FOURTH QUARTER & FULL YEAR PRODUCTION NUMBERS 2022

RNS Number : 5897M

Griffin Mining Ld

13 January 2023

 

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: [e-mail]

Fourth Quarter & Full Year Production Numbers 2022

13^th January 2023 .

Griffin Mining Limited ("Griffin" or the "Company") announces the production results from the Caijiaying Zinc Gold Mine for the three months and year ended 31^st December 2022.

		3 months to 31st December 2022	3 months to 30th September 2022	3 months to 30th June 2022	3 months to 31st March 2022
Ore mined	Tonnes	228,510	267,304	338,790	17,975
Ore processed	Tonnes	184,045	309,465	329,390	8,649
Zinc in concentrate Produced	Tonnes	6,739	11,591	13,189	268
Gold in concentrate produced	Ozs	2,079	3,080	3,504	1,474
Silver in concentrate produced	Ozs	59,561	85,612	79,246	168
Lead in concentrate produced	Tonnes	215	373	345	7
Average zinc price received per tonne	USD	2,116	2,292	2,886	-
Average gold price received per oz	USD	1,703	1,661	1,788	-
Average silver price received per oz	USD	18.1	15.7	18.1	-
Average lead price received per tonne	USD	2,145	2,097	2,323	-

		Year to 31st December 2022	Year to 31st December 2021
Ore mined	Tonnes	852,579	971,492
Ore processed	Tonnes	831,549	985,404
Zinc in concentrate Produced	Tonnes	31,787	41,587
Gold in concentrate produced	Ozs	10,137	14,447
Silver in concentrate produced	Ozs	224,587	269,570
Lead in concentrate produced	Tonnes	940	1,069
Average zinc price received per tonne	USD	2,513	2,311
Average gold price received per oz	USD	1,814	1,748
Average silver price received per oz	USD	17.9	20.4
Average lead price received per tonne	USD	2,216	2,074

Overview

First quarter results were impacted by the enforced suspension of all operations at the Caijiaying Mine for the Chinese Lunar New Year holiday celebrations, the Winter Olympics and the subsequent Winter Paralympics. Mining recommenced on the 23^rd March and processing on the 25^th March 2022.  Operations were again suspended by the Chinese authorities restricting the supply and use of explosives for the duration of the Chinese Communist National Party Congress from 22^nd September to 17^th November 2022.  

Following the recommencement in operations in November, production has been ramped up such that ore mined and processed in December 2022 was a monthly record for the Caijiaying Zinc Gold Mine, allowing us to exceed our production guidance for the quarter and the year given in November.  The Company continues to be confident in its key objectives of reporting a profitable 2022, development of Zone III and II, and to increase production throughput to 1.5 million tonnes in 2023.

Mladen Ninkov, Chairman, commented:

"The Company has produced outstanding production numbers in the last quarter and for the full 2022 year in light of the 5 month shut-down in production in 2022 . It provides a revelatory glimpse of what the Company can produce on an annualised basis in 2023 particularly in light of the record 138,000 tonne throughput in December 2022. We look forward to the year ahead with great excitement. "

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: [phone]

Roger Goodwin - Finance Director

Panmure Gordon (UK) Limited   Telephone: [phone]

  John Prior

  Douglas McLeod

Berenberg    Telephone: [phone]

    Matthew Armitt

Jennifer Wyllie

Deltir Elezi

BlytheRay

  Tim Blythe  Telephone: [phone]

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014

 

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