Alphamin Resources Corp. (AFM: TSXV, APH: JSE AltX, 'Alphamin' or the 'Company') is pleased to report its financial results for the quarter ended June 2020.

The Company has filed on SEDAR at www.sedar.com today its interim financial statements and related management's discussion and analysis for the quarter.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

Tin production up 29% to 2,739 tons versus previous quarter

AISC per ton of tin sold down 13% to US$10,849 versus previous quarter

EBITDA of US$12,9 million

Q3 2020 production guidance of 2,600 - 2,800 tons contained tin

Increase in ownership of the Bisie tin mine from 80.75% to 84.14%

$31.2m debt reduction concluded concurrently with $31m offering of shares

Significant improvement in debt terms following the restructure including an interest rate reduction and partial debt holiday in 2020

Initiation of significant growth initiatives post quarter-end Production and Financial Summary for the Quarter ended June 20201

Production and financial information are disclosed on a 100% basis. Alphamin indirectly owns 80,75% (84,14% post quarter- end) of its operating subsidiary to which the information relates.

Operational Performance

Tin production increased 29% to a quarterly record 2,739 tons and was higher than our previous market guidance due to better than expected tin feed grades. Plant throughput increased 8% to 91,928 tons from higher underground volumes derived from the new Open Stoping with Hydraulic Backfill (LHS) mining method. During the quarter, mined volumes exceeded plant throughput by some 4,000 tons increasing the run-of-mine stockpiles. The processing plant is performing well and various initiatives aimed at achieving consistently higher throughput are underway.

The all-in sustaining cost per ton of payable tin sold reduced by 13% to US$10,849 mainly attributable to increased tin production. Additionally, the previous quarter's costs were negatively affected by high arsenic penalties and exceptional logistical costs incurred while the national road bridge was under repair.

The Bisie tin mine recorded two lost-time injuries during the past quarter. An employee and a contractor sustained minor injuries during two separate accidents and both have returned to work.

Production Guidance for the next Quarter

We expect contained tin production of between 2,600 and 2,8002 tons for the quarter ending September 2020. The tin price has recently increased to around US$18,000/t compared to a price realized of US$15,359/t during this past quarter which, if maintained, bodes well for the next quarter's EBITDA and cash flow generation.

Covid-19 Pandemic and Impact on Operations

The health of our employees is of paramount importance and in this regard the Company has a range of Covid-19 awareness, prevention and other risk mitigation controls in place.

To date, the Company has been able to continue with normal production and concentrate sales activities.

Debt reduction and reprofiling

On May 15, 2020 the Company completed an offering of common shares pursuant to which an aggregate of 312,319,539 common shares were issued (approximately US$31.01 million) (the 'Offering').

Cash proceeds from the Offering, together with existing cash resources, were applied to a US$31,2 million debt prepayment in return for improved loan terms as set out below: Production guidance is based on certain estimates and assumptions, including but not limited to: quantity of materialprocessed, tin grades of processed material and processing recoveries and assumes mining operations will continue to be conducted in the same manner as the previous quarter and will not be further impacted by the Covid-19 pandemic or any other logistical issues.

Reverts to Libor +14% on outstanding loans from January 2022 with prepayment penalty reducing to 0%

Debt capital repayments subject to the LME tin price averaging above US$13,000/t for the month preceding payment

These revised debt terms reduce Alphamin's estimated break-even tin price, inclusive of debt servicing, by between $2,000 to $3,000/t3 to an estimated $13,000/t3 of payable tin produced during 2020 and 2021.

The recently completed Offering proceeds were advanced to the Company's 80,75% subsidiary, ABM, under a temporary shareholders loan which was converted into equity through a rights issue by ABM. As a result of the transaction, the Company's ownership of ABM will increase to 84.14%.

Growth Initiatives

Following the debt reduction and restructuring, the balance sheet has been strengthened and coupled with the increase in tin prices, the Company has initiated some growth initiatives as set out below.

As part of the Company's two-year strategy to produce over 12,000 tons of contained tin per year and proving additional resource and life-of-mine extensions, the following initiatives were initiated post quarter end:

Debt service break-even guidance is based on certain estimates and assumptions, including but not limited to: quantity of material processed, tin grades of processed material and processing recoveries and assumes mining operations will continue to be conducted in an uninterrupted manner and will not be further impacted by the Covid-19 pandemic or any other logistical issues.

Contact:

Maritz Smith

Tel: +230 269 4166

Email: msmith@alphaminresources.com

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Information in this news release that is not a statement of historical fact constitutes forward- looking information. Forward-looking statements contained herein include, without limitation, statements relating to anticipated production volumes and anticipated tin grades and processing recoveries, future exploration at Mpama South and the establishment of a fine tin recovery project and its effects on production volumes and ASIC. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although Alphamin has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: uncertainties associated with Alphamin's resource and reserve estimates, uncertainties regarding estimates of the expected mined tin grades, processing plant performance and recoveries, risks associated with mineral exploration programmes and mining operations, uncertainties regarding global supply and demand for tin and market and sales prices, uncertainties with respect to social, community and environmental impacts, adverse political events, impacts of the global Covid-19 pandemic on mining operations and commodity prices as well as those risk factors set out in the Company's Management Discussion and Analysis and other disclosure documents available under the Company's profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this news release and Alphamin disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

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