Alphamin Resources : announces updated mineral resource and mineral reserve estimates and life of mine schedule for Mpama North

NEWS RELEASE

C/o ADANSONIA MANAGEMENT SERVICES LIMITED, Suite 1,

PERRIERI OFFICE SUITES, C2-302, Level 3, Office Block C,

La Croisette, Grand Baie 30517, Mauritius

Alphamin Resources Corp.

Continued in the Republic of Mauritius

Date of incorporation: 12 August 1981

Corporation number: C125884 C1/GBL

TSX-V share code: AFM

JSE AltX share code: APH

ISIN: MU0456S00006

ALPHAMIN ANNOUNCES UPDATED MINERAL RESOURCE AND MINERAL RESERVE

ESTIMATES AND LIFE OF MINE SCHEDULE FOR MPAMA NORTH TIN MINE

2 August 2022 - Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, "Alphamin" or the "Company"), a producer of 4% of the world's mined tin1 from its high-grade operation in the Democratic Republic of Congo, is pleased to announce updated Mineral Resource and Mineral Reserve estimates along with an updated life of mine schedule (LoM) for the Mpama North Mine.

HIGHLIGHTS

• The updated LoM schedule shows:-
• • replacement of contained tin depleted over the past 2.5 years
  • contained tin inventory over LoM of 154.5kt at 30 June 2022 (31 Dec 2019: 154.2kt);
• The updated Resource shows:-
• • 155.7kt (30 June 2019: 199kt) and 41.2kt (30 June 2019: 21.8kt) tin contained (which includes mineral reserves) at 30 April 2022 in Measured/Indicated and Inferred Resources, respectively, with an 8.0% and a 65.4% increase in grade, respectively.
• The updated Reserve shows:-
• • 121.4kt tin contained at 30 June 2022 (31 Dec 2019: 133.4kt) in the Proven and Probable mineral reserve categories with 15.7% increase in grade to 4.64% Sn .

Updated Mpama North Life of Mine Plan

An updated Mineral Resource Estimate (MRE) and Mineral Reserve estimation have been developed for the Mpama North Mine. These updates replace those announced in the Technical Report of 22 April 2022 which, for Mpama North, were not updated and remained the same as

1 Data obtained from International Tin Association Tin Industry Review Update 2021

those contained in the Technical Report effective 31 December 2019. The culmination of these Resource and Reserve updates is the re-design and scheduling of the Mpama North Mine into an updated Life of Mine (LoM) schedule. A comparative summary of the previous and updated LoM schedules is presented in Table 1.

Table 1: Mpama North LoM Schedule Comparison

	Description			Units			31 December 2019			30 June 2022
					LoM Schedule			LoM Schedule
RoM tonnes		Mt	3.85		3.23
Grade delivered to process plant		% Sn	4.00		4.78
Tin content		kt Sn	154.2		154.5
Cut-off grade		% Sn	1.60		1.00

*Note: Rounding may result in computational discrepancies

Mining has progressed steadily at Mpama North since the 2019 estimation of the Reserves and LoM schedule with 990,821 tonnes of ore having been extracted in the 30 months Dec 2019 - Jun 2022. A number of operational improvements and changes resulted in actual mine performance surpassing the 2019 LoM schedule. Run of Mine (RoM) tonnes mined for the financial years 2020 and 2021 exceeded the 2019 LoM schedule by 18.5% and 8.1%, respectively.

In addition, the Reserve cut-off grade calculated in the 31 December 2019 LoM schedule of 1.6% Sn, has at an operational level consistently been reduced due to the improved RoM output, optimised mine planning, out-performance versus dilution assumptions, improvements in the process plant recoveries and an increase in the tin price. These actual results have now been captured in the updated Reserve cut-off grade and LoM schedule which are declared at 1.0% Sn. Exploration success in the form of strike extension of the high-grade chute in the Mpama North deeps target plus the reduced cut-off grade valorises previously excluded lower grade Resource Blocks, converting them into Reserve blocks, which has further added valuable additions to the LoM schedule.

The result of these positive factors is that all contained tin depleted since 31 December 2019 has been replaced in the new LoM schedule. The 154.5kt contained tin in the updated LoM versus the previous 154.2kt has also been accompanied by a valuable grade increase of 19.6% to 4.78% Sn from 4.00% Sn previously scheduled.

As with the previous LoM schedule of 31 December 2019, the updated LoM schedule contains a small portion of Inferred Resources. The Inferred Resource constitutes 18.9% of all RoM tonnes delivered to the plant. 50% of these planned Inferred Resources are scheduled in the final three years of mining in the deep portion of the mine and will be the subject of infill Resource drilling to increase confidence before they are included in any shorter term mine plans or budgets.

The annual contained tin mined target remains ~15,000 tonnes per year which, after expected processing recoveries of 78%, results in ~12,000 tonnes per year of contained tin in concentrate production at the Mpama North Mine.

Mpama North Mineral Resource Estimate

The updated Mineral Resource Estimate (MRE) at Mpama North is illustrated in Figure 1. It is based on new resource exploration drilling on the northern deeps high-grade extensions as well as partial mine depletions (area shaded grey) since the last estimate effective 30 June 2019.

All resource additions have resulted from the renewed Mpama North Mine resource exploration drilling commenced in 2021. The drilling targeted and successfully extended the known dimensions of the highly mineralised linear plunging high-grade chute, returning some of the best project intercepts to date (see Appendix 2). On-going drilling continues at Mpama North with mineralisation intercepted outside the mineral resource boundaries declared in this update.

The updated MRE includes 9 NQ size additional core intersections from the recent exploration drilling at the Mpama North Mine which were completed from August 2021 to March 2022. These new intersections in addition to the original 122 NQ size and 21 PQ size drillholes completed pre- mining between July 2012 to November 2015, form the basis for the updated MRE. The updated MRE and previous MRE for comparison are presented in Table 2.

Figure 1: Updated Mpama North Resource Grade Block model (0.5% Sn cut-off)

Super high grade resource additions

Table 2: Bisie Mpama North Mineral Resource at 0.50% Sn Cut-Off Grade (30 June 2022)

	Quantity	Grade	Tin Content
Category		Mt	% Sn		kt
	06/2019		04/2022	06/2019	04/2022	06/2019		04/2022
Measured	0.33	0.04	4.75	2.16	15.6	0.9
Indicated	3.99	3.09	4.59	5.02	183.4	154.9
Total Measured and Indicated	4.32		3.13	4.61	4.98	199.0		155.7
Total Inferred	0.48		0.55	4.57	7.56	21.8		41.2

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Mineral Resources which are not Mineral Reserves and have no demonstrated economic viability.
3. Mineral Resources are reported inclusive of Mineral Reserves.
4. Alphamin has an 84.1 percent interest in ABM. The Government of the Democratic Republic of Congo (GDRC) has a non-dilutive, 5% share in ABM. The Gross Mineral Resource for the Project is reported.
5. The 2022 MRE is effective 30 April 2022 and has been depleted by mining from mine surveys as at 30 April 2022 and an estimate of the extent of artisanal mining to 725 mamsl.
6. The 2019 MRE is effective 30 June 2019 and is depleted by mining from mine surveys as at 30 June 2019 and an estimate of the extent of artisanal mining to 725 mamsl.

Differences between the previous MRE and updated MRE are a decrease in Measured and Indicated Resources contained tin content of 43.3kt Sn with an increase in grade of 8.0% to 4.98% Sn. An increase in Inferred Resources contained tin content of 19.4kt and an increase in grade of 65.4% to 7.56% Sn is also observed for Inferred Resources.

In addition to any resource growth in the northern depths high-grade zone, promising additional resource growth potential is likely at Mpama North Mine in the shallow northern strike extension as well as in the down-dip eastern dip extension, both of which are currently undergoing exploration drilling.

The full Mineral Resource checklist of assessment and reporting criteria are presented in Appendix 3. The Mineral Resource estimate has been completed by Mr. J.C. Witley (BSc Hons, MSc (Eng.)) who is a geologist with 33 years' experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting. He is a Principal Resource Consultant for The MSA Group (an independent consulting company), is registered with the South African Council for Natural Scientific Professions (SACNASP) and is a Fellow of the Geological Society of South Africa (GSSA). Mr. Witley has the appropriate relevant qualifications and experience to be considered a "Qualified Person" for the style and type of mineralisation and activity being undertaken as defined in National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Mpama North Mineral Reserve Estimate

An updated Mineral Reserve estimation was completed subsequent to the updated MRE. Modifying factors in the updated Reserve estimate are largely based on:-

• Actual performance statistics and site-specific experience and reconciliation data to support revised modifying factors (mining recovery, dilution, pillar loss etc.),
• More detailed geotechnical data from mining allowing the mine to be divided into geotechnical domains with different stope design parameters per domain,
• Increased mining levels per mining echelon for stoping, resulting in a reduction in the pillar losses and an increased extraction ratio,
• A reduced cut-off grade based on updated calculations from actual operating costs, increased tin prices and the impact from higher processing recoveries, and
• Recent additions to Mineral Resources from 2021/2022 exploration activities.

The updated Reserve estimate and previous estimate for comparison are presented in Table 3.

Table 3: Bisie Mpama North Mineral Reserve at 1.0% Sn Cut-Off Grade (30 June 2022)

	Quantity	Grade		Tin Content
Category	Mt		% Sn			kt
	2019		2022	2019		2022	2019		2022
Proven Mineral Reserve	0.05		0.00	3.77		1.38	1.9	0.0
Probable Mineral Reserve	3.28		2.62	4.01		4.64	131.5	121.3
Total Proven and Probable Mineral
Reserves	3.33		2.62	4.01		4.64	133.4		121.4
Notes:

1. The Mineral Reserve has been reported in accordance with the requirements and guidelines of NI43- 101 and are 100% attributable to ABM.
2. Apparent computational errors due to rounding and are not considered significant.
3. The Mineral Reserves are reported with appropriate modifying factors of dilution and recovery.
4. The Mineral Reserves are reported at the head grade and at delivery to Plant.
5. Although stated separately, the Mineral Resources are inclusive of the Mineral Reserves.
6. No Inferred Mineral Resources have been included in the Mineral Reserve estimate.
7. Quantities are reported in metric tonnes.
8. The input studies are to the prescribed level of accuracy.
9. The Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential exploitation of such Mineral Reserves

The Mineral Reserve assessment and reporting criteria are presented in Appendix 4. The Mineral Reserve estimate has been prepared by 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.

____________________________________________________________________________

FOR MORE INFORMATION, PLEASE CONTACT:

Maritz Smith

CEO

Alphamin Resources Corp. Tel: [phone]

E-mail: [e-mail]

____________________________________________________________________________

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2 August 2022