9th Sep 2025 07:00
8th Floor, 54 Jermyn Street, London, SW1Y 6LX. United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773
E mail: [email protected]
9th September 2025
UNAUDITED INTERIM RESULTS
for the six months ended 30th June 2025
Griffin Mining Limited ("Griffin" or the "Company") today released its unaudited results for the six months ended 30th June 2025.
Summary:
1st Qtr ($000s) | 2nd 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 31/03/2025 Unaudited |
| 3 months to 30/06/2025 Unaudited |
| 6 months to 30/06/2025 Unaudited | 6 months to 30/06/2024 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 30th June 2025:
- 16,447 tonnes of zinc metal in concentrate were sold (30th June 2024: 25,653 tonnes);
- 8,216 ozs of gold in concentrate were sold (30th June 2024: 11,257 ozs);
- 148,466 ozs of silver in concentrate were sold (30th June 2024: 162,202 ozs); and
- 651 tonnes of lead in concentrate were sold (30th 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 (30th 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 31st December 2024 to $69,651,000 at 30th June 2025. Mine development and other capital expenditure of $13,801,000 was incurred in the first half of 2025 (30th 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
Griffin Mining Limited
Condensed Consolidated Income Statement
(expressed in thousands US dollars)
| 6 months to 30/06/2025 Unaudited | 6 months to 30/06/2024 Unaudited | Year to 31/12/2024 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 30/06/2025 Unaudited | 6 months to 30/06/2024 Unaudited | Year to 31/12/2024 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) | ||
|
|
| |||
Other comprehensive income / (expense) for the period, net of tax | 719 |
|
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 payments | held in treasury | re investment reserve | reserve on acquisition of non-controlling interests | exchange reserve | and loss reserve | attributable to equity holders of parent | |
$000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
At 31st 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 30th 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 31st 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 30th 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 30/06/25 | 6 months to 30/06/2024 | Year to 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 31st December 2024.
2. This interim report will be available on the Company's web site, www.griffinmining.com. Hard copies are available from the Company's London office, 8th 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 31st 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 30/06/2025 Unaudited | 6 months to 30/06/2024 Unaudited | Year to 31/12/2024 Audited | ||||||||
Earnings $000 | Weighted average number of shares | Per share amount (cents) |
Earnings $000 | Weighted average number of shares | Per share amount (cents) | Earnings $000 | Weighted average number of shares | Per share amount (cents) | |||
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 |
8,784 | 184,253,481 | 4.75 |
11,296 | 190,505,932 | 5.93 | 11,351 | 156,599,728 | 6.08 | ||
7. As at 30th June 2025 there were no adjusting post balance sheet events.
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