Alphamin Resources (TSXV: AFM)

Currency in CAD

Last close As at 06/12/2023


−0.02 (−2.44%)

Market capitalisation


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.

AFM achieved production of 3,104t in Q323 with EBITDA of US$38.3m (up 8.2% q-o-q). In the meantime, the Mpama South project is moving to expand group production to c 20,000tpa from FY24 (up c 50% y-o-y). On this basis, we calculate a value for AFM’s shares of US$1.06 per share (or C$1.44/share). However, this increases to as much as US$1.76 per share (C$2.36/share) in the event that its exploration programme continues to extend the productive life of its operations. Similarly, its peers imply a share price as high as C$2.89.

Latest Insights

View More

Metals & Mining | Initiation

Alphamin Resources — Still leading the pack

Metals & Mining | Update

Alphamin Resources — Mpama South continues the charge

Metals & Mining | Update

Alphamin Resources — Presenting the bull case

Metals & Mining | Update

Alphamin Resources — Underlying results exceed prior forecasts

Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Tom Batho

Tom Batho


Key Management

  • Charles Needham

    Non-executive Chairman

  • Eoin O'Driscoll


  • Maritz Smith


Balance Sheet

Forecast net cash (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (8.1) (12.1) 3.9
Relative (10.5) (11.9) 3.2
52 week high/low C$1.1/C$0.7


Alphamin Resources (AFM) offers rare exposure to a metal that both Rio Tinto and the MIT regard as the most likely to benefit from the electrification of the world economy. AFM 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 enjoying one of its biggest bull markets in decades, allowing it to pay off debt and to start 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)
2021A 352.9 198.6 162.7 3.75 15.9 5.0
2022A 391.1 222.2 188.0 7.86 7.6 4.1
2023E 325.0 158.3 121.6 4.99 12.0 15.5
2024E 580.2 317.8 274.3 12.56 4.8 2.7



Metals & Mining

Alphamin Resources — Roaring back


Metals & Mining

Alphamin Resources — Results confirm long-term potential


Metals & Mining

Alphamin Resources — Alpha tin actually


Metals & Mining

Alphamin Resources — New tin producer generating cash flow



Metals & Mining

Shades of the 1970s


Metals & Mining

Critical minerals: The investment vacuum



Metals & Mining

Lithium’s adolescence


Metals & Mining

Lepidico: Offer closes, oversubscribed

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free