Alphamin Announced Improved Mpama South Mineral Resource Estimation

Alphamin Resources Corp., whose high-grade operation in the Democratic Republic of Congo produces 4% of the world’s mined tin, has announced an improved Mpama South Mineral Resource calculation.

Highlights

• Mpama South updated Inferred Resource up 46% to 4.99Mt established on assays from 22 additional extensional drill holes. Mpama South Mineral Resource now positions at:
  • 4.99 Mt @ 2.50% Sn for 124.7 kt contained tin in the Inferred category
  • 0.84 Mt @ 2.53% Sn for 21.4 kt contained tin in the Indicated category

• Substantial extra resource growth potential at Mpama South
• Mpama South in-fill drilling is on track to be accomplishment by July 2022, extension drilling recommences in June 2022
• Mpama South early development works in evolution — project completion anticipated to rise Alphamin’s annual contained tin production from the current 12,000 tpa to ~20,000 tpa, approximating 6.6% of the world’s mined tin

Mpama South Updated Mineral Resource Estimate

The revised Mineral Resource for Mpama South comes two months after the previous update on March 29^th, 2022, and three months after the initial Mineral Resource on March 7^th, 2022. The new estimate is based on the receipt of assays for a further 22 extensional drill holes that were completed after the prior estimate of 102 drill holes. The figure depicts the revised Mineral Resource.

A revised Mineral Resource Estimate (MRE) for the Mpama South project was produced after samples for the additional 22 drill holes were received. The MRE presently has resulted from 124 drill holes, as well as six drill holes in the Wedge area from prior drilling up until 2015.

The MRE was calculated using the Best Practice Guidelines (2019) of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) and presented in line with the 2014 CIM Definition Guidelines.

The Mineral Resource is divided into two categories: indicated and inferred, with a base case tin grade of 1.0%, which satisfies reasonable extraction prospects. Inferred Resources at Mpama South grew by 46% to 4.99 Mt. The table shows the Mineral Resource Statement, which has a start date of May 31^st, 2022.

Updated Mpama South Mineral Resources effective date 31 May 2022. Source: Alphamin, 2022

Mineral Resources that are not Mineral Reserves have not been proven to be economically viable, thus they will need further research and analysis before they can be extracted.

A significant amount of additional drilling bearing distinctive high-grade visible cassiterite is not included in the MRE for Mpama South. A total of 27 new drill holes have been drilled both within and outside the updated MRE shown in the figure. The majority of these are part of an in-fill drilling campaign targeting the conversion of Inferred Resources to Indicated Resource confidence.

The infill campaign began in March 2022 and is expected to be finished by the end of July 2022. In Q3 2022, an upgraded MRE is planned to be released.

In June 2022, extensional drilling will resume down dip and in the shallower northern portion of Mpama South to continue extending known mineralization that is still accessible in several directions. As samples are obtained, the Company plans to release enlarged Mpama South MRE updates throughout the rest of the drilling stages in 2022.

Mr. J.C. Witley (BSc Hons, MSc (Eng.)), a geologist with 33 years of expertise in base and precious metals research, mining, and Mineral Resource appraisal and reporting, accomplished the MRE.

He is a Principal Resource Consultant with The MSA Group (an independent consulting firm), is a Fellow of the Geological Society of South Africa (GSSA), and is licensed with the South African Council for Natural Scientific Professions (SACNASP).

Mr. Witley possesses the required experience and qualifications to be regarded as a “Qualified Person” for the type and style of mineralization and activity being pursued, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Early-Works Progress on the Development of Mpama South

Since the Company announced the development decision on March 29^th, 2022, the following early works have been finalized:

• EPCM contract awarded to Obsideo (who successfully executed the fine tin plant in 2021)
• Bidding finalized and under assessment for bulk earthworks and civil contracts
• Mpama South access road finalized and site clearing started
• Long lead time plant capital orders have been placed as well as steel structure orders