February 2023

Fourth Quarter & Full Year Production Numbers 2022

13^th January 2023

Griffin Mining Limited (“Griffin” or the “Company”) announces the production results from the Caijiaying Zinc Gold Mine for the three months and year ended 31^st December 2022.

 Overview

First quarter results were impacted by the enforced suspension of all operations at the Caijiaying Mine for the Chinese Lunar New Year holiday celebrations, the Winter Olympics and the subsequent Winter Paralympics. Mining recommenced on the 23^rd March and processing on the 25^th March 2022.  Operations were again suspended by the Chinese authorities restricting the supply and use of explosives for the duration of the Chinese Communist National Party Congress from 22^nd September to 17^th November 2022.

Following the recommencement in operations in November, production has been ramped up such that ore mined and processed in December 2022 was a monthly record for the Caijiaying Zinc Gold Mine, allowing us to exceed our production guidance for the quarter and the year given in November.  The Company continues to be confident in its key objectives of reporting a profitable 2022, development of Zone III and II, and to increase production throughput to 1.5 million tonnes in 2023.

 Mladen Ninkov, Chairman, commented:

 “The Company has produced outstanding production numbers in the last quarter and for the full 2022 year in light of the 5 month shut-down in production in 2022. It provides a revelatory glimpse of what the Company can produce on an annualised basis in 2023 particularly in light of the record 138,000 tonne throughput in December 2022. We look forward to the year ahead with great excitement.”

  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                   Telephone: +44(0)20 7629 7772

   Mladen Ninkov – Chairman

   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                Telephone: +44(0)20 7138 3205

   Tim Blythe

Capital Share Structure Rationalization & Incentivization Program

 31^st January 2023

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce that, further to the announcement made on 30^thDecember 2022 concerning a rationalization of the capital structure of the Company by the proposed repurchasing and cancellation of the long outstanding options to purchase 19,520,000 shares in the Company (“the Offer”), options over 17,520,000 shares have been repurchased and cancelled, resulting in 10,130,526 new ordinary shares being issued pursuant to the Offer.

Application will be made for the new ordinary shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM which is expected to commence on, or around, 3^rd February 2023 (“Admission”).

Following Admission, the issued share capital of the Company will comprise 185,023,420 ordinary shares. The Company holds 939,799 ordinary shares in the Company in treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the FCA’s Disclosure and Transparency Rules.

The remaining options over 1,500,000 shares in the Company exercisable at 30 pence per share and 500,000 shares in the Company exercisable at 40 pence per share will remain outstanding until 31^st December 2023.

Further shares to be issued under the Share Incentivization Program as announced on 30^th December 2022 have yet to be determined and will be announced when finalised.

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               Telephone: +44(0)20 7629 7772

   Mladen Ninkov – Chairman

   Roger Goodwin – Finance Director

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

   John Prior

  Dougie McLeod

Berenberg                 Telephone: +44(0)20 3207 7800

  Matthew Armitt

  Jennifer Wyllie

  Deltir Elezi

BlytheRay              Telephone: +44(0)20 7138 3205

 Tim Blythe

Capital Share Structure Rationalization & Incentivization Program

 30^th December 2022

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce a rationalization of the capital structure of the Company by the proposed repurchasing and cancellation of the long outstanding options over shares in the Company issued in 2014 and 2015 (the “Options”) exercisable at forty pence and thirty pence per share respectively by 31^st December 2023.

In consideration of the surrender of the Options, a number of fully paid shares in the Company will be issued to those Option holders equal to the inherent monetary value in the Options (the “Scheme”). As those Options were issued by the Company to incentivize the Option holders in the pursuit of the new mining licence over Zone II, which was granted in January 2021, and the fully diluted share capital of the Company has included the Options, the Scheme is being implemented to simplify the capital structure of the Company.

Should all the Option holders agree to the Scheme, the number of Options cancelled by the Company will amount to 19.52 million Options. At the market closing price of the Company’s shares as at 24^th  December 2022, if all Option holders accepted the Scheme offer, approximately 11.165 million new fully paid ordinary shares would be issued. The exact number of new shares issued will be announced after ascertaining which and how many Option holders accept the Scheme.

The offer to the Option holders to accept the Scheme will remain open for 14 days following the date of this announcement.

A new Company share incentive plan will also be implemented to retain vital key executives of the Company, in particular, Mladen Ninkov. Up to 10 million new fully paid ordinary shares may be issued which will be escrowed until the 31^st December 2024. Further details of the share incentive plan including the exact number of shares issued will also be announced when finalised.

In both above new share issues, at no time will the aggregate number of total shares issued under the Scheme and the Management incentive plan ever exceed the current total of 19.52 million outstanding Options in issue and, as such, the share issues will be non-dilutive to the current shareholders of the Company assuming all current outstanding Options were exercised before their expiry date.

 Chairman of the Remuneration Committee, Dean Moore, commented, “I am pleased that the Board has adopted the recommendations of the Remuneration Committee designed to deliver a reward structure which wholly aligns the interests of key management with all stakeholders over the next 2 years.”

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                 Telephone: +44(0)20 7629 7772

   Mladen Ninkov – Chairman

   Roger Goodwin – Finance Director

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

  John Prior

  Dougie McLeod

Berenberg                    Telephone: +44(0)20 3207 7800

  Matthew Armitt

  Jennifer Wyllie

  Deltir Elezi