|The board of Alphamin announced a change of leadership at Alphamin which is precipitated by the company completing the "project build" phase and migrating to that of a steady state mining operation.|
Mr Boris Kamstra will step down as CEO with immediate effect. The board is delighted to report that Mr Kamstra will continue to serve as an executive director of Alphamin with responsibilities that include Investor relations, tin marketing and special value-add projects.
Mr Maritz Smith has been appointed Chief Executive Officer of Alphamin.
|C4 involves feeding the system with material, checking instrumentation calibration, process flows and individual equipment throughput and building up to instantaneous design throughput. A C4 certificate indicates that a unit or the entire system is complete and can operate with material.|
C5 is the final stage of the commissioning process. This is achieved when the facility has run at and held at full continuous production at nameplate capacity for a duration of 48 hours.
Attaining C5 and the ramp up to nameplate capacity is taking longer than expected as aspects of the processing plant operations are refined and optimised.
Concentrate produced during commissioning and the plant ramp up, are being delivered to Gerald Metals in Kampala. Gerald Metals have taken delivery of 96 tonnes of concentrate. A further 192 tonnes are on route to Kampala from Logu, Alphamin's marshalling yard for tin exports where a further 240 tonnes are being cleared for export prior to departing for Kampala. Total production to date is 528 tons.
Sound Mining Solutions are nearing completion of the revised mine design. Once complete the NI 43-101 will be updated.
The Directorate General of Taxes have informed Alphamin VAT disbursements will be forthcoming. The Industrial Development Corporation (IDC) will be matching their pro rata share of the recent equity raised by Alphamin. Nameplate production is expected to be achieved during H2 2019. To avoid requiring any additional funding Alphamin requires break even production of circa 800 tonnes of concentrate per month, be achieved by during July 2019.
|Meeting Type_ : Annual General and Special Meeting |
Record Date for Notice of Meeting : May 17, 2019
Record Date for Voting (if applicable) : May 17, 2019
Beneficial Ownership Determination Date : May 17, 2019
Meeting Date : June 28, 2019
Meeting Location (if available) : Mauritius
Issuer sending proxy related materials directly to NOBO: No
Issuer paying for delivery to OBO: No
For South African shareholders, please note that the notice of annual general meeting, together with related documents, is available on Alphamin's website.
|Loss and total comprehensive loss attributable to equity holders for the quarter narrowed to USD740 108 (2018: USD1.1 million).|
|The following are the company's maiden results for the year ended December 2018 therefore no comparatives are given. Loss and total comprehensive loss attributable to equity holders was recorded at USD1.4 million.|
Hot commissioning at Bisie Tin Mine
Construction of the mine was completed in the first quarter of 2019. Wet commissioning, whereby the plant runs on water, was completed in the week commencing April 22, 2019. Hot commissioning, which involves feeding the plant with material, checking instrumentation calibration, process flows and individual equipment throughput. The hot commissioning which builds up to instantaneous design throughput of 50 tons per hour into the jigging section and 8 tons per hour into the gravity concentration section, commenced on April 25, 2019 and is expected to complete during the week ended May 5, 2019. Following the completion of hot commissioning the Company will enter the final commissioning phase of product optimisation.
The Company remains on track to achieve commercial production in the second half of 2019.
Mr. Douglas G. Strong has been appointed to the board of the Company, subject to regulatory approval, effective May 1, 2019.
|The following results are the company's maiden quarterly results therefore no comparatives are given. Loss and total comprehensive loss attributed to equity holders came to USD1.1 million.|
|Alphamin, or the "company") announced an update to the development status of its flagship tin project in the DRC.|
The processing plant front-end crushing circuit commissioning has been completed and has run at nameplate capacity of sixty tonnes per hour. To date, some six thousand, five hundred tons of ore has been crushed and stockpiled for feeding into the gravity separation circuit.
Cold commissioning on the gravity concentration section has also commenced and is progressing well.
In connection with the previously announced change of mining method to a cut and fill method, a detailed mine schedule for 2019 and 2020 has been received. Production of ore from the cut and fill stoping operation has now commenced. A life of mine schedule is expected during Q2 2019 following which the company plans to update its NI 43-101 and announce updated project economics. Initial analysis indicates the unit costs per ton will be higher in 2019 and 2020 than had been anticipated in the company's most recent feasibility study.
Full commissioning and ramp up is scheduled to occur during Q2 2019. Production at planned through put is planned to commence in Q3, 2019.
The company has reviewed the working capital requirements to achieve planned production volumes . The current cashflow projections indicate a likely short term working capital shortfall. Factors impacting the projected working capital shortfall include a delayed response to a request to partially export concentrates by airfreight, requiring the company to truck all export material, which has impacted delivery times and related revenue receipts; a delay in VAT refunds and the delayed manufacture and delivery of certain components to finalise plant commisioning. In addition to this, the change in the mining method has resulted in a slower ramp up of material to the ROM stockpile.
The company estimates that up to USD9m may be required to bridge this expected working capital deficit and enables the company to acquire certain sustaining capital and critical spares.
Management considers it prudent to seek a working capital facility of up to USUSD12m, which exceeds the projected shortfall of USD9m but provides a buffer for any additional unforseen events or challenges. The company is in discussion with its lenders to provide this facility.
|Alphamin Resources Corp. announces an update to the development status of its flagship tin project in the DRC.|
The processing plant front-end crushing circuit has been successfully commissioned on 8 January 2019, on schedule. This includes the primary crusher, two tertiary crushers and the sceening buildings . Ore is now being fed through this circuit to create a stockpile with which the gravity circuit can be commissioned.
The process plant in its entirety is planned to be commissioned, on track with the original schedule by the end of March 2019.
The underground mine capital footprint was completed at the end of December 2018, two months ahead of schedule. The run-of-mine ore production rate is being ramped up to approximately 1,000 tons per day to achieve the targeted steady-state feed rate to the processing.
It is envisaged that the processing plant should ramp up to its nameplate production capacity of tin concentrates from April 2019 to the end of June 2019.
As was previously announced, Alphamin's subsidiary ABM (Alphamin Bisie Mining SA) has drawn on the total available debt package of USD80 million and this together with the previous capital raisings are expected to fund the project to production, bar any unforeseen events.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
The Company?s 80.75% owned DRC subsidiary, Alphamin Bisie Mining SA ("ABM") has now received all approvals required to draw down the final USD20 million of its previously announced USD80 million credit facility (the "Credit Facility"). Funds are expected to be received by Monday 10 December and, based on current projections, should be sufficient to see the Company into production.
Cold commissioning of the crushing circuit is expected to start in the first half of December, while the completion of construction of the gravity concentration building and tailings storage facility remain on track for Q1, 2019. Hot commissioning (first ore through the plant) is currently expected to commence in late March 2019.
As disclosed in the Company?s Management Discussion and Analysis on November 28, 2018 the Company continues to assess the impact of the likely change of mining method. Rock conditions underground have led management to review the suitability of the Sub Level Caving mining method previously planned at Bisie. A Cut and Fill mining method is being analysed and if approved, would result in changes to the operating costs, mined grade, recovery and mineral reserves. Management expect to receive a revised mining schedule from it?s technical mining consultants on or around December 7, 2018. An updated reserve statement and 43-101 is expected to be issued in Q1, 2019.
Grant of stock options
The Company also announces that, subject to regulatory approval, it has granted 7 235 861 stock options under its stock option plan to directors, officers and employees of the Company and its DRC subsidiary. All options carry the right to acquire one common share at a price of CUSD0.26 per share until 3 December 2025, with one third of the options vesting after two two years, one third after three years and the final one third after four years from the date of grant.
Further information, videos and photographs of the Project?s progress are available on the Alphamin website at www.alphaminresources.com
|The following are the company's maiden results for the quarter ended September 2018 therefore no comparatives are given. Loss and total comprehensive loss attributable to equity holders was recorded at USD1.2 million.|
|Alphamin announced that it has satisfied the conditions required to draw an additional USD25 million under its previously announced credit facility of up to USD80 million (the ?Credit Facility?).|
The drawdown will take the total amount drawn under the Credit Facility to USD60 million. The remaining USD20 million is expected to be drawn in December 2018. The funds will be applied towards development of the Company?s Bisie Tin Project in the Democratic Republic of Congo.
|Alphamin (the ?company?) announced an update on progress at its Bisie Tin Project.|
Construction of the company?s 80.75% owned Bisie Tin Project is currently on schedule and 75% complete. Commissioning of the process plant is scheduled for Q1 2019. Equity financing raised to date together with the US$80m credit facility is currently projected to take the company through to commercial production.
Key project highlights include;
- Safety : Over 1 million-man hours worked by over 600 employees with no lost time injuries reported.
- Mine construction : Progressing ahead of schedule with 1709 development meters complete out of a total of 2 700.
- Process plant : Construction ahead of schedule with 256 tons of steel erected with majority of kit required now on site.
- Infrastructure : Construction of the company?s 36Km access road to site and airstrip is now complete with project deliveries getting through to site without difficulty.
- Logistics and procurement : 73% of project loads have been delivered to the mine site. Procurement is 90% complete.
- Social and community : Social development investments targeting over 1500 households for livelihoods and community infrastructure projects continue. Site security and community relations have been strengthened further by the peaceful and voluntary migration of the remaining 500 artisanal miners from Alphamin?s concession in late 2017 and early 2018.
The recent Ebola outbreak in the North Kivu province is being monitored closely and strict protocols have been put in place to reduce the risk of transmission at Bisie. The outbreak is located some 1 200km from Bisie by road. To date there has been no impact on the company?s operations.
The company has also filed its interim financial statements for the three and six months ended June 30, 2018 and Management Discussion and Analysis ? quarterly highlights, which are available on SEDAR.com.
Further information, videos and photographs of the Project?s progress are available on the Alphamin Resources Corp. website at www.alphaminresources.com
|The following results are the company's maiden interim results rendering them incomparable. Loss and total comprehensive loss attributable to equity holders came to USD1.4 million. In addition, there was no headline loss per share.|
|Alphamin (the ?company?) announced that it has raised CAD19.2 million (USAD15.0 million) by issuing a total of 76 800 000 common shares of the company (the ?Common Shares?) at a price of CAD0.25 per Common Share (the ?Issue Price?) through the closing of its previously announced non-brokered private placement (the ?Private Placement?).|
The Private Placement includes a subscription for 65 126 400 Common Shares at the Issue Price by the company?s major shareholder, Tremont Master Holdings, and a subscription for 512 000 Common Shares at the Issue Price by the company?s Chief Executive Officer, Boris Kamstra.
The proceeds of the Offering will be applied to the continued development of the company?s 80.75% owned Bisie Tin Project and for general corporate purposes.
The Common Shares issued pursuant to the Private Placement are subject to a minimum hold period of four months and one day from the date of issuance, expiring on October 19, 2018.
The securities have not been and will not be registered under the United States Securities Act of 1933 (the ?1933 Act?) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, US Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
|Alphamin (the 'company') announced that it has completed a USD25 million drawdown under its previously announced credit facility of up to USD80 million (the 'Credit Facility'). In addition, the company converted USD3.396 million of debt due to Sprott Private Resource Lending (Collector), L.P., Barak Fund SPC Ltd. and the company's 44.86% shareholder, Tremont Master Holdings, in connection with the Credit Agreement into 17 389 387 common shares of the company (the 'Common Shares') at a price of CD0.25 per Common Share (the 'Debt Settlement').|
The Common Shares issued pursuant to the Debt Settlement are subject to a minimum hold period of four months and one day from the date of issuance, expiring on October 8, 2018. The Debt Settlement remains subject to final approval of the TSX Venture Exchange.
On March 28, 2018 a revised mining code (the 'Revised Mining Code') was published in the official gazette in the Democratic Republic of Congo ('DRC'), becoming law following the signing in by the president of DRC, Joseph Kabila, on March 9, 2018. Based on the Revised Mining Code, it appears that the company could be subject to a higher royalty rate of 3.5% payable to DRC, up from 2%, and potentially higher taxes, as a result of reduction in tax deductible expenses. The company notes that article 220 of the Revised Mining Code states that companies developing projects in infrastructure poor provinces, such as Alphamin, may be able to take advantage of certain exemptions. The company is currently in the process of assessing the Revised Mining Code and the applicable regulations, and their impact on Alphamin.
The securities have not been and will not be registered under the United States Securities Act of 1933 (the '1933 Act') or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
|*Meeting type : Annual general and special meeting|
*Record date for notice of meeting : May 22, 2018
*Record date for voting (if applicable) : May 22, 2018
*Beneficial ownership determination date : May 22, 2018
*Meeting date : July 06, 2018
*Meeting location (if available) : Mauritius
|The company released its maiden final results since listing on the JSE therefore there are no comparatives. Net loss and total comprehensive loss for the period was recorded at USD4 million and headline loss per share came to USD1 cent per share.|
|Alphamin Resources Corp. announces that it has released its year end results which may be found on SEDAR.com |
Mr. Maritz Smith, a seasoned business executive with significant experience and expertise, has accepted an invitation to join the board of directors of Alphamin, subject to regulatory approval..
Further information, videos and photographs of the Project?s progress are available on the Alphamin Resources Corp. website at www.alphaminresources.com
|Alphamin, a Mauritian-domiciled company, is a pioneering tin exploration and development company with the vision to be a key player in the international tin mining sector. Thecompany holds, as its principal investment, a controlling interest (80.75%) in Alphamin Bisie Mining SA (?ABM?). ABM owns, as its principal asset, a world-class tin mining project (?Bisie tin project?) which is based in the North Kivu province of the Democratic Republic of Congo (?DRC?).|