Alphamin Resources (TSXV: AFM)

Last close As at 12/07/2024


0.02 (1.74%)

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.

Including production from Mpama South from Q224, we calculate a value for Alphamin of US$1.06 (or C$1.44), based on the dividends that can be generated from its existing resources. 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 mines’ lives indefinitely. In the meantime, its peers imply a share price for Alphamin of C$2.89/share.

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 9.4 (1.7) 11.4
Relative 6.2 (3.6) (1.8)
52 week high/low C$1.2/C$0.8


Alphamin 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 just as the tin price was enjoying one of its biggest bull markets in decades, allowing it to pay off debt and start making distributions to shareholders. Now, in the midst of a second similar squeeze, it has brought a second mine, Mpama South, into production, which will expand group tin output by c 50% to c 20,000tpa.

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 10.9 5.8
2023A 288.5 135.5 94.7 3.68 23.2 549.0
2024E 477.7 241.5 199.3 9.14 9.4 4.9
2025E N/A N/A N/A N/A N/A N/A



Metals & Mining

Alphamin Resources — Roaring back


Metals & Mining

Alphamin Resources — Results confirm long-term potential


Metals & Mining

Alphamin Resources — Alpha tin actually


Metals & Mining

Alphamin Resources — New tin producer generating cash flow



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