Alphamin Resources (TSXV: AFM)

Currency in CAD

Last close As at 26/05/2023


−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.

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.

Latest Insights

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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 (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



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