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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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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The African Great Lakes Region (GLR), including the DRC and Rwanda, is a tin mining area and we are fully aware that the localised presence of M23 creates human rights and conflict-related risks and impacts the mineral sector. We also note that many areas of the DRC, are not controlled by M23 and the risks and impacts continue to vary across the Great Lakes Region. To-date, M23 is not in control of all parts of North and South Kivu, nor in the other tin mining Provinces of Maniema, Haut-Katanga, Haut-Lomami, Lualaba, Tanganyika and Tshopo.

ITA participated in the development of and fully supports the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. We have worked continuously for 15 years to encourage the practical implementation of that Guidance by companies in the tin supply chain and have incorporated clear due diligence expectations into all ITA standards and programmes relevant to our members.

In alignment with the OECD Guidance, we consider that being responsible means staying engaged whenever possible to support mining communities in challenging areas. Continuing trade in areas under control of non-state armed groups is not a responsible option, but, in other areas, it is important that all stakeholders avoid calling for generalised dis-engagement and embargo which only serves to further harm populations already facing crisis.

ITA has a unique and in-depth understanding of the Great Lakes Region from our role in the ITSCI Programme. ITSCI has teams on the ground, even in times of conflict, and provides regular updates on local situations and the changing risks to tin, tantalum and tungsten supply chains. The ITSCI website can be referred to as a reliable source of information on the current situation and on-going developments. There are complex background dynamics behind the conflict, which are understood, evaluated and considered by experienced ITSCI teams to ensure the best information on real-life events is available. We regret that in M23 areas some ITSCI activity has had to be suspended, and, that in other areas state-armed group taxation, fraud and other risks are high, nevertheless good faith and focused due diligence efforts remain the most responsible way forward for mineral supply chains.

The Standard of Tin Code 7.3 on Responsible Sourcing is 100% aligned with the OECD Guidance, with assurance currently being rolled-out. The ITSCI Programme is Fully Aligned with the OECD Guidance. We urge all companies and other stakeholders to reinforce and strengthen actions that together will deliver responsible supply chains, including the constructive dialogue needed for effective risk management and resolution of disputes.

ITA contact points, including for sustainability or markets information, are available on our webpage

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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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Tin explorer Rome Resources, which was recently acquired by UK-based Pathfinder Minerals, has announced it has commenced diamond drilling at its Kalayi prospect in North Kivu, DR Congo.

Kalayi, which together with the Mont Agoma prospect, forms the company’s Bisie North project which immediately neighbours Alphamin Resources’ Bisie mine. Drilling of the first diamond drill hole has begun, whilst two additional rigs will be mobilised to additional targets at Kalayi and Mont Agoma.

The drilling forms part of a larger campaign of 12 diamond drill holes testing mineralisation at two levels 50 m apart over 700 m of the main tin-in-soil anomaly discovered at Bisie North. Results from the drilling are expected by the end of 2024.

A previous drilling campaign included intercepts of 2.5 m at 2.6% Sn from 79.0 m, 12.5 m at 1.05% Sn from 40.5 m, and 3.0 m at 1.92% Sn from 70.0 m. The first hole commenced in this new campaign is targeting the tin zone below the latter intercept. During clearing for the first drill pad of this campaign, a narrow cassiterite vein was exposed, which the company states confirms mineralisation is open to the northwest.

Referencing Rome Resources’ admission to the London Stock Exchange AIM in July, Paul Barrett, Rome Resources CEO, commented the company is “extremely pleased to have reached this milestone so soon after admission”. Mr Barrett also highlighted the deposit appears to have “striking similarities with Alphamin’s nearby Mpama South Mine, where tin grades increase with depth.”

In late 2023, AIM-listed Pathfinder Minerals initiated a reverse takeover of Rome Resources alongside a loan of up to C$2.5 million, which resulted in the new company re-listing on AIM on completion of the transaction in July.

Our view: The company will be pleased to make rapid progress with exploration activities at Bisie North. Given the proximity to Alphamin’s Bisie and positive drilling results reported in late 2023, we look forward to the results of this latest campaign.

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Bisie mine operator Alphamin Resources (TSXV: AFM; JSE AltX: APH) has announced a 156% quarter-on-quarter increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the first quarter of 2024.

In the quarter ending 31 March 2024, ore processing increased 4% from the previous quarter to 109,424 tonnes, balanced by a 4% decrease in grade to 3.83% Sn. On unchanged tin recovery of 75%, overall tin-in-concentrate production saw a marginal increase to 3,142 tonnes from 3,126 tonnes. Sales, however, increased 102% to 4,126 tonnes from 2,046 tonnes in the previous quarter.

EBITDA increased by 156% from US$20.3 million to US$52.0 million. The company attributed the increase in EBITDA to the clearance of most of the Q4 2023 sales backlog and 7% higher tin prices. Sales in the fourth quarter of 2023 had been disrupted due to exceptional rainfall in DR Congo damaging infrastructure on key trade routes.

All in sustaining costs (AISC) saw a marginal increase to $14,785 per tonne of tin sold, attributed to increased royalties, export duties, marketing commissions, and net smelter returns – in turn due to the increased tin price. The company’s cash reserves increased to US$53.5 million as of 31 March 2024, up from US$7.2 million on 31 December 2024 while net debt decreased from US$73 million to $28 million.

The company’s major expansion project, Mpama South, Democratic Republic of Congo, is behind schedule on delays to the commissioning of the new processing plant. Engineering teams are now in the final stages of plant commissioning, while crushed ore stockpiles have reached 5,300 tonnes. The expansion is expected to increase Alphamin’s production capacity from approximately 12,500 tonnes tin per annum to 20,000 tpa.

Our view: With the Bisie mine contributing 4.0% of the world’s mined tin in 2023, and in the light of continued supply disruptions elsewhere in the world, the market eagerly anticipates the opening of the significant Mpama South expansion.

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Members of the M23 non-state armed group have continued to expand their territory in North Kivu, Democratic Republic of the Congo, an important region for global supply of the 3Ts – tin, tantalum, and tungsten.

Since mid-2022, the M23 rebels have controlled areas between Lake Edward and Lake Kivu, a key trade route for minerals, including tin. It is reported that the rebels have blocked the two main roads into Goma, both from the north and the west, halting the transportation of goods into the provincial capital, home to two million people.

Bintou Keita, head of the UN’s peacekeeping mission in the country, told the UN Security Council last week that 800,000 people have been displaced due to violence since the start of the year and nearly a quarter of DR Congo’s 100 million people are facing food insecurity. Keita added that M23 insurgents now occupy all former positions held by an international force that withdrew at the end of last year, with the M23 occupation reaching “unprecedented levels”.

The Goma customs crossing between DR Congo and Rwanda is a key route for the export of artisanal mine production via the Tanzanian port of Dar es Salaam. Local media reports that a customs crossing between DR Congo and Uganda at Bunagana, a trade route to the Kenyan port of Mombasa, has been closed. Alternative routes from the region to east African ports – such as southwards into Rwanda via Bukavu customs on the southern shore of Lake Kivu, and northwards into Uganda via Goli customs northwest of Lake Albert – are substantially longer and more costly.

Furthermore, eastern DR Congo border crossings have reportedly been operating reduced hours due to the conflict, which poses risk of further delays to concentrate shipments from east Africa to smelters in Asia.

In December 2023, ITSCI, a 3Ts due diligence and traceability programme, suspended mining operations in Masisi territory following M23 rebels taking control of the mineral transport route between Masisi and Goma. Operations remain suspended in the territory.

Alphamin Resources’ Bisie mine, which represented 4.5% of global tin mine production in 2023, is located approximately 180 km west of Goma.

Since the escalation of conflict at the start of 2024, concentrate exports from DR Congo have not seen a significant decline, falling just 5% in January 2023 from the previous month to 21,943 tonnes. More recent trade data is not yet available.

Our view: ITA is not aware of current tin supply disruptions outside of Masisi, but ongoing conflict poses a threat to key supply areas and routes critical to the trade of tin concentrates. Delays may be expected as mineral shipments are rerouted further north and south away from rebel-controlled areas.

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