Alphamin Releases Q2 Financial Statements and Exploration Update
Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX) announced today that it has filed its unaudited consolidated financial statements along with the Management’s Discussion and Analysis for the quarter ending 30 June 2024 on SEDAR+. This update also covers an exploration initiative and the schedule for dividends.
Exploration Update
With the Bisie mine expansion now complete, Alphamin plans to start ongoing exploration drilling in the fourth quarter of 2024. The goals for this exploration initiative are well-defined:
Goals of the Exploration Initiative
- Expand the resource base at Mpama North and Mpama South while extending the mine's operational life.
- Identify the next tin deposit in proximity to the Bisie mine.
- Engage in grassroots exploration to uncover remote tin deposits.
The initial drilling will take place at Mpama North, utilizing an underground exploration drive that is located 250 meters below the first mining level and extends 200 meters past the northern edge of the orebody. This drive is nearing completion, with drilling expected to begin in early Q4 2024. The exploration holes will be drilled in various directions, both along the strike and at depth. Additional underground exploration drives are planned from level 20, reaching beyond the southern end of the Mpama North orebody.
Furthermore, surface drilling is set to kick off in Q4 2024 at Mpama South, as well as between Mpama North and Mpama South, focusing on depth extensions and further south along the strike. These efforts aim not only to prolong the mine's life but also to discover more tin deposits in the vicinity. An external review of all available exploration data is also anticipated to inform incremental drilling activities in the year following 2025.
Timing of Semi-Annual Dividends
Consistent with previous years, Alphamin’s Board intends to consider the declaration of semi-annual dividends, specifically a final dividend in April and an interim dividend in early October each year. These dividend announcements will coincide with meetings held by Alphamin Bisie Mining SA (ABM), which is the Company’s 84.14% DRC operating subsidiary. During these meetings, ABM's financial statements will be reviewed, and the potential declaration of dividends for ABM’s shareholders will be discussed.
Qualified Person Statement
Mr. Jeremy Witley, Pr. Sci. Nat., BSc. (Hons) in Mining Geology, and MSc (Eng), is the Qualified Person (QP) as defined by National Instrument 43-101. He has reviewed and approved the scientific and technical information included in this news release. Mr. Witley is the Head of Mineral Resources at the MSA Group (Pty) Ltd and serves as an independent technical consultant to Alphamin Resources Corp.
Contact Information
For further details, please reach out to:
Maritz Smith
CEO
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: msmith@alphaminresources.com
Frequently Asked Questions
What financial results did Alphamin release for Q2?
Alphamin provided its unaudited consolidated financial statements and Management’s Discussion and Analysis for Q2 2024, outlining its performance and key metrics.
What are Alphamin's exploration objectives moving forward?
The goals include increasing the resource base at Mpama North and Mpama South, discovering new tin deposits, and undertaking grassroots exploration.
When does Alphamin plan to initiate new drilling activities?
Initial drilling is anticipated to start in early Q4 2024, focusing on the Mpama North area and other strategically significant locations.
What is the timing for the semi-annual dividends from Alphamin?
Alphamin plans to declare semi-annual dividends in April and early October each year, in alignment with its subsidiary's financial meetings.
Who is the qualified person responsible for the technical data presented?
Mr. Jeremy Witley is the qualified person overseeing the scientific and technical information disclosed, bringing extensive experience in mining geology.
