Mauritius-based tin miner Alphamin Resources (TSXV: AFM ; JSE AltX: APH) has announced 2025 production totalled 18,576 tonnes of tin-in-concentrate from its Bisie mine in eastern DR Congo.
Production in the quarter ending 31 December 2025, Alphamin processed 202,360 tonnes of ore grading 3.4% Sn to produce 5,008 tonnes of tin-in-concentrate. This represents a decline in production of 4.4% year-on-year.
Processing recovery was slightly lower in the fourth quarter, at 73%, due to fluctuations in the grades processed.
Tin sales totalled 5,045 tonnes of contained tin.
The company’s AISC rose in Q4 to US$16,861, up 11.6% year-on-year, attributed to the impact of higher tin prices on royalties, export duties, and smelter fees, and due to a “substantial” increase in diesel taxes in DR Congo.
EBITDA in the fourth quarter was US$108 million, with the company benefiting from the surging tin price. Average tin price achieved was 12% higher than in Q3.
Since the end of December 2025, the tin price has soared 17% to an all-time-high as of 18 January, which will likely benefit the company in Q1 2026.
Overall production for the year was 7.2% higher than the 2024 total, marking the highest since the mine began operations in mid-2019. 2025 was initially expected to mark the first full year of operations for the Mpama South expansion; however, the mine closure in March and April forced the company to revise down its production guidance.
Providing an update on exploration, the company said drilling at Mpama North and South had recommenced in Q4 but no visible tin mineralisation was observed.
Referencing the security situation in eastern DR Congo, Alphamin stated that the company “continues to note an increased number of security events on the border line between the Masisi and Walikale territories” in North Kivu, approximately 200 km east of the mine.
While the mine continues to operate “within guidance parameters”, the company said “As a result of the ongoing security risks in the area, the operating risk profile remains elevated and a sustained advance closer to the mine location could result in mining operations being affected”.
The company also announced the retirement of CEO Maritz Smith, who oversaw the significant expansion of Bisie, effective 01 March. Smith will be replaced by current CFO Eoin O’Driscoll.
Our view: Despite the security-related challenges, Alphamin’s production remained broadly resilient and the company has achieved record output. Following a turbulent 2025, 2026 is likely to see the mine ramp up production toward 20,000-tonnes-per-year capacity, coinciding with a broader recovery from the mine supply disruptions across Asia during 2023–2025.
