Alphamin Resources (APH) Q3 2024 earnings summary

Executive summary

• Achieved commercial production at Mpama South processing facility on May 17, 2024, consistently producing tin concentrate at targeted volumes and specifications.

• Focused on production and sale of tin concentrate from the Bisie Tin mine in the DRC, with all product sold to a single major customer.

• Maintained strong working capital and cash flow, supporting a positive going concern assessment.

Financial highlights

• Revenue for the nine months ended September 30, 2024 was $387.7M, up from $239.5M year-over-year.

• Net income for the nine months was $88.2M, compared to $55.5M for the same period last year.

• Gross profit for the nine months was $182.9M, up from $107.7M year-over-year.

• Cash and cash equivalents at September 30, 2024 were $69.8M, up from $7.2M at December 31, 2023.

• Dividends paid during the nine months totaled $27.97M, with an additional $12.69M paid by a subsidiary to third parties.

Outlook and guidance

• Mpama South is expected to increase annual contained tin production to approximately 20,000 tonnes.

• Management remains comfortable with the going concern assumption based on current cash flow forecasts and working capital.