Alphamin Resources (TSXV: AFM)

Last close As at 22/05/2024


−0.02 (−1.79%)

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 produced 3,142t Sn in Q124, but sold 4,126t to reverse a similar under-sale in Q423 and generate c US$52m in EBITDA (cf US$20.3m in Q4). The new Mpama South mine is moving to expand group production by c 50% (to c 20,000tpa) from Q224, on which basis we calculate a value for Alphamin’s shares of US$1.06 (or C$1.44). However, this increases to as much as US$1.76 (C$2.36) in the event that the company’s exploration programme continues to extend its life indefinitely. In the meantime, its peers imply a share price for Alphamin as high as C$2.89. Q1 results are scheduled for 29 April.

Latest Insights

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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 of Content, Mining

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 (2.7) 23.6 37.5
Relative (4.7) 17.9 25.2
52 week high/low C$1.2/C$0.8


Alphamin (AFM) offers rare exposure to a metal that both Rio Tinto and MIT regard as the most likely to benefit from the energy transition. The company successfully ramped up its Mpama North mine at Bisie in the Democratic Republic of the Congo 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)
2022A 391.1 222.2 188.0 7.86 10.0 5.4
2023A 288.5 135.5 94.7 3.68 21.4 505.7
2024E 477.7 241.5 199.3 9.14 8.6 4.5
2025E N/A N/A N/A N/A N/A N/A



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Alphamin Resources — Roaring back


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Alphamin Resources — Results confirm long-term potential


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Alphamin Resources — Alpha tin actually


Metals & Mining

Alphamin Resources — New tin producer generating cash flow



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