Griffin Mining Limited — Earnings Release 2024

Apr 11, 2024

National Storage Mechanism | Additional information

RNS Number : 0756K

Griffin Mining Limited

11 April 2024

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]

11 April 2024

First Quarter Production 2024

Griffin Mining Limited ("Griffin" or the "Company") announces the production results from the Caijiaying Zinc-Gold Mine for the three months ended 31 March 2024.

		3 months to 31 March 2024	3 months to 31 March 2023	3 months to 31 December 2023
Ore mined	Tonnes	335,234	355,742	419,732
Ore processed	Tonnes	327,529	366,120	408,029
Zinc in concentrate produced	Tonnes	11,423	13,965	15,999
Gold in concentrate produced	Ozs	5,270	4,743	5,122
Silver in concentrate produced	Ozs	72,026	68,779	93,352
Lead in concentrate produced	Tonnes	277	230	421
Average zinc price received per tonne	USD	2,091	2,029	1,956
Average gold price received per oz	USD	2,026	1,789	1,945
Average silver price received per oz	USD	20.1	17.7	20.4
Average lead price received per tonne	USD	2,868	2,407	2,743

Overview

As in previous years, first quarter production at Caijiaying was impacted by the Chinese Lunar New Year and Spring Festival holidays causing disruption to operations by government department shutdowns and the travel of staff and contractors throughout the period. The slower activity period was utilized by scheduling mine and processing plant maintenance.

Whilst maintenance has resulted in ore processed being down 10.5% on the first quarter of 2023, Griffin expects to recoup this lost production in subsequent quarters such that circa 1.5 million tonnes of ore will be mined and processed in 2024. Despite lower throughput, better precious metals' grades led to a higher precious metals concentrate production on that achieved in the first quarter of 2023. This was particularly beneficial in light of the continuing higher gold prices.

·    Gold in concentrate production up 527 ozs (11.1%) on that achieved in in the first quarter 2023;

·    Silver in concentrate production up 3,227 ozs (4.7%) on that achieved in in the first quarter 2023;

·    Lead  in concentrate production up 47 tonnes (20.4%) on that achieved in in the first quarter 2023; and

·    Zinc metal concentrate production down 2,542 tonnes (18.2%) on that achieved in the first quarter 2023

Mladen Ninkov, Chairman, commented:

"As expected, the first quarter of 2024 produced subdued results not only because of the Chinese Lunar New Year holidays but also due to the relatively late date this year of the Chinese Lunar New Year which brought the holiday period tangentially into conflict with the week long annual parliamentary meetings of the National People's Congress in Beijing. This caused the shut-down of government departments for a much longer period than normal causing delays to day-to-day approvals needed for daily production, such as explosives deliveries. Nevertheless, these lower production numbers were expected and the Company remains on target to produce its budgeted 1.5 million tonnes of throughput this calendar year.

We continue to look forward to the year ahead with the continuing development of Zone II for ore production and the increasing world zinc and gold prices.

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

Dominic Morley

Douglas McLeod

Berenberg                                                                     Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Lee

Deltir Elezi

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

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