Mr. Maritz Smith reports

ALPHAMIN PROVIDES Q2 2025 OPERATIONAL UPDATE/ FILES AMENDED CONSTITUTION

Alphamin Resources Corp. has provided an operational update as follows:

• Q2 2025 contained tin production of 4,106 tonnes following a phased operational restart on 15 April, 2025 (Q1 2025: 4,270 tonnes);
• Contained tin sales of 4,587 tonnes for the quarter, up 19 per cent from the prior period;
• Q2 2025 EBITDA (earnings before interest, taxes, depreciation and amortization) guidance of $75-million (U.S.) (Q1 2025 actual: $62-million (U.S.));
• Strong cash flow generation with net cash increasing by $52-million (U.S.) from the prior quarter to $50-million (U.S.);
• First exploration drill hole at Mpama South since the restart intersected visible mineralization.

Operational and financial performance

Contained tin production of 4,106 tonnes for the quarter ended June, 2025, was below the targeted quarterly production of 5,000 tonnes due to the impact of the temporary cessation of operations on March 13, 2025, related to security concerns and the phased restart from April 15, 2025. The months of May and June, 2025, recorded contained tin production of 3,361 tonnes which was in line with the annualized target of 20,000 tonnes. The processing facilities performed well and above target -- overall plant recoveries averaged 77 per cent during the quarter (Q1: 75 per cent).

Q2 2025 contained tin sales of 4,587 tonnes was recorded against production of 4,106 tonnes as the sales backlog from Q1 was cleared. The average tin price achieved was in line with the prior quarter at $32,512 (U.S.)/t -- the tin price is currently trading at around $33,700 (U.S.)/t.

Q2 2025 AISC (all-in sustaining costs) per tonne of tin sold is estimated at $16,500 (U.S.) (Q1: $16,279 (U.S.)) which is higher than under normal operating conditions due to the impact of the operational stop on March 13, 2025, and subsequent restart during the second half of April, 2025. Operating expenditures included fixed costs and payroll for the full quarter as well as care and maintenance and mine restart costs while tin production recommenced in a phased manner from April 15, 2025.

EBITDA guidance for Q2 2025 is $75-million (U.S.), 21-per-cent higher than the previous quarter's actual of $62-million (U.S.). This increase is primarily due to additional tin sales during Q2 2025 which included clearing of the backlog experienced during the prior quarter.

The company had $110-million (U.S.) in cash at June 30, 2025, after settlement of its FY2024 final DRC tax payment of $38-million (U.S.) at end April, 2025, a reduction of its overdraft balance by $14-million (U.S.) to $39-million (U.S.) and payment of the first FY2025 provisional DRC tax instalment of $14-million (U.S.). The net cash position of $50-million (U.S.) improved by $52-million (U.S.) from a net debt position of $2-million (U.S.) the prior quarter. During Q2 2025, the company recommenced utilization of a portion of its tin prepayment arrangement with offtaker Gerald Metals.

Exploration update

Alphamin's exploration strategy focuses on three key objectives:

1. Increase the Mpama North and Mpama South Resource base and life of mine;
2. Discover the next tin deposit in close proximity to the Bisie mine;
3. Continuing grassroots exploration in search of remote tin deposits on the large prospective land package.

Exploration drilling at Mpama North and Mpama South recommenced during Q4 2024.

Mpama South

A single rig surface drilling campaign at Mpama South targeting both down-dip, up-dip and strike extensions is under way with four holes completed to date. The first two holes to the far south of the current mineralized zone designed to test the lower-grade southern extents did not intersect visual tin mineralization. The subsequent holes were planned 50 to 80 m below the current resource boundary and at depth. The first of these holes (BGH191A) intercepted multiple narrow cassiterite veins 82 metres below the current resource boundary over three zones of 9.04 m, 0.86 m and 1.04 m that potentially extends the mineralized system. The next two of these drill holes (BGH192 and BGH193) were completed with BGH192 intersecting visible cassiterite veins and BGH193 not intersecting any visible cassiterite. Hole BGH194 was drilled and completed during Q2 2025 and intercepted visible cassiterite veins farther north of BGH193 and below the current resource.

Mpama North

A single rig exploration campaign of geological fan drilling from underground at Mpama North on the northern open extensions of the mineralized zone started in Q4 2024. This campaign was aimed at better understanding the geological structure in this area. These eight holes totalling 1,525 m, intersected a number of chlorite alteration zones associated with tin mineralization as well as minor cassiterite veins. One hole in particular intersected wide zones of massive sulphides which are frequently used as a hangingwall marker horizon potentially indicating further cassiterite mineralization at depth.

The next drill holes at Mpama North are targeting an extension to mineralization at depth along strike to the north. The first of these drill holes (MNUD008A) was completed in early January, 2025, and intersected a thick chlorite altered zone of visual tin cassiterite approximately 20 m north of the previously most northerly resource drill hole and about 200 m below the bottom of the current mining echelon. The second of these planned drill holes (MNUD009) also intersected a thick zone of significant visual tin cassiterite a further approximately 20 m north of drill hole MNUD008A. The third drill hole on strike was completed in Q1 2025 without a visual cassiterite intersection.

The company will be flying a dedicated surface drill rig to site to commence with drilling for extensions of the Mpama North deposit at depth.

The company expects to release external laboratory assays for exploration drilling to date during Q3 2025.

Amendments to constitution

The company has filed an amended constitution with the Registrar of Companies (Mauritius) that contains certain changes to its constitution relating to the election, appointment and removal of directors, and the declaration and payment of dividends, to clarify these provisions and enhance the company's corporate governance. The amendments were overwhelmingly approved by shareholders by special resolution at the company's annual general and special meeting held on June 18, 2025. Full details of the amendments are contained in the company's management information circular dated May 8, 2025, furnished in connection with the meeting and a copy of the full amended constitution will be filed under the company's profile on SEDAR+ once the filing is approved by the registrar.

Qualified persons

Clive Brown, PrEng, BSc 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 other than in the section "exploration update." He is a principal consultant and director of Bara Consulting Pty. Ltd., an independent technical consultant to the company.

Jeremy Witley, PrSciNat, BSc (honours) mining geology, MSc (Eng), is a qualified person (QP) as defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in the section exploration update. He is head of mineral resources at the MSA Group Pty. Ltd. and is an independent technical consultant to the company.

We seek Safe Harbor.