“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”
Currency in CAD
Last close As at 26/05/2023
CAD0.80
▲ −0.02 (−2.44%)
Market capitalisation
CAD1,121m
Alphamin owns (84.14%) and operates the Bisie tin mine at Mpama North in the North Kivu province of the Democratic Republic of the Congo 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.
Alphamin continues to impress, breaking its record quarterly production again in Q123 at 3,187t following a strong FY22, in which it exceeded its market guidance for tin production in both Q322 and Q422 at 3,139t and 3,113t cf 3,000t respectively. The Mpama South project is moving towards production of 7,200tpa in FY24, increasing annual production to c 20,000tpa. We believe Alphamin’s valuation could reach US$1.98/share (C$2.49/share) in the event of its exploration programme successfully extending the life of operations.
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Director, Energy & Resources
Charles Needham
Non-executive Chairman
Eoin O'Driscoll
CFO
Maritz Smith
CEO
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (1.1) | 0.0 | (16.2) |
| Relative | 2.2 | 2.3 | (13.6) |
| 52 week high/low | C$1.1/C$0.6 |
Alphamin Resources offers rare exposure to a metal that both Rio Tinto and MIT regard as the most likely to benefit from the electrification of the world economy. Having successfully ramped up its Mpama North mine at Bisie in the Democratic Republic of the Congo to full production at a time when the tin price was simultaneously enjoying one of its biggest bull markets in decades, Alphamin is already net debt free and making distributions to shareholders.
| Y/E Dec | Revenue (US$m) | EBITDA (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 | 38.1 |
| 2021A | 352.9 | 194.9 | 159.0 | 3.75 | 17.4 | 5.5 |
| 2022E | 519.6 | 350.2 | 315.1 | 11.73 | 5.6 | 2.8 |
| 2023E | 541.7 | 369.7 | 328.1 | 14.99 | 4.3 | 3.9 |
Get access to the very latest content matched to your personal investment style.
