Griffin Mining Limited — Earnings Release 2024

Oct 25, 2024

National Storage Mechanism | Additional information

RNS Number : 5254J

Griffin Mining Limited

25 October 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]

Third Quarter Production Results

25th October 2024

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce production results for the three months to the 30th September 2024 .

		3 months to 30th  September 2024	3 months to 30th  September 2023
Ore mined	Tonnes	337,547	363,406
Ore processed	Tonnes	396,778	367,024
Zinc in concentrate Produced	Tonnes	11,843	12,839
Gold in concentrate produced	Ozs	4,105	3,950
Silver in concentrate produced	Ozs	95,276	69,707
Lead in concentrate produced	Tonnes	468	284
Average zinc price received per tonne	USD	2,584	1,782
Average gold price received per oz	USD	2,343	1,900
Average silver price received per oz	USD	25.7	19.3
Average lead price received per tonne	USD	2,499	2,514

Overview

Throughput has been maintained at the Caijiaying Mine at an annualised equivalent rate of circa 1.5 million tonnes despite lower amounts of ore mined due to lower grade stopes being accessed during the quarter. Despite the death of an employee of the haulage contractor at the Caijiaying Mine and the subsequent suspension of all mining and milling operations (as announced on 10 October 2024), provided operations recommence in the near future, the Company is hopeful that it will still be able to reach its budgeted production profile of circa 1.5 million tonnes per annum.

Zone II development work is ongoing including a new third portal, a new South Ventilation Shaft, development of the decline and other underground infrastructure and services.  

Chairman Mladen Ninkov commented , "What was always planned as a lower grade production quarter has unfortunately been followed by the tragic loss of a contractor's employee's life. All of our staff and contractors are moving heaven and earth to ensure operations begin as soon as possible and the production lost in the shutdown is recouped in the last quarter."

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 LIBERUM Limited                                       Telephone: +44 (0)20 7886 2500

James Sinclair-Ford

Kieron Hodgson

Dougie McLeod                           

Berenberg                                                                  Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Lee    

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