Alphamin Resources (APH) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of $528.0M for 2024, up 83% year-over-year, driven by higher tin prices and the addition of Mpama South mine production from May 2024.

• Net income rose to $123.2M, a 113% increase compared to 2023, with EPS at 7.90 US cents (diluted: 7.82 US cents).

• Mpama South mine reached commercial production in May 2024, boosting annual contained tin output capacity to ~20,000 tonnes.

• Operations at Bisie Mine were temporarily suspended in March 2025 due to insurgent activity but resumed in April 2025.

Financial highlights

• Revenue: $527.99M (2024) vs $288.50M (2023), up 83% year-over-year.

• Net income: $123.2M (2024) vs $58.0M (2023), up 113% year-over-year.

• Gross profit: $247.6M (2024) vs $127.5M (2023), gross margin improved to 47% from 44% year-over-year.

• Operating profit: $216.2M (2024) vs $105.0M (2023).

• Cash flow from operations: $184.5M (2024) vs $2.3M (2023), reflecting improved working capital and profitability.

• Dividends paid: $82.9M to shareholders and $18.6M to non-controlling interests in 2024.

Outlook and guidance

• Directors believe the company can meet obligations for at least 12 months, but material uncertainty exists due to regional instability in Eastern DRC.

• Management negotiated debt repayment deferral to February 2026 and expects sufficient liquidity for the next year.

• TMB bank agreed to renew the $53M overdraft for 12 months, subject to conditions.