Griffin Mining Limited — Earnings Release 2023

Apr 17, 2023

National Storage Mechanism | Additional information

RNS Number : 3275W

Griffin Mining Ld

17 April 2023

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]

First Quarter Production

17th  April 2023.

Griffin Mining Limited ("Griffin" or the "Company") hereby announces the production results for the three months to 31st March 2023.

		3 months to 31st March 2023	3 months to 31st December 2022	3 months to 31st March 2022
Ore mined	Tonnes	355,742	228,510	17,975
Ore processed	Tonnes	366,120	184,045	8,649
Zinc in concentrate produced	Tonnes	13,965	6,739	268
Gold in concentrate produced	Ozs	4,743	2,079	1,474
Silver in concentrate produced	Ozs	68,779	59,561	168
Lead in concentrate produced	Tonnes	230	215	7
Average zinc price received per tonne	USD	2,029	2,116	-
Average gold price received per oz	USD	1,789	1,703	-
Average silver price received per oz	USD	17.7	18.1	-
Average lead price received per tonne	USD	2,407	2,145	-

Overview

Production in the first quarter of 2023 was a record for a first quarter of any year since the commissioning of the Caijiaying Mine in 2005. Production output was unimpeded this quarter by the usual Chinese New Year holidays. Mining and processing rates have been ramped up to now run consistently at the equivalent of circa 1.5 million tonnes of ore per annum bringing with it the expected financial returns.

Chairman Mladen Ninkov commented,

"What another extraordinary result. The Caijiaying Mine is now clearly showing what it can achieve when it is unencumbered by extraneous events outside the Company's control. I look forward to an event free 2023 and the results which will thereby be generated."

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 griffinmining.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

Douglas McLeod

Berenberg                                                                    Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Wyllie

Deltir Elezi

BlytheRay

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

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014

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