Alphamin Resources Corp (AFMJF) has announced the start of development of the Mpama South project. Excluding an (exceptional) warrant charge, a superprofit tax and deferred tax, post-tax profits in Q421 were within US$0.6m (or 1.3%) of Edison Group’s prior quarterly net profit forecast (US$44.2m) and resulted in a maiden dividend of C$0.03/share for the year. With further ongoing exploration success, Edison estimates that its valuation could rise from US$1.25 to potentially as high as US$1.98/share (C$2.49/share), presenting meaningful upside to the current share price of US$0.93. Alphamin Resources owns (84.14%) and operates the Bisie tin mine at Mpama North in the North Kivu province of the Democratic Republic of the Congo with a grade of c 4.5% tin (the world’s highest).
Download PDF • 847KB