REG - Griffin Mining Ltd - FOURTH QUARTER & FULL YEAR PRODUCTION 2023

Griffin MiningAnnouncement

18/01/2024 12:45

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RNS Number : 1856A  Griffin Mining Limited  18 January 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: griffin@griffinmining.com (mailto:griffin@griffinmining.com)

 

18(th) January 2024

The following amendment has been made to the 'fourth quarter & full year
production 2023' announcement released on 17(th) January 2023 at 7.00 am under
RNS No 8681Z

The quarterly results for the 3 months to 31 March 2023 included data from
September 2022 in error, and the ore and metal in concentrate numbers in the
results for the quarter ended 31 December 2023 contained errors. Both have
been amended below. The annual results remain as previously announced.

                                                3 months to 31 December 2023  3 months to 30 September 2023  3 months to 30 June 2023  3 months to 31 March 2023
 Ore mined                              Tonnes  419,732                       363,406                        366,762                   355,742
 Ore processed                          Tonnes  408,029                       367,024                        372,804                   366,120
 Zinc in concentrate Produced           Tonnes  15,999                        12,839                         14,130                    13,965
 Gold in concentrate produced           Ozs     5,122                         3,950                          3,237                     4,743
 Silver in concentrate produced         Ozs     93,352                        69,707                         82,829                    68,779
 Lead in concentrate produced           Tonnes  421                           284                            468                       230
 Average zinc price received per tonne  USD     1,956                         1,782                          1,862                     2,029
 Average gold price received per oz     USD     1,945                         1,900                          1,851                     1,789
 Average silver price received per oz   USD     20.4                          19.3                           19.3                      17.7
 Average lead price received per tonne  USD     2,743                         2,514                          2,251                     2,407

All other details, including the annual results, remain the same.

The full amended announcement is shown below.

 

Fourth Quarter & Full Year Production 2023

 

Record Production

 

Ore Mined up 76.6% to 1,505,642 tonnes

Ore Processed up 82.1% to 1,513,977 tonnes

 

Zinc production up 79.1%

Gold production up 68.2%

Silver production up 40.1%

Lead production up 64.5%

 

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 2023.

 

                                                3 months to 31 December 2023  3 months to 30 September 2023  3 months to 30 June 2023  3 months to 31 March 2023
 Ore mined                              Tonnes  419,732                       363,406                        366,762                   355,742
 Ore processed                          Tonnes  408,029                       367,024                        372,804                   366,120
 Zinc in concentrate Produced           Tonnes  15,999                        12,839                         14,130                    13,965
 Gold in concentrate produced           Ozs     5,122                         3,950                          3,237                     4,743
 Silver in concentrate produced         Ozs     93,352                        69,707                         82,829                    68,779
 Lead in concentrate produced           Tonnes  421                           284                            468                       230
 Average zinc price received per tonne  USD     1,956                         1,782                          1,862                     2,029
 Average gold price received per oz     USD     1,945                         1,900                          1,851                     1,789
 Average silver price received per oz   USD     20.4                          19.3                           19.3                      17.7
 Average lead price received per tonne  USD     2,743                         2,514                          2,251                     2,407

 

 

                                                Year to            Year to

                                                31 December 2023   31 December 2022
 Ore mined                              Tonnes  1,505,642          852,579
 Ore processed                          Tonnes  1,513,977          831,549
 Zinc in concentrate Produced           Tonnes  56,933             31,787
 Gold in concentrate produced           Ozs     17,052             10,137
 Silver in concentrate produced         Ozs     314,667            224,587
 Lead in concentrate produced           Tonnes  1,546              940
 Average zinc price received per tonne  USD     1,931              2,513
 Average gold price received per oz     USD     1,952              1,814
 Average silver price received per oz   USD     20.1               17.9
 Average lead price received per tonne  USD     2,536              2,216

 

Overview

Record production was achieved in 2023 at the Caijiaying Zinc Gold Mine with
ore mined up 76.6%  to 1,505,642 tonnes on that in 2022 and ore processed up
82.1%  to 1,513,977 tonnes on that in 2022, resulting in:

 

·    Zinc metal concentrate production was up 25,146 tonnes (79.1%) on
that achieved in 2022;

·    Gold in concentrate production up 6,915 ozs (68.2%) on that achieved
in 2022;

·    Silver in concentrate production up 90,080 ozs (40.1%) on that
achieved in 2022; and

·    Lead  in concentrate production up 606 tonnes (64.5%) on that
achieved in 2022.

 

Market prices for zinc have stabilised of late, however, smelter treatment
charges and transport costs have fallen as Chinese smelters seek clean local
concentrate resulting in average zinc prices received up $174 per tonne (9.8%)
in the last quarter of 2023.  Prices for precious metals and lead have
continued to rise in the last quarter of 2023 with gold prices received up $45
per oz (2.4%) in the last quarter of 2023, and silver prices received up $1.1
per oz (5.7%) in the last quarter of 2023.

 

 

Mladen Ninkov, Chairman, commented:

 

"Spectacular. That is the only word that can adequately describe what has been
achieved by the management and staff of the Company in 2023, as reflected in
the production results published today. To say that I am humbled and proud of
what has been achieved would be an understatement. From a Company that has
only ever raised net capital of under $30 million and no debt in its 26 year
history to now have a world class, modern, underground mine, producing over
1.5 million tonnes of ore per year is an extraordinary and, frankly, unheard
of, achievement in the mining industry. Congratulations to everyone, living
and departed, who made this possible and refused to be governed by the
accepted wisdom that this could not be accomplished in China"

 

 

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

             Dominic Morley

             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

 

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