11:18 AM EDT, 04/09/2024 (MT Newswires) -- Alphamin Resources ( AFMJF ) said Tuesday that it expects first-quarter EBITDA to more than double compared with the last quarter of 2023 on higher tin sales, an increase in the price of tin and the clearing of last year's backlog.

The shares rose more than 7% in Canada before pulling back and were more than 4% higher at last look.

EBITDA for the quarter ended March 31 is expected to be US$52 million, compared with $20.3 million for the quarter ended Dec. 31. Q1 tin sales doubled to 4,126 tonnes, up from 2,046 tonnes in the previous quarter, the company said.

The commissioning of the Mpama South processing plant is a few weeks behind the company's target of starting tin production early this month, Alphamin said.

The company's cash position increased to US$53.5 million at the end of March, compared with $7.2 million at the end of last year.

Alphamin plans to make a decision regarding its 2023 dividend this month. The board is scheduled to meet on April 26 to vote on the eventual dividend.

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