APH Trading Statement Neutral
ALPHAMIN RESOURCES CORPORATION - Alphamin Announces Record Q2 EBITDA Guidance of US$167 Million/ Exploration Update
Alphamin Resources Corp.
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What this filing means
Record EBITDA is the headline, but the picture behind it is genuinely mixed. Alphamin guides Q2 EBITDA at US$167m, up 6% sequentially on a 5% tin price gain — but production was flat, processing recovery dropped 2 percentage points on metallurgical issues, and all-in sustaining costs rose 6%. Net cash fell 35% to US$91m after US$160m of shareholder distributions. The prior Q1 trading statement already set the record narrative; this is confirmation of trajectory, not a fresh beat.
Bull case
- Record Q2 EBITDA guidance of US$167m is up 6% from the prior quarter's US$158m, underscoring sequential earnings momentum on a record high.
- Average tin price achieved rose 5% to US$51,957/t, with spot noted circa US$53,000/t, signalling further pricing tailwind into Q3 2026.
Bear case
- AISC rose 6% to US$19,043/t versus tin price up only 5%, with off-mine costs (royalties, duties, commissions, NSR) structurally linked to tin price, so any price reversal compresses margins quickly [A3, A7]
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