Alphamin Reports Strong Earnings Growth on Higher Tin Production and Prices
Alphamin Lifts Ebitda 25% to $341m as Tin Production and Prices Rise
TSX-V- and JSE-listed tin producer Alphamin Resources has reported a 25% year-on-year increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to $341 million for the year ended December 31, 2025.
The company produced 18 576 t of tin during the year, representing a 7% increase compared with the prior year.
Alphamin operates the Bisie tin mine in the Democratic Republic of Congo (DRC), which comprises the Mpama North and Mpama South deposits.
The improved financial performance, up from $274 million in Ebitda in 2024, followed the successful completion of the Mpama South expansion project and benefited from higher average tin prices.
Looking ahead, Alphamin expects to increase production to 20 000 t of tin in the new financial year. Ongoing exploration across the Mpama North and Mpama South resource base is aimed at extending mine life and identifying new tin deposits within the mining licence area.
On a quarterly basis, tin production in the fourth quarter totalled 5 008 t, a 4% decrease compared with the same quarter in 2024.
The company said ore grades processed during the quarter were higher than planned, leading to reduced throughput to manage contained tin levels within the processing plant.
Processing recoveries for the quarter averaged 73%, below the 75% target, and were negatively affected by greater-than-usual feed grade variability. For the full year, however, average recoveries reached 75%, despite production being disrupted by a temporary suspension of operations due to security concerns in March 2025, followed by a phased restart in April.
Alphamin expects its all-in sustaining cost (AISC) for the fourth quarter to have averaged $16 861/t, about 6% above the targeted $15 978/t. The increase was largely driven by higher off-mine costs linked to stronger tin prices, including royalties, export duties and marketing fees.
The average tin price realised in the fourth quarter was $37 995/t, representing a 12% increase compared with the quarter ended September 30, 2025.
Tin prices are currently averaging around $48 000/t, which is expected to raise off-mine costs by approximately $1 300/t in net smelter charges.
At the end of December, Alphamin held $56 million in cash, after accounting for $45 million in debt reduction and service costs, $106 million in tax payments in the DRC, and $123 million in dividend payments.
“The current tin price environment and continued steady production bode well for increased cash flow generation and the potential for higher dividends to shareholders in the new financial year,” said outgoing CEO Maritz Smith.
“During the reporting year, Alphamin declared total dividends of C$0.11 a share, compared with C$0.09 in the prior year.”
Smith has given notice of his intention to retire, with CFO Eoin O’Driscoll set to assume the role of CEO from March 1. Alphamin’s DRC operating subsidiary, Alphamin Bisie Mining, CFO JP van Staden will succeed O’Driscoll as group CFO from the same date.
Smith will remain in an advisory capacity until April 30 to support a smooth leadership transition.
O’Driscoll joined Alphamin in 2015 and has played a key role in the company’s growth over the past decade. Van Staden brings 31 years of finance and mining industry experience, including 15 years as a partner at PwC, where he advised multinational mining and industrial services companies.
