COMMUNIQUÉ DE PRESSE

par Griffin Mining Ltd (LON:GFM)

Griffin Mining Limited Announces Trading Statement - 13th July

Record Second Quarter Throughput & Zinc Production

HAMILTON, BERMUDA / ACCESSWIRE / July 13, 2023 / Griffin Mining Limited ("Griffin" or the "Company") (LSE:GFM)(AIM:GFM) is pleased to announce record production results for the three months to the 30th June 2023.

3 months to 30th June 2023

3 months to 31st March 2023

3 months to 30th June 2022

Ore mined

Tonnes

366,762

355,742

338,790

Ore processed

Tonnes

372,804

366,120

329,390

Zinc in concentrate Produced

Tonnes

14,130

13,965

13,189

Gold in concentrate produced

Ozs

3,237

4,743

3,504

Silver in concentrate produced

Ozs

82,829

68,779

79,246

Lead in concentrate produced

Tonnes

468

230

345

Average zinc price received per tonne

USD

1,916

2,029

2,886

Average gold price received per oz

USD

1,841

1,789

1,788

Average silver price received per oz

USD

18.9

17.7

18.1

Average lead price received per tonne

USD

2,276

2,407

2,323

Overview

Production has continued to increase at the Caijiaying Mine with record amounts of ore mined and processed and record amounts of zinc metal in concentrate produced in the second quarter of 2023. This equates to an annualised equivalent rate of circa 1.5 million tonnes of ore mined and processed, all of which has been extracted from Zone III.

Whilst Zone II has yet to be brought into production, Zone II development work is ongoing with access underground gained from Zone III, commencement of a new decline into Zone II and construction of a new ventilation shaft being progressed.

Chairman Mladen Ninkov commented, "This is yet another wonderful result from the Caijiaying Mine and its personnel with production continuing to increase despite mining having been in operation for 18 years and significant resources yet to be accessed, including those at Zones II, V and VIII. With minimal inflation in China, costs are being kept under control as operations expand. Only an increasing commodity price profile would complete the final piece of the puzzle for the returns shareholders expect and deserve."

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
John Prior
Dougie McLeod

Berenberg
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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SOURCE: Griffin Mining Ltd



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