Mauritius-based tin miner Alphamin Resources (TSX-V: AFM; JSE AltC: APH) has reported Q3 production of 5,190 tonnes of tin-in-concentrate from the Bisie mine in eastern DR Congo, and raised its annual guidance to 18,000-18,500 tonnes.
Production in the quarter ending 30th September 2025 represented a quarter-on-quarter increase of 26.4% and a year-on-year increase of 5.6%.
The company’s second quarter output was lower than originally anticipated due to the March-April security-related shutdown.
Management raised its production guidance from the revised 17,500 tonnes to 18,000-18,500 tonnes of contained tin.
Processing tonnage increased 31.8% from the previous quarter to 221,581, while grade processed decreased slightly to 3.09% Sn. Recovery was broadly consistent at 76%.
Sales of tin-in-concentrate totalled 5,132 tonnes, up 12.1% quarter-on-quarter and 4.1% year-on-year. Average tin price achieved was US$33,877 per tonne, a 6.7% increase from the same quarter last year.
The company continues to benefit from elevated tin prices throughout 2025—averaging 8.9% higher in 2025-to-date than in 2024—due to intense market speculation surrounding a series of supply protracted disruptions in Indonesia, Myanmar, and DR Congo.
The company’s AISC averaged US$15,900 per tonne of tin sold, down 3.6% quarter-on-quarter but an increase of 1.3% year-on-year. Management attributed this to the normalization of the mine’s production rate compared with the impact of the previous quarter’s production halt.
Alphamin saw an EBITDA of US$96.2 million (US$18,705 per tonne of tin sold), 77.4% higher than in Q3 2024, as the company’s increased output coincides with higher tin prices.
Providing an update on the resource expansion exploration, the company reported drilling results including 24.13 m at 2.43% Sn from 532.92 m including several metre-scale intercepts above 4.00% Sn.
Alphamin noted an “increased number of security events on the border line between the Masisi and Walikale territories”. Consequently, the company said “the operating risk profile remains elevated and a sustained advance closer to the mine location could result in mining operations being affected”.
The company stressed that the mine is located in a remote area approximately 200 km away from these events.
Our view: In the light of a disrupted year, and unfolding security events elsewhere in North Kivu, the slight increase in Alphamin’s 2025 guidance indicates the company’s optimism that Bisie can continue to produce consistently at the higher rate enabled by the Mpama South expansion. Despite a cooler tin demand picture in Q3, sustained strong output from Bisie will be welcome to a very tight international concentrate market.
