TSX-V- and JSE-listed tin miner Alphamin Resources has reported a 25% year-on-year increase in earnings before interest, taxes, depreciation and amortisation to $341-million for the year ended December 31, 2025.

The company produced 18 576 t of tin in the year, which marked a 7% increase year-on-year.

Alphamin operates the Bisie tin mine, in the Democratic Republic of Congo (DRC), which comprise the Mpama North and Mpama South deposits.

The higher earnings, which compare with $274-million of Ebitda in 2024, follow completion of the Mpama South expansion project and higher average tin prices.

Alphamin expects to reach 20 000 t of tin production in the new financial year, with exploration being ongoing on the Mpama North and Mpama South resource base to extend mine life, as well as to discover new tin deposits in the mining licence area.

On a quarterly basis, Alphamin produced 5 008 t of tin in the last quarter of the year under review, which marked a 4% decrease compared with the same quarter in 2024.

The company says the grade of ore processed was higher than planned in the quarter under review and, as a result, throughput was reduced to balance contained tin in the plant.

In the quarter under review, the processing facilities achieved recoveries of 73%, which was below the target of 75% and negatively impacted by higher-than-usual feed grade fluctuations.

For the full year, however, processing recoveries averaged 75% despite production having been negatively impacted by the temporary cessation of operations owing to security concerns in March 2025 and a phased restart in April 2025.

Alphamin expects its all-in sustaining cost (AISC) for the fourth quarter to have averaged $16 861/t, which is 6% above the targeted AISC of $15 978/t, mostly owing to higher off-mine charges as a result of the higher tin prices on costs such as royalties, export duties and marketing fees.

For context, the tin price of $37 995/t realised in the fourth quarter was 12% higher compared with the quarter ended September 30, 2025.

Tin prices are currently averaging $48 000/t, and, at this higher tin price, off mine costs will likely increase by $1 300/t net smelter charges.

Alphamin had $56-million of cash on hand at the end of December after debt reduction and service costs of $45-million, tax payments of $106-million in the DRC and $123-million of dividend payments.

“The current tin price and continued steady production bode well for increased cash flow generation and the potential for higher dividends to shareholders [in the new financial year]. During the reporting year, Alphamin declared dividends totalling C$0.11 apiece compared with C$0.09 in the prior year,” explains outgoing CEO Maritz Smith.

Smith has provided notice of his intention to retire from the role, with CFO Eoin O’Driscoll having been appointed to succeed him as CEO from March 1.

In turn, Alphamin operating subsidiary in the DRC Alphamin Bisie Mining CFO JP van Staden will succeed as CFO of the group from the same date.

Smith will continue in an advisory role until April 30 to ensure a smooth transition.  

O’Driscoll jointed Alphamin in 2015 as CFO and has been instrumental to the company’s success over the last 11 years, the company states.

In turn, Van Staden brings to the group CFO position 31 years of finance and mining industry experience, including 15 years as a partner at consultancy PwC where he advised a diverse portfolio of multinational mining and industrial services companies.