Alphamin Resources (TSXV: AFM)

Currency in CAD

Last close As at 04/02/2023


−0.05 (−5.00%)

Market capitalisation


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.

Following record quarterly EBITDA in Q122 and record quarterly production in Q2, AFM exceeded market guidance of tin production at 3,139t cf 3,000t in Q3. The Mpama South project also moves towards production of 7,200t in FY24 increasing annual production to ~20,000t. 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.

Latest Insights

View More

Metals & Mining

Alphamin Resources — Mpama South continues the charge

Metals & Mining

Alphamin Resources — Presenting the bull case

Metals & Mining

Alphamin Resources — Roaring back

Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Charles Needham

    Non-executive Chairman

  • Eoin O'Driscoll


  • Maritz Smith


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.8 48.4 (18.6)
Relative (1.2) 37.9 (16.1)
52 week high/low C$1.4/C$0.6


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$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2020A 187.4 58.3 15.7 (0.71) N/A 40.0
2021A 352.9 194.9 159.0 3.75 18.2 5.7
2022E 519.6 350.2 315.1 11.73 5.8 3.0
2023E 541.7 369.7 328.1 14.99 4.6 4.1




Metals & Mining

Lithium’s adolescence

Metals & Mining

Lepidico: Offer closes, oversubscribed


IPO apocalypse


ESG, moving beyond the box tick

Subscribe to Edison

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

Sign up for free