NEWS

APPOINTMENT OF NOMINATED ADVISER AND BROKER

Appointment of Nominated Adviser and Broker

 11th September 2020.

 

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce the appointment of Panmure Gordon (UK) Limited as its Nominated Adviser and Joint Corporate Broker and Joh. Berenberg, Gossler & Co. KG also as its Joint Corporate Broker with immediate effect following the Company’s former Nominated Adviser’s decision to exit the natural resources sector.

 

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

Dominic Morley

 

Berenberg                                                                Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Wyllie

Deltir Elezi

 

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

UNAUDITED INTERIM RESULTS

UNAUDITED INTERIM RESULTS

for the six months ended 30th June 2020

Griffin Mining Limited (“Griffin” or “the Company”) has today released its unaudited results for the six months ended 30th June 2020.

Highlights:

  • Revenues of $21.3 million (30th June 2019 – $38.6 million)
  • Gross Profit of $4.2 million (30th June 2019 – $15.9 million)
  • Profit (Loss) before tax of ($3.0 million) (30th June 2019 – Profit $6.3 million)
  • Profit (Loss) after tax of ($3.8 million) (30th June 2019 – Profit $4.1 million)
  • Profit (Loss) per share of (2.22 cents) (30th June 2019 – Basic earnings per share 2.36 cents)

Financial and Trading:

The first six months of 2020 were impacted by the suspension in operations at Caijiaying imposed by the Chinese authorities for a month in late January / February and subsequent travel restrictions with consequent difficulties in returning mining personnel to Caijiaying resulting in reduced stoping and delayed development work.  Tonnes mined were down 23.4% in the first six months of 2020 compared with that achieved in the first six months of 2019 with a knock on effect on ore hauled and processed, with tonnes of ore processed down 25.2% on that achieved in the first six months of 2019.  Profitability was further impacted by lower zinc prices received which were 18.0% less than that realised in the first six months of 2019.  As a result of the foregoing, zinc metal in concentrate sales were down $10,151,000 on that recorded in the first six months of 2019 directly impacting profits. Gold production was also impacted by the suspension in operations and delays in accessing higher grade gold ore bodies.

In the six months to 30th June 2020, 323,536 tonnes (30th June 2019 – 432,592 tonnes) of ore were processed to produce:

  • 13,448 tonnes of zinc (30th June 2019 – 16,692 tonnes);
  • 631 tonnes of lead (30th June 2019 – 494 tonnes);
  • 110,832 ounces of silver (30th June 2019 – 141,306 ounces); and
  • 2,418 ounces of gold (30th June 2019 – 9,099 ounces).

Zinc revenues before royalties and resource taxes in the six months to 30th June 2020 were $17,008,000 (30th June 2019 – $27,159,000) with 13,046 tonnes of zinc metal in concentrate sold (30th June 2019 – 17,072 tonnes).   Lead and precious metals revenues were $5,279,000 (30th June 2019 – $13,036,000) with less gold in concentrate sold.

During the six months to 30th June 2020:

  • 314,690 tonnes of ore were mined (30th June 2019 – 410,819 tonnes);
  • 321,514 tonnes of ore were hauled (30th June 2019 – 426,070 tonnes); and
  • 323,536 tonnes of ore were processed (30th June 2019 – 432,592 tonnes).

Costs of sales (mining, haulage and processing costs) of $17,153,000 in the first six months of 2020 were down 24.3% on that incurred in the six months to 30th June 2019 of $23,336,000. This reflects reduced activity during the suspension in operations and subsequent travel restrictions imposed by the Chinese authorities, together with consequent cost control by management.

Net operating expenses (including those of the Caijiaying site) fell 27.6% from $9,955,000 in the first six months of 2019 to $7,204,000 in 2020. This includes fees to the Group’s Chinese partners of $831,000 (2019 $1,820,000), equivalent to their minimum equity interest in Hebei Hua Ao’s profits. Again the reduction in other operating expenses reflects reduced activity and cost control by management.

Losses per share were 2.22 cents (30th June 2019: Basic earnings 2.36 cents).  At 30th June 2020, attributable net assets per share amounted to 121 cents (30th June 2019: 124 cents).

Cash flows from operations in the period have been directed at paying down outstanding creditors and further development of the Caijiaying Mine.

Chairman’s Statement

Chairman Mladen Ninkov commented, “On first glance, the first 6 month’s results seem disappointing but a closer inspection reveals a solid result in the face of the COVID-19 shutdown in operations, the subsequent restrictions imposed by all relevant governments on travel to and from China and the continuing low zinc prices and higher treatment charges. All of these issues resulted in, most importantly, reduced tonnes mined meaning less metal produced, particularly gold. A slow first half of any year is not unusual for Griffin and we expect a stronger and more robust performance in the second half of 2020 as we return to a normal operating environment. It is superfluous to add, we eagerly await the issue of our new mining licence.”

Further information

Griffin Mining Limited

Mladen Ninkov – Chairman                                     Telephone: +44(0)20 7629 7772

Roger Goodwin – Finance Director

 

Numis Securities Limited

Paul Gillam                                                      Telephone: +44(0)20 7260 1000

 

To view the full report, please click here.

2019 RESULTS ANNUAL REPORT & ACCOUNTS

2019 RESULTS

ANNUAL REPORT & ACCOUNTS

17th June 2020

 

Griffin Mining Limited (“Griffin” or the “Company”) has today published its annual report and financial statements for the year ended 31 December 2019 which are available on the Company’s web site wwww.griffinmining.com. The release of these were delayed by travel restrictions within and to China imposed by authorities to contain the Coronavirus pandemic preventing Company personnel and the auditors completing their work at Caijiaying.

 

To view the full annual report please click here.

2019 RESULTS ANNUAL REPORT & ACCOUNTS

2019 Results 

Annual Report & Accounts

8th June 2020

 

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce that it expects to release its annual report and financial statements for the year ended 31st December 2019 by 30th June 2020, which is later than in previous years, due to the COVID-19pandemic restricting travel to China for foreign professional staff including auditors. This has had no impact on the operations at the Caijiaying Mine which have been at full production since mid-March 2020.

 

Further information

Griffin Mining Limited:                                                             Telephone: +44 (0)20 76290 7772

Mladen Ninkov  –   Chairman

Roger Goodwin  –  Finance Director

 

Numis Securities Limited:                                                        Telephone: +44 (0)20 7260 1000

             John Prior

            Alamgir Ahmed

 

DIRECTOR’S SHARE DEALING

DIRECTOR’S SHARE DEALING

24th March 2020

 

Griffin Mining Limited (“Griffin”) has been advised that Trellus Co. LLC in which Mr Adam Usdan, a non-executive director of Griffin, has an interest, purchased on 23rd March 2020 a further 100,000 ordinary shares in Griffin at a price of 32.25p pence per share. Following this purchase Mr. Adam Usdan, through both direct and indirect interests, has a beneficial interest in 33,412,890 shares in Griffin, representing 19.2% of the Company’s issued share capital.

 

To see the full announcement of the Director’s Share Dealing, please click here.

DIRECTOR’S SHARE DEALING

DIRECTOR’S SHARE DEALING
23rd March 2020 

Griffin Mining Limited (“Griffin”) has been advised that Trellus Co. LLC in which Mr Adam Usdan, a non-executive director of Griffin, has an interest, purchased on 20th March 2020 a further 20,000 ordinary shares in Griffin at a price of 35p pence per share. Following this purchase Mr. Adam Usdan, through both direct and indirect interests, has a beneficial interest in 33,312,890 shares in Griffin, representing 19.2% of the Company’s issued share capital.

 

To see the full announcement of the Director’s Share Dealing, please click here.

DIRECTOR’S SHARE DEALING

DIRECTOR’S SHARE DEALING

20th March 2020

Griffin Mining Limited (“Griffin”) has been advised that Trellus Co. LLC in which Mr Adam Usdan, a non-executive director of Griffin, has an interest, purchased on 23rd March 2020 a further 100,000 ordinary shares in Griffin at a price of 32.25p pence per share. Following this purchase Mr. Adam Usdan, through both direct and indirect interests, has a beneficial interest in 33,412,890 shares in Griffin, representing 19.2% of the Company’s issued share capital.

 

To see the full announcement of the Directors ‘ Share Dealing, please click here.

 

 

OPERATIONAL UPDATE RE: CORONAVIRUS RECOMMENCEMENT OF OPERATIONS

Operational Update Re: Coronavirus

Recommencement of Operations

 13th March 2020

 

Further to the announcements made by Griffin Mining Limited (“Griffin” or the “Company”) on the 29th January 2020, 5thFebruary 2020 , 13th February 2020 and 24th February 2020, the Company is pleased to report that it’s Caijiaying Zinc-Gold Mine (“Caijiaying Mine”) has been steadily increasing the level of operations such that underground mining has reached 100%, and processing operations 75%, of planned output.  Ore stockpiles from underground mining have been steadily increasing at surface.

There are currently 4,075 tonnes of zinc concentrate and 497 tonnes of gold/lead concentrate in storage at the Caijiaying Mine with sales planned to occur over the coming week.  Delivery of consumables, re-agents and spares necessary to safely and efficiently run operations have returned to normal.

The County and City Governments have been very supportive of the resumption of operations at the Caijiaying Mine, which has included the free provision of dedicated bus services and COVID-19 testing for employees and contractors returning to the Caijiaying Mine from outside Hebei Province.  Griffin continues to work closely with theses government authorities.  To date, no reportable COVID-19 cases have been reported at the Caijiaying Mine or the surrounding area and the Company remains in full compliance with the measures mandated by the central Chinese regulatory authorities to limit the potential transmission of COVID-19.

 

Further information

Griffin Mining Limited:

Mladen Ninkov               (Chairman)

Roger Goodwin               (Finance Director & Company Secretary)       Telephone: +44 (0)20 7629 7772

Numis Securities Limited:

John Prior                                   Telephone: +44 (0)20 7260 1000

Alamgir Ahmed