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. 

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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.

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Mauritius-based tin miner Alphamin Resources (TSXV : AFM ; JSE AltX : APH) saw production from its Bisie mine in eastern DR Congo fall marginally to 4,106 tonnes in the second quarter.

Production fell 3.8% from Q1 (a 2.0% rise from Q2 2024) due to the 28-day mining halt from mid-March to mid-April following the advance of non-state armed groups in the direction of the mine. This was below the company’s production target of 5,000 tonnes.

The grade of tin processed fell from 3.55% Sn in Q1 to 3.16%, while plant recovery increased above the company’s 75% target to 77%.

Sales rose 18.7% to 4,587 tonnes tin-in-concentrate as the company cleared the sales backlog from the first quarter. The average tin price achieved remained almost unchanged at $32,512 per tonne, yielding an estimated EBITDA of $75 million.

Estimated AISC rose 6.1% year-on-year to $16,500, which the company attributed to the operations stop and restart. Operating costs included fixed expenses and payroll as well as the costs associated with care and maintenance during the suspension and mining restart costs.

The company also provided an update on its exploration programs to expand the Mpama North and Mpama South resources and Bisie life of mine, and prospecting for new deposits locally. Drilling at Bisie intercepted visible tin below the current resources.

Our view: ITA is pleased to see greater stability in production levels following a challenging H1 for Alphamin Resources. The March-April mining halt has exacerbated severe feedstock shortages in Asia with no significant progress reported regarding a restart to mining in Wa, Myanmar. The company appears to be on track to achieve its revised production guidance of 17,500 for 2025.

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United Arab Emirates-based International Resources Holding (IRH) has entered into an agreement to acquire Tremont Master Holding’s majority stake in tin miner Alphamin Resources (TSXV: AFM; JSE: APH).

IRH will gain a 56% interest in the company, which operates the world’s third largest tin mine, Bisie, in eastern DR Congo, for approximately $367 million from Tremont, a subsidiary of US-based Denham Capital.

The mining investment firm currently holds a majority interest in a Zambian copper mining complex, and is also involved in metal trading.

IRH’s CEO, Ali Alrashdi, commented “Alphamin’s strong production profile aligns with our strategy of securing interests in high-quality mining assets with long-term growth potential.”

Tremont’s Chairman, Rob Still, said “Following Tremont’s 12-year history in exploring, evaluating and then building and operating the Bisie mine, we are now pleased to transfer our ownership stake to another long-term investor who shares our vision for the operation and our commitment to the region”.

The deal comes amid reported recent negotiations between the United States and DR Congo over American access to critical minerals in return for security support.

Alphamin temporarily halted mining operations in March 2025 due to the advance of non-state armed groups towards Bisie. Announcing the production halt, the company said it had appointed a US-based firm to lobby for US diplomatic intervention regarding the security threats.

Operations restarted during April and the company has said that the phased restart is progressing well.

The mine was originally expected to produce 20,000 tonnes of tin-in-concentrate in 2022 with the Mpama South expansion fully operational, although this was revised down to 17,500 tonnes following the suspension.

Our view: This deal comes amid both a swathe of corporate activity in the tin supply space and increased US interest in the region’s critical minerals. The deal spotlights the UAE as a major player, alongside the US and China, vying for greater control of tin supply.

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Alphamin Resources (TSXV: AFM; JSE AltX: APH) has revised down its guidance for production at its Bisie tin mine in eastern DR Congo on production losses in Q1 due to the security-related interruption.

Production at Bisie was down 18% quarter-on-quarter at 4,270 tonnes tin-in-concentrate following the halt of mining and processing activities for almost five weeks from 13 March 2025 when non-state armed groups advanced in the direction of the mine.

The company’s 2025 production guidance has been revised down from 20,000 tonnes to 17,500 tonnes as a result of the shutdown, meaning a 0.4% annual decline in production compared with the 13.8% originally expected.

Operations partially restarted in a phased resumption on 15 April.

The grade of ore processed in the quarter ending 31 March was 18% higher than the previous quarter, at 3.55% Sn, so daily throughput volumes were reduced to optimise recoveries. The mine plan still targets an average grade of 3%, with this initial outperformance expected to balance out over the rest of the year. Recovery remained higher than targeted.

Sales were 3,873 tonnes of contained tin in Q1 (down 22% quarter-on-quarter) at an average tin price of US$32,507 per tonne (up 7% quarter-on-quarter).

EBITDA fell 19% to US$61.80 million, while all-in sustaining cost increased 9% to US$16,339 per tonne of tin sold.

Alphamin said that underground mining activities are expected to resume later in April as employees return to the site. Inbound and outbound transport has resumed, and the company said it is adequately supplied to support the resumption in production. Exports are anticipated to continue normally.

Our view: While the company will likely see effectively flat growth in production in 2025, the severe tightening of the concentrate market looks to be partially averted. Raw material feedstocks remain tight globally, and the orderly resumption of operations at Bisie is a positive move towards a potentially calmer market, although the full impact of the regional disruption has been delayed by shipping lead times from eastern Africa to Asia.

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Alphamin Resources (TSXV: AFM; JSE AltX: APH) have announced operations will recommence at the company’s Bisie mine in eastern DR Congo.

The company, which halted production last month due to the advance of non-state armed groups towards the mine, will initiate a “phased resumption” of operations at Bisie. Alphamin will redeploy employees in a plan to restart production in phases while it continues to monitor the security situation.

In the announcement, Alphamin state that the insurgents have withdrawn eastward from the town of Walikale towards Nyabiondo and Masisi, more than 130 km from the mine site.

After the evacuation of the mine in March, concentrate export logistics continued uninterrupted alongside care and maintenance. The company produced 4,270 tonnes of tin-in-concentrate from 01 January to 13 March, when operations ceased.

Bisie is the third largest tin mine globally and produced 17,323 tonnes of contained tin in 2024, originally expected to increase to 20,000 tonnes in 2025 as the company benefits from a full year of production from the Mpama South expansion completed last year.

Our view: A phased recommencement to operations at Bisie will likely avert the severe market tightness originally anticipated in Q2 2025. ITA continues to monitor the situation closely.

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Bisie mine operator Alphamin Resources announced on 13 March that it has temporarily halted operations at the mine in eastern DR Congo.

In a statement, the company said “this decision was made after insurgent militant groups have recently advanced westward in the direction of the mine’s location in the DRC”.

The company is evacuating all operational mining personnel from the site, with only essential personnel remaining for the care, maintenance, and security of the property.

Alphamin said the company is “encouraged” by the recent announcement of peace talks scheduled to be held in Angola next week.

The company has appointed a United States-based firm to lobby for US diplomatic intervention regarding the security threats.

Bisie is the third largest tin mine globally, producing 17,300 t tin-in-concentrate in 2024, approximately 6% of global mined tin supply.

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Alphamin Resources has announced Q4 production at the Bisie mine, DR Congo, of 5,237 tonnes tin-in-concentrate, bringing 2024 production to 17,324 t, up 38% from 2023 following the Mpama South expansion.

Ore processed at Bisie increased 2% to 232,860 t, whiles grades increased from 2.9% Sn in Q3 to 3.0% Sn in Q4. Plant recovery also increased by 2% to 75.1%. As expected, due to the impact of the September-November rainy season on road conditions and transit times, sales decreased 11% to 4,942 t but are anticipated to recover in January.

EBITDA decreased 17% Q/Q to US$76.2 million, which the company attributed to the usual seasonal fall in sales and a 4% decline in the tin price. AISC decreased 4% to US$15,106 per tonne tin sold, primarily due to a reduction in marketing fees negotiated with offtake partner Gerald Metals.

EBITDA for 2024 is estimated to increase by 102% Y/Y to a total of US$274 million. Alphamin attributed this to stronger tin prices alongside the increase in sales and production related to the Mpama South expansion completed in mid-2024.

Looking to 2025, the company issued production guidance of 20,000 t as the full year is expected to benefit from the expansion.

Alphamin also provided an update on its exploration projects to increase the Mpama North and South resources and life of mine. At Mpama South, drilling intersected an alteration zone including narrow cassiterite veins 42.58 m wide, 82 m below the current resource boundary. At Mpama North, eight drill holes intersected alteration zones associated with tin mineralisation and minor cassiterite veins, with further drilling planned.

Our view: During a year of supply disruptions in Asia, Alphamin’s strong output was welcome in the market, with DR Congo becoming China’s largest source of tin concentrate. The company’s expansion has made it the fourth largest producer of tin concentrate, representing 6% of global mined tin supply in 2024.

ITA considers that Alphamin is unaffected by recent developments in eastern DR Congo, as concentrates from Bisie are transported on routes far from the affected areas.

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Ore processed from Alphamin’s DR Congo-based Bisie mine increased 37% to 229,107 t, with average grade declining from 3.2% Sn to 2.9% Sn. This is in line with the company’s plans to process 900,000 t ore at an average grade of 3% Sn annually. Plant recovery saw a minor drop 3% to 73.4%. Tin sales also increased by 71%, clearing a 600 t sales backlog from the previous quarter.

All-In Sustaining Costs (AISC) remained approximately flat at $15,700/t tin sold, while EBITDA increased 69% to $91.5 million, despite a 2% fall in average tin price achieved, due to higher production and sales volumes.

Alphamin expect off-mine costs to decline from 2024 Q3 due to a 60% reduction in marketing fees negotiated as a part of the extension of the offtake agreement with trader Gerald Metals.

The company also announced an interim 2024 financial year cash dividend of CAD$0.06 per share.

Our view: Alphamin’s expansion comes at an opportune moment for the Chinese tin market, which remains tight on worsening supply disruptions in Myanmar and Indonesia. The vast majority of Congolese tin concentrate is exported to China, with concentrate monthly export volumes surging since the start of the year. In August, DR Congo constituted 30% of China’s tin concentrate imports, close behind Myanmar.

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Alphamin Resources (TSXV: AFM; JSE AltX: APH) has reported tin production of 4,027 tonnes in Q2 2024, up 28% from the previous quarter, marking the first quarter including production from Mpama South.

Production from Alphamin’s DR Congo-based Bisie mine has surged 28% both quarter-on-quarter and year-on-year, with tin produced at Mpama South included for the second half of the quarter from 14 May 2024.

In line with expansion plans, ore processing increased 52% to 166,676 t and average grade declined 16% to 3.20% tin with Mpama South being a lower grade resource than at Mpama North. The Mpama South plant targets metallurgical recovery rates of 70%, though the overall plant recovery at Bisie remained unchanged at 75% as the new plant outperformed expectations. Overall recovery is expected to decline to 73% in future.

Tin sales increased 6% year-on-year to 3,245 t, despite falling 21% quarter-on-quarter due to exceptionally high sales in Q1 as the company cleared concentrate stocks accumulated during weather-related disruption to transport. The substantial increase in production is not wholly reflected in sales due to the lag between the two metrics and Mpama South becoming operational mid-quarter.

Alphamin’s earnings before interest, tax, depreciation, and amortisation (EBITDA) rose to $54.2 million, up 4% from the previous quarter on the 20% higher average tin price. The company highlighted that the sales lag meant the production expansion had limited impact on EBITDA. The lag, which is expected to clear in the third quarter, represents an approximate EBITDA contribution of $15 million.

Conversely, the all-in sustaining cost (AISC) rose 5% to $15,576 per tonne as a result of higher royalties, export charges, net smelter returns, and marketing fees relating to the elevated tin price.

Our view: Alphamin Resources’ impressive growth comes at a very opportune time, with the company well-placed to capitalise on elevated tin prices supported by protracted supply disruptions in Indonesia and Myanmar.

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