Annexure 1

THE ALPHAMIN BISIE TIN PROJECT CORPORATE PRESENTATION

JULY 2016

CAUTIONARY NOTICE

Forward-looking statements

Certain information contained in the Corporate Presentation is “forward-looking” in nature. Forward-looking statements are not historical facts and are generally, but not always, identified by the use of forward-looking terminology, such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases; or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, and performance or achievements to be materially different from those expressed or implied by such forward-looking statements. All forward-looking statements in the Corporate Presentation are based on the opinions and estimates of management as at the date upon which such statements are made, and are subject to important risk factors and uncertainties, many of which are beyond Alphamin’s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this Corporate Presentation, Alphamin’s annual and quarterly management’s discussion and analysis, its Technical Reports filed at www.sedar.com, and elsewhere on the Company’s website. No representation is made by the Company or the Financial Advisor or any of their respective directors, officers, agents, employees or advisors that any of these forward-looking statements will come to pass or be achieved. Further cautionary statements and disclaimers

In addition to the abovementioned caution around forward-looking statements, Recipients should also take heed of the additional cautionary statements and disclaimers set out in Annexure 5 to the Document (of which this Corporate Presentation forms part).

Summary information

This Corporate Presentation provides a summary of selected features of the Project and should be read in conjunction with the Company’s NI 43-101 technical report dated 19 June 2016 in connection with the Project, and other resources available on the Company’s website.

TABLE OF CONTENTS

CAUTIONARY NOTICE .................................................................................................................................. 2

Forward-looking statements ......................................................................................................................... 2

Further cautionary statements and disclaimers ......................................................................................... 2

Summary information .................................................................................................................................... 2

1. EXECUTIVE SUMMARY ........................................................................................................................ 7

1.1 Introduction ........................................................................................................................................ 7

1.2 Background and significant developments ..................................................................................... 7

1.3 Project overview and implementation .............................................................................................. 9

1.4 Financial evaluation ........................................................................................................................... 9

1.5 Investment highlights ...................................................................................................................... 12

1.6 Conclusion ........................................................................................................................................ 15

2. OVERVIEW OF THE TIN MARKET ...................................................................................................... 16

2.1 Tin market analysis .......................................................................................................................... 16

2.2 Overview of the tin market ............................................................................................................... 16

2.2.1 Solder ............................................................................................................................................ 17

2.2.2 Chemicals ..................................................................................................................................... 17

2.2.3 Tin plate ......................................................................................................................................... 17

2.2.4 Copper alloys ................................................................................................................................ 17

2.2.5 Others ............................................................................................................................................ 18

2.3 Tin supply ......................................................................................................................................... 18

2.4 Production trends 2015.................................................................................................................... 19

2.5 Supply and demand balance ........................................................................................................... 20

2.6 Tin price ............................................................................................................................................ 21

2.6.1 Historical tin price ........................................................................................................................ 21

2.6.2 Forecast tin price .......................................................................................................................... 21

2.7 Competitors ...................................................................................................................................... 23

2.8 Conflict-free tin initiatives ............................................................................................................... 24

3. ALPHAMIN RESOURCES AND ALPHAMIN BISIE MINING ............................................................... 26

3.1 Corporate structure .......................................................................................................................... 26

3.2 Shareholder support ........................................................................................................................ 26

3.3 Local, regional and Government support ...................................................................................... 27

3.4 Alphamin executive management team ......................................................................................... 27

3.4.1 Boris Kamstra ............................................................................................................................... 27

3.4.2 Trevor Faber ................................................................................................................................. 28

3.4.3 Mark Gasson ................................................................................................................................. 28

3.4.4 Eoin O’Driscoll .............................................................................................................................. 28

3.4.5 Richard Robinson ......................................................................................................................... 28

4. THE PROJECT ..................................................................................................................................... 30

4.1 Location ............................................................................................................................................ 30

4.2 Permitting .......................................................................................................................................... 30

4.3 Geology, mineralisation and drilling results .................................................................................. 31

4.3.1 Bisie / Mpama Ridge ..................................................................................................................... 31

4.3.2 Mpama North................................................................................................................................. 32

4.3.3 Mpama South ................................................................................................................................ 34

4.3.4 Regional exploration .................................................................................................................... 35

4.3.5 Potential upside ............................................................................................................................ 36

4.4 Mpama North Mineral Resource and Mineral Reserve .................................................................. 37

4.4.1 Mineral Resource.......................................................................................................................... 37

4.4.2 Mineral Reserve ............................................................................................................................ 39

4.5 Mining ................................................................................................................................................ 40

4.5.1 Geotechnical considerations ...................................................................................................... 40

4.5.2 Hydrogeological considerations ................................................................................................. 40

4.5.3 Mining method .............................................................................................................................. 40

4.5.4 Mine layout .................................................................................................................................... 41

4.5.5 Scheduling and LoM planning .................................................................................................... 42

4.6 Processing ........................................................................................................................................ 43

4.6.1 Process overview ......................................................................................................................... 43

4.6.2 Detailed processing description ................................................................................................. 44

4.6.3 Metallurgical test work ................................................................................................................. 45

4.6.4 Tailings storage facility and mine residue ................................................................................. 47

4.6.5 Tin production profile .................................................................................................................. 49

4.7 Infrastructure .................................................................................................................................... 49

4.7.1 Overview ....................................................................................................................................... 49

4.7.2 Water services and waste control ............................................................................................... 51

4.7.3 Security ......................................................................................................................................... 51

4.7.4 Access roads ................................................................................................................................ 53

4.7.5 Power supply and distribution .................................................................................................... 53

4.8 Environment ..................................................................................................................................... 54

4.9 Community development ................................................................................................................. 54

4.10 Logistics ......................................................................................................................................... 55

4.11 Marketing and sales ...................................................................................................................... 57

4.12 Capital costs .................................................................................................................................. 58

4.12.1 Initial capital costs .................................................................................................................... 58

4.12.2 Sustaining capital cost .............................................................................................................. 59

4.12.3 Closure capital cost ................................................................................................................... 59

4.13 Operating costs ............................................................................................................................. 60

4.13.1 Overview ..................................................................................................................................... 60

4.13.2 Mining cost ................................................................................................................................. 60

4.13.3 Processing cost ......................................................................................................................... 61

4.13.4 Site infrastructure cost ............................................................................................................. 61

4.13.5 Administration and general cost .............................................................................................. 61

4.13.6 Transport of concentrate .......................................................................................................... 62

4.13.7 Concentrate treatment charges ................................................................................................ 63

4.14 Export duties, fees, levies, royalties and taxes .......................................................................... 63

4.14.1 Export duties, fees and local government levies .................................................................... 63

4.14.2 DRC Government royalty .......................................................................................................... 63

4.14.3 Income taxes, VAT and other ................................................................................................... 64

4.15 Project implementation schedule ................................................................................................ 64

4.16 Funding requirements ................................................................................................................... 64

4.17 Financial evaluation ...................................................................................................................... 66

4.17.1 Key inputs and outputs ............................................................................................................. 66

4.17.2 Cash operating margin analysis .............................................................................................. 67

4.17.3 Free cash flow analysis ............................................................................................................. 68

4.17.4 NPV sensitivity analysis ............................................................................................................ 69

5. CONCLUSION ...................................................................................................................................... 69

GLOSSARY OF TERMS ............................................................................................................................... 70

REFERENCES .............................................................................................................................................. 73

1. EXECUTIVE SUMMARY 1.1 Introduction

The Project, which is wholly owned by ABM, contains one of the highest grade known tin deposits in the world, and is located in the Walikale Territory of the North Kivu Province of the DRC. Alphamin, which owns 80.75% of ABM, appointed MDM to lead and manage the Feasibility Study on the Project, the results of which confirm the Company’s belief that the Project forms the ideal foundation on which to build a mining company and associated infrastructure for mining in the tin-rich North Kivu province of the DRC: Extract from updated feasibility study announcement dated 28 June 2016

Investment metric Units Value

Ungeared real after tax NPV8 1 Jan 2016 US$ million 262.7

Ungeared real after tax IRR % 48.4

Payback period from first tin production Months 23

Average annual EBITDA 1 Jan 2016 US$ million 89.9

MDM, in their concluding remarks to the NI 43-101 technical report, state that:

The Project is economically viable;

The Project is technically credible; and

The Project is environmentally sound. The Project has significant expansion / life extension opportunities; is based on proven mining and tin recovery methods (making it straightforward to operate); has low unit costs of production; and modest capital expenditure requirements. Alphamin intends to develop the Project in early 2017 at a projected capital cost of US$ 124.2 million, and has commenced fund raising activities in this regard.

1.2 Background and significant developments Alphamin acquired a 70% interest in MPC, the holder of 4 exploration permits (PR 4246, PR 5266, PR 5267 and PR 5270) within the Bisie area during August 2011, and by the end of that year, had acquired the remaining balance of the shares in MPC. At the time of acquisition, all of the exploration permits were subject to Force Majeure, and limited exploration and other activities were being conducted. Force Majeure was lifted on PR 5266 in February 2012, and Alphamin, through MPC, mobilised staff; refurbished the camp; engaged the services of a helicopter for access to and moving equipment onto site; and commenced exploration drilling in July 2012. Initial drilling focused on both Mpama North and Mpama South, where results confirmed the potential for a robust tin project at Bisie. Given capital constraints, Alphamin elected to focus on drilling out a resource at Mpama North, even though initial drilling results illustrated that both targets had equal potential to host significant resources. In November 2013 the Company announced a maiden Inferred

Mineral Resource estimate at Mpama North of 4 Mt at 3.5% tin for 141 200 tonnes contained tin (0.25% cut-off). Encouraged by this initial Mineral Resource estimate, the Company then focused on extensional and deep drilling to 550m below surface. By November 2015 it had drilled a total of 40 000m on the Project, which confirmed that the tin mineralisation was best developed in two high-grade chutes plunging at 30 to 40 degrees to the north. Lower grade, economic mineralisation separates the two chutes in the upper levels, while the chutes appear to coalesce at depth. Best grades, including 16m at 22.5% tin and 13.6m at 7.6% tin, were recorded in the northernmost and deepest intersections confirming high-grade mineralisation at depths exceeding 550m below surface. The Mineral Resource estimate at Mpama North was updated in March 2015 and included Indicated Mineral Resources of 2.65 Mt at 4.49% tin for 119 240 tonnes contained tin (0.5% cut-off), and Inferred Mineral Resources of 1.2 Mt at 3.6% tin for 42 800 tonnes contained tin (0.5% cut-off). In February 2015, MPC was granted a mining licence, PE 13155, over the Bisie Ridge and surrounding area. In March 2015, Alphamin transferred a 5% interest in MPC to the GDRC in accordance with prevailing mining legislation in the DRC. During the same month, MPC’s name was changed to ABM. The Company announced a 30% increase to the Mpama North March 2015 Mineral Resource estimate in October 2015. This updated Mineral Resource estimate included Indicated Mineral Resources of 3.94 Mt at 3.94% tin for 155 300 tonnes contained tin (0.5% cut-off), and Inferred Mineral Resources of 0.84 Mt at 4.64% tin for 38 900 tonnes contained tin (0.5% cut-off). This Mineral Resource estimate formed the basis of the Company’s original Feasibility Study of the Project (completed in February 2016). In November 2015, Alphamin announced that it had entered into an agreement with the IDC pursuant to which the IDC would invest US$10 million directly into ABM, in three tranches. The final tranche of US$ 3 million was received in May 2016, and the IDC now holds 15% of the Class A shares of ABM (conveying an effective 14.25% economic interest in ABM). The Company announced a further 34% increase to the Mpama North October 2015 Mineral Resource estimate in May 2016. This updated Mineral Resource estimate included Measured Mineral Resources of 0.46 Mt at 4.31% tin for 19 600 tonnes contained tin (0.5% cut-off), Indicated Mineral Resources of 4.14 Mt at 4.55% tin for 188 400 tonnes contained tin (0.5% cut-off), and Inferred Mineral Resources of 0.54 Mt at 4.25% tin for 22 800 tonnes contained tin (0.5% cut-off). In addition, a Probable Mineral Reserve estimate of some 152 800 tonnes of tin contained in 3.52 Mt at 4.34% tin (1.8% cut-off) was declared. Given the significant increase in the Mineral resource estimate at Mpama North the Company elected to update its original Feasibility Study. The results of the updated Feasibility Study was announced on 28 June 2016, and included the following key results:

Cash cost per tonne of tin produced and sold of US$ 7 396 and US$ 8 935 respectively;

US$ 262.7 million NPV at an 8% real discount rate;

Real, after tax IRR of 48.4%; and

23 month payback period post first tin production.

1.3 Project overview and implementation

The Project will be developed at a capital cost of US$ 124.2 million, using proven mining and tin recovery methods, to deliver approximately 109 300 tonnes of tin in concentrate over its LoM. The Project implementation plan will be executed over a period of 18 months. Establishment of the underground mine is scheduled to commence in Q1 2017, with ore development and stoping commencing six months after the establishment of the mining portal. First production of tin in concentrate is anticipated in Q3 2018. Project implementation plan

It is anticipated that the Project will employ approximately 700 people during construction, and create approximately 450 permanent local jobs during operations along with significant economic benefits in an area of the DRC that has seen little foreign investment.

1.4 Financial evaluation Key inputs and outputs to / from the financial evaluation of the Project are set out in the tables hereunder:

Economic assumptions

Tin price (Q2 2016) US$17 300 per tonne Oil price (Q2 2016) US$56 per barrel Delivered cost of diesel US$1.81 per litre Explosives cost US$3 400 per tonne

Production assumptions

Plant throughput 360ktpa Plant recovery 72%

Capital costs (including contingencies)

Area 1 Jan 2016 US$m

Mining(1) 22.0

Plant 44.5

Transport and logistics 5.0

Tailings and waste management 3.3

Access road(2) 19.1

Engineering and management fees 10.1

Pre-production and owners costs (incl. first fills and strategic spares) 20.2

Total capital costs 124.2 (1) Contractor mining operating basis assumed

(2) Initiatives to reduce / offset this cost against future road taxes (see 4.14.1 below) are being actively pursued

Operating costs

Activity 1 Jan 2016

US$ per tonne milled 1 Jan 2016

US$ per tonne tin

Mining 81.01 2 607

Processing 20.65 664

Site infrastructure 14.66 472

Administration and general 38.28 1 232

Transport of concentrate 32.21 1 036

Mine to export /logistics hub in Goma 18.26 587.72

Export / logistics hub in Goma to CIF 13.94 448.59

Treatment charges 43.04 1 385

Cash cost of tin produced 229.85 7 396

Export duties, fees & local government levies 23.25 748

GDRC royalty 10.56 340

Marketing commissions 14.00 451

Cash cost of tin sold 277.66 8 935

Fiscal assumptions

Export duties and fees (per wet tonne of tin concentrate) US$256.67 Local government levy (% of revenue) 2% GDRC royalty (% of revenue) 2% Corporate tax rate (%) 30%

Investment metrics Units Value

Ungeared real after tax NPV8 1 Jan 2016 US$ million 262.7

Ungeared real after tax IRR % 48.4

Payback period from first tin production Months 23

Peak funding w.e.f 1 Jan 2016 (nominal terms) US$ million 156.2

Average production of tin in concentrate tpa 10 750

Average EBITDA per annum 1 Jan 2016 US$ million 89.9

The Project NPV at various discount rates is set out in the table hereunder:

Economic indicator Units Value

8% real discount rate 1 Jan 2016 US$ million 262.7

10% real discount rate 1 Jan 2016 US$ million 220.9

12% real discount rate 1 Jan 2016 US$ million 185.8

15% real discount rate 1 Jan 2016 US$ million 142.9

Sensitivity analyses indicate that the Project has the potential to remain strongly profitable at lower tin prices, as well as at increased operating and capital costs. Project NPV sensitivity analysis

Peak funding for the Project, as determined from 1 January 2016 up until the date upon which the Project starts generating positive operational cash flows on a sustainable basis, is estimated to be US$156.2 million in nominal terms, and is set out in the table hereunder:

Description US$M

Owners team & ongoing project evaluation costs (1 Jan 2016 to 1 Jan 2017) 18.1

Project capital expenditure 123.4

Working capital 3.4

VAT(1) 13.8

Cash generated by operatons (2.5)

Total 156.2

(1) VAT refunds are typically repaid within one month, however the Government of the DRC recently declared a moratorium on the repayment of VAT

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going forward.

The peak funding requirement has been / will be met as follows:

Description US$M

Cash on hand as at 1 January 2016 9.0

Receipt of final tranche of IDC subscription monies in June 2016 3.0

Interim equity capital raise planned for Q3 2016 10.0

Final capital raise: 134.2

Equity 67.1

Debt 67.1

Total 156.2

1.5 Investment highlights

The refined tin market is small (350 000 tonnes per annum), but attractive;

ITRI has forecast that there is likely to be a global shortfall of tin commencing in 2018: o Demand currently exceeds supply and this situation is expected to perpetuate; and o Future supply is uncertain as tin inventories are running low; economically viable tin

reserves are being depleted; and the current tin price environment is not sufficient to induce investment in new projects.

Given the limited number of existing producers, and the challenges facing the majority of competing new projects, Bisie is considered one of the most advanced tin projects in the world. There is no other known tin project in the world that can commit to construction under present tin price conditions, and as such, the project is expected to become the next significant tin producer.

Strong supportive shareholders: o Denham Capital, through its African mining-focused subsidiary Tremont Master

Holdings Limited, holds 44% of Alphamin. Denham Capital is a leading energy and resources global private equity firm with over US$8.4 billion of invested and committed capital in the metals and mining, oil and gas, and power sectors. Alphamin in turn owns 80.75% of ABM;

o The IDC, a national development finance institution owned 100% by the South African Government, holds 14.25% in ABM; and

o The GDRC holds a non-dilutive 5% interest in ABM.

Strong international political and diplomatic support.

Local community, North Kivu provincial government, and GDRC support.

Highly experienced management team with a positive track record of developing and operating mines in the DRC.

Secure exploitation permit to Mpama North area as well as legal title to additional, prospective exploration permits adjacent to PE13155.

One of the highest grade known tin projects in the world:

Comparative grade and contained tin of competing tin projects

Project’s tin grade reflected as equivalent other metal grades

Metal Market price Equivalent grade

Copper US$ 4 729/t 16.4% Cu

Gold US$ 1,347/oz 18.5 g/t

Nickel US$ 10 005/t 7.7% Ni

Zinc US$ 2 136/t 36.3% Zn

Potential for increased LoM through Mpama North Deeps (the high grade chute is open down plunge and is expected to continue), Mpama South (exploration drilling results similar to Stage 1 drilling at Mpama North), Marouge (strong radiometric and soil geochemical anomalies detected), South Ridge (highly magnetic linear feature identified with string soil support) and other regional targets.

Proven mining and tin recovery methods.

Low cash cost per tonne of tin produced and sold of US$ 7 396 and US$ 8 395 respectively. According to ITRI, the Project will be within the lowest 10% of projected 2020 tin production at “full mine cost”:

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Environmental permits in hand to commence construction and operations.

Low capital intensity per annual tonne of tin production, tied to low all in sustaining costs per tonne of tin produced and sold:

The Project will fundamentally transform the local economy, social conditions and underlying governance:

o Alphamin’s investment, supported by socially responsible investors, is in line with global efforts to assure supply chain transparency of conflict minerals and the Great Lakes regional initiatives to assure conflict-free certification linked to government reforms, such as those initiated by the DRC and Rwanda;

o Tangible delivery of the commitment to develop the first large commercial tin mine in the eastern DRC that will produce conflict-free tin concentrate while promoting community development, safety, health and environmentally sound practices;

o The Project will employ approximately 700 people during construction, and create approximately 450 permanent local jobs during operations along with significant economic benefits in an area of the DRC that has seen little foreign investment;

o Local community support will be enhanced through the Lowa Alliance, a not-for-profit foundation that will drive comprehensive and on-going economic and social development in the region. The Lowa Alliance will be funded by ABM (at the rate of 4% of in-country operating expenditure) and donations; and

o Alphamin’s artisanal mining strategy, developed in collaboration with the GDRC, supply chain providers and the local communities, will incentivise artisanal miners to operate away from the Project and lead to an improved regulatory environment for artisanal workers. ABM will monitor itself and all stakeholders for consistency with the Voluntary Principles Initiative on Security and Human Rights guidelines.

Robust investment metrics as illustrated in the table hereunder:

Investment metric Units Value

Ungeared NPV8 (real after tax) 1 Jan 2016 US$ million 262.7

Ungeared IRR (real after tax) % 48.4

Payback period from first tin production months 23

Modest funding requirement - equity portion likely to be well supported - robust lending ratios and other key debt metrics.

1.6 Conclusion

Given all of the above, the Company is firmly of the view that the Project:

forms the ideal foundation on which to build a mining company and associated infrastructure for mining in the tin-rich North Kivu province of the DRC;

presents shareholders with an attractive opportunity to develop one of the highest grade known tin provinces in the world; and

provides significant socio-economic benefits to the surrounding communities and the greater Eastern DRC region.

The Company, local and regional communities and the GDRC are accordingly committed to commencing the development of the Project in early 2017.

2. OVERVIEW OF THE TIN MARKET

2.1 Tin market analysis This report is based on the eleventh annual survey of tin users carried out by ITRI. 148 companies, accounting for more than 46% of the estimated total global refined tin use in 2015 took part in this survey. The evidence collected points to a contraction in demand during 2015 that is likely to remain at about the same level in 2016. This contraction in demand comes on the back of a 2.7% increase in demand in 2014, slightly above the long-term trend increase rate of 1.9% per year. The main applications contributing to growth were tin chemicals, lead-acid batteries (mainly in China) and copper alloys. The dominant negative factor in 2015 is the slump in China’s solder industry. It is estimated that the aggregate refined tin use in solder in China declined by 10% that year. This estimated drop of more than 10,000 tonnes in volume terms accounts for almost 90% of the decline in world demand in 2015. Outside China, tin usage remained stable in 2015 and these companies are forecasting further growth in 2016, notably in solder and chemicals. A detailed analysis of trends and expectations by application follows below.

2.2 Overview of the tin market

Tin has various applications with tin solder accounting for 48% of total tin usage. Manufacturers use the majority of tin in personal electronic devices, such as cellular telephones and tablet computers. Other major tin consumers include the chemical industry, food and beverages (tin plating) industry, as well as manufacturers of lead-acid batteries for motor vehicles: Tin consumption by major end use

2.2.1 Solder Tin is the primary component of both leaded and lead-free varieties of solder used in the electronics industry and continues to be the top use for the metal, representing broadly half of global consumption. The total tin usage in the sector was 173 400 tonnes in 2014. For 2015, annual consumption is expected to fall 5.4% to an estimated 164 000 tonnes. Looking forward to 2016, global tin consumption in solders is forecast to fall a further 1.9% to 160 900 tonnes. The long-term outlook for solder usage however remains balanced. It is expected to grow in electronics and via further conversion to lead-free solders in high-reliability applications, such as aerospace and military, offset by smaller unit volumes as a result of miniaturisation.

2.2.2 Chemicals

Tin use in chemicals overtook tinplate as the second largest tin application in 2015 and looks likely to retain this position for the foreseeable future. Important tin chemical applications include PVC stabilisers, polyurethane foam manufacture and glass coatings. The total tin usage in this sector in 2014 was 55 700 tonnes. For 2015, annual consumption is expected to fall 2.0% to an estimated 54 600 tonnes. However, in 2016, global consumption is forecast to more than recover this loss with expected annual growth of 2.6% to 56 000 tonnes.

2.2.3 Tin plate

Tin plate, primarily used in food and beverage cans to protect the material from corrosion, is a very traditional market for tin. Until recently, tin use in the sector has remained largely stable with little change over the last decade. Total tin use in this sector was 52 600 tonnes in 2014. For 2015, annual consumption is expected to contract 4.2% to an estimated 50 400 tonnes. Looking forward to 2016, global consumption is forecast to contract again, though by a far more modest 0.4%, to 50 200 tonnes. The downturn in the national economy coupled with over-capacity domestically has strongly impacted the tin plate market in China in particular. Tin waste minimisation in production has had a negative net effect on tin consumption. Continued competition from aluminium beverage cans and other alternative competitive packaging materials are also making inroads into this traditional market.

2.2.4 Copper alloys

Tin and copper are traditionally combined to produce bronze, but tin is also added to other copper based alloys such as brass. Tin-use in copper alloys declined in 2008 at the time of the economic crash but has generally been rising steadily since. Total tin use in this sector was 18 700 tonnes in 2014. For 2015, tin use in copper alloys is expected to remain unchanged but is forecast to fall 1.1% in 2016 to 18 500 tonnes.

The use of tin in bronze and brass (predominantly bronze strip or sheet) used in electronics applications is most susceptible to the fluctuating global economy. Therefore, current economic uncertainty surrounding weak growth in Europe and the Chinese slowdown will likely have an impact upon this sector.

2.2.5 Others

“Others” includes all uses of tin not part of the four aforementioned tin market sectors. The lead-acid batteries component is now by far the biggest of the Others category. Other relatively minor applications covered include tin powders, wine capsules, tinned wire, pewter and bearing metals. The manufacture of lead acid batteries accounted for 26 000 tonnes in 2014 with other applications accounting for 32 000 tonnes. For 2015, these applications are expected to increase by 1.72% to 59 200 tonnes and by a further 3.55% in 2016 to 61 300 tonnes of tin consumed. The outlook for tin-use in lead-acid batteries appears positive. A regulated shift from antimony-cadmium alloys to calcium-tin products boosted tin-use in this application. The demand for tin in stationary batteries for alternative energy and telecoms also grew. It is expected that some short-term negative impact from lower automotive sales will reverse in 2016, especially for new start-stop vehicles. Substitution by lithium ion batteries is already underway, especially in e-bikes, and this will slow growth going forward. A 4% lead consumption tax from early 2016 will also impact upon tin demand and profitability. Aside from lead-acid batteries, another positive feature in the smaller applications is the revival of the tin capsules business in the wine and spirits market. This is one of the most price-sensitive uses for tin and the peak in tin prices in 2011 resulted in a major loss of market share to cheaper competing materials such as aluminium and plastics. However, from a low point in 2012, tin usage has recovered by some 25% in 2015.

2.3 Tin supply

Up to the mid-1980s Malaysia, Bolivia and Thailand were major producers of tin. The cumulative production from Malaysia since 1950, at over 2.45 million tonnes, is only slightly less than that of China (2.7Mt) and Indonesia (2.6Mt), the current dominant producers of tin. The other million tonnes-plus producer was Bolivia, with 1.38Mt since 1950. At times Brazil and Peru also featured as leading producers. Brazil briefly became the world’s largest producer in the late 1980s, while Peru was a significant producer in the 1990s. Bolivia remains a significant tin producer today, but Malaysian and Thai tin production has been displaced by the manufacturing and leisure sectors. China and Indonesia have long histories as major tin producers, but despite substantial reserves it may not be possible for them to sustain output at recent rates. This means that additional supplies to meet future growth in demand will come from other parts of the world. In recent years artisanal and small-scale mining accounted for as much as 60% of world production, although this share has now dropped to a little below 40%. The main centres of artisanal mining have been Indonesia, China, Bolivia and Central Africa. However, depletion of ore deposits, especially onshore, is expected to result in a continuing decline in Indonesian production,

while Central African tin, principally from the DRC, has experienced political controls on the trade in conflict minerals. Whilst the re-use of recovered tin alloys, notably solders, brass and bronzes and lead alloys, secondary materials can contribute as much as 30% of total tin supply in any typical year, this is considered insufficient to absorb the anticipated decline in tin production from other existing sources.

2.4 Production trends 2015

An overall decrease in supply, led by significantly reduced output from traditional tin producers such as China, Indonesia and Peru, characterises the tin supply situation. Myanmar, on the other hand, significantly increased production and now supplements the low supply: Mine production trends

(10,000) (8,000) (6,000) (4,000) (2,000) - 2,000 4,000 6,000 8,000 10,000

Tin production changes (tonne)

China

Indonesia

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World

2.5 Supply and demand balance

In November 2015, ITRI published the following supply and demand data.

Units 2012 2013 2014 2015 2016

World refined production kt tin 334.7 340.1 369.1 340.6 336.8

World refined consumption kt tin 339.4 349.1 358.5 346.9 346.9

Global market balance kt tin (4.7) (9.0) 10.6 (6.3) (10.1)

Reported stocks kt tin 39.5 34.3 39.1 32.5 26.0

World stock ratio Weeks 6.0 5.1 5.7 4.9 3.9

Looking further into the future, ITRI forecast the gap between supply and demand to increase further due to a lack of incentive for producers to invest at current tin price levels: Forecast Production/Consumption Estimates to 2020

400 000

380 000

360 000

340 000

320 000

300 000

280 000

260 000

240 000 2015 2016 2017 2018 2019 2020

Market deficit to widen

Glo

bal

ref

ined

tin

pro

duct

ion/c

onsu

mpti

on

(tonnes

)

2% growth in world tin

consumption assumed from

2017

Lack of investment

to build this new

capacity at current

prices

Potential new mine

supply ■

Secondary

refined tin ■

Production from

existing mines ■

Forecast world-tin

consumption - - -

2.6 Tin price 2.6.1 Historical tin price

Historical tin prices, expressed in 1 January 2016 US$/t terms, are set out in the graph hereunder:

An analysis of the underlying chart data reveals the following:

The maximum tin price over the last 10 years was US$ 34 019/t;

The median tin price over the last 10 years was US$ 19 721/t; and

The minimum tin price over the last 10 years was US$ 9 161/t.

2.6.2 Forecast tin price In determining the forecast tin price, data from 14 financial institutions was obtained from Bloombergs, and is illustrated in the table hereunder:

0

5000

10000

15000

20000

25000

30000

35000

40000

Jun

-06

No

v-0

6

Ap

r-0

7

Sep

-07

Feb

-08

Jul-

08

Dec

-08

May

-09

Oct

-09

Mar

-10

Au

g-1

0

Jan

-11

Jun

-11

No

v-1

1

Ap

r-1

2

Sep

-12

Feb

-13

Jul-

13

Dec

-13

May

-14

Oct

-14

Mar

-15

Au

g-1

5

Jan

-16

US$

/t

Month

Historical tin prices (1 Jan 2016 terms)

Institution 2016 2017 2018 2019 2020

Capital economics 16 256 18 000 26 000

Itau Unibanco 16 426 16 104 16 297 16 493 16 691

Prestige Economics 16 966 17 125

Citigroup 16 530 17 240 17 500

Commerzbank 16 400 17 800

Societe General 16 500 19 000 20 000 20 000 21 000

BMI Research 16 500 17 500

BNP Paribas 17 700

Intesa Sanpaolo 16 480 17 500 18 000 19 000 20 100

Standard Chartered 15 000 20 000

Macquarie 15 750 16 500 17 750 19 000 20 000

Deutsche 22 500 22 382

Numis 21 500 21 667 20 778 20 000 20 000

Credit Suisse 25 000 25 000

Maximum 25 000 25 000 20 778 20 000 26 000

Median 16 500 17 800 17 875 19 000 20 050

Minimum 15 000 16 104 16 297 16 493 16 691

ITRI’s view of the market equilibrium price, based upon estimated 2020 full production costs, is set out in the graph hereunder:

As illustrated, the long run tin price assumed by the Company in its financial evaluation of the Project (US$17 300/t) is less than:

The median historical tin price over the last 10 years;

The median analyst forecast prices for the next 5 years; and

ITRI’s estimated 2020 market equilibrium price.

2.7 Competitors A number of potential tin projects are in the pipeline, and are illustrated in the figure hereunder:

Alphamin believes that Bisie is the tin project most likely to be commissioned, as it is a very high-grade deposit, will enjoy relatively low operating costs, and has a low capital intensity relative to competing projects:

Mineral resources, grade and contained tin (depicted by sphere size) of competing tin projects

Capital intensity and operating cost forecast for tin projects under evaluation

2.8 Conflict-free tin initiatives

The tin industry, along with the three other so-called conflict minerals (gold, tantalum or coltan and tungsten) sectors, has actively developed initiatives to prevent conflict minerals from the Great Lakes Region entering the supply chain. These initiatives have been developed in tandem with:

US legislation under the Dodd-Frank Act, Section 1502;

0.86%0.97%

0.44%0.65%

0.20% 0.16%0.40% 0.46%

4.53%

0.49%

000 0 0 00 00 0

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

(20) - 20 40 60 80 100 120

Re

sou

rce

gra

de

(%

Sn)

Mineral resources (Mt)

Bisie

Syrymbet

Achmmach

Tellerhauser

Cleveland

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

All-

in s

usta

inin

g co

st (

US

$ pe

r to

nne

tin)

Cap

ital I

nten

sity

(U

S$

per

tonn

e an

nual

tin)

Capital intensity US$ per tonne annual tin output Cash cost per tonne tin

The OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas;

The International Conference for the Great Lakes Region and its Regional Certification Mechanism which includes the DRC, Rwanda and 11 other Central African states;

Congolese and Rwandan legal reforms to mandate conflict-free certification and traceability so that tin and other conflict-mineral end-users elsewhere in the world can demonstrate due diligence related to conflict-financing linkages; and

The GDRC and DRC donor pilot projects implementing conflict-free certification and traceability systems to assure chain of custody over exports from the artisanal mine site to the smelter or refiner.

Through these initiatives, global tin and other conflict-mineral global supply chains have recognised the issue of illegal mining and the ability of criminal public security and armed groups to source financing from the production and trade of conflict minerals in the Great Lakes region. Within the industry, burden of proof falls primarily on supply chain operators and exporters to prove the direct source of the cassiterite produced for smelting. Material which is not traceable to its direct source is significantly discounted in the open market, since global smelters are under increasing pressure to conduct due diligence to assure certification and chain of custody. The European Union is currently finalising legislation that will mandate similar levels of due diligence of tin and other conflict minerals throughout the world, not just in the Central African Great Lakes (the current focus of US legislation). The complexities of certifying the source of cassiterite make the product less appealing to armed groups and so reduces the risk of an attack on the mine or transporters with the intention to appropriate the final product. In addition, experience of industrial mines in Katanga and the eastern DRC over the last decade indicate a positive ripple effect of improved security and human rights around industrial mine sites that dissuades criminal organisations and armed groups from focusing on industrial operations. The tin concentrate to be produce by Bisie will be certified as conflict-free tin.

3. ALPHAMIN RESOURCES AND ALPHAMIN BISIE MINING 3.1 Corporate structure

Alphamin, a company listed on the TSX Venture Exchange in Canada, owns 80.75% of ABM, the IDC owns 14.25% and the GDRC 5%. See the simplified corporate structure below:

3.2 Shareholder support

As illustrated, ABM has three significant shareholders. Alphamin, the project sponsor, enjoys the support of Denham Capital, which, through its African mining-focused subsidiary Tremont Master Holdings Limited, holds 44% of Alphamin. Denham Capital is a leading energy and resources global private equity firm with over US$8.4 billion of invested and committed capital in the metals and mining, oil and gas, and power sectors. Alphamin in turn owns 80.75% of ABM. Other key Alphamin shareholders include tin traders, tin smelters, and several high net worth individuals,. The IDC was established in 1940 by an Act of Parliament (Industrial Development Corporation Act, No. 22 of 1940) and is fully owned by the South African Government. It was originally specifically mandated to develop domestic industrial capacity, specifically in manufactured goods, to mitigate the disruption in trade between Europe and South Africa during the Second World War. During the 1990s, its mandate was expanded to include investment in the rest of Africa. The Mozal aluminium smelter in Mozambique was the first such venture, where the IDC secured investors from around the globe to establish a major industrial enterprise in a country plagued by decades of civil war. The smelter illustrated the viability of large projects on a continent often shunned by investors. Currently, the IDC’s investments in Africa include mining, agriculture, manufacturing, tourism and telecommunications. The GDRC holds a 5% free carried interest in ABM, and is strongly supportive of the Project given

1 Exploitation Permit

(PE 13155)

5 Exploration Permits

(PR 4246, 5266, 5266, 5270 & 10346)

Alphamin 80.75%

IDC 14.25%

GDRC 5%

Alphamin Bisie Mining SA

its significantly positive impact upon the local and regional communities and economies. 3.3 Local, regional and Government support

Alphamin will develop a world class, safe and profitable tin mining operation in North Kivu, delivering results for the benefit of all stakeholders, and which enjoys the support of the communities within the Walikale Territory, the provincial government of North Kivu and the GDRC alike. Local community support will be enhanced through the Lowa Alliance, a not-for-profit foundation that will drive comprehensive and on-going economic and social development in the region. In April 2016 a Memorandum of Understanding was signed between Alphamin and the Walikale Community to collaborate in creating the Lowa Alliance and to promote environmental conservation and the reduction of illegal artisanal mining on ABM’s concessions. Alphamin committed, from the date of first tin production, to invest 4% of its in-country operating and administrative expenses in community development. This investment will be governed with representative input from local communities, and will be managed by the Lowa Alliance, a GDRC regulated non-profit foundation. The development of an industrial mine at Bisie will also hopefully leverage of GDRC and donor resources for additional investment in community infrastructure and social and economic development in the Project affected communities.

3.4 Alphamin executive management team

The Alphamin executive management team members responsible for executing the Feasibility Study and development of the Project are set out in the table below:

Member Role Responsibility

Boris Kamstra Chief Executive Officer Overall oversight and strategy

Trevor Faber Chief Operational Officer Project execution and operations readiness

Mark Gasson Strategic Growth Officer Exploration and evaluation of tin targets

Eoin O’Driscoll Chief Financial Officer Funding and project control

Richard Robinson ABM Managing Director DRC admin and stakeholder management

3.4.1 Boris Kamstra

Boris is a Professional Engineer with many years of investment, management, and operational experience. He has experience in a range of industries at senior executive levels including private equity, mining, venture capital and construction. He commenced his career at Grinaker Concrete Construction, and was appointed a director of the company in 1999. Boris has extensive experience in challenging and innovative companies aimed at achieving optimal business outcomes. His business acumen, strategic ability and leadership skills have stood him in good stead when identifying key business drivers and unlocking the consequent return through the people and resources available. Boris is a future-focused business professional known to be able to identify and unlock business opportunity and profit potential. He capitalises on his

astute strategic management style to ensure good business leadership, corporate alignment and success – imperative for leading a business that operates in a highly challenging environment. During his career Boris has been involved in the design; construction; and operation of a number of mines in sub-Saharan Africa. Boris has a passion for Africa and the range of opportunities currently presented to the people of the continent. His ability to identify potential, unlock business opportunity and optimise talent diversity adds significant value in a growing and competitive environment that is abundant with opportunity across the African business and mining landscapes. Boris graduated cum laude in BSc (Civil Engineering) from the University of Cape Town and holds an MBA from WITS Business School, University of Witwatersrand. He was named on the Dean’s merit list at both institutions. Boris is a Registered Professional Engineer with the South African Engineering Council and a member of the South African Institute of Mining and Metallurgy.

3.4.2 Trevor Faber

Trevor has over 20 years’ experience in the resources sector with particular expertise in developing mines in Southern Africa. During his career, Trevor was appointed as the Head of Projects for the JSE-listed Metorex Group, building the Company into a major international mining house prior to its acquisition by Jinchuan in 2012 for over US$1 billion. He also served as a Director of Ridge Mining, in charge of developing the Blue Ridge Platinum Project in South Africa. More recently, Trevor has completed the successful construction and commissioning of the $220 million Kinsenda Copper Project in the DRC.

3.4.3 Mark Gasson

Mark is a qualified geologist and member of Australian Institute of Mining and Metallurgy with more than 25 years of experience developing mineral deposits across Africa. Mark has held senior positions with a number of international mining companies including Burey Gold Ltd, Spinifex Gold Limited and Gallery Gold Limited. Mark has also held executive directorships in Alphamin Resources Corp, Erongo Energy Limited (now Explaurum Limited) and Tiger Resources which included responsibility for overall exploration activities and for acquisition of gold, copper, cobalt and tin projects in the DRC and precious metal projects in Brazil.

3.4.4 Eoin O’Driscoll

Eoin holds a Bachelor of Science (Accounting) from University College Cork, Ireland and is a member of the Institute of Chartered Accountants of Ireland. He has extensive experience in the junior mining sector in Africa and South America. Prior to joining Alphamin, Eoin spent four years working on gold and copper projects in the DRC.

3.4.5 Richard Robinson

Richard has senior level experience with a particular focus on managing political and social risk as an executive and adviser in DRC mining projects, with USAID, and a development NGO for the last 13 years. Prior to that, Richard managed private and public sector MBA and graduate training and consulting programmes in South Africa and the USA as a Fulbright post-doctoral fellow. He has also worked in high-technology manufacturing and fashion companies in the USA. Richard holds a

Doctorate of Education (University of San Francisco) on successful entrepreneurship in central and southern Africa. He was born in the DRC and is a permanent resident of North Kivu province.

4. THE PROJECT 4.1 Location

The Project is located in the Walikale Territory of the North Kivu Province of the DRC approximately 180km northwest of Goma, the provincial Capital of North Kivu Province, 60km from the town of Walikale, and 35km from the national route linking Walikale with Kisangani. Location map

4.2 Permitting

The Project is contained within Permis de Exploitation (mining permit) PE13155. The permit, which was issued in February 2015 and is valid until 2045, covers tin and gold, across 274 blocks measuring 129km2 in total. In terms of the DRC Mining Code, the holder of a mining permit is entitled to

build the installations and infrastructure required for mining exploitation;

use the water and wood within the mining area for the requirements of the mining operation, subject to the conditions of the environmental management plan;

use, transport and freely sell the products originating from the mining area; and

proceed with concentration, metallurgical treatment, as well as the transformation of mineral substances extracted from the deposit within the mining area.

Alphamin also holds the legal title to the following additional exploration permits adjacent to PE13155:

PR10346 of 133km2

PR5270 of 376km2

PR5266 of 73km2

PR5267 of 325km2

PR4246 of 234km2 4.3 Geology, mineralisation and drilling results

4.3.1 Bisie / Mpama Ridge

The mineralisation at Bisie is associated with a steeply dipping (approximately 65° east) north to south striking zone of intense chloritisation contained within micaceous schists. The main tin bearing chloritised zone is on average approximately 9m thick. Narrower subordinate zones occur several metres above and below the main zone in certain areas. The mineralisation occurs in the form of irregular high grade veins of botryoidal cassiterite several tens of centimetres thick and lesser amounts of cassiterite blebs and vein fragments irregularly disseminated in the chlorite schist. The mineralised zone plunges approximately 35° to the north, although local steeper plunging high grade trends are evident. Copper, lead and zinc occur as chalcopyrite, galena and sphalerite in locally significant concentrations, together with silver. Two zones of mineralisation have to date been discovered at Bisie; these are known as Mpama North, and Mpama South, which occurs approximately 0.75 km to the south. Regional geology within the Alphamin tenement locations

4.3.2 Mpama North

Detailed core logging and field mapping has defined dominant litholgies and structures at Mpama North. The main tin-bearing chloritic shear, locally referred to as amphibolite, is hosted within mica schist that occurs continuously along the Mpama North resource area. Numerous faults, shears and quartz veins were mapped during the drilling campaign. Several structures have been identified that have displaced the mineralisation at Mpama North and in some cases, for several tens of metres: Geology and structure map of Mpama North

Mineralisation at Mpama North focuses on a high-grade chute that plunges approximately 40° to the north over approximately 700m in the down-plunge direction. Two zones of high-grade mineralisation characterise the chute. These zones were likely formed as a number of closely-spaced vein sets, which parallel the upper and lower contacts, but appear to merge at depth. Mineralisation occurs as several narrow veins, blocks or disseminations of cassiterite hosted in a chlorite schist. The main zone of mineralisation generally occurs over thicknesses of between 2m and 22m with an average thickness of approximately 9m and narrow zones of discontinuous

mineralisation developed in the hanging wall and footwall. The hanging wall zone occurs between 4m and 20m above the main zone, while the footwall zone occurs between 2m and 12m below the main zone. Tin mineralisation is strongly associated with copper, which was introduced in late-stage fractures at Mpama North.

The Company successfully completed three drilling programmes:

Phase 1 – an initial exploratory programme focussed on both the Mpama North and Mpama South prospects ;

Phase 2 – a mineral resource definition-based phase, concentrated on the Mpama North prospect supported by significant tin grades returned from Phase 1; and

Phase 3 – a deep and extensional phase of drilling and infill drilling at Mpama North and three exploratory holes at Mpama South.

Mpama North schematic drill hole locality map showing significant intercepts and drill hole collars and traces for Phase 1 and Phase 2 drilling.

Mpama North schematic drill hole locality map showing significant intercepts for Phase 3 drilling.

Drill core recovery was generally very good within the mineralised zone and country rock. Most core loss was noted in the upper 65m where total core recovery averaged 89%, however at depths greater than 65m core recovery was over 95%.

4.3.3 Mpama South

To date, the Company has carried out limited drilling (16 diamond drill holes) at Mpama South. The campaign identified tin mineralisation over more than 50m with grades similar to those from the first-phase drilling results at Mpama North. Chlorite schist, similar to the schist that hosts the high-grade mineralisation at Mpama North and with a similar structural control, hosts the mineralisation. Results to date suggest that mineralisation is potentially within a similar high-grade plunging chute to that at Mpama North. Drilling intersected a second-zone, rich in silver, lead and zinc above the tin zone at Mpama South.

Significant grades at Mpama South include

32m at 2.46% tin from 192.2m

6.7m at 2.34% tin from 146m

Mpama South drill collars, with significant intersects

4.3.4 Regional exploration

Soil sampling programmes over 15km of the Bisie Ridge identified significant tin and associated arsenic, copper, lead, zirconium and zinc in soil anomalies along the 15km distance. It is expected that a planned IP geophysical survey will better define potential mineralised structures for follow-up drilling. An ongoing pitting and trenching programme on adjacent PR10346 identified cassiterite grains in the overburden in two discrete areas. The areas lie to the west of the granite formation which potentially sourced tin and other minerals at Bisie. Drilling exposed similar rock types to those that

host the Mpama deposits in bedrock which supports the potential for a new discovery of Bisie-style of mineralisation.

4.3.5 Potential upside ABM has drill-tested only a very small portion of the Mpama Ridge. Further exploration targets include

Mpama Deeps: o The Mpama North deposit has been drilled to a depth of 550m below surface and

mineralisation remains open at depth o Drilling depth at Mpama North is limited by the size of drill rig which could be

transported using the available helicopter on site. Once a permanent access road has been constructed a larger drill rig can be mobilised with the requisite power to drill down to 1 000m below surface.

o The high-grade chute is open down plunge and is expected to continue o Best intersections are at depth on the northern most drill section o Significant grades in the deeper area, include

16.01m at 22.5% tin from 387.45m 12.5m at 10.93% tin from 336.7m 13.6m at 7.59% tin from 534.4m

Long section showing high-grade chute, high-grade intercepts and openness of mineralisation at depth

Mpama South: o Only 16 holes have been drilled at Mpama South o Results are similar to those of early-stage Phase 1-drilling at Mpama North o Significant grades include:

32m at 2.46% tin from 192.2m 6.7m at 2.34% tin from 146m

o Mineralisation hosted in the same chlorite schist as at Mpama North o Mineralisation potentially within a similar high-grade plunging chute

Marouge o Strong radiometric and soil geochemical anomalies were identified at Marouge. Five

holes have been drilled with no significant mineralisation being intersected, although this area remains worthy of exploration in future.

South Ridge o Identified highly magnetic linear feature with strong soil support. Will be followed up

with IP and future drilling.

Regional targets o Well-developed tin and copper in soil anomalies along 15km of the Bisie Ridge o Tin mineralisation strongly associated with copper, arsenic, lead, zinc and silver o Significant tin/copper/lead/zinc/arsenic soil anomalies defined over 15km of Bisie

Ridge o Cassiterite identified in pitting on adjacent PR10346 o Tin potentially hosted within same geological setting as Mpama North

4.4 Mpama North Mineral Resource and Mineral Reserve 4.4.1 Mineral Resource

Mr J.C. Witley (the Qualified Person (QP) for this Mineral Resource estimate) of MSA, an independent consulting company, visited the Bisie project site from 18 to 20 July 2013, from 20 to 22 May 2014 and from 11 to 13 August 2015. During the first site visit he conducted independent check sampling, and in this and subsequent visits carried out an inspection of the drill hole cores and drilling sites. The check sample assays confirmed the original sample assays are within reasonable limits for this style of mineralisation. The results of drilling at Mpama North obtained since the last site visit are consistent with mineralisation observed by the QP during the most recent and prior site visits. The assay results received from the primary laboratory (ALS Chemex South Africa (ALS)) have been confirmed by a quality assurance and quality control programme including duplicate assays completed by a second and third laboratory. The QP considers that the exploration work conducted by Alphamin was carried out using appropriate techniques for the style of mineralisation at Bisie, and that the resulting database is suitable for Mineral Resource estimation. The Mineral Resource estimate was based on tin, copper, lead, zinc and silver assays and density measurements obtained from the cores of 122 NQ size diamond drill holes, which were completed by Alphamin between July 2012 and November 2015 inclusive. In addition to the exploration drill holes, the split cores from 21 PQ size holes were used in the estimate. These holes were drilled in three clusters for the purpose of obtaining a metallurgical test sample.

Mineral Resource estimation was carried out using Datamine Studio 3 software. A 0.35 % Sn threshold was used to define the mineralised envelopes. Wireframes were constructed for the mineralised zones and a block model was constructed by filling the wireframe solids with parent cells of 20m in the approximate strike direction, 10m in the dip direction and 2m across the zone. Rotated block models were constructed in order to best fit the mineralised envelopes that dip steeply to the east. Semi-variograms were created for each of the estimated attributes and each attribute was estimated into the block models using ordinary kriging. Two statistical populations of tin grade were defined, the high grade population being estimated separately from the lower grade and the estimates then combined. Search distances and orientations were aligned with the respective variogram range for each attribute estimated. For tin, accumulations of density and grade were used to appropriately reflect the relationship between tin grade and density and the tin grades were then back-calculated from the accumulation estimate. Outlier control was performed on the 1m composite data and included a restricted search distance for the high grade tin population. The Mineral Resource estimate is limited to deeper than 50m below surface in the areas where artisanal mining has taken place. The shallow area of Mpama North has been partially depleted by mining and the quantity of remaining Mineral Resource in the affected area cannot be stated within reasonable limits. The maximum depth of the Mineral Resource is dictated by the location of the diamond drilling data. The Mineral Resource extends for approximately 700m in the northerly plunge direction and the deepest Mineral Resource reported is approximately 550m below surface, the mineralisation being open down-plunge. Estimates were extrapolated for a maximum distance of 20m up or down-plunge from the nearest drill hole intersection. Extrapolation is minimal over most of the Mineral Resource as the upand down dip limits have been well defined by the drilling. The Mineral Resource estimate has been completed by Mr J.C. Witley (BSc Hons, MSc (Eng.)) who is a geologist with 27 years’ experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting. He is a Principal Resource Consultant for The MSA Group (an independent consulting company), is a member in good standing with the South African Council for Natural Scientific Professions (SACNASP) and is a Fellow of the Geological Society of South Africa (GSSA). Mr Witley has the appropriate relevant qualifications and experience to be considered a “Qualified Person” for the style and type of mineralisation and activity being undertaken as defined in National Instrument 43-101 Standards of Disclosure of Mineral Projects (NI 43-101). The Mineral Resource was estimated using The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Best Practice Guidelines (2003) and is reported in accordance with the 2014 CIM Definition Standards, which have been incorporated by reference into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). The Mineral Resource is classified into the Measured, Indicated and Inferred categories as shown below: The Mineral Resource is reported at a base case tin grade of 0.50 %, which the QP considers will satisfy reasonable prospects for economic extraction given the high in-situ value of the mineralisation. All Mineral Resources are reported inclusive of Mineral Reserves.

Category Tonnes (Millions)

Sn

%

Sn tonnes (thousands)

Cu

%

Zn

%

Pb

ppm

Ag

g/t

Measured 0.46 4.31 19.6 0.22 0.12 0.007 1.4

Indicated 4.14 4.55 188.4 0.32 0.16 0.010 2.8

Total M&I 4.60 4.52 208.1 0.31 0.15 0.010 2.7

Inferred 0.54 4.25 22.8 0.16 0.09 0.013 1.4

Notes:

All tabulated data has been rounded and as a result minor computational errors may occur

Mineral Resources which are not Mineral Reserves have no demonstrated economic viability.

The Mineral Resource is reported inclusive of Mineral Reserves.

4.4.2 Mineral Reserve

The modifying factors applied to convert the Mineral Resource estimate to a Mineral Reserve are as follows:

Cut-off grade – 1.8% Sn.

Draw point shutoff grade 1.5% Sn.

Ore Recovery – 85%.

Planned Dilution – 27%.

Unplanned Dilution – 25%.

A summary of the Mineral Resource to Mineral Reserve conversion is set out in the table hereunder:

Modification Step

Factor

Tonnes

(t)

Sn Grade

(%)

Sn Content

(t)

Resource Model (M&I @ 1.8% Sn COG) 3,322,050 5.79% 192,451

Mining exclusions 8% (276,397) 4.98% (13,759)

Resources in mine design (M&I @ 1.8% Sn COG)

3,045,708 5.87% 178,692

Planned dilution 27% 812,920 1.27% 10,349

Mine Design - including planned dilution 3,858,628 4.90% 189,041

Unplanned dilution 25% 945,840 0.00% -

Mine Design - Diluted 4,804,468 3.93% 189,041

Mine Design - after 1.5% Sn shut-off grade 4,158,232 4.32% 179,463

Ore loss -15% (641,013) 4.19% (26,837)

Mine Reserves (Diluted and recovered @ 1.5% Sn COG)

3,517,219

4.34%

152,627

No inferred Mineral Resources have been included in the estimation of Mineral Reserves.

4.5 Mining

Bara Consulting carried out the mining study and recommended that the mineral resource at Bisie be extracted by underground mechanised mining methods. They envisage a SLC mining method to remove the ore body in retreat fashion from the southern and northern limits of mineralisation back towards the centralised trucking ramp. Blasted ore will be loaded by 14t capacity rubber-tyre LHD units, dumped into 40t articulated dump trucks and hauled to surface where it will be stockpiled ahead of processing for tin recovery. Mining is planned at a rate of approximately 360 000 tonnes per annum.

4.5.1 Geotechnical considerations

Geotechnical data was captured from 500m of core that was logged in accordance with ISRM (1983) standards and procedures. A total of 54 samples were collected and sent to South Africa for laboratory testing. The data obtained from the laboratory testing and geotechnical logging was transformed into Rock Mass Rating, Geological Strength Index and Q-Value rating. In terms of the Q-Value rock mass classification method, the hanging wall and orebody are classified as Good, while the footwall zone is classified as Fair. Although the rock mass qualities range between Good and Fair, the uniaxial strength of the hanging wall, foot wall and ore zone vary between 35MPa and 73 MPa, with the hanging wall being the weakest of the three rock types.

4.5.2 Hydrogeological considerations

Five of the exploration boreholes were converted into water monitoring and testing boreholes. Representatives from Groundwater Squared, a respected and widely used consultancy to the mining industry, visited the Project and conducted aquifer tests to determine the hydraulic conductivity of the aquifer. The results from the tests allowed construction of a hydrogeological model that was calibrated against observed ground water levels and base flows. The model predicts the Mpama North orebody to be within a low-yielding aquifer with maximum water inflow volumes of 5 000m3 per day.

4.5.3 Mining method

SLC mining is a long hole mining method that drills and blasts the orebody, while the surrounding waste caves in on top of the ore and mined out voids. The mining face progressively retreats to allow the waste to cave in behind the mining face. This method is well suited to ore bodies where the surrounding rock mass is weak. It can only be applied in either very wide ore bodies or in narrow, but steeply dipping ore bodies. The process of drilling, blasting and loading is similar to generally practised long hole open stoping methods except that no pillars are left behind and the direction of mining is always in retreat back towards the access to the level. The sublevel spacing at Bisie is 20m and was selected based on the orebody geometry and equipment to be utilised for drilling and loading. The figures below show a schematic long section of a sublevel caving arrangement.

Schematic view of SLC mining method showing development and mining of the orebody

4.5.4 Mine layout

Access to the orebody will be via a trucking ramp located 20m below the orebody. The trucking ramp has been designed as a 5mH x 5mW excavation and will be developed at an inclination of 9 degrees below the horizontal. The trucking ramp will serve as the main intake airway for the mine. Sublevels are spaced 20m apart vertically and service raises will be developed between sublevels for the installation of mining services and an emergency exit route in the event of a collapse of or blockage in the trucking ramp. The service raises also serve as a return airway for the mine. Water will be collected in the mining face and pumped to a cascading dam system on each level. Water will be pumped from the mine to a surface dam. The overall mine layout is shown overleaf and a typical layout for a mine level is shown thereafter:

Overall mining layout looking East

Layout for a typical level

4.5.5 Scheduling and LoM planning

Using the DeswikCAD design package, and applying this to the wireframe and block models provided by MSA, Bara developed a LoM schedule for Mpama North. A 1.8% tin cut-off grade was applied by Bara in the scheduling exercise:

Mpama North LoM ore production schedule

4.6 Processing 4.6.1 Process overview

The Bisie tin plant is designed to treat a maximum of 500,000 t/a of ore and produce 30,000 t/a of tin concentrate. The plant will run at a reduced tonnage during the initial years of operation. This will be accomplished by reducing operating time rather than hourly throughput. The plant comprises the following processes:

Crushing of RoM ore to -10 mm;

Screening of the crushed ore into -10mm to +1 mm and -1 mm fractions;

The -10 +1 mm is processed by jigging;

Jig concentrate is milled to 80% passing -425 µm and is processed using gravity spiral concentrators;

Spiral concentrate is milled and sulphides removed by flotation to provide the bulk of the final concentrate;

Spiral tailings are reground to 80% passing -106 µm, sulphides are removed by flotation, and a final tin concentrate produced by a second flotation stage;

Jig tailings are discarded to a tailings stockpile, part of the tailings storage facility;

The -1 mm fraction is also processed using gravity spiral concentrators. There are two spiral concentration sections. The primary concentrate is combined with the jig spiral concentrate for grinding and sulphide flotation. The secondary concentrate is combined with the sulphide

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concentrates and tin flotation tailings to form a ± 10 % tin low-grade concentrate; and

The -1 mm spiral tails are thickened and discarded. Combined final concentrates are treated through a magnetic separator to remove iron, then filtered and bagged for sale.

Lower than normal availabilities have been used in the design, owing to the remote location of the plant. The crusher plant has been designed to run at 50% utilisation and the remainder of the plant at 85%. Simplified process flow diagram for the process plant

4.6.2 Detailed processing description

An FEL will feed the plant with ore from the mine stockpile. A primary jaw crusher will crush the ore from approximately 400mm to less than 100mm. The crushed ore will then be screened and crushed in a secondary and tertiary cone crusher. The tertiary crusher will be in closed circuit with a screen. The final crusher product will be <10mm. Crushed ore will be stored on a stockpile. Two parallel reclaim systems will then feed screens where the ore will be split into a coarse -10mm to +1mm fraction and a fine -1mm fraction. The split is expected to be 75% coarse and 25% fine. The coarse fraction will be jigged in two stages, roughing and cleaning. Jig floats will be discarded to a stockpile. Jig sinks will be milled to 80% passing -0.425mm to further liberate tin. A ball mill in closed circuit with a Derrick screen will be used. Milled material will be subjected to gravity

concentration on a series of spiral concentrators. These will be configured as a rougher and two scavengers in series. Concentrate will be sent for removal of sulphides by flotation in a single cell. Middlings and tailings will be reground in a closed circuit ball mill to 80% passing -0.106mm to liberate fine tin. This size will enable the use of flotation. The flotation circuit will consist of a single sulphide removal cell, followed by five flotation cells configured as a rougher and scavenger bank with sufficient flexibility to vary the proportion of each. The rougher concentrate will be sent for final cleaning in two cleaner flotation cells. Rougher tailings will be thickened and discarded with cleaner tails recycled to the rougher conditioning tank. The fine fraction will follow a similar process to the reground coarse material. A parallel circuit is used due to the difference in tonnage and grade. The fine material will be subjected to gravity concentration on a series of spiral concentrators. These will be configured as a rougher and two cleaners in series. Concentrate will be added to the coarse fraction described above for milling and flotation. The pyrite concentrate produced from flotation will be filtered and stockpiled for future re-treatment. Concentrates will pass through a magnetic concentrator to remove magnetite. The magnetics will be stockpiled for future re-treatment. Non-magnetics form the final tin concentrate that will be filtered and bagged for despatch and sale. Tailings from the flotation circuits and recovered water from the jigs will be dewatered in a thickener. Recovered water will be re-used in the plant. Thickened tailings will be pumped to a TSF. Services will include reagent storage, make-up and distribution facilities, water storage and distribution and air services.

4.6.3 Metallurgical test work

The process as described above is the result of laboratory testwork at Maelgwyn Mineral Services Africa and SGS Laboratories with further work at a piloting scale being carried out by the following entities:

Maelgwyn Mineral Services Africa: Testwork management, sample preparation, gravity concentrator and flotation work;

SGS Laboratories: Mineralogical work;

Mintek: Heavy liquid and dense media separation;

Multotec: Spiral tests;

Gekko Systems: Jigging testwork;

Roytech: Filtration testwork; and

Tenova Delkor – Thickening testwork.

Maelgwyn pilot crushing and milling plant

Mintek DMS plant

Multotec spiral plant

The pilot-scale tests were performed using a seven metric ton drill core sample. Mineralogical analyses confirmed that this sample was comparable to previous samples from the ore body and the testwork has confirmed this with similar results being obtained. The testwork is detailed in Maelgwyn Mineral Services Africa Report No. 14-033, Metallurgical Testwork and Piloting on a Bulk Core Sample from the Bisie Cassiterite Project, July 2015. The testwork indicates that a tin concentrate of >60% tin can be achieved with an overall recovery of at least 70%. MDM has been involved in the testwork monitoring and management during the piloting work.

4.6.4 Tailings storage facility and mine residue

Three streams of mine residue (or waste) from the mine and process plant require storage within the licence area. The residues requiring storage are:

Waste rock from the underground mining works, trucked to site;

Slurry Tailings (Spiral Tailings) (<1mm) hydraulically pumped from the Process Plant; and

Coarse, Dry Tailings (Jig Tailings) (1-10mm) trucked from the Process Plant. A site selection study was undertaken on the two residues reporting from the Process Plant. Once this was completed the third stream (waste rock) was included in the scope. A Residue Disposal Facility (RDF) was then designed to accommodate all three residues for the design life of the mine (+10 years).

The RDF includes:

A TSF for the Spiral Tailings,

Waste rock and Jig Tailings Storage Facility or Dry Waste Dump (DWD), and

Associated Infrastructure (Sumps, access roads, etc.)

4.6.5 Tin production profile

On the assumption that construction activities commence in Q1 2017, first production of tin in concentrate is anticipated in Q3 2018. Steady state production is anticipated by 2019: LoM production and on-mine revenue summary

4.7 Infrastructure 4.7.1 Overview

The Project site is currently an established and existing exploration camp that does not have mining and processing infrastructure. The site does however have offices, staff accommodation, messing facilities, core storage facilities and is currently serviced with cellular telephony and internet services via satellite link.

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Annotated aerial photograph of Bisie exploration camp

The proposed infrastructure will support the mining, concentrator plant and construction operations and can be summarized as follows:

Mining infrastructure (Bara designed, MDM costed);

Explosives storage (Bara designed, MDM costed);

Concentrator plant infrastructure;

Water services and waste control;

Camp accommodation and facilities;

Security;

Communications;

Access roads (GMH designed and costed);

Power supply and distribution;

Tailings storage facility (Epoch designed and costed); and

Waste rock dump (Epoch designed and costed).

Main Camp, Concentrator and Mine (Left to right)

4.7.2 Water services and waste control

The process plant water requirements are 690m3 per day. Aquifer water will make its way into the mine workings at a rate of 1 000m3 to 5 000m3 per day, depending on the extent of mining across the LoM. The water extracted from the underground workings will, together with water from the river, be used for the process plant operations, with excess water being tested for pollutants before being discharged into the Bisie River. Due to a complete lack of municipal waste management facilities in the area, ABM is required to construct and manage a domestic waste management facility. The facility is located adjacent to the waste rock dumps and will be lined to prevent potentially harmful leachate entering the environment. Industrial and domestic waste will be recycled where practical. Any combustible waste will be burnt and the ashes buried with any non-combustible waste in the mine waste dump. Treatment facilities for sewage disposal will form part of the site accommodation requirements. Used oil will be treated in Lubumbashi in an oil cracker, producing diesel. ABM also plans to build a separate concrete-lined hazardous waste facility on site for the storage and eventual encapsulation of hazardous waste substances.

4.7.3 Security The objective of the ABM strategic security plan is to effectively manage the security risks in a collective and proportionate manner to achieve a secure and confident working environment.

The mandate of the security department is as follows:

Protecting ABM employees and assets;

Continuously reducing the number and severity of security incidents;

Continuously reducing adverse incidents of all types involving people and property;

Preventing injuries to its employees and contractors;

Protecting ABM’s information;

Protecting ABM and Alphamin’s reputation and that of their investors; and

Safeguarding the future of ABM. In completing its mandate, the security department follows two main internal standards and guidelines, namely:

ABM Corporate Security Framework; and

ABM Mine Site Security Procedures. These guidelines and operational procedures are supplemented with external and internationally qualified standards and guidelines, namely;

Voluntary Principles on Security and Human Rights;

ASIS International Standards and Guidelines;

UN Standards and Guidelines on the use of force and firearms; and

UN Standards and Guidelines for law enforcement officers and security practitioners. To achieve and execute its security strategy, the security department will work closely with the following partners:

PNC

FARDC

MONUSCO Complementing the DRC State and the United Nations security structures will be the collaboration with security departments of other mining companies and major NGO role-players in the area. ABM has contracted with PNC to have between 30 and 60 officers assigned to the Bisie site. ABM is responsible for paying the salaries, taxes and commission on these individuals. During project execution and mine operational stages, the area of operations will increase substantially and the planned complement of PNC officers will increase from 30 to 60 officers. The site security plan for project implementation and operational phases encompasses good corporate governance, compliance with Alphamin’s code of ethics, information security, physical security, and business continuity.

4.7.4 Access roads

ABM has commenced construction of a 32km access route from the Project area to the village of Logu. By 31 May 2016, some 27km of road had been constructed through rugged terrain and dense forest. The access road will link Bisie to National Route 3 (N3) that runs between Kisangani and Bukavu with additional linkages from the N3 to Goma. Access road under construction

4.7.5 Power supply and distribution

Power will be supplied from a LFO diesel power station, using approximately 0.23 litres of LFO per Kwh produced, at 11 kV 3 phase 50 Hz. Cables will link the diesel power station to the process plant substation, whilst an overhead 11kV power line will link the mine with the diesel power station. The diesel power station will be sourced from a reputable supplier and will, in all likelihood, be containerised. Fuel storage will also be containerised, and will include fuel pumps (transtank) and filtration. Fuel will be transported from Goma to the mine site, at a delivered cost of US$ 1.81 per litre (see 4.10 below). Other costs of power generation are expected to amount to some US$ 4.6 million per annum. Secondary distribution voltage will be 525V for small / medium sized motors, welding feeders, cranes etc., whilst smaller power consumers and lighting will be distributed at 400/230 V. The Motor Control Centre’s control voltage will be 110 V AC. At the time of ordering transformers, the expected load on the transformer will not exceed 75% of the rating of the transformer. Motor Control Centres will generally only have one transformer feeding them. A spare transformer will not be supplied. The specification and selection of electrical equipment was conducted in accordance with South

African Standards (SANS Standards).

4.8 Environment

As part of the process of converting the Permis de Reserches (exploration license or PR) into a Permis de Exploitation (mining license or PE), Alphamin submitted its Environmental and Social Impact Assessments and Management plans, which were prepared by EOH Coastal and Environmental Services, to the Cadastre Minier for approval. The plans have been reviewed and approved by the relevant authority and as such, the Project has full environmental permitting for construction and operation. The Company is also finalising a more detailed Environmental, Social and Health Impact Assessment and Environmental and Social Management Plan that complies with IFC Performance Standards and Equator Principles. In terms of the Mining Regulations, compliance with the Environmental and Social Management Plan is audited every 2 years, and the next audit will take place in February 2017. In terms of ABM’s Environmental and Social Management Program, the company is committed to monitoring the impact of its operations on air quality, groundwater, noise and faunal species. This will typically be achieved by clean-up and rehabilitation of impacted areas (such as tailings dams and waste disposal facilities) on an ongoing basis. This strategy ensures lower end-of-life environmental rehabilitation costs and ensures that the mine will mitigate its impact on the communities and environment surrounding the mine. ABM will employ environmental officers to collect data and ensure management adherence to the Environmental and Social Management Program; ABM will contract out the quarterly assessments of these impacts to professional external parties.

4.9 Community development

The social program of information sharing and workshops that has been running for over two years will continue through the duration of operations. ABM has a number of sustainable programs planned that will positively develop the social environment, the most important of which are its commitment to maximise the recruitment of local personnel during both construction and operations, and the establishment of the Lowa Alliance. It is estimated that 700 people will be employed during construction, at least 450 people will be employed during operations, and at least another 5 000 people e.g. local suppliers of goods and support services to the mine, will benefit indirectly from the Project. Education and training programs will raise the skills level of the workers in the area. In April 2016, a Memorandum of Understanding was signed between Alphamin and the Walikale Community to collaborate in creating the Lowa Alliance and to promote environmental conservation and the reduction of illegal artisanal mining on ABM’s concessions. Alphamin committed, from the date of first tin production, to contribute 4% of its “in country” operating and administrative expenses (approximately US$ 2.4 million per annum) to the Lowa Alliance for use in community, economic and social development. The projects supported by the Lowa Alliance will be selected

following an in-depth survey of the 10 000 households in the 24 communities (estimated at 60 000 residents) closest to Bisie. Representative committees will prioritise a range of projects to promote social and economic development to which they, local authorities and potentially external donors, will also contribute. Anticipated projects could include alternative livelihoods, specifically oil palm, cocoa and coffee cultivation (these would provide incentives for incomes beyond illegal artisanal mining); health infrastructure and services e.g. potable water, malaria reduction and treatment; primary health care capacity building; and education. Appropriate support to local government will improve services and targeted community infrastructure including roads, bridges and potable water systems. Alphamin’s artisanal mining strategy is also highly integrated with the community development strategy, and promotes incentives for artisanal miners to operate away from Project areas with improved legal and other conditions. The artisanal mining strategy also works with authorities to improve compliance with regulatory frameworks. ABM will encourage and assist GDRC authorities, supported by the supply chain and donor financed traceability systems, to identify more sites for legal artisanal mining and to support their validation and traceability. ABM is responsible for consistent monitoring of all community initiatives, including the artisanal strategy, to work with all involved stakeholders to assure respect for and compliance with the Voluntary Principles on Security and Human Rights guidelines. The remote location of the Project in relation to the local communities and population assists in minimising any potential impacts of the Project on the community and there is limited effect on land or property tenure. There are no impacts related to displacement of the local population.

4.10 Logistics

ABM will create a logistics / export hub in Goma that will act as the marshalling point for all incoming and outgoing rough terrain cargoes to and from the mine site. Using half-height dual-purpose containers, 13,000 litres of diesel will be transported on the inbound leg from Goma to Bisie, and 13.5 tonnes of tin concentrate will be transported on the outbound leg from Bisie to Goma. These containers will be transported on 8x8 rough terrain vehicles operated by contractors that are familiar with the road and weather conditions in North Kivu. It is envisaged that the transport contractor will have a fleet of 8-10 of these vehicles which will move into and out of the mine site in convoys of 3-4 vehicles so as to reduce security related costs of escorting the product from Bisie to Goma.

All-terrain vehicle for Goma-Bisie shunt

At the logistics / export hub, the bulk bags containing the tin concentrate will be transhipped into seaworthy 6m or 12m containers which will then be loaded onto conventional road-going triaxle trucks (these types of vehicles are used extensively to transport goods into Uganda and Rwanda and a ready supply of return loads to Kampala and Mombasa are available for Bisie’s tin concentrate) for the journey to the port of Mombasa. Tin concentrate will clear customs through the Bunagana border post, travel through Uganda to Kampala, and then on to Mombasa for shipment to its final destination (Option 2 on the figure below):

Possible routes to and from port and mine site

The logistics / export hub will be jointly managed by ABM, the transport contractor, and the off-take party / parties to ensure the highest levels of security are maintained at this critical transition point.

4.11 Marketing and sales Alphamin is in discussions with, and has received several expressions of interest from, global trading companies and tin smelters regarding tin concentrate off-take contracts. Alphamin’s preferred option is to sell the tin concentrate from the Goma logistics / export hub, with the trading companies / tin smelters assuming responsibility for logistics ex Goma, smelting, refining, and the ultimate sale of the tin metal. The net selling price received by the Project is thus expected to be determined by reference to the LME price for tin less tin concentrate treatment charges (see 4.13.7 below), export fees, duties, levies and royalties (see 4.14.1 and 4.14.2 below), logistics costs from the logistics / export hub to the point of final destination (see 4.13.6 below), and marketing commissions (assumed to be approximately 3% of net sales revenue).

4.12 Capital costs 4.12.1 Initial capital costs

The initial capital cost estimate, excluding owner’s team costs, was prepared by MDM with input from Bara (underground mining and associated facilities) and Epoch (tailings and water facilities), whereas Alphamin prepared the owner’s team costs estimates. The initial capital cost estimate was compiled based on the following parameters:

Foreign currency elements of quoted prices were converted to United States dollars;

A quantitative risk analysis to establish the required level of contingency. Based on this risk analysis, the contingency is plus 7%, excluding Owners Cost and mining development, and amounts to US$ 7.9 million;

A combination of committed and firm bid prices for major mobile mining equipment were used for the estimate; realised actual costs were used for certain mobile support equipment and budget prices for the remainder of the minor mobile equipment were obtained from a number of proven suppliers;

Firm proposals were received for equipment packages;

Material Take-Offs were developed from layouts, general arrangements and design calculations for site preparation, concrete, structural steelwork, mechanical bins and chutes, process piping and valves, electrical, and instrumentation. Pricing was developed based on actual quotes received and checked against recent experience with similar projects;

Labour rates were based on similar mines within the DRC. Expatriate rates include all required in-country taxes;

Committed unit labour rates for earthworks equipment operators were used for activities occurring before the arrival of the mining contractor;

Labour productivity was calculated based on historical project experience and inclement weather factors were included within the execution program;

Calculating the costs for freight, including 8x8 trucks to traverse the selected route within the DRC;

Scheduling the work utilising the project schedule outlined in the feasibility study execution plan;

Detailed estimates of indirect costs: o Contractor general expenses; o EPCM costs; o Bulk diesel for mobile vehicles; o Power plant operation during construction phase; o Road construction and maintenance; o Freight costs including local taxes per truck and route survey costs; o Passenger air charters; o Owner’s costs, including:

Owners project management team; Owners pre-production site operations labour; Owners general and administration items;

o General site indirect costs; o Accommodation camp catering and management; o Pre-operational readiness and commissioning services; o Two-year operating, strategic and commissioning spares with commissioning

assistance; and

o Contractor assistance during commissioning. The target accuracy of the capital cost estimate is -10% to +10% and is summarised in the table below:

Capital costs (incl. Contingencies)

Area 1 Jan 2016 US$m

Mining(1) 22.0

Plant 44.5

Transport and logistics 5.0

Tailings and waste management 3.3

Access road(2) 19.1

Engineering and management fees 10.1

Pre-production and owners costs (incl. first fills and strategic spares) 20.2

Total capital costs 124.2 (1) Contractor mining operating basis assumed

(2) Initiatives to reduce / offset this cost against future road taxes (see 4.14.1 below) are being actively pursued

4.12.2 Sustaining capital cost

Sustaining capital is defined as the capital that is required to maintain production at design levels. An annual allowance of 10% of the all-in supply cost of piping, platework, mechanical, and electrical items has been provided for.

4.12.3 Closure capital cost The closure of the mine will involve dismantling the process plant, demolition of structures, sealing of mine shafts, removal of rubble to the waste rock dump, rehabilitation of areas impacted by the operations, rehabilitation of the tailings storage facility, and retrenchment of the workforce. The rehabilitation costs have been estimated at $9.50/m2. This allows for the demolition of structures, placing 500mm of topsoil over the impacted areas and planting of vegetation. The total allowance for rehabilitation costs is thus $3,310,000. Congolese labour law allows for 3-6 months’ severance pay for workers made redundant due to operational reasons. Assuming a total workforce of approximately 500 people, the allowance for redundancy pay has been calculated at $3,300,000. Post closure, an allowance of $65,000 has been made for active management of the closure process in year 1 and $33,000 per year for passive management in years 2-5. The total closure and rehabilitation cost estimate thus amounts to $6.81 million.

4.13 Operating costs 4.13.1 Overview

The operating cost estimate was developed using first principles and applying direct applicable project experience, and avoiding the use of general industry factors. MDM and Bara managed and compiled the operating cost estimate and are of the opinion that the costs represent a reasonable and accurate reflection of expected mine operating costs based on the assumptions and pricing information available at the time the estimate was made. The target accuracy of the operating cost estimate is -10% to +10%. The average annual operating cost estimate and weighted average LOM unit costs are summarised in the table below:

Operating costs

Activity 1 Jan 2016

US$ per tonne milled 1 Jan 2016

US$ per tonne tin

Mining 81.01 2 607

Processing 20.65 664

Site infrastructure 14.66 472

Administration and general 38.28 1 232

Transport of concentrate 32.21 1 036

Mine to export /logistics hub in Goma 18.26 587.72

Export / logistics hub in Goma to CIF 13.94 448.59

Treatment charges 43.04 1 385

Cash cost of tin produced 229.85 7 396

Export duties, fees & local government royalties 23.25 748

DRC Government royalty 10.56 340

Marketing commissions 14.00 451

Cash cost of tin sold 277.66 8 935

4.13.2 Mining cost

Mining costs may be further analysed as follows:

Description 1 Jan 2016 US$ million

1 Jan 2016 US$ per tonne

milled

Mining contractor 146.2 41.56

Power supply (incl. generation costs) 71.6 20.35

Mining consumables 36.2 10.29

Diamond drilling 10.2 2.89

Waste removal 8.1 2.30

Other 12.7 3.62

Total 285.0 81.01

4.13.3 Processing cost Processing costs may be further analysed as follows:

Description 1 Jan 2016 US$ million

1 Jan 2016 US$ per tonne

milled

Plant labour 26.7 7.60

Plant re-agents and consumables 13.5 3.84

Plant power supply 8.8 2.50

Plant mobile equipment 5.6 1.60

Plant maintenance consumables 2.1 0.59

TSF operating costs 15.9 4.52

Total 72.6 20.65

4.13.4 Site infrastructure cost

Site infrastructure costs may be further analysed as follows:

Description 1 Jan 2016 US$ million

1 Jan 2016 US$ per tonne

milled

Camp management and personnel catering 30.9 8.78

Road maintenance 7.3 2.07

Vehicle running costs 7.1 2.01

Yellow kit running costs 5.4 1.54

Power supply 0.9 0.26

Total 51.6 14.66

4.13.5 Administration and general cost

Administration and general costs may be further analysed as follows:

Description 1 Jan 2016 US$ million

1 Jan 2016 US$ per tonne

milled

Administration 46.7 13.28

Community development (LOWA alliance) 24.0 6.82

Alphamin corporate costs 16.8 4.78

Security 16.4 4.66

Additional sustaining capital expenditure 14.2 4.04

Aircraft hire 8.6 2.45

Occupational health and environmental mngt. 4.5 1.28

Information technology 2.2 0.63

iTSCi registration 1.2 0.34

Total 134.6 38.28

4.13.6 Transport of concentrate

Logistics costs may be further analysed as follows:

Description 1 Jan 2016 US$ million

1 Jan 2016 US$ per wet tonne

concentrate

Mine site to Goma export / logistics hub 63.5 333.00

Goma export / logitics hub running costs 0.8 4.00

Goma export / logistics hub to Mombasa port 43.8 230.00

Shipping charges 4.2 22.00

Final mile haulage 1.0 5.00

Total 113.3 594.00

4.13.7 Concentrate treatment charges Concentrate treatment charges are made up as follows:

A basic tin unit deduction of 1.5 tin units, and a further tin unit dedcution based primarily upon the % tin contained in the tin concentrate. These charges effectively reduce the % of tin in the tin concentrate which is effectively paid for by the smelter;

The treatment charge itsself, which may vary depending upon the volume of tin concentrate treated; and

An impurities charge based upon the levels of deletritious elements contained within the tin concentrate.

Tin concentrate treatment charges may be further analysed as follows:

Description 1 Jan 2016 US$ million

1 Jan 2016 US$ per wet tonne

concentrate

Basic unit deduction 74.4 390.45

Treatment charges 69.3 363.54

Impurity charges 7.7 40.08

Total 151.4 794.07

4.14 Export duties, fees, levies, royalties and taxes 4.14.1 Export duties, fees and local government levies

Export duties and fees are set out in the table hereunder:

Recipient Nature of duty / fee 1 Jan 2016

US$ per wet tonne concentrate

Centre déxperience, dévaluation et de certification Certificate of origin 12.96

Office Congolaise Certification Analytical fees 11.11

Office Congolaise Certification Ext. trade office fees 2.59

Division de Mine Export authorisation fee 5.56

North Kivu Province Provincial dev. fee 180.00

North Kivu Province Road tax 3.70

Clearing agent Clearing fees 40.74

Total 256.67

In addition to the above, the Centre déxperience, dévaluation et de certification levies the following additional charges:

Analytical fees (1% of net sales revenue)

Service fees (1% of net sales revenues)

4.14.2 DRC Government royalty According to the 2002 DRC Mining Code, a company holding a mining permit is subject to mining

royalties. The royalty is due upon the sale of the product, and is calculated at 2% of the price of non-ferrous metals sold less the costs of transport within the territory, quality analysis, insurance within the territory, and marketing costs incurred within the territory. Mining royalties paid may be deducted for income tax purposes.

4.14.3 Income taxes, VAT and other Under the special dispensation of the Code Minier, income taxes of 30% apply to mining companies. These taxes are levied post all operating costs; amortisation of pre-production capital expenditure; and allowances for restoration of the deposit and rehabilitation of the site. For Project evaluation purposes the Company has assumed that VAT, at a rate of 16%, will be levied upon all capital costs (excl. owners team costs) and approximately 70% of operating costs, and that VAT refunds may take as long as 12 months to be repaid. This is considered a relatively conservative set of assumptions given recent announcements by the GDRC that it has lifted the current moratorium on the repayment of VAT refunds, and has introduced a VAT exemption on imports by mining companies. All other duties and taxes e.g. customs duties, import duties, salary related taxes and withholding taxes, have, where applicable, been incorporated in the underlying capital and operating cost estimates.

4.15 Project implementation schedule

The Project implementation plan will be executed over a period of 18 months. Establishment of the underground mine is scheduled to commence in Q1 2017, with ore development and stoping commencing six months after the establishment of the mining portal. First production of tin in concentrate is anticipated in Q3 2018. Project implementation schedule

4.16 Funding requirements Peak funding for the Project, as determined from 1 January 2016 up until the date upon which the Project starts generating positive operational cash flows on a sustainable basis, is estimated to be US$156.2 million in nominal terms, and is set out in the table hereunder:

Description US$M

Owners team & ongoing project evaluation costs (1 Jan 2016 to 1 Jan 2017) 18.1

Project capital expenditure 123.4

Working capital 3.4

VAT(1) 13.8

Cash generated by operations (2.5)

Total 156.2

(1) See 14.4.3 above.

The peak funding requirement has been / will be met as follows:

Description US$M

Cash on hand as at 1 January 2016 9.0

Receipt of final tranche of IDC subscription monies in June 2016 3.0

Interim equity capital raise planned for Q3 2016 10.0

Final capital raise: 134.2

Equity 67.1

Debt 67.1

Total 156.2

The Company has commenced its final capital raising programme, and is targeting the following:

A debt : equity ratio of 50:50;

Firm commitments on both equity and debt / quasi-debt by the end of Q4 2016; and

Financial close for equity on 31 December 2016, and debt / quasi-debt by no later than 31 August 2017 i.e. equity will be contributed first, followed by debt / quasi-debt.

In-principle discussions with the Company’s key shareholders indicate that the equity portion of the fund raising will be well supported, and accordingly, the Company is now focussing its efforts on the debt / quasi-debt element of the fund raising. Key assumptions made in the debt modelling process were as follows:

Project assumptions as set out in 4.17 below;

Funding requirement of US$ 67.1 million excluding capitalised interest and fees;

Commercially benchmarked interest rates and fees (inclusive the cost of PRI cover);

Facility term of 60 months from 1st tin production (see however expected facilities discharge date hereunder);

Interest repayments commence 6 months after 1st tin production with quarterly interest repayments thereafter;

Principal repayments commence 3 months after the 1st interest repayment with quarterly principal repayments (assuming stratight line amortisation) thereafter; and

Excess cash sweep of 50% in favour of debt / quasi-debt providers. Based on the above, the Project generates the following key lending ratios:

Lending ratio Required ratio Minimum ratio

achieved

Debt service cover ratio 1.75 4.30

Loan life cover ratio 2.00 3.80

Project life cover ratio 3.00 6.20

Reserve tail ratio 30% 50%

Most importantly, the debt / quasi-debt could be discharged in full by 30 June 2020, less than 3 years post 1st drawdown.

4.17 Financial evaluation 4.17.1 Key inputs and outputs

Key inputs and outputs from the Project financial evaluation are set out in the tables hereunder:

Economic assumptions

Tin price (Q2 2016) US$17 300 per tonne Oil price (Q2 2016) US$56 per barrel Delivered cost of diesel US$1.81 per litre Explosives cost US$3 400 per tonne

Production assumptions

Plant throughput 360ktpa Plant recovery 72%

Capital costs (incl. Contingencies)

Area 1 Jan 2016 US$M

Mining(1) 22.0

Plant 44.5

Transport and logistics 5.0

Tailings and waste management 3.3

Access road(2) 19.1

Engineering and management fees 10.1

Pre-production and owners costs (incl. first fills and strategic spares) 20.2

Total capital costs 124.2 (1) Contractor mining operating basis assumed

(2) Initiatives to reduce / offset this cost against future road taxes (see 4.14.1 below) are being actively pursued

Operating costs

Activity 1 Jan 2016

US$ per tonne milled 1 Jan 2016

US$ per tonne tin

Mining 81.01 2 607

Processing 20.65 664

Site infrastructure 14.66 472

Administration and general 38.28 1 232

Transport of concentrate 32.21 1 036

Mine to export /logistics hub in Goma 18.26 587.72

Export / logistics hub in Goma to CIF 13.94 448.59

Treatment charges 43.04 1 385

Cash cost of tin produced 229.85 7 396

Export duties, fees & local government royalties 23.25 748

DRC Government royalty 10.56 340

Marketing commissions 14.00 451

Cash cost of tin sold 277.66 8 935

Fiscal assumptions

Export duties and fees (per wet t of tin concentrate) US$256.67 Local government levy (% of revenue) 2% DRC Government royalty (% of revenue) 2% Corporate tax rate (%) 30%

Economic indicator Units Value

Ungeared real after tax NPV8 1 Jan 2016 US$ million 262.7

Ungeared real after tax IRR % 48.4

Payback period from first tin production Months 23

Peak funding w.e.f 1 Jan 2016 (nominal terms) US$ million 156.2

Average production of tin in concentrate tpa 10 750

Average EBITDA per annum 1 Jan 2016 US$ million 89.9

The Project NPV at various discount rates is set out in the table hereunder:

Economic indicator Units Value

8% real discount rate 1 Jan 2016 US$ million 262.7

10% real discount rate 1 Jan 2016 US$ million 220.9

12% real discount rate 1 Jan 2016 US$ million 185.8

15% real discount rate 1 Jan 2016 US$ million 142.9

4.17.2 Cash operating margin analysis An analysis of the Project’s cash operating margin for the period 1 January 2018 to 31 December 2028, is set out in the graph hereunder:

4.17.3 Free cash flow analysis The Project’s free cash flows for the period 1 January 2017 to 31 December 2030, are set out in the graph hereunder:

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100.00

200.00

300.00

400.00

500.00

600.00

700.00

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Annual free cash flow Cumulative free cash flow

4.17.4 NPV sensitivity analysis Sensitivity analyses show that the Project has the potential to remain strongly profitable at lower tin prices, as well as at increased operating and capital costs.

5. CONCLUSION

Given all of the above, the Company is firmly of the view that the Project:

forms the ideal foundation on which to build a mining company and associated infrastructure for mining in the tin-rich North Kivu province of the DRC;

presents shareholders with an attractive opportunity to develop one of the highest grade known tin provinces in the world; and

provides significant socio-economic benefits to the surrounding communities and the greater Eastern DRC region.

The Company, local and regional communities and the GDRC are accordingly committed to commencing the development of the Project in early 2017.

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250

300

350

400

450

-20% -10% Base case 10% 20%

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mill

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Revenue Operating costs Capital costs

GLOSSARY OF TERMS

Term Meaning

ABM Alphamin Bisie Mining SA, an 80.75% held subsidiary of Alphamin

AC Alternating current

Ag Silver

Alphamin or the Company Alphamin Resources Corp., a company incorporated in Canada and listed on the TSX Venture Exchange

Bara Bara Consulting (Pty) Ltd, a consulting group to the mining industry

Cassiterite A red-brown or black tin oxide mineral (SnO2)

CIF A trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier

COG Cut-off grade

Corporate Presentation This document

Cu Copper

Document The pack of documents including the covering letter and its 5 Annexures (of which this Corporate Presentation is Annexure 2) made available to Recipients on or about 13 July 2016

DRC Democratic Republic of Congo

EBITDA Earnings before interest, tax, depreciation and amortisation

EPCM Engineering, Procurement, Construction Management

Epoch Epoch Resources (Pty) Ltd, a service provider with more than fifty years’ of combined experience in the fields of environmental and mining waste management

FARDC Forces Armées de la République Démocratique du Congo, the Congolese army

Feasibility Study The evaluation of the Project to determine whether ABM’s mineral resource could be economically mined, prepared by a team of independent experts led by MDM and including Bara, MSA and Epoch, and published by Alphamin on June 28, 2016

Flotation A process for separating minerals from gangue by taking advantage of differences in their hydrophobicity.

Force Majeure A French term literally translated as "greater force", this clause is included in contracts to remove liability for natural and unavoidable catastrophes that interrupt the expected course of events and restrict participants from fulfilling obligations.

g Gramme

g/t Grammes per tonne

GDRC Government of Democratic Republic of Congo

Gekko Systems Gekko Systems (Pty) Ltd, A multinational company providing specialised minerals processing equipment and solutions

Term Meaning

IDC The Industrial Development Corporation of South Africa Limited. Wholly-owned by the Government of South Africa and mandated to promote economic growth and industrial development on the continent

IFC International Finance Corporation of the World Bank Group

IRR Internal Rate of Return

ISRM International Society for Rock Mechanics

ITRI International Tin Research Institute

Jig / Jigging A machine that separates minerals of different densities using the settling characteristics in a pulsated fluid bed.

kg kilogramme

km kilometre

km2 square kilometres

Ktpa thousand tonnes per annum

kW kilowatt

kWh kilowatt hour

LFO Light fuel oil

LHD Load haul dump

LME London Metal Exchange

LoM Life of Mine

m metre(s)

m3 cubic metres

M&I The aggregate of Measured Mineral Resources and Indicated Mineral Resources

Mt Millions of tonnes

Maelgwyn Maelgwyn Metallurgical Services SA, a provider of laboratory and processing test services to the mining industry

MDM MDM Engineering (Pty) Ltd, a metallurgical engineering services company

Mintek The South African National Mineral Research organisation

MPC Mining and Processing Congo SPRL

MONUSCO United Nations Organisation stabilisation mission in the Democratic Republic of Congo

MSA The MSA Group (Pty) Ltd, a consultancy group to the mining industry

Mt Million tonnes

Multotec A multinational company providing specialised minerals processing equipment and solutions

NGO A non-governmental organisation, which is any non-profit, voluntary citizens' group that is organised on a local, national or international level.

NPV Net Present Value

OECD Organisation for Economic Co-operation and Development

Term Meaning

Pb Lead

PE Permis de Exploitation, a mining permit

PNC Police nationale congolaise (Congolese National Police)

PR Permis de Reserches, an exploration permit

PRI Political Risk Insurance

Project The Bisie Tin Project located in the North Kivu Province of the DRC

RoM Run of Mine

Roytec Roytec (Pty) Ltd, a provider of equipment, plant and process designs and solutions

SEDAR System for Electronic Document Analysis and Retrieval

SGS Laboratories SGS South Africa (Pty) Ltd, an accredited provider of laboratory services

Sn Tin

SLC Sub Level Caving

t metric tonne (1 000kg)

t/a or tpa tonnes per annum

Tenova Delkor Industry specialists in solid / liquid separation and mineral processing applications for the minerals, chemical and industrial markets.

TSF Tailings Storage Facility

TSX Toronto Stock Exchange

US$ United States dollars, the lawful currency of the USA

US$’million Millions of US$

US$/t US$ per tonne

µm Micrometre or micron (equivalent to one thousandth of a millimetre)

UN United Nations

USA United States of America

USAID United States Agency for International Development

V Volt

VAT Value added taxation

w.e.f. With effect from

Zn Zinc

REFERENCES

2016_06_02_Owners costs and administration rev05.docx prepared by Trevor Faber

Alphamin Resources Corp – Bisie Tin Project – NI 43-101 Technical Report, prepared by the MSA Group (Pty) Ltd, MDM Technical Africa (Pty) Ltd, Bara Consulting (Pty) Ltd, Epoch Resources (Pty) Ltd and EOH Coastal and Environmental Services (Pty) Ltd

Discussions and correspondence with the Alphamin Resources Corp. management team

Mpama North Project Financial Model (Rev I) - MSG - 25 June 2016.xlsx prepared by Moncrieff Investments and Consulting Ltd