Alphamin Resources Corp. — Capital/Financing Update 2022

Nov 11, 2022

NEWS RELEASE

C/o ADANSONIA MANAGEMENT SERVICES LIMITED, Suite 1, PERRIERI OFFICE SUITES, C2-302, Level 3, Office Block C, La Croisette, Grand Baie 30517, Mauritius

ALPHAMIN ANNOUNCES AWARD OF STOCK OPTIONS AND SAR EQUIVALENT SHARES

GRAND BAIE, MAURITIUS – November 11, 2022 – Alphamin Resources Corp. (TSXV: AFM, JSE AltX: APH, “Alphamin” or “the Company”) announced today that, subject to regulatory approval, it has awarded stock options and SAR Equivalent Shares pursuant to its Omnibus Incentive Plan. The Company has granted stock options to acquire an aggregate of 6,100,000 common shares to employees and a director of an Alphamin subsidiary, with each option exercisable for a seven year term to acquire one common share at a price of C$0.68 per share. The options granted vest over a three year period from the date of grant.

The Company has also authorized the issuance of 3,500,000 SAR Equivalent Shares (“SARES”) to two senior officers of the Company. The SARES are functionally equivalent to stock appreciation rights however, any entitlements are satisfied by dividend payments on the SARES. The reference price for the SARES awarded is C$0.68 and dividends shall be payable on the SARES (to the the extent that they are “in-the-money”) on the first, second and third anniversaries of the date of award.

FOR MORE INFORMATION, PLEASE CONTACT:

Maritz Smith CEO Alphamin Resources Corp. Tel: +230 269 4166 E-mail: msmith@alphaminresources.com

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

The above media statement and accompanying material for media use are issued by ALPHAMIN RESOURCES CORP. without embargo unless an embargo is indicated above