Mr. Maritz Smith reports

ALPHAMIN ANNOUNCES INTERIM FY2023 DIVIDEND/ Q2 OPERATIONAL AND FINANCIAL UPDATE

Alphamin Resources Corp. has provided the following update for the quarter ended June 2023.

Interim dividend for FY2023 of CAD$ 0.03 per share declared T in production of 3 , 1 51 tonnes for the quarter, in line with the previous period Q 2 2023 EBITDA 3, 4 guidance o f US$ 35.4m at a tin price of US$25,587/t (Current tin price: US$28,500/t)

Mine e xpansion project to increase annual tin production by 60% progressing well

Operational and Financial Performance

Alphamin achieved excellent tin production of 3,151 tonnes for the quarter ended June 2023. Year-to-date tin production of 6,338 tonnes exceeds the run-rate to achieve market guidance of 12,000 tonnes for the year ending December 2023. The run-of-mine and crushed ore stockpiles ahead of the processing plant were at record levels at quarter-end, being 27,439 tonnes at an average tin grade of 6,74% (Q1: 15,011 tonnes at 5,98%).

Sales volumes of 3,068 tonnes of tin, at an average tin price of US$25,587/t, were from a timing difference less than production which impacted the quarter's EBITDA. Guidance for AISC per tonne of tin sold is US$13,987, in line with the previous quarter albeit sales volumes were 3% lower. The expected EBITDA for the quarter ended June 2023 is US$35.4 million, US$6 million below the previous quarter's EBITDA of US$41.4 million due to the lower tin price and delayed sales which should clear during the next quarter. The current 3-month LME tin price is trading at ~US$28,500/t, 11% above the Q2 2023 price.

Alphamin's unaudited consolidated financial statements and accompanying Management's Discussion and Analysis for the quarter ended 30 June 2023 are expected to be released on or about August 17, 2023.

Mpama South development progress

A total of 1,460m of underground development at Mpama South has been completed to date, of which 603m was achieved in Q2 2023 (Q1: 418m). Development has accelerated during Q2 2023 as additional underground equipment has arrived on site. During July 2023, the underground development connecting Mpama North and Mpama South has reached the intersection point where the new Mpama South adit from surface will connect. The Mpama South adit has intersected a 6m wide area of extremely poor ground conditions which is delaying advancement. The adit is now expected to connect with the Mpama South underground workings during November 2023, in time for the tramming of ore to the new processing facility. The year-to-date development metres are in line with the Company's updated two-year underground mine plan to achieve the targeted tin production expansion from FY2024. This plan requires an additional ~2,000m of underground development at Mpama South during the six months ending December 2023, which should be achievable as additional development ends become available from Q3 2023.

The new processing facility is progressing well. Following completion of all procurement, design and engineering, fabrication, earthworks and substantially all civils, the focus has moved to plant erection and tracking of steel and equipment in transit. During the quarter, the fine tin plant structure, primary crusher structure and concentrate drying and storage building have been erected. The gravity plant is at first floor level and the secondary crushers on third floor level. The commissioning of the new processing plant is targeted for December 2023.

The Alphamin project team, together with the existing site team, remains focussed on operational readiness preparation. This primarily involves recruitment and training of personnel, expansion of the laboratory and accommodation facilities and infrastructure, and increasing the supply chain to meet the additional production.

The Mpama South project is expected to increase annual tin production from ~12,000 tonnes to ~20,000 tonnes.

Funding structure and capital allocation

Alphamin's vision is to become one of the world's largest sustainable tin producers. From a capital allocation perspective, the Board considers the combination of investment in growth, ongoing exploration, and a high dividend yield a robust value proposition. From a FY2023 capital allocation perspective, the funding of the Mpama South expansion project, DRC income tax payments and shareholder distributions remain the priority.

During the quarter ended June 2023, the Company's subsidiary paid US$56 million in final FY2022 corporate taxes and US$11 million as the first of four instalments towards provisional FY2023 taxes. At the current tin price, the Company does not expect a final FY2023 tax payment to be required, which would ordinarily be due in early 2024. A US$40 million short-term facility was secured with the Company's banking institution in the DRC as bridging finance towards the unusually high tax payments in 2023 (US$26 million utilised in Q2 2023).

By quarter-end, the Company had spent US$75 million cash on the Mpama South project of which US$30 million was in Q2 2023. The project is forecast to complete within the budget of US$116 million.

The Alphamin consolidated Net Cash position decreased by US$75 million during Q2 2023 mainly related to an aggregate of US$97 million allocated to the Mpama South development and DRC taxes. Cash on hand amounted to US$51.4 million as at 30 June 2023.

Interim FY202 3 Dividend Declared

The Board has declared an interim FY2023 cash dividend of CAD$0.03 per share on the common shares (approximately US$29 million in the aggregate) (the "Dividend"). The Dividend will be payable on 25 August, 2023 to shareholders of record as of the close of business on 11 August, 2023.

Qualified Person

Mr. Clive Brown, Pr. Eng., B.Sc. Engineering (Mining), is a qualified person (QP) as defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in this news release. He is a Principal Consultant and Director of Bara Consulting Pty Limited, an independent technical consultant to the Company.

We seek Safe Harbor.