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Alphamin Announces Record Q1 2021 EBITDA of US$36,5M/ Growth Initiatives Update/ Changes to Board


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Operational and Financial Performance
Contained tin sales of 3,351 tons was 45% higher than the previous quarter as we recouped the sales shortfall of Q4 2020. Contained tin production of 2,611 tons was impacted by a lower feed grade of 3.8% Sn compared to 4.2% Sn the previous quarter. Tin feed grades are variable between quarters but on average trend close to the targeted 4% Sn Reserve Grade over a rolling 12-month period. The processing plant performed well at an average recovery of 74% whilst treating more material than the previous quarter.
EBITDA of $36,5m for Q1 2021 is 118% above the previous quarter due to increased sales volumes benefiting from a 25% higher tin price. Tin prices are currently trading at around $29,000/t, some 26% above prices achieved during Q1 2021. ....

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Alphamin Exceeds Fourth Quarter Guidance and Achieves Record Production/ Provides Update on Growth Initiatives


 
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Production information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates
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Operational Performance
Tin production increased 13% to a quarterly record of 2,898 tons and was higher than our previous market guidance of 2,600 to 2,800 tons. This outperformance was due to better than expected tin feed grades and plant recoveries. The processing plant performed at an average recovery of 74% for the quarter, including a record recovery of 77% achieved in December 2020.
Quarterly sales decreased by 14% due to extreme seasonal rains impacting export road conditions. Weather stations across the export route reported rainfall above 159% of the long-term mean. The short dry-season (Jan-March) allows road maintenance to be done and already road conditions are improving, and we expect to recoup the majority of the quarter’s sales shortfall during Q1 2021. ....

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