Alphamin Resources (TSXV: AFM)

Currency in CAD

Last close As at 25/03/2023

CAD0.76

−0.01 (−1.30%)

Market capitalisation

CAD981m

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.

Following record quarterly EBITDA in Q122 and record quarterly production in Q2, AFM exceeded its market guidance for tin production in both Q322 and Q422 at 3,139t and 3,113t cf 3,000t respectively. This takes FY22 production to 12,493t, up 14% on FY21. The Mpama South project also moves towards production of 7,200t in FY24, increasing annual production to ~20,000t. We consider the valuation of AFM 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

View More

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

    CFO

  • Maritz Smith

    CEO

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (19.2) 5.6 (32.7)
Relative (16.4) 4.6 (24.0)
52 week high/low C$1.4/C$0.6

Financials

Alphamin Resources (AFM) 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, AFM 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 34.5
2021A 352.9 194.9 159.0 3.75 15.7 5.0
2022E 519.6 350.2 315.1 11.73 5.0 2.6
2023E 541.7 369.7 328.1 14.99 3.9 3.6

Research

Thematics

samuel-scrimshaw-kp_87tExCwI-unsplash

Metals & Mining

Lithium’s adolescence

Metals & Mining

Lepidico: Offer closes, oversubscribed

Consumer

IPO apocalypse

TMT

ESG, moving beyond the box tick

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free