REG - Griffin Mining Ltd - UNAUDITED INTERIM RESULTS
Tue 07:00
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RNS Number : 4899Y Griffin Mining Limited 09 September 2025
8(th) Floor, 54 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)
9(th) September 2025
UNAUDITED INTERIM RESULTS
for the six months ended 30(th) June 2025
Griffin Mining Limited ("Griffin" or the "Company") today released its
unaudited results for the six months ended 30th June 2025.
Summary:
1(st) Qtr ($000s) 2(nd) Qtr ($000s) 6mth
($000s)
Revenue 20,414 43,296 63,710
Gross profit 3,862 21,200 25,062
Profit/(loss) before tax (1,215) 15,463 14,248
Profit/(loss) after tax (1,466) 10,250 8,784
Basic earnings per share - - $0.0475
Financial and Trading:
The first 6 months of 2025 was dominated by the recovery in production in the
second quarter of 2025 to the normal operational rate of circa 1.5 million
tonnes of ore per annum. First quarter production was severely impacted by the
repercussions of the total suspension of all underground development and
operations in the last quarter of 2024. This included suspended underground
capital development to access ore which prevented full production rates and
the consequent negative flow-on effects into the first quarter of 2025.
Future Quarterly Production Results
In light of the variable nature of the quarterly results of the Company due to
the lengthy Chinese New Year holiday period and the twice yearly suspension of
operations due to Central Government Congresses and Committee meetings, the
Company believes its half yearly and annual results give a more balanced
view of production. Accordingly, Griffin will no longer publish quarterly
trading results, with the next scheduled financial results being the Company's
results to 31 December 2025.
Quarterly results may be summarised as follows:
Condensed Consolidated Income Statement
(expressed in thousands US dollars)
3 months to 3 months to 6 months to 6 months to
31/03/2025 30/06/2025 30/06/2025 30/06/2024
Unaudited Unaudited Unaudited Unaudited
$000 $000 $000 $000
Revenue 20,414 43,296 63,710 85,746
Cost of sales (16,552) (22,096) (38,648) (47,288)
Gross profit 3,862 21,200 25,062 38,458
Administration expenses (5,553) (5,926) (11,479) (18,804)
Profit / (loss) from operations (1,691) 15,274 13,583 19,654
Losses on disposal of equipment (9) (158) (167) (82)
Foreign exchange losses (11) (8) (19) (40)
Finance income 445 381 826 826
Finance costs (8) (80) (88) (73)
Other income 59 54 113 188
Profit / (loss) before tax (1,215) 15,463 14,248 20,473
Income tax expense (251) (5,213) (5,464) (9,177)
Profit / (loss) for the period (1,466) 10,250 8,784 11,296
3 months to 31 March 2025 3 months to 30 June 2025 6 months to 30 June 2025 6 months to 30 June 2024
Ore mined (Tonnes) 223,745 358,938 582,683 764,683
Ore processed (Tonnes) 241,344 347,508 588,852 736,010
Zinc in concentrate Produced (Tonnes) 6,552 10,541 17,093 26,202
Gold in concentrate produced (Ozs) 2,433 6,270 8,703 11,307
Silver in concentrate produced (Ozs) 43,618 119,602 163,220 164,781
Lead in concentrate produced (Tonnes) 251 457 708 731
Average zinc price received per tonne $ 2,278 2,114 2,197 2,307
Average gold price received per oz $ 2,740 3,156 3,074 2,154
Average silver price received per oz $ 26.9 28.3 28.2 23.2
Average lead price received per tonne $ 2,634 3,071.3 2,945 2,866
During the six months to 30(th) June 2025:
- 16,447 tonnes of zinc metal in concentrate were sold (30(th) June
2024: 25,653 tonnes);
- 8,216 ozs of gold in concentrate were sold (30(th) June 2024: 11,257
ozs);
- 148,466 ozs of silver in concentrate were sold (30(th) June 2024:
162,202 ozs); and
- 651 tonnes of lead in concentrate were sold (30(th) June 2024 :714
tonnes).
With historically high gold prices, precious metals revenues amounted to 46.5%
of gross revenues before royalties in the six months to 30 June 2025.
Revenue decreased by 25.7% from $85,746,000 in the first half of 2024 to
$63,710,000 in the first half of 2025, reflecting lower metal in concentrate
produced. Lower zinc metal prices received, resulted in zinc revenues down
40.4% on that in the first half of 2024. Lead and precious metal revenues were
up 1.8% with Griffin benefiting from higher precious metal prices received
Average metal prices received in the first half year were:
30 June 30 June
2025 2024
$ $
Zinc per tonne 2,171 2,338
Gold per oz 3,038 2,183
Silver per oz 27.9 23.5
Lead per tonne 2,910 2,904
Costs of sales (mining, haulage and processing costs) have decreased by 18.2%
in the first half of 2025 from that in the first half of 2024, reflecting a
19.9% reduction in throughput with fixed costs restricting cost reductions.
Administration costs, excluding the Chinese partners interests and share based
incentive charges, decreased by 19.0% from $13,071,000 in the first half of
2024 to $9,718,000 in the first half of 2025. No share based incentive
charges were made in the first half of 2025 compared with $2,149,000 in the
first half of 2024. $1,761,000 (30(th) June 2024: $2,954,000) has been
provided for the Chinese partners service fees based upon Hebei Hua Ao's
profits.
Griffin benefited from interest received of $826,000 in the first half of 2025
(2024: $826,000) reflecting lower interest rates with bank deposits rising
from $48,758,000 at 31(st) December 2024 to $69,651,000 at 30(th) June 2025.
Mine development and other capital expenditure of $13,801,000 was incurred in
the first half of 2025 (30(th) June 2024: $10,628,000) primarily on the
ongoing development of the Zone II area and associated plant and equipment at
Caijiaying expected to brought into production in 2025.
The tax charge of $5,463,000 (2024: $9,177,000) is disproportionally large
compared with pre-tax profits of $14,248,000 as the tax charge primarily
arises on Hebei Hua Ao's profit determined under Chinese Generally accepted
Accounting Principles ("GAAP") in the first half of the year, at a rate of
25%. Accordingly, costs incurred outside China are not tax deductible.
Chairman's Statement
Chairman Mladen Ninkov commented, "As the results clearly show, the complete
shutdown of operations in the last quarter of 2024, including the barring of
all underground access, impacted operations in the first quarter of 2025 with
underground capital development needing to be undertaken prior to mining and
production recommencing. Operations fully recovered by the second quarter of
2025 with the above stated outstanding results. It is a credit to the staff at
the Caijiaying Mine and the quality of the orebody that the Company has
returned to "business as usual."
With Zone II infrastructure development almost completed, we eagerly await the
commissioning of operations and the extraction of ore from Zone II in the last
quarter of this year. This will be another milestone in the life and
production profile of the Caijiaying Mine."
Further information
Griffin Mining Limited
Mladen Ninkov -
Chairman
Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Panmure Liberum Limited - Nominated Adviser & Joint
Broker Telephone:
+44 (0)20 7886 2500
James Sinclair-Ford
Zak Wadud
Berenberg - Joint Broker
Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Lee
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014
Griffin Mining Limited's shares are quoted on the Alternative Investment
Market (AIM) of the London Stock Exchange (symbol GFM).
The Company's news releases are available on the Company's web site:
www.griffinmining.com (http://www.griffinmining.com/)
Griffin Mining Limited
Condensed Consolidated Income Statement
(expressed in thousands US dollars)
6 months to 6 months to Year to
30/06/2025 30/06/2024 31/12/2024
Unaudited Unaudited Audited
$000 $000 $000
Revenue 63,710 85,746 135,128
Cost of sales (38,648) (47,288) (83,877)
Gross profit 25,062 38,458 51,251
Administration expenses (11,479) (18,804) (33,963)
Profit from operations 13,583 19,654 17,288
Impairment of exploration interest - - (599)
Losses on disposal of equipment (167) (82) (1,108)
Foreign exchange (losses) (19) (40) (186)
Finance income 826 826 2,018
Finance costs (88) (73) (37)
Other income 113 188 527
Profit before tax 14,248 20,473 17,903
Income tax expense (5,464) (9,177) (6,552)
Profit for the period 8,784 11,296 11,351
Basic earnings per share (cents) 4.75 5.93 6.08
Diluted earnings per share (cents) 4.75 5.93 6.08
Griffin Mining Limited
Condensed Consolidated Statement Of Comprehensive income
(expressed in thousands US dollars)
6 months to 6 months to Year to
30/06/2025 30/06/2024 31/12/2024
Unaudited Unaudited Audited
$000 $000 $000
Profit for the financial period 8,784 11,296 11,351
Other comprehensive income / (expense) that will be reclassified to profit or
loss
Exchange differences on translating foreign operations 719 422 (2,911)
719
Other comprehensive income / (expense) for the period, net of tax 422 (2,911)
Total comprehensive income for the period 9,503 11,718 8,440
Griffin Mining Limited
Condensed Consolidated Statement Of Financial Position
(expressed in thousands US dollars)
30/06/2025 30/06/2024 31/12/2024
Unaudited Unaudited Audited
$000 $000 $000
ASSETS
Non-current assets
Property, plant and equipment 245,630 245,258 242,754
Intangible assets - exploration interests - 600 1
Deferred taxation 4,788 - 4,768
Other non-current assets 893 1,471 1,215
251,311 247,329 248,738
Current assets
Inventories 6,539 7,862 5,273
Receivables and other current assets 3,083 3,984 2,985
Cash and cash equivalents 69,651 65,250 48,758
79,273 77,096 57,016
Total assets 330,584 324,425 305,754
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Share capital 1,843 1,845 1,855
Share premium 64,917 67,318 67,318
Contributing surplus 3,690 3,690 3,690
Share based payments 9,096 5,090 9,096
Shares held in treasury - (1,157) (2,388)
Chinese statutory re-investment reserve 3,846 3,507 3,830
Other reserve on acquisition of non-controlling interests (29,346) (29,346) (29,346)
Foreign exchange reserve (5,636) (3,036) (6,339)
Profit and loss reserve 233,739 225,253 224,955
Total equity attributable to equity holders of the parent 282,149 273,164 272,671
Non-current liabilities
Other payables - 3,087 -
Long-term provisions 3,912 3,961 3,822
Finance leases 377 519 465
4,289 7,567 4,287
Current liabilities
Trade and other payables 39,030 36,530 27,486
Lease liabilities 173 158 155
Business taxation payable 4,943 7,006 1,155
Total current liabilities 44,146 43,694 28,796
Total equities and liabilities 330,584 324,425 305,754
Number of shares in issue 184,253,481 184,530,477 185,530,477
Attributable net asset value / total equity per share $1.53 $1.48 $1.47
Griffin Mining Limited
Condensed Consolidated Statement of Changes in Equity
(expressed in thousands US dollars)
Share Share Contributing Share Shares Chinese Other Foreign Profit Total
Capital Premium surplus based held in re investment reserve on exchange and loss attributable
payments treasury reserve acquisition of reserve reserve to equity holders
non-controlling of parent
interests
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
At 31(st) December 2023 1,928 78,550 3,690 3,109 (2.017) 3,529 (29,346) (3,480) 213,789 269,752
Issue of shares on cancellation of share options 20 808 - - - - - - - 828
Transfer on exercise of options - - - (168) - - - - 168 -
Share based payments - - - 2,149 - - - - - 2,148
Purchase of shares for treasury - - - (11,283) - - - - (11,283)
Cancellation of shares (103) (12,040) - 12,143 - - - - -
Transaction with owners (83) (11,232) - 1,981 860 - - - 168 (8,306)
Retained profit for the 6 months - - - - - - - - 11,296 11,296
Other comprehensive income:
Exchange differences on translating foreign operations - - - - - (22) - 444 - 422
Total comprehensive income for the period - - - - - (22) - 444 11,296 11,718
At 30(th) June 2024 (Unaudited) 1,845 67,318 3,690 5,090 (1,157) 3,507 (29,346) (3,036) 225,253 273,164
Share based payments - - - 4,006 - - - - - 4,006
Issue of shares on cancellation of share purchase options 10 - - - - - - - = 10
Purchase of shares for treasury - - - - (1,231) - - - - (1,231)
Regulatory transfer for future investment - - - - - 353 - - (353) -
Transaction with owners 10 - - 4,006 (1,231) 353 - - (353) 2,785
Retained profit for the 6 months - - - - - - - - 55 55
Other comprehensive income:
Exchange differences on translating foreign operations - - - - - (30) - (3,303) - (3,333)
Total comprehensive income for the period - - - - - (30) - (3,303) 55 (3,278)
At 31(st) December 2024 1,855 67,318 3,690 9,096 (2,388) 3,830 (29,346) (6,339) 224,955 272,671
Share based payments
Purchase of shares for treasury - - - - (25) - - - (25)
Cancellation of shares (12) (2,401) - - 2,413 - - - -
Transaction with owners (12) (2,401) - - 2,388 - - - (25)
Retained profit for the 6 months - - - - - - - 8,784 8,784
Other comprehensive income:
Exchange differences on translating foreign operations - - - - - 16 - 703 - 719
Total comprehensive income for the period - - - - - 16 - 703 8,784 9,503
At 30(th) June 2025 (Unaudited) 1,843 64,917 3,690 9,096 - 3,846 (29,346) (5,636) 233,739 282,149
Griffin Mining Limited
Condensed Consolidated Cash Flow Statement
(expressed in thousands US dollars)
6 months to 6 months to Year to
30/06/25 30/06/2024 31/12/2024
$000 $000 $000
Net cash flows from operating activities
Profit before taxation 14,248 20,473 17,903
Issue of shares under share incentive scheme - 2,149 6,165
Foreign exchange losses 19 40 186
Finance income (826) (826) (2,018)
Finance costs 88 73 (37)
Impairment of exploration interests - - 599
Depreciation, depletion and amortisation 11,538 14,487 24,613
Losses on disposal of equipment 167 82 1,108
Decrease / (increase) in inventories (1,266) (2,033) 556
Decrease / (increase) in receivables and other assets (98) (1,098) (99)
(Decrease) in trade and other payables 11,530 (1,778) (13,881)
Taxation paid (1,687) (7,557) (15,587)
Net cash inflow from operating activities 33,713 24,012 19,582
Cash flows from investing activities
Interest received 826 826 1,753
Refund of rehabilitation deposits 327 - -
Proceeds / (costs) on disposal of equipment - 8 339
Payments to acquire - mineral interests and mine development (1,379) (8,838) 97
Payments to acquire - property, plant & equipment (12,422) (1,790) (13,974)
Payments to acquire - office lease, furniture and equipment - - (6,996)
Payments to acquire - intangible assets - exploration interests - (25) (25)
Net cash (outflow) from investing activities (12,648) (9,819) (18,806)
Cash flows from financing activities
Issue of shares on exercise of options - 828 828
Interest paid - - 216
Purchase of shares for treasury / cancellation (25) (11,283) (12,515)
Lease repayments including interest (83) (80) (156)
Net cash (outflow) from financing activities (108) (10,535) (11,627)
Increase in cash and cash equivalents 20,957 3,658 (10,851)
Cash and cash equivalents at beginning of the period 48,758 60,007 60,007
Effects of exchange rate changes 64 1,585 (398)
Cash and cash equivalents at end of the period 69,651 65,250 48,758
Griffin Mining Limited
Notes to the Interim Statement
1. These unaudited condensed consolidated interim financial statements
have been prepared in accordance with the accounting policies adopted in the
last annual financial statements for the year to 31(st) December 2024.
2. This interim report will be available on the Company's web site,
www.griffinmining.com (http://www.griffinmining.com) . Hard copies are
available from the Company's London office, 8(th) Floor, Royal Trust House, 54
Jermyn Street, London. SW1Y 6LX.
3. The summary accounts set out above do not constitute statutory
accounts as defined by Section 84 of the Bermuda Companies Act 1981 or Section
434 of the UK Companies Act 2006. The consolidated statement of financial
position at 31(st) December 2024 and the consolidated income statement,
consolidated statement of comprehensive income, consolidated statement of
changes in equity and the consolidated cash flow statement for the year then
ended have been extracted from the Group's 2024 statutory financial statements
upon which the auditors' opinion is unqualified, and should be read in
conjunction with the accompanying notes contained therein.
4. The summary accounts have been prepared on a going concern basis.
Whilst it is difficult to accurately predict future profitability and
liquidity, particularly regarding the impact of metal prices, the directors
consider that at current metal prices and with the benefit of existing cash
resources and agreed banking facilities the Group can continue as a going
concern for the foreseeable future without the need to curtail operations.and
that the Group will be able to meet its liabilities as they fall due.
5. The calculation of the basic earnings per share is based on the
earnings attributable to ordinary shareholders divided by the weighted average
number of shares in issue during the period. The calculation of diluted
earnings per share is based on the basic earnings per share on the assumed
conversion of all dilutive options and other dilutive potential ordinary
shares.
6. Reconciliation of the earnings and weighted average number of
shares used in the calculations are set out below:
6 months to 6 months to Year to
30/06/2025 30/06/2024 31/12/2024
Unaudited
Unaudited Audited
Earnings Weighted Per share amount Weighted Per share amount (cents) Earnings Weighted Per share amount (cents)
$000 average number of shares (cents) average number of shares $000 average number of shares
Earnings
$000
Basic (loss) / earnings per share
Earnings attributable to ordinary shareholders 8,784 184,253,481 4.75 11,296 190,505,932 5.93 11,351 186,599,728 6.08
Dilutive effect of securities
Options - - - - - - - - -
Diluted earnings per share 184,253,481 4.75 190,505,932 5.93 11,351 156,599,728 6.08
8,784 11,296
7. As at 30(th) June 2025 there were no adjusting post balance sheet
events.
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