NEWS

4TH QUARTER OPERATIONAL GUIDANCE

4TH QUARTER OPERATIONAL GUIDANCE

18th November 2022

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce, following the 20th Congress of the Chinese Communist Party and the subsequent relaxation of the Covid-19 restrictions by the Central Chinese authorities, an update as to the impact of these events for the 4th Quarter operations of the Company.

As previously announced, the Caijiaying Mine was operational as of the 1st November. Nevertheless, the subsequent appearance of Covid-19 in the Zhangjiakou City prefecture imposed significant constraints which hampered the Company’s continuing smooth operations by limiting the functions of various government departments and impeding road transport vital for supplying necessary logistics and supplies to the Caijiaying Mine.

Since the 1st November, the Caijiaying Mine and Site have already experienced 2 government mandated 3 day precautionary shutdowns. Despite the announcement by the central Chinese authorities this week of more relaxed Covid-19 guidelines, there may still be significant disruption if Covid-19 is detected in or around the Caijiaying Mine.

In addition, regulatory processes administered both at the Zhangjiakou City Government and the Hebei Provincial Government levels have been curtailed due to Zhangjiakou and the Provincial Capital being quarantined. As a result, critical operational approvals, such as the use of explosives and the Zone II Safety Facility Design, have been delayed.

However, these restrictions have not impeded the Caijiaying mine from completing the construction of its new dry tailing’s facility TSF#4, obtaining approval and building a new explosive magazine, completing the construction of a greenhouse gas reduction tower for the Site boiler, commencing the solar power project and moving sufficient staff, contractors and materials for full operations to commence at the Caijiaying Mine. Full production and blasting recommenced on the 16th November.

Whilst recognising the potential for further disruption, the Company is expecting to produce 175,000 tonnes of ore in the 4th Quarter and 800,000 tonnes for the 2022 calendar year, despite operations being suspended for almost 5 months of the year. The Company is confident of its key objectives being, a profitable 2022, the continued development of Zone II and Zone III and to increase production throughput to 1.5 million tonnes in 2023.

Chairman Mladen Ninkov commented, “In a very, very difficult year and an uncertain Covid-19 environment, the Caijiaying Mine and its people continue to shrug off adversity and produce extraordinary results. The Company is very fortunate to have the quality and fortitude of the people on site and in the Company. With a clear year ahead of us I expect an exceptional operational performance in 2023.”

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 Blyth

SWISS RESOURCE CAPITAL AG        Telephone: +41 (0)71 354 8501

Jochen Staiger

 

RECOMMENCEMENT OF OPERATIONS

RECOMMENCEMENT OF OPERATIONS

4th November 2022

Griffin Mining Limited is pleased to announce the re-commencement of operations at the Caijiaying Mine. Haulage and processing of ore started on 1st November 2022 with the delivery of explosives expected on Sunday 6th November 2022 and the consequential resumption of full production due to take place on Monday, 7th November 2022.

 

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

SWISS RESOURCE CAPITAL AG           Telephone: +41 (0)71 354 8501

Jochen Staiger

 

 

 

Chinese Communist Party’s 20th Congress, Cessation of Explosives Production & Delivery Consequential Production Shutdown

Chinese Communist Party’s 20th Congress

Cessation of Explosives Production & Delivery

Consequential Production Shutdown

 20th September 2022

 

Griffin Mining Limited (“Griffin” or the “Company”) announces, following the press release of the Chinese Politburo on the 30thAugust 2022 that the Plenary Session of the Communist Party Central Committee will begin on the 9th October 2022, followed by the Chinese Communist Party’s 20th Party Congress on the 16th October 2022, that the Ministry of Public Security has commenced the implementation of severe security measures to ensure the safety of those proceedings, including restrictions on the manufacture and supply of explosives in the 4 major Municipalities surrounding the Beijing area, being Zhangjiakou, Cheng De, Tian Jin and Boa Ding.

Consequently, as the Caijiaying Mining is located in the Municipality of Zhangjiakou, explosives can no longer be acquired or delivered to the Caijiaying Mine. The current inventory of explosives has been exhausted, mining and haulage has decreased and processing and milling is expected to cease on Thursday, 22nd September 2022. It is expected that full operations will recommence at the Caijiaying Mine on Tuesday 1st November.

A plenum of the Chinese Communist Party is normally held in October of every year and, as such, the Company plans and budgets for normal disruption to October production. However, this extended period of unavailability of explosives will inevitably have a significant impact on September and October results. Nevertheless, the Caijiaying Mine has increased production over the past quarter at accelerated rates to record levels unseen in the history of the Caijiaying Mine which may offset any prolonged risk to production due to the Congress.

Additional measures in mine planning and resources have been taken to ensure that the record levels of production return quickly after the disruption has concluded with monthly production rates in the approximately 1.5 million tonne range, on an annualised basis, upon resumption.

Chairman Mladen Ninkov commented, “It is an unfortunate consequence of the importance of this year’s Communist Party’s Congress that such strict security measures have been mandated by the Beijing Ministry of Public Security. Nevertheless, the extraordinary efforts of all concerned in reaching a 1.5 million tonne throughput recently, on an annualised basis, from just Zone III, will ensure that the production and financial impact to Griffin will be minimized to the greatest extent possible.”

 

  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                            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

  Alisa MacMaster

Berenberg                               Telephone: +44(0)20 3207 7800

  Matthew Armitt

  Jennifer Wyllie

  Deltir Elezi

Blytheweigh                            Telephone: +44(0)20 7138 3205

  Tim Blythe

Swiss Resource Capital AG                          Telephone: +41(0)71 354 850

   Jochen Staiger

 

Receipt of Dividends from China

Receipt of Dividends  from China

 24th  August 2022

Griffin Mining Ltd (“the “Company” with its subsidiaries “the Group”) is pleased to announce that yesterday, it received into the Group’s bank accounts outside of China, dividends from its operating Chinese subsidiary, Hebei Hua Ao Mining Industry Company Limited, in the amount of Renminbi 104,858,176 (US$15.2 million). The net funds were received in the normal course of business and in normal electronic wire transfer times.

The Company hopes this allays the fears expressed by potential investors concerning the repatriation of funds from China, particularly in light of the recent political and economic commentary generated by this region.

 

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 in China, through its 88.8% owned Joint Venture stock company, 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 www.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

    Ailisa MacMaster

Berenberg                          Telephone: +44(0)20 3207 7800

   Matthew Armitt

   Jennifer Wyllie

   Deltir Elezi

BlytheRay                     Telephone: +44(0)20 7138 3205

   Tim Blythe

Swiss Resource Capital AG                         Telephone: +41 (0)71 354 8501

   Jochen Staiger

 

UNAUDITED INTERIM RESULTS 2022

16th AUGUST 2022

UNAUDITED INTERIM RESULTS

for the six months ended 30th June 2022

Griffin Mining Limited (“Griffin” or the “Company”) has today released its unaudited results for the six months ended 30th June 2022. It should be noted that all operations at the Caijiaying Zinc-Gold Mine were fully suspended for virtually the whole of the first quarter of 2022 due to the mandatory Governmental suspension of operations directive relating to the 2022 Winter Olympics, subsequent Winter Paralympics and the Chinese New Year holidays.

Highlights:

  • Record second quarter zinc production and profitable second quarter.
  • Revenues of $34.7 million (uninterrupted 6 months operations to 30th June 2021: $54.1 million).
  • Gross Profit of $15.5 million (uninterrupted 6 months operations to 30th June 2021: $25.7 million).
  • Profit before tax of $5.4 million (uninterrupted 6 months operations to 30th June 2021: $15.5 million).
  • Profit after tax of $3.0 million (uninterrupted 6 months operations to 30th June 2021: $10.3 million).
  • Basic earnings per share of 1.73 cents (uninterrupted 6 months operations to 30th June 2021: 5.88cents).

Financial and Trading:

The results for the six months to 30th June 2022 were impacted by the suspension of operations at the Caijiaying Zinc Gold Mine imposed by the Chinese authorities in the period during, and leading up to, the Winter Olympics and Paralympics at Chong Li and the Chinese New Year Holidays. From 1st January 2022 to 23rd March 2022 no stoping or underground development work was undertaken with processing not restarting until 25th March 2022.

Whilst minimal ore was mined and processed in the first quarter of 2022, the second quarter to 30th June 2022 saw the successful recommencement of operations with record ore mined, hauled and processed resulting in record zinc metal in concentrate production for a quarter since operations began at Caijiaying in June 2005.

Mining and processing have now reached the equivalent of over 1.3 million tonnes of ore per annum, all of which has been extracted from Zone III. Zone II has not yet been placed into production.

 

To read the full Interim Results, please click here.

Annual General Meeting

Annual General Meeting

 15th July 2022

The Board of Griffin Mining Ltd (“the Company”) is pleased to announce that all the resolutions put to the shareholders of the Company at the Annual General Meeting held today were duly passed.

 

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 in China, through its 88.8% owned Joint Venture stock company, 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 www.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

        Ailisa MacMaster

Berenberg                              Telephone: +44(0)20 3207 7800

        Matthew Armitt

       Jennifer Wyllie

       Deltir Elezi

BlytheRay                    Telephone: +44(0)20 7138 3205

       Tim Blythe

Swiss Resource Capital AG                    Telephone: +41 (0)71 354 8501

       Jochen Staiger

CORRECTION TO RECORD SECOND QUARTER PRODUCTION ANNOUNCEMENT

The following amendments have been made to the ‘Record Second Quarter Production’ announcement released on 07.07.2022 at 07.00 under RNS No 5884R.

 Further to the announcement this morning Griffin Mining Limited (“Griffin” or the “Company”) announces that the gold price received per ounce and lead price per tonne for the 3 months to June 2022 should have read $2,323 and $1,788 respectively.

All other details remain unchanged.

The full amended text is shown below.

 

CORRECTION TO RECORD SECOND QUARTER PRODUCTION ANNOUNCEMENT

 Zone II Mine Plan Approval Update

 7th  July 2022

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce record production results for the three months to the 30th June 2022, achieved after the successful recommencement of operations following the enforced suspension of all operations in the first quarter of this year for the Chinese Lunar New Year holiday celebrations, the 2022 Winter Olympics and the subsequent Winter Paralympics.

    3 months to 30th  June 2022 3 months to 31stMarch 2022 3 months to 30th June 2021
Ore mined Tonnes 338,790 17,975 277,112
Ore processed Tonnes 329,390 8,649 275,576
Zinc in concentrate Produced Tonnes 13,189 268 11,645
Gold in concentrate produced Ozs 3,504 1,474 4,080
Silver in concentrate produced Ozs 79,246 168 81,098
Lead in concentrate produced Tonnes 345 7 327
Average zinc price received per tonne USD 2,886 2,224
Average gold price received per oz USD 1,788 1,684
Average silver price received per oz USD 18.1 20.4
Average lead price received per tonne USD 2,323 2,026

Overview

Record ore mined, hauled and processed and record zinc metal in concentrate produced was achieved in the second quarter of 2022 at the annualised equivalent rate of circa 1.3 million tonnes of ore mined and processed.

Whilst Covid-19 restrictions remained in force throughout China, the sale and transport of metal in concentrate, services and supplies to the Caijiaying Mine have continued with minimal impact to operations.

Mining and processing have now reached the equivalent of over 1.3 million tonnes of ore per annum, all of which has been extracted from Zone III. Zone II not yet been placed into production.

Zone II Mine Plan Approval

The Zone II Safety Facility Design (the “Mine Plan”) was completed for the mineral resources located in the upper part of Zone II between the 1420RL and 1340RL by the Company, in conjunction with the industry-leading Chinese design institute ENFI, in accordance with the guidance issued by the Hebei Provincial Emergency Response Bureau (the “Bureau”), and was submitted to the Bureau in June 2022 to allow for the commencement of Zone II development in July 2022.

The recent meeting of the Bureau to consider the Mine Plan interpreted the 4th Recommendation of the National Mine Safety Bureau to include a detailed design for all of Zone II to the 1000RL and the installation of all safety facility designs and access to the 1000RL, greatly expanding the scope of the project.

Consequently, the Company immediately began an expansion of its current Mine Plan to extend it to the 1000RL to accommodate the Bureau’s ruling. The new revised Mine Plan will be reconsidered by the Bureau at the end of September should there be no additional travel restrictions imposed due the COVID-19 pandemic.

Although this is a material change in the scope of works for Zone II and is estimated to delay the Zone II Mine Plan approval by 3 months, this is more than offset by the opportunity to have the entire resource contained within Zone II included within an approved Mine Plan allowing advanced access for diamond definition drilling ensuring the long-term security of production without the continual need for ongoing approvals.

It is not expected to affect  throughput for 2022 or 2023.

Chairman Mladen Ninkov commented, “I would firstly like to congratulate all the staff and contractors who have delivered such an extraordinary second quarter result for the Company.  It augurs well for the remainder of the year ahead and for 2023. Secondly, in the terms of the Mine Plan delay, what at first seemed like a dark cloud and yet another delay on a licencing matter in China, having not forgotten the long delays experienced in obtaining the Zone II mining licence, has in fact delivered the figurative silver lining with the Company now being able to obtain the Mine Plan approval for the total known mineral resource on all levels of Zone II. This is quite a win for the Company. I look forward to further announcements as the year progresses.”

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                          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

Ailsa MacMaster

Berenberg                     Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Wyllie

Deltir Elezi

BlytheRay                 Telephone: +44(0)20 7138 3205

Tim Blythe

Swiss Resource Capital AG                 Telephone: +41 (0)71 354 8501

Jochen Staiger

RECORD SECOND QUARTER PRODUCTION

Record Second Quarter Production

 Zone II Mine Plan Approval Update

  7th  July 2022

 

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce record production results for the three months to the 30th June 2022, achieved after the successful recommencement of operations following the enforced suspension of all operations in the first quarter of this year for the Chinese Lunar New Year holiday celebrations, the 2022 Winter Olympics and the subsequent Winter Paralympics.

3 months to 30th  June 2022 3 months to 31stMarch 2022 3 months to 30th June 2021
Ore mined Tonnes 338,790 17,975 277,112
Ore processed Tonnes 329,390 8,649 275,576
Zinc in concentrate Produced Tonnes 13,189 268 11,645
Gold in concentrate produced Ozs 3,504 1,474 4,080
Silver in concentrate produced Ozs 79,246 168 81,098
Lead in concentrate produced Tonnes 345 7 327
Average zinc price received per tonne USD 2,886 2,224
Average gold price received per oz USD 2,323 1,684
Average silver price received per oz USD 18.1 20.4
Average lead price received per tonne USD 1,788 2,026

Overview

Record ore mined, hauled and processed and record zinc metal in concentrate produced was achieved in the second quarter of 2022 at the annualised equivalent rate of circa 1.3 million tonnes of ore mined and processed.

Whilst Covid-19 restrictions remained in force throughout China, the sale and transport of metal in concentrate, services and supplies to the Caijiaying Mine have continued with minimal impact to operations.

Mining and processing have now reached the equivalent of over 1.3 million tonnes of ore per annum, all of which has been extracted from Zone III. Zone II not yet been placed into production.

Zone II Mine Plan Approval

The Zone II Safety Facility Design (the “Mine Plan”) was completed for the mineral resources located in the upper part of Zone II between the 1420RL and 1340RL by the Company, in conjunction with the industry-leading Chinese design institute ENFI, in accordance with the guidance issued by the Hebei Provincial Emergency Response Bureau (the “Bureau”), and was submitted to the Bureau in June 2022 to allow for the commencement of Zone II development in July 2022.

The recent meeting of the Bureau to consider the Mine Plan interpreted the 4th Recommendation of the National Mine Safety Bureau to include a detailed design for all of Zone II to the 1000RL and the installation of all safety facility designs and access to the 1000RL, greatly expanding the scope of the project.

Consequently, the Company immediately began an expansion of its current Mine Plan to extend it to the 1000RL to accommodate the Bureau’s ruling. The new revised Mine Plan will be reconsidered by the Bureau at the end of September should there be no additional travel restrictions imposed due the COVID-19 pandemic.

Although this is a material change in the scope of works for Zone II and is estimated to delay the Zone II Mine Plan approval by 3 months, this is more than offset by the opportunity to have the entire resource contained within Zone II included within an approved Mine Plan allowing advanced access for diamond definition drilling ensuring the long-term security of production without the continual need for ongoing approvals.

It is not expected to affect  throughput for 2022 or 2023.

Chairman Mladen Ninkov commented, “I would firstly like to congratulate all the staff and contractors who have delivered such an extraordinary second quarter result for the Company.  It augurs well for the remainder of the year ahead and for 2023. Secondly, in the terms of the Mine Plan delay, what at first seemed like a dark cloud and yet another delay on a licencing matter in China, having not forgotten the long delays experienced in obtaining the Zone II mining licence, has in fact delivered the figurative silver lining with the Company now being able to obtain the Mine Plan approval for the total known mineral resource on all levels of Zone II. This is quite a win for the Company. I look forward to further announcements as the year progresses.”

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                             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

Ailsa MacMaster

Berenberg                          Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Wyllie

Deltir Elezi

BlytheRay                      Telephone: +44(0)20 7138 3205

Tim Blythe

Swiss Resource Capital AG                              Telephone: +41 (0)71 354 8501

Jochen Staiger

Annual General Meeting

Annual General Meeting

 17th June 2022

Notice of the thirty fifth Annual General Meeting of Griffin Mining Limited to be held at Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda on Friday 15th July 2022 at 11.00 am local time (3.00 pm BST) has been sent to shareholders and is available, on the Company’s web site www.griffinmining.com.

 

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 in China, through its 88.8% owned Joint Venture stock company, 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 www.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

    Ailisa MacMaster

Berenberg                          Telephone: +44(0)20 3207 7800

    Matthew Armitt

    Jennifer Wyllie

    Deltir Elezi

BlytheRay             Telephone: +44(0)20 7138 3205

     Tim Blythe

Swiss Resource Capital AG                  Telephone: +41 (0)71 354 8501

   Jochen Staiger