Alphamin posts record tin profit, boosts dividend

Alphamin Resources (TSX-V: AFM; JSE: APH) reported record quarterly profit and declared a final fiscal year 2025 dividend as strong tin prices and expanded production lifted cash flow.

The company posted earnings before interest, taxes, depreciation and amortization of $158 million (C$216 million) for the quarter ended March 31, up 46% from the prior period, alongside tin production of 5,026 tonnes and sales of 5,016 tonnes.

Alphamin declared a 13¢-per-share cash dividend payable June 5, while net cash rose by $128 million, reflecting robust operating performance and favourable commodity pricing.

“We continue to generate strong cash flow supported by consistent production and resilient tin markets,” the company said, adding it remains focused on balancing shareholder returns with reinvestment to extend mine life.

The results highlight Alphamin’s position as a low-cost, high-margin producer, underpinned by its Mpama North and Mpama South mines in the Democratic Republic of Congo. 

Shares in Alphamin Resources gained 6.1% on Wednesday morning in Toronto to C$1.93 apiece, valuing the company at C$1.77 billion ($1.29 billion). They’ve traded in a 52-week range of C77¢ to C$1.59.

Highest-grade tin

Mpama North, in operation since 2019, is the world’s highest-grade tin deposit at about 4.5% of the metal, roughly four times the global average. The newer Mpama South mine, which began production in 2024, ranks as the second-highest-grade at about 2%.

The addition of Mpama South helped lift annual output to about 20,000 tonnes in 2025 from 12,500 tonnes a year earlier, while also delivering economies of scale that reduced the operation’s fixed cost base.

Alphamin’s all-in sustaining cost is about $17,000 per tonne, well below the tin price range of $30,000 to $57,000 over the past year. The company has also secured a four-year offtake agreement with London-based trading house Gerald Metals for its entire production at market-linked prices, reducing sales risk and simplifying logistics.

The performance comes as demand for tin from AI infrastructure, electric vehicles and 5G networks is expected to grow steadily, reinforcing the strategic value of Alphamin’s assets.