GRAND BAIE,
- Record FY2022 tin production of 12,493 tonnes, up 14% from the prior year
- Q4 tin production of 3,113 tonnes exceeds market guidance of 3,000 tonnes
- FY2022 EBITDA3,4 of
US$222 m at an average tin price ofUS$30,636 /t (Current tin price:~US$30,000 /t) - Q4 EBITDA3,4 of US$27.1m represents a 41% EBITDA margin3,4 at a weak average tin price of
US$21,436 /t - Final dividend for FY2022 of CAD$0.03 per share declared (FY2022 total dividends:
CAD$0.06 per share)
Operational and Financial Summary for the Year and Quarter ended December 20222
Description | Units | ||||||
Description | Units | Year ended | Year ended | Change | Quarter ended | Quarter ended | Change |
Ore Processed | Tonnes | 436,400 | 416,173 | 5% | 106,087 | 112,179 | -5% |
Tin Grade Processed | % Sn | 3.82 | 3.57 | 7% | 4.00 | 3.90 | 2% |
Overall Plant Recovery | % | 75 | 74 | 1% | 73 | 72 | 2% |
Contained Tin Produced | Tonnes | 12,493 | 10,969 | 14% | 3,113 | 3,139 | -1% |
Contained Tin Sold | Tonnes | 12,764 | 11,521 | 11% | 3,119 | 3,080 | 1% |
EBITDA3,4 (FY2022 and Q4 2022 guidance) | US$'000 | 222,215 | 198,592 | 12% | 27,105 | 30,001 | -10% |
AISC3, 4 (FY2022 and Q4 2022 guidance) | US$/t sold | 14,289 | 14,173 | 1% | 13,420 | 13,089 | 3% |
US$'000 | 109,335 | 68,233 | 60% | 109,335 | 111,996 | -2% | |
Dividends paid, including minorities | US$'000 | 71,518 | 5,555 | 1187% | 0 | 35,379 | n/a |
Average Tin Price Achieved | US$/t | 30,636 | 30,629 | 0% | 21,436 | 22,380 | -4% |
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1Data obtained from International Tin Association Tin Industry Review 20222Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates.3FY2022 and Q4 2022 EBITDA represents management’s guidance.4This is not a standardized financial measure and may not be comparable to similar financial measures of other issuers.See “Use of Non-IFRS Financial Measures” below for the composition and calculation of this financial measure.
Operational and Financial Performance
Alphamin achieved record tin production of 12,493 tonnes for the year ended
Contained tin production of 3,113 tonnes for Q4 2022 was in line with the previous quarter and above market guidance of 3,000 tonnes.
Sales volumes for FY2022 and Q4 were in line with production at an average achieved tin price of
AISC per tonne of tin sold remained relatively flat year-on-year at
EBITDA for FY2022 and Q4 2022 is estimated at
The Alphamin consolidated
Alphamin’s audited consolidated financial statements and accompanying Management’s Discussion and Analysis for the year and quarter ended
Final FY2022 Dividend Declared
The Board has declared a final FY2022 cash dividend of
Mpama South project progress
Works completed since the Company’s announcement of the development decision on
The underground mine design has been finalised and approximately 580 metres of underground development on 2 levels connecting Mpama North and Mpama South has been completed. Development remains ongoing and on schedule.
The Mpama South portal geotechnical investigation has been completed and the design finalised. Surface excavation and adit development infrastructure have been completed with underground portal development having commenced in
Several units of the underground mechanised fleet have arrived on site with regular deliveries scheduled in the coming months. Full fleet mobilisation is expected by the end of
Progress on the processing plant is as follows:
- EPCM, bulk earthworks, civils, and SMPPEI contracts have been awarded;
- Design and engineering is 75% complete;
- Procurement is 96% complete;
- Fabrication of structures and platework is 50% complete; and
- 11% of the processing plant has been moved to site.
The bulk earthworks and civils teams have mobilised to site with 50% of the bulk earthworks and 10% of the civil works having been completed. The SMPPEI construction team mobilisation and training has commenced. An advance team has started the erection of the concentrate drying and product storage building. The main team mobilisation is scheduled for
The owner’s team has commenced with operational readiness preparation.
A new self-contained 500 room accommodation camp is being commissioned with 144 rooms ready for occupation.
The Mpama South development project is currently forecasted to complete within the budget of
External laboratory assays on the last batch of in-fill drill holes are expected imminently whereafter the updated Mpama South Resource will be finalised and announced to the market.
Qualified Person
Mr.
_________________________________________________________________________________________
FOR MORE INFORMATION, PLEASE CONTACT:
CEO
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: msmith@alphaminresources.com
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Forward-looking statements contained herein include, without limitation, statements relating to expected EBITDA, EBITDA margin and AISC guidance for FY2022 and Q4 2022 and contained tin production and sales guidance and capital allocation priorities for the financial year ending
Neither the
USE OF NON-IFRS FINANCIAL PERFORMANCE MEASURES
This announcement refers to the following non-IFRS financial performance measures:
EBITDA
EBITDA is profit before net finance expense, income taxes and depreciation, depletion, and amortization. EBITDA provides insight into our overall business performance (a combination of cost management and growth) and is the corresponding flow driver towards the objective of achieving industry-leading returns. This measure assists readers in understanding the ongoing cash generating potential of the business including liquidity to fund working capital, servicing debt, and funding capital expenditures and investment opportunities.
This measure is not recognized under IFRS as it does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. EBITDA data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
EBITDA MARGIN
EBITDA margin is EBITDA divided by gross revenue.
Net cash is defined as cash and cash equivalents less total current and non-current portions of interest-bearing debt and lease liabilities.
AISC
This measures the costs to produce and sell a tonne of contained tin plus the capital sustaining costs to maintain the mine, processing plant and infrastructure. AISC includes mine operating production expenses such as mining, processing, administration, indirect charges (including surface maintenance and camp and tailings dam construction costs), smelting costs and deductions, refining and freight, distribution, royalties and product marketing fees and corporate costs. AISC does not include depreciation, depletion, and amortization, reclamation expenses, borrowing costs and exploration expenses.
Sustaining capital expenditures are defined as those expenditures which do not increase contained tin production at a mine site and excludes all expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are deemed expansionary in nature.
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