ALPHAMIN RESOURCES CORPORATION - Alphamin exercises option to defer debt capital repayments

Alphamin exercises option to defer debt capital repayments

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 share code: APH
ISIN: MU0456S00006

         ALPHAMIN EXERCISES OPTION TO DEFER DEBT CAPITAL REPAYMENTS

MAURITIUS – March,16 2020 – Alphamin Resources Corp. (AFM:TSXV, APH: JSE AltX,
“Alphamin”, or the “Company”) is pleased to announce that it’s 80.75% subsidiary, Alphamin
Bisie Mining SA (“ABM”), has exercised its previously announced option with senior lenders
to defer debt capital repayments.

As announced on 16 October 2019, the Company’s lender consortium granted an option to
ABM to elect to amend quarterly debt capital instalments of approximately US$8.17 million
commencing the end of March 2020, to a deferred monthly capital instalment schedule as set
out below (“the Option”). ABM has exercised the Option.

The revised debt instalment schedule (principal and interest) is as follows:

     •    Ongoing monthly payments of US$1.3 million (interest only) to the end of June 2020
     •    From the end of July 2020, a monthly fixed debt capital instalment of approximately
          US$2.72 million over 36 months, plus interest (initially US$1.3 million per month)

The result is a reduction of approximately US$16.34 million in debt capital repayments for the
2020 financial year.

The exercise of the Option offers Alphamin the opportunity to strengthen its working capital
position prior to the commencement of debt capital repayments. A cash fee of US$400,000
was paid upon the exercise of the Option.

The recent coronavirus outbreak is having an impact on global commodity prices. The LME tin
price has recently ranged between US$15,000/t and US$17,000/t compared to the Company’s
NI 43-101 Technical Report which assumed a price of US$17,000/t. The Company continues
to focus on achieving its full production targets at the lowest possible unit cost.
FOR MORE INFORMATION, PLEASE CONTACT:

Maritz Smith
CEO
Alphamin Resources Corp.
Tel: +230 269 4166

E-mail: msmith@alphaminresources.com

JSE Sponsor
Nedbank Limited (acting through its Corporate and Investment Banking Division)

16 March 2020


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Date: 16-03-2020 03:55:00
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