Alphamin Resources (TSXV: AFM)

Currency in CAD

Last close As at 26/05/2023

CAD0.80

−0.02 (−2.44%)

Market capitalisation

CAD1,121m

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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Alphamin Resources — Mpama South continues the charge

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Alphamin Resources — Presenting the bull case

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Alphamin Resources — Roaring back

Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Charles Needham

    Non-executive Chairman

  • Eoin O'Driscoll

    CFO

  • Maritz Smith

    CEO

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

Financials

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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