearheaded the Mpama North drilling campaigns from the initial exploration in 2012 through to 2018, as well as the Mpama South drilling from 2020 to 2021.

Alphamin is investigating implementing downhole electromagnetic (EM) surveys to use the apparent spatial association between massive sulphide mineralisation, that typically occurs in the hanging wall, and tin mineralisation in order t o locate resource extension drilling targets.

In order to advance its regional exploration initiatives, a VTEM survey, which is an airborne geophysical survey method, is planned for the entire license package area which will commence at the end of March 2026, with a view to identifying additional exploration/drill targets.

The Company currently has three drill rigs operating at site with a fourth scheduled to commence drilling in mid-March. The Company plans to execute a substantial drilling campaign throughout 2026.

Security Risk

The Company continuously monitors the security situation. At this time, the Company continues to operate within guidance parameters. As a result of the ongoing security risks in the area, the operating risk profile remains elevated and a sustained advance closer to the mine location could result in mining operations being affected. The safety of the Company’s employees and contractors and compliance with the DRC and international laws remains our committed focus.

Award of Stock Options and Share Appreciation Right Equivalent Shares

On March 11, 2026, the Company awarded, subject to regulatory approval, stock options and SAR Equivalent Shares pursuant to its Omnibus Incentive Plan. The Company has granted stock options to acquire an aggregate of 4,100,000 common shares to employees and directors of an Alphamin subsidiary, with each option exercisable for a seven-year term to acquire one common share at a price of C$1.26 per share. 3,300,000 of the options granted vest over a two-year period from the date of grant. 800,000 of the options granted vest over a three-year period from the date of grant.

The Company also authorized the issuance of 1,683,000 SAR Equivalent Shares to two se nior officers of the Company. The SARES are functionally equivalent to stock appreciation rights however, any entitlements are satisfied by dividend payments on the SARES. The reference price for the SARES awarded is C$1.26 and dividends shall be payable on the SARES (to the extent that they are “in-the-money”) on the first, second and third anniversaries of the date of award.

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 contained in this news release other than in the section “Exploration update”. 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 as def ined in National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in the section “Exploration update”. He is Head of Mineral Resources at the MSA Group (Pty) Ltd and is an independent technical consultant to the Company.