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

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SOURCE: Griffin Mining Ltd

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