REG - Griffin Mining Ltd - Trading Statement

Griffin MiningAnnouncement

10/07/2024 07:00

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RNS Number : 7568V  Griffin Mining Limited  10 July 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)

 

RECORD SECOND QUARTER THROUGHPUT & GOLD PRODUCTION

 

10(th)  July 2024

 

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce
record quarterly production results for the three months to the 30(th) June
2024.

 

                                                3 months to 30(th)  June 2024   3 months to 31(st) March 2024  3 months to 30(th)  June 2023
 Ore mined                              Tonnes  429,448                         335,234                        366,762
 Ore processed                          Tonnes  408,481                         327,529                        372,804
 Zinc in concentrate Produced           Tonnes  14,779                          11,423                         14,130
 Gold in concentrate produced           Ozs     6,037                           5,270                          3,237
 Silver in concentrate produced         Ozs     92,755                          72,026                         82,829
 Lead in concentrate produced           Tonnes  454                             277                            468
 Average zinc price received per tonne  USD     2,525                           2,091                          1,916
 Average gold price received per oz     USD     2,293                           2,026                          1,841
 Average silver price received per oz   USD     25.7                            20.1                           18.9
 Average lead price received per tonne  USD     2,924                           2,868                          2,276

 

 

Overview

Record amounts of ore were mined and processed at the Caijiaying Mine in the
quarter ended 30(th) June 2024 with throughput increasing 9.5% from that
achieved in the second quarter of 2023, producing record quarterly production
of gold in concentrate enabling Griffin to enjoy record gold prices.

·     Zinc metal concentrate production was up 649 tonnes (4.6%) on that
achieved in the second quarter 2023;

·    Gold in concentrate production was up 2,800 ozs (86.5%) on that
achieved in in the second quarter 2023;

·    Silver in concentrate production was up 9,926 ozs (3.0%) on that
achieved in in the second quarter 2023; and

·    Lead  in concentrate production was down 14 tonnes (20.4%) on that
achieved in in the second quarter 2023.

 

The Caijiaying Mine remains on target to mine and process circa 1.5 million
tonnes of ore per annum.

Good progress is being made to bring Zone II at the Caijiaying Mine into
production in 2025 with ongoing development work to access and operate Zone II
with continuing construction of underground drives, a new Third Portal and
decline and construction of the new South Ventilation Shaft .

 

Chairman Mladen Ninkov commented,

 

"Yet another superb result. What more needs to be said?"

 

 

 

Change of Name of Nominated Adviser

 

The Company announces that its Nominated Adviser and Broker has changed its
name to Panmure Liberum Limited following completion of its corporate merger.

 

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 Liberum Limited - Nominated Adviser & Joint Broker

 

Telephone: +44 (0)20 7886 2500

 

             Kieron Hodgson

             James Sinclair-Ford

             Dougie McLeod

 

Berenberg  - Joint Broker

 

Telephone: +44(0)20 3207 7800

 

            Matthew Armitt

 

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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