TSX-V- and AltX-listed Alphamin Resources achieved record quarterly tin production of 3 180 t from its high-grade operation in the Democratic Republic of Congo (DRC) for the three months ended June 30.

Output was 4% higher than that produced in the quarter ended March 31.

Underground mining and processing plant recoveries were in line with expectations.

Further, year-to-date contained tin production of 6 241 t exceeded the run-rate to achieve market guidance of 12 000 t for the full-year.

Meanwhile, second-quarter earnings before interest, taxes, depreciation and amortisation are estimated at $66.5-million.

All-in sustaining costs per tonne of tin sold are expected to decrease by 6% to $14 800 following a 4% increase in production and the impact of lower tin prices on off-mine costs related to product marketing fees, royalties, export duties and smelter payables.

Alphamin's consolidated net cash position increased by $8.3-million during the June quarter to $138.1-million.

An interim dividend of C$0.03 a share has been declared.

STRATEGIC REVIEW UPDATE

On November 9, 2021, Alphamin announced the initiation of a strategic review to explore alternatives such as fast-tracking the company’s expansion and life-of-mine extension potential, balance sheet restructuring including revenue prepayments and streaming, shareholder distributions or a corporate merger or sale transaction.

Exploration drilling doubled from the fourth quarter of 2021 to a quarterly average of over 12 000 m and delivered an additional 124 700 t contained tin in inferred resource and 21 400 t contained tin in indicated resource at Mpama South.

In addition, multiple high-grade tin intercepts were reported from drilling at depth at Mpama North.

Mine development of the adjacent Mpama South deposit has started, which is expected to increase contained tin production from the current 12 000 t/y to about 20 000 t/y by the 2024 financial year.

The company is of the opinion that global tin supply is likely to remain constrained for at least the next five years, while demand for tin is expected to increase.

In addition to the development of Mpama South, its vision is to discover more tin deposits on its licence areas with a view to deliver additional mine developments and incrementally increase tin supply into an expected widening market deficit.