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
17th 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").
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
UPDFZGMDDVLGKZM
