New Risk • Jun 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South African stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (119% payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Significant insider selling over the past 3 months (R33m sold). Recent Insider Transactions • Jun 11
Independent Chairman of the Board recently sold R12m worth of stock On the 9th of June, Charles Denby Needham sold around 769k shares on-market at roughly R16.05 per share. This transaction amounted to 70% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth R19m. Charles Denby has been a net seller over the last 12 months, reducing personal holdings by R33m. Recent Insider Transactions • May 17
Independent Chairman of the Board recently sold R19m worth of stock On the 12th of May, Charles Denby Needham sold around 1m shares on-market at roughly R17.65 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Charles Denby has been a net seller over the last 12 months, reducing personal holdings by R21m. Upcoming Dividend • May 13
Upcoming dividend of R1.57 per share Eligible shareholders must have bought the stock before 20 May 2026. Payment date: 05 June 2026. The company is paying out more than 100% of its profits and is paying out 84% of its cash flow. Trailing yield: 16%. Within top quartile of South African dividend payers (7.8%). Higher than average of industry peers (3.6%). New Risk • May 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (119% payout ratio). Share price has been volatile over the past 3 months (7.7% average weekly change). Significant insider selling over the past 3 months (R2.3m sold). Recent Insider Transactions • May 08
Independent Director recently sold R860k worth of stock On the 6th of May, Sean Naylor sold around 51k shares on-market at roughly R16.86 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth R1.5m. Insiders have been net sellers, collectively disposing of R2.3m more than they bought in the last 12 months. Reported Earnings • May 02
First quarter 2026 earnings released: EPS: US$0.05 (vs US$0.019 in 1Q 2025) First quarter 2026 results: EPS: US$0.05 (up from US$0.019 in 1Q 2025). Revenue: US$240.1m (up 99% from 1Q 2025). Net income: US$64.4m (up 173% from 1Q 2025). Profit margin: 27% (up from 20% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annonce • Apr 30
Alphamin Resources Corp. announces Semi-Annual dividend, payable on June 05, 2026 Alphamin Resources Corp. announced Semi-Annual dividend of CAD 0.1300 per share payable on June 05, 2026, ex-date on May 22, 2026 and record date on May 22, 2026. Buy Or Sell Opportunity • Apr 17
Now 20% undervalued Over the last 90 days, the stock has risen 1.5% to R17.00. The fair value is estimated to be R21.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 26%. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R16.70, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 12x in the Metals and Mining industry in South Africa. Total returns to shareholders of 52% over the past three years. Annonce • Apr 14
Alphamin Resources Corp., Annual General Meeting, Jun 18, 2026 Alphamin Resources Corp., Annual General Meeting, Jun 18, 2026. Annonce • Apr 10
Alphamin Resources Corp. Announces Exploration Update Alphamin Resources Corp. announced that exploration strategy remains focused on three primary pillars: Resource Expansion: Extending the mine life at Mpama North and Mpama South. New Discovery: Identifying the next major tin deposit within the Bisie mine vicinity.Regional Growth: Continuing grassroots exploration across our highly prospective land package. Drilling Progress: Drilling activity intensified in first quater, 2026, with surface rig counts increasing at both Mpama South and Mpama North. A total of 4,673m was drilled (3,221m at Mpama South; 1,452m at Mpama North). Directional drilling (Devico-IMDEX) was introduced in late December 2025. Following the loss of the original tool downhole in early February, two new devices were mobilized and are now operational. Drilling Results & Analysis: Since the end of Third Quarter 2025, ten boreholes have been completed. Two of these intercepted visible cassiterite (tin mineralization): Mpama North: The initially targeted extension of the mineral resource has resulted in visible cassiterite in only one hole (MND056AD1_T1), which intercepted a thin tin intercept at low grade.Several holes encountered an oblique east-west fault structure. Additional drilling is planned to explore down-dip extensions and determine how this structure impacts the tin-bearing zone.Two mother holes (MND056B and MND057) have recently been completed, MND056B was used to reach target T2 (mentioned in point 1 above) and is currently drilling for target T5; drill hole MND056D2_T5. MND057 will be used to intercept deeper targets further down plunge. Mpama South: Borehole BGH196A_D1 intersected visible cassiterite. Preliminary in-house assays are encouraging . The deeper holes (BGH198D1, BGH196B, BGH199, BGH200and BGH192A) did not intersect mineralization, and the data is being used to refine the structural model to improve future targeting. Forward-Looking Initiatives: Downhole Geophysics: A Downhole electromagnetic (EM) survey tool has been mobilised to site. This will assist in mapping the apparent spatial association between massive sulphides and tin mineralisation in order to identify further resource extension drilling targets. Airborne Survey: A VTEM (Versatile Time Domain Electromagnetic) survey covering the entire license area is en route to site and will be completed in second quarter, 2026. This will be instrumental in identifying new regional drill targets. Geochemical Surveys: Geochemical (soil) surveys are planned to cover, the Mpama Ridge north of the Oso River and all areas adjacent to basement rock units (similar geological settings to the Mpama Ridge which houses the Bisie deposit) with 13,000 samples planned for phase one of the survey, which is scheduled start commence in second quarter. Recent Insider Transactions • Mar 19
Independent Chairman of the Board recently sold R1.5m worth of stock On the 13th of March, Charles Denby Needham sold around 100k shares on-market at roughly R14.79 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Charles Denby's only on-market trade for the last 12 months. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: US$0.12 (vs US$0.079 in FY 2024) Full year 2025 results: EPS: US$0.12 (up from US$0.079 in FY 2024). Revenue: US$620.9m (up 18% from FY 2024). Net income: US$148.0m (up 47% from FY 2024). Profit margin: 24% (up from 19% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 22
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to R15.85. The fair value is estimated to be R12.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 11%. Buy Or Sell Opportunity • Jan 13
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to R17.00. The fair value is estimated to be R13.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 5.1% in a year. Earnings are forecast to grow by 38% in the next year. Annonce • Jan 06
Alphamin Resources Corp. Announces Resignation of Paul Baloyi as Director, Effective January 31, 2026 Alphamin Resources Corp. announced on January 5, 2026 that Mr. Paul Baloyi has resigned as a director of the Company effective January 31, 2026. Mr. Baloyi has served on the board since April 2017 as an appointee of the Industrial Development Corporation of South Africa Ltd. (IDC). Upcoming Dividend • Nov 12
Upcoming dividend of R0.49 per share Eligible shareholders must have bought the stock before 19 November 2025. Payment date: 08 December 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.3%. Within top quartile of South African dividend payers (7.9%). Higher than average of industry peers (1.8%). Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: US$0.028 (vs US$0.026 in 3Q 2024) Third quarter 2025 results: EPS: US$0.028 (up from US$0.026 in 3Q 2024). Revenue: US$169.3m (down 3.0% from 3Q 2024). Net income: US$35.1m (up 6.5% from 3Q 2024). Profit margin: 21% (up from 19% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 16% per year. Annonce • Nov 04
Alphamin Resources Corp. Announces Second Interim Fiscal Year 2025 Dividend, Payable on December 8, 2025 Alphamin Resources Corp. declared a second interim fiscal year 2025 cash dividend of CAD 0.04 per share on the common shares (approximately USD 37 million in the aggregate) (the “Dividend”). The Dividend will be payable on December 8, 2025 to shareholders of record as of the close of business on November 21, 2025. Annonce • Oct 08
Alphamin Resources Corp. Revises Production Guidance for the Financial Year 2025 Alphamin Resources Corp. revised production guidance for the financial year 2025. For the period, the Company expects to produce approximately 5,000 tonnes of contained tin which, together with its year-to-date production of 13,566 tonnes, increases tin production guidance for FY2025 to between 18,000 and 18,500 tonnes (17,500 tonnes previously). Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to R14.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Metals and Mining industry in South Africa. Total returns to shareholders of 96% over the past three years. Upcoming Dividend • Aug 20
Upcoming dividend of R0.91 per share Eligible shareholders must have bought the stock before 27 August 2025. Payment date: 15 September 2025. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 8.3%. Within top quartile of South African dividend payers (8.0%). Higher than average of industry peers (2.7%). Board Change • Aug 12
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Brendan Lynch was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Jun 26
Alphamin Resources Corp. Appoints John Robertson as Director Alphamin Resources Corp. announced that subject to regulatory approval, Mr. John Robertson, a Mauritian resident, has been appointed as a director of the Company. Mr. Robertson is a mining professional with 30 years of experience in countries across Franco and Anglophone Africa. He has significant surface and underground mine management experience in both base and precious metals and a strong background in compliant Resource and Reserve exploration techniques, definition, reporting, conversion, and extraction. John has experience in the management of sites of up to 3,000 people and is fluent in French. John served as the managing director of the Company's 84% owned DRC subsidiary, Alphamin Bisie Mining SA, from September 2023 until March 2025. Annonce • Jun 24
Alphamin Resources Corp. Announces Resignation of Rudolf Pretorius as a Director Alphamin Resources Corp. announced that Mr. Rudolf Pretorius has resigned as a director of the Company. Mr. Pretorius served as an appointee of Tremont Master Holdings since February 2014 and the board of directors wishedto thank him for his contributions to Alphamin during his tenure. Annonce • Apr 14
Alphamin Resources Corp., Annual General Meeting, Jun 18, 2025 Alphamin Resources Corp., Annual General Meeting, Jun 18, 2025. Location: grand baie Mauritius Annonce • Apr 09
Alphamin Resources Corp. Announces Decision to Resume Mining Operations Alphamin Resources Corp. announce that it is initiating a phased resumption of operations at the Company's Bisie tin mine in Walikale District, North Kivu Province of east-central Democratic Republic of the Congo (DRC). This decision was made after the withdrawal of insurgents eastward from the town of Walikale towards the towns of Nyabiondo and Masisi, more than 130 kms to the east of the Company's mine site. The Company intends to redeploy
employees as part of a plan to restart tin production in phases while it continues to monitor the security situation. The mine is adequately supplied with consumables and spares to support the resumption of production. Annonce • Mar 13
Alphamin Temporarily Ceases Mining Operations Alphamin Resources Corp. announced that its board of directors has made the difficult decision to temporarily cease mining operations at the Company’s Bisie tin mine in Walikale District, North Kivu Province of east-central Democratic Republic of the Congo (DRC). This decision was made after insurgent militant groups have recently advanced westward in the direction of the mine’s location in the DRC occupying the towns of Nyabiondo on 9 March 2025, the capital of the Osso-Banyungu sector located 110km northwest of Goma followed by Kashebere a further 13km west of Nyabiondo on 12 March 2025. The safety of the Company’s employees and contractors remains its top priority and cannot be assured at the present time. All operational mining personnel are being evacuated from the mine site with only essential personnel to remain for the care, maintenance and security of the property. The Company is encouraged by the recent announcement that direct peace talks on the conflict are scheduled to be held in Angola on March 18, 2025. The Company will closely monitor events as they progress with a view to moving personnel back to the mine site and resuming operations when it believes it can safely do so. The Company will provide further updates when approriate. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 35% After last week's 35% share price decline to R7.50, the stock trades at a trailing P/E ratio of 9.1x. Average forward P/E is 8x in the Metals and Mining industry in South Africa. Total loss to shareholders of 37% over the past three years. Buy Or Sell Opportunity • Feb 26
Now 22% overvalued Over the last 90 days, the stock has fallen 34% to R10.44. The fair value is estimated to be R8.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has declined by 6.4%. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to R9.86, the stock trades at a trailing P/E ratio of 9.6x. Average forward P/E is 9x in the Metals and Mining industry in South Africa. Total loss to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R12.40, the stock trades at a trailing P/E ratio of 11.1x. Average forward P/E is 8x in the Metals and Mining industry in South Africa. Total loss to shareholders of 24% over the past three years. New Risk • Jan 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South African stocks, typically moving 9.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.0% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 117% Cash payout ratio: 116% Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: US$0.026 (vs US$0.012 in 3Q 2023) Third quarter 2024 results: EPS: US$0.026 (up from US$0.012 in 3Q 2023). Revenue: US$174.5m (up 116% from 3Q 2023). Net income: US$32.9m (up 124% from 3Q 2023). Profit margin: 19% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 16
Upcoming dividend of R0.77 per share Eligible shareholders must have bought the stock before 23 October 2024. Payment date: 04 November 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.8%. Within top quartile of South African dividend payers (7.6%). Higher than average of industry peers (4.3%). Annonce • Oct 03
Alphamin Resources Corp. Declares Interim Fiscal Year 2024 dividend, Payable on November 4, 2024 Alphamin Resources Corp. declared Interim Fiscal Year 2024 dividend increased to CAD 0.06 per share (previously CAD 0.03 per share). The Dividend will be payable on November 4, 2024 to shareholders of record as of the close of business on October 25, 2024. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to R16.29, the stock trades at a trailing P/E ratio of 20.6x. Average forward P/E is 7x in the Metals and Mining industry in South Africa. Total returns to shareholders of 66% over the past three years. Reported Earnings • Aug 25
Second quarter 2024 earnings released: EPS: US$0.014 (vs US$0.012 in 2Q 2023) Second quarter 2024 results: EPS: US$0.014 (up from US$0.012 in 2Q 2023). Revenue: US$103.9m (up 37% from 2Q 2023). Net income: US$18.1m (up 23% from 2Q 2023). Profit margin: 17% (down from 19% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Annonce • Jul 11
Alphamin Resources Corp. to Report Q2, 2024 Results on Aug 23, 2024 Alphamin Resources Corp. announced that they will report Q2, 2024 results on Aug 23, 2024 Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Non-Executive Director Jan Trouw was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 08
Upcoming dividend of R0.42 per share Eligible shareholders must have bought the stock before 15 May 2024. Payment date: 24 May 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.0%. Lower than top quartile of South African dividend payers (9.1%). Higher than average of industry peers (3.9%). Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: US$0.016 (vs US$0.013 in 1Q 2023) First quarter 2024 results: EPS: US$0.016 (up from US$0.013 in 1Q 2023). Revenue: US$109.3m (up 32% from 1Q 2023). Net income: US$20.7m (up 26% from 1Q 2023). Profit margin: 19% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 27% per year. Annonce • Apr 27
Alphamin Resources Corp. Declares Dividend, Payable on May 24, 2024 Alphamin Resources Corp. announced the declaration of a cash dividend number 5 in the gross amount of CAD 0.03 per Alphamin share, being the equivalent of 41.78220 South African cents per Alphamin share (based on an exchange rate of CAD 1.00 = ZAR 13.9274 as at 25 April 2024. Alphamin shares commence trading ex-dividend is May 15, 2024 and Record date to receive the cash dividend May 17, 2024 and payment Date is May 24, 2024. the local dividend tax rate is 20%, resulting in a gross cash dividend of CAD 0.03 and a net cash dividend amount of CAD 0.024 for South African shareholders who are not exempt from paying Dividend Tax. Annonce • Apr 13
Alphamin Resources Corp., Annual General Meeting, Jun 19, 2024 Alphamin Resources Corp., Annual General Meeting, Jun 19, 2024. Annonce • Apr 10
Alphamin Resources Corp. to Report Q1, 2024 Results on Apr 29, 2024 Alphamin Resources Corp. announced that they will report Q1, 2024 results on Apr 29, 2024 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to R15.01, the stock trades at a trailing P/E ratio of 21.7x. Average forward P/E is 9x in the Metals and Mining industry in South Africa. Total returns to shareholders of 117% over the past three years. New Risk • Mar 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 123% The company is paying a dividend despite having no free cash flows. Dividend yield: 6.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 123% Paying a dividend despite having no free cash flows. High level of non-cash earnings (47% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Profit margins are more than 30% lower than last year (16% net profit margin). Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: US$0.037 (vs US$0.079 in FY 2022) Full year 2023 results: EPS: US$0.037 (down from US$0.079 in FY 2022). Revenue: US$288.5m (down 26% from FY 2022). Net income: US$47.2m (down 53% from FY 2022). Profit margin: 16% (down from 26% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. New Risk • Feb 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South African stocks, typically moving 9.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.8% average weekly change). High level of non-cash earnings (40% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Annonce • Jan 27
Alphamin Resources Corp. to Report Q4, 2023 Results on Mar 14, 2024 Alphamin Resources Corp. announced that they will report Q4, 2023 results on Mar 14, 2024 Recent Insider Transactions • Dec 07
Insider recently bought R736k worth of stock On the 5th of December, Brendon Howard Jones bought around 65k shares on-market at roughly R11.33 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: US$0.012 (vs US$0.016 in 3Q 2022) Third quarter 2023 results: EPS: US$0.012 (down from US$0.016 in 3Q 2022). Revenue: US$80.8m (up 19% from 3Q 2022). Net income: US$14.7m (down 28% from 3Q 2022). Profit margin: 18% (down from 30% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 58% per year whereas the company’s share price has increased by 56% per year. New Risk • Nov 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South African stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Paying a dividend despite having no free cash flows. High level of non-cash earnings (33% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R10.51, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Metals and Mining industry in South Africa. Total returns to shareholders of 265% over the past three years. New Risk • Aug 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 94% The company is paying a dividend despite having no free cash flows. Dividend yield: 6.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 94% Paying a dividend despite having no free cash flows. High level of non-cash earnings (33% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: US$0.012 (vs US$0.024 in 2Q 2022) Second quarter 2023 results: EPS: US$0.012 (down from US$0.024 in 2Q 2022). Revenue: US$75.7m (down 32% from 2Q 2022). Net income: US$14.7m (down 51% from 2Q 2022). Profit margin: 19% (down from 27% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 73% per year whereas the company’s share price has increased by 76% per year. Upcoming Dividend • Aug 01
Upcoming dividend of R0.40 per share at 5.9% yield Eligible shareholders must have bought the stock before 08 August 2023. Payment date: 25 August 2023. Payout ratio is on the higher end at 75%, and the cash payout ratio is above 100%. Trailing yield: 5.9%. Lower than top quartile of South African dividend payers (9.4%). Lower than average of industry peers (7.4%). Annonce • Jul 25
Alphamin Resources Corp. Declare an Interim Cash Dividend for Fiscal Year 2023, Payable on 25 August, 2023 The Board of Alphamin Resources Corp. has declared an interim Fiscal year 2023 cash dividend of CAD 0.03 per share on the common shares (approximately USD 29 million in the aggregate). The Dividend will be payable on 25 August, 2023 to shareholders of record as of the close of business on 11 August, 2023. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R16.10, the stock trades at a trailing P/E ratio of 13.4x. Average forward P/E is 5x in the Metals and Mining industry in South Africa. Total returns to shareholders of 582% over the past three years. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: US$0.013 (vs US$0.033 in 1Q 2022) First quarter 2023 results: EPS: US$0.013 (down from US$0.033 in 1Q 2022). Revenue: US$83.0m (down 43% from 1Q 2022). Net income: US$16.4m (down 61% from 1Q 2022). Profit margin: 20% (down from 29% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 82% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to R14.35, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Metals and Mining industry in South Africa. Total returns to shareholders of 593% over the past three years. Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: US$0.079 (vs US$0.04 in FY 2021) Full year 2022 results: EPS: US$0.079 (up from US$0.04 in FY 2021). Revenue: US$391.1m (up 11% from FY 2021). Net income: US$100.9m (up 109% from FY 2021). Profit margin: 26% (up from 14% in FY 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 74% per year, which means it is significantly lagging earnings growth. Annonce • Feb 11
Alphamin Resources Corp. Announces Successful Infill Drilling At Mpama South with Increase in Both Resource Confidence and Mineral Resources Alphamin Resources Corp. announced completion of the infill drilling campaign at Mpama South and an updated Mineral Resource Estimate (MRE) for Mpama South. This brings forward an additional planned ~7,200tpa contained tin production, which will make Alphamin one of the tin producers globally and delivers on the Company strategy of organic growth and creating shareholder value. The updated Mineral Resource for Mpama South follows eight months after the previous update announced on 31 May 2022. The update is based on receipt of assays for another 63 infill and extensional drillholes completed subsequent to the previous estimate which was based on 124 drillholes. The updated MRE now includes results from 187 drillholes at Mpama South as well as 6 drillholes drilled in 2015 in the area between Mpama South and the Mpama North ore body. The MRE was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Best Practice Guidelines (2019) and is reported in accordance with the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have a demonstrated economic viability and require advanced studies and economic analysis to prove their viability for extraction. Extensional drilling down-dip and in the shallower northern and southern portions of Mpama South can be conducted at the Company’s election to carry on extending known mineralisation at Mpama South, which is still open in multiple directions. However, for 2023, the focus will primarily be aimed at the Mpama South Mine construction and commissioning efforts, while exploration drilling will be curtailed, instead, focusing on further field work campaigns to support future programs. Alphamin intensified exploration drilling on the 13km long Bisie Ridge from Third Quarter 2022 to test highly anomalous soil, geophysical and structural targets identified during 2021. 8,773 metres of the 10,000 metre Phase 1 diamond core programme have been completed along the Ridge, with the remainder due for completion in First Quarter 2023. Although anomalous mineralisation has been confirmed in drilling on the Ridge, it is not of the obvious coarse visual cassiterite type frequently seen in drillcore from Mpama North and South. Only ~25% of assays have been returned from the independent laboratory to date from the Ridge drilling. Assay results when received will support a fuller investigation into the regional setting, along with data from the on-going geophysical downhole surveys, structural investigations and mapping, thereby enabling a refocused exploration programme. Until then, the key focus at site remains the construction and commissioning of the new Mpama South Mine. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 20% share price gain to R11.40, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Metals and Mining industry in South Africa. Total returns to shareholders of 256% over the past three years. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: US$0.016 (vs US$0.018 in 3Q 2021) Third quarter 2022 results: EPS: US$0.016 (down from US$0.018 in 3Q 2021). Revenue: US$67.8m (down 26% from 3Q 2021). Net income: US$20.4m (down 2.2% from 3Q 2021). Profit margin: 30% (up from 23% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 16% share price gain to R9.25, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Metals and Mining industry in South Africa. Total returns to shareholders of 189% over the past three years. Recent Insider Transactions • Sep 10
Independent Director recently bought R689k worth of stock On the 1st of September, Brendon Jones bought around 82k shares on-market at roughly R8.40 per share. This transaction amounted to 5.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Jul 27
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: US$111.5m (up 64% from 2Q 2021). Net income: US$29.9m (up US$27.7m from 2Q 2021). Profit margin: 27% (up from 3.3% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 14% compared to a 2.3% decline forecast for the industry in South Africa. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorated over the past week After last week's 19% share price decline to R8.02, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Metals and Mining industry in South Africa. Total returns to shareholders of 173% over the past three years. Upcoming Dividend • Jul 13
Upcoming dividend of R0.38 per share Eligible shareholders must have bought the stock before 20 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 8.8%. Lower than top quartile of South African dividend payers (8.9%). In line with average of industry peers (9.5%). Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to R10.51, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Metals and Mining industry in South Africa. Total returns to shareholders of 257% over the past three years. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: US$0.034 (vs US$0.007 in 1Q 2021) First quarter 2022 results: EPS: US$0.034 (up from US$0.007 in 1Q 2021). Revenue: US$146.2m (up 92% from 1Q 2021). Net income: US$42.3m (up 429% from 1Q 2021). Profit margin: 29% (up from 11% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 24% while the industry in South Africa is not expected to grow. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to R14.15, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Metals and Mining industry in South Africa. Total returns to shareholders of 331% over the past three years. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 25% share price gain to R17.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 6x in the Metals and Mining industry in South Africa. Total returns to shareholders of 418% over the past three years. Reported Earnings • Mar 08
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$0.04 (up from US$0.008 loss in FY 2020). Revenue: US$352.9m (up 88% from FY 2020). Net income: US$48.2m (up US$57.0m from FY 2020). Profit margin: 14% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 3.6%. Over the next year, revenue is forecast to grow 25% while themining industry in South Africa is not expected to grow. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 61% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorated over the past week After last week's 18% share price decline to R15.62, the stock trades at a trailing P/E ratio of 43.9x. Average forward P/E is 6x in the Metals and Mining industry in South Africa. Total returns to shareholders of 369% over the past three years. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 28% share price gain to R15.97, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Metals and Mining industry in South Africa. Total returns to shareholders of 370% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS US$0.018 (vs US$0.001 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$91.4m (up 105% from 3Q 2020). Net income: US$20.9m (up US$21.6m from 3Q 2020). Profit margin: 23% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS US$0.002 (vs US$0.001 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$68.1m (up 70% from 2Q 2020). Net income: US$2.27m (up 182% from 2Q 2020). Profit margin: 3.3% (up from 2.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jun 22
Independent Director recently bought R619k worth of stock On the 18th of June, Brendon Jones bought around 85k shares on-market at roughly R7.31 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R19m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 19
MD & GM of ABM recently sold R652k worth of stock On the 12th of May, Trevor Faber sold around 80k shares on-market at roughly R8.14 per share. In the last 3 months, they made an even bigger sale worth R2.5m. Despite this recent sale, insiders have collectively bought R20m more than they sold in the last 12 months. 
