Griffin Mining Limited — Earnings Release 2021

Oct 12, 2021

National Storage Mechanism | Additional information

RNS Number : 7205O

Griffin Mining Ld

12 October 2021

8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y 6LX, United Kingdom

Telephone: + 44 (0)20 7629 7772  Facsimile:  + 44 (0)20 7629 7773

E mail: [email protected]

Third Quarter Production

12th  October 2021

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce production results for the three months to 30th September 2021.

		3 months to 30th  September 2021	3 months to 30th June 2021	3 months to 30th  September 2020
Ore mined	Tonnes	306,966	241,112	248,361
Ore processed	Tonnes	291,737	275,576	236,078
Zinc in concentrate Produced	Tonnes	11,607	11,645	7,758
Gold in concentrate produced	Ozs	3,848	4,080	4,906
Silver in concentrate produced	Ozs	68,549	81,098	82,788
Lead in concentrate produced	Tonnes	304	327	400
Average zinc price received per tonne	USD	2,258	2,224	1,595
Average gold price received per oz	USD	1,693	1,684	1,778
Average silver price received per oz	USD	19.6	20.4	19.3
Average lead price received per tonne	USD	2,304	2,026	1,564

Overview                                                                                      

Ore mined and processed have now reached circa 100,000 tonnes of ore per month, all of which has been extracted from Zone III with Zone II yet to come into production. Tonnes processed in the third quarter of 2021 were up 5.9% on that achieved in the second quarter of 2021, whilst a marginal fall in the zinc head grade has resulted in zinc metal in concentrate production in line with the second quarter of 2021.

Chairman Mladen Ninkov commented: "The third quarter operating results continue the wonderful production results from the second quarter. I am particularly delighted with the normalised throughput averaging over 100,000 tonnes per month in the quarter for the first time at the Caijiaying Mine. This bodes extraordinarily well for next year once the Chinese New Year celebrations, the Winter Olympic Games and the Para Olympic Games conclude at the end of the first quarter of 2022. Nevertheless, we remain cautious for the remainder of 2021 in light of a possible restriction of all mining and processing activities, including Caijiaying, in the lead up to the Winter Olympic games."

About Griffin Mining Limited 

Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates through its 88.8% owned Joint Venture in China  the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company's website giffinmining.com.

Further information

Griffin Mining Limited

Mladen Ninkov - Chairman                            Telephone: +44(0)20 7629 7772

Roger Goodwin - Finance Director

Panmure Gordon (UK) Limited                                Telephone: +44 (0)20 7886 2500

John Prior

Alisa MacMaster

Berenberg                                                                  Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Wyllie

Deltir Elezi

Blytheweigh

Tim Blythe                                                       Telephone: +44(0)20 7138 3205

Swiss Resource Capital AG

Jochen Staiger	Telephone: +41(0)71 354 8501

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