Tin closing in on US$55,000/t

Alphamin’s Q126 financial results revealed revenue, operating profits, EBITDA, PBT, net profit, attributable profit and EPS all at record levels, with the company achieving a gross margin of 68.3% (the third highest on record, surpassed only by Q122 and Q419). Net cash (excluding lease liabilities) grew to US$142.8m (or US$0.11/share), as a result of which the board declared a final FY25 dividend of C$0.13/share, almost twice as big as any other periodic dividend in Alphamin’s history. We have increased our FY26 EPS forecast by 78.5% to reflect both Alphamin’s strong operating performance and the robust strength of the tin price (and notwithstanding the potential for a DRC super profits tax, which is already factored into our calculation...