Alphamin Resources (APH) Q4 2025 earnings summary

Executive summary

• FY2025 tin production reached 18,576 tonnes, a 7% increase year-over-year, with Q4 production at 5,008 tonnes, slightly below the prior quarter due to operational adjustments.

• EBITDA for FY2025 rose 25% to US$341m, driven by higher tin output and prices; Q4 EBITDA was US$108m, up 13% sequentially.

• FY2025 dividends totaled CAD$0.11 per share, up from CAD$0.09 in FY2024, with the next dividend decision expected in April 2026.

Financial highlights

• FY2025 average tin price achieved was US$34,373/t, up 13% year-over-year; Q4 price was US$37,995/t, up 12% sequentially.

• Q4 2025 AISC per tonne sold was US$16,815, a 5% increase from the previous quarter due to higher diesel prices and marketing fees.

• Cash at year-end was US$56m after debt reduction, tax payments, and dividends.

Outlook and guidance

• FY2026 tin production guidance is approximately 20,000 tonnes, reflecting continued operational improvements.

• Higher tin prices (currently ~US$50,000/t) are expected to increase off-mine costs by ~US$1,500/t but support stronger cash flow.