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Currency in CAD
Last close As at 09/06/2023
CAD0.84
▲ 0.01 (1.20%)
Market capitalisation
CAD1,070m
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, achieving record quarterly production of 3,187t in Q123 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 group annual production to c 20,000tpa. We believe Alphamin’s valuation could reach US$1.98/share (C$2.49/share) in the event that its exploration programme successfully extends the life of its operations.
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Director, Energy & Resources
Charles Needham
Non-executive Chairman
Eoin O'Driscoll
CFO
Maritz Smith
CEO
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (5.6) | 2.4 | (22.2) |
| Relative | (2.6) | 4.5 | (18.9) |
| 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 | 36.4 |
| 2021A | 352.9 | 194.9 | 159.0 | 3.75 | 16.6 | 5.2 |
| 2022E | 519.6 | 350.2 | 315.1 | 11.73 | 5.3 | 2.7 |
| 2023E | 541.7 | 369.7 | 328.1 | 14.99 | 4.1 | 3.8 |
