REG - Griffin Mining Ltd - FIRST QUARTER PRODUCTION 2025

Griffin MiningAnnouncement

17/04/2025 07:00

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RNS Number : 3405F  Griffin Mining Limited  17 April 2025

 

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: griffin@griffinmining.com (mailto:griffin@griffinmining.com)

 

17(th)  April 2025

 

First Quarter Production 2025

 

Griffin Mining Limited ("Griffin" or the "Company") announces its production
results from the Caijiaying Zinc-Gold Mine for the three months ended 31 March
2025.

 

                                                3 months to 31 March 2025  3 months to 31 December 2024  3 months to 31 March 2024
 Ore mined                              Tonnes  223,745                    43,918                        335,234
 Ore processed                          Tonnes  241,344                    36,310                        327,529
 Zinc in concentrate produced           Tonnes  6,552                      1,399                         11,423
 Gold in concentrate produced           Ozs     2,433                      731                           5,270
 Silver in concentrate produced         Ozs     43,618                     15,640                        72,026
 Lead in concentrate produced           Tonnes  251                        97                            277
 Average zinc price received per tonne  USD     2,278                      2,663                         2,091
 Average gold price received per oz     USD     2,740                      2,519                         2,026
 Average silver price received per oz   USD     26.9                       26.8                          20.1
 Average lead price received per tonne  USD     2,634                      2,554                         2,868

 

Overview

The fatality of a Caijiaying mining contractor's employee in October 2024,
which caused the suspension of operations at the Caijiaying Mine for most of
the last quarter of 2024 before operations recommenced on 1 January 2025, not
only impacted operational results in 2024, but had flow on effects into the
first quarter of 2025, and in particular, January and February 2025. The total
closure of all underground workings during the last quarter of 2024 prevented
any underground access for drive and stope development leading to a lack of
available ore for mining in the first quarter of 2025.

 

In addition, first quarter production at the Caijiaying Mine was impacted by
the Chinese Lunar New Year and Spring Festival holidays causing disruption to
operations by lack of certain administrative approvals due to government
department shutdowns and the travel of staff and contractors to their home
Provinces, towns and villages throughout the period. The slower activity
period was utilized by scheduling mine and processing plant maintenance.

 

Since early March, there has been an increase in ore mined, ore processed and
higher ore grades such that the Company expects ore mined and processed will
be able to achieve the equivalent annualised rate of 1.5 million tonnes of ore
per annum in the remainder of 2025.

 

Mladen Ninkov, Chairman, commented:

 

"The death of one of our mining contractor's employees was not only a tragic
human event, but also a significant negative impact to our operations in late
2024 and into early 2025. We hope this is the last of the "black swan" events
for the foreseeable future and that the Company can resume normal operations
at its normalised throughput and production results. I still believe 2025 will
be a watershed year for both the Company and the shareholders. We await what
the year will bring."

 

 

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

             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 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

 

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