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.