Alphamin Resources


Market CapC$1,018m

Last Close C$0.8

Alphamin owns (84.14%) and operates the Bisie tin mine at Mpama North in the North Kivu province of the DRC with a grade of c 4.5% tin (the world’s highest). Accounting for c 4% of mined supply, it is the second largest tin mine in the world outside China and Indonesia.

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Investment summary

Alphamin Resources (AFM) offers rare exposure to a metal that both Rio Tinto and MIT regard as the most likely to benefit from the electrification of the world economy. Having successfully ramped up its Mpama North mine at Bisie in the Democratic Republic of the Congo to full production at a time when the tin price was simultaneously enjoying one of its biggest bull markets in decades, AFM is already net debt free and making distributions to shareholders.

Y/E Dec
Revenue (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 187.4 58.3 15.7 (0.71) N/A 34.8
2021A 352.9 194.9 159.0 3.75 15.8 5.0
2022E 519.6 350.2 315.1 11.73 5.1 2.6
2023E 541.7 369.7 328.1 14.99 4.0 3.6
Industry outlook

So far this year, the company reported record quarterly EBITDA in Q122 and record quarterly production in Q2, as well as the development of another mine at Mpama South and an expansion of resources at Mpama North. At a long-term tin price of US$42,793/t, in April, we calculated a value for AFM of US$1.25 (or C$1.58) per share. However, a concerted exploration programme is ongoing and this valuation rose to as high as US$1.98/share (C$2.49/share) in the event of exploration successfully extending the life of operations.

Last updated on 30/11/2022
Content on Alphamin Resources
Alphamin Resources – Mpama South continues the charge
Metals & mining | research Update | 13 April 2022
Alphamin Resources – Presenting the bull case
Metals & mining | research Update | 8 December 2021
Alphamin Resources – Underlying results exceed prior forecasts
Metals & mining | research Update | 6 December 2021
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Share price graph
Balance sheet
Forecast net cash (US$m) 45.9
Forecast gearing ratio (%) N/A
Price performance
Actual 31.2 19.4 (15.8)
Relative* 24.6 12.9 (14.9)
52-week high/low C$1.4/C$0.6
*% relative to local index
Key management
Maritz Smith CEO
Eoin O'Driscoll CFO
Charles Needham Non-executive Chairman