09 sep 25   griffin mining ltd - unaudited interim results griffin mining limited | gfm | 191 3.0 1.6% | mkt cap: 351.8m    rns number : 4899y griffin mining limited 09 september 2025                 8th floor, 54 jermyn street, london, sw1y 6lx. united kingdom telephone: + 44 (0)20 7629 7772  facsimile:  + 44 (0)20 7629 7773 e mail: griffin@griffinmining.com   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. 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   ir sssfaaeiseiu return to news summary

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