CAPITAL SHARE STRUCTURE RATIONALIZATION & INCENTIVIZATION PROGRAM
Capital Share Structure Rationalization & Incentivization Program
30th December 2022
Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce a rationalization of the capital structure of the Company by the proposed repurchasing and cancellation of the long outstanding options over shares in the Company issued in 2014 and 2015 (the “Options”) exercisable at forty pence and thirty pence per share respectively by 31st December 2023.
In consideration of the surrender of the Options, a number of fully paid shares in the Company will be issued to those Option holders equal to the inherent monetary value in the Options (the “Scheme”). As those Options were issued by the Company to incentivize the Option holders in the pursuit of the new mining licence over Zone II, which was granted in January 2021, and the fully diluted share capital of the Company has included the Options, the Scheme is being implemented to simplify the capital structure of the Company.
Should all the Option holders agree to the Scheme, the number of Options cancelled by the Company will amount to 19.52 million Options. At the market closing price of the Company’s shares as at 24th December 2022, if all Option holders accepted the Scheme offer, approximately 11.165 million new fully paid ordinary shares would be issued. The exact number of new shares issued will be announced after ascertaining which and how many Option holders accept the Scheme.
The offer to the Option holders to accept the Scheme will remain open for 14 days following the date of this announcement.
A new Company share incentive plan will also be implemented to retain vital key executives of the Company, in particular, Mladen Ninkov. Up to 10 million new fully paid ordinary shares may be issued which will be escrowed until the 31st December 2024. Further details of the share incentive plan including the exact number of shares issued will also be announced when finalised.
In both above new share issues, at no time will the aggregate number of total shares issued under the Scheme and the Management incentive plan ever exceed the current total of 19.52 million outstanding Options in issue and, as such, the share issues will be non-dilutive to the current shareholders of the Company assuming all current outstanding Options were exercised before their expiry date.
Chairman of the Remuneration Committee, Dean Moore, commented, “I am pleased that the Board has adopted the recommendations of the Remuneration Committee designed to deliver a reward structure which wholly aligns the interests of key management with all stakeholders over the next 2 years.”
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 Telephone: +44(0)20 7629 7772
Mladen Ninkov – Chairman
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
Jennifer Wyllie
Deltir Elezi
BlytheRay Telephone: +44(0)20 7138 3205
Tim Blythe
CAPITAL SHARE STRUCTURE RATIONALIZATION & INCENTIVIZATION PROGRAM
Capital Share Structure Rationalization & Incentivization Program
31st January 2023
Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce that, further to the announcement made on 30thDecember 2022 concerning a rationalization of the capital structure of the Company by the proposed repurchasing and cancellation of the long outstanding options to purchase 19,520,000 shares in the Company (“the Offer”), options over 17,520,000 shares have been repurchased and cancelled, resulting in 10,130,526 new ordinary shares being issued pursuant to the Offer.
Application will be made for the new ordinary shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM which is expected to commence on, or around, 3rd February 2023 (“Admission”).
Following Admission, the issued share capital of the Company will comprise 185,023,420 ordinary shares. The Company holds 939,799 ordinary shares in the Company in treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the FCA’s Disclosure and Transparency Rules.
The remaining options over 1,500,000 shares in the Company exercisable at 30 pence per share and 500,000 shares in the Company exercisable at 40 pence per share will remain outstanding until 31st December 2023.
Further shares to be issued under the Share Incentivization Program as announced on 30th December 2022 have yet to be determined and will be announced when finalised.
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 Telephone: +44(0)20 7629 7772
Mladen Ninkov – Chairman
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
Jennifer Wyllie
Deltir Elezi
BlytheRay Telephone: +44(0)20 7138 3205
Tim Blythe
FOURTH QUARTER & FULL YEAR PRODUCTION NUMBERS 2022
Fourth Quarter & Full Year Production Numbers 2022
13th 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 31st December 2022.
| 3 months to 31stDecember 2022 | 3 months to 30thSeptember 2022 | 3 months to 30thJune 2022 | 3 months to 31stMarch 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 23rd March and processing on the 25th 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 22nd September to 17th 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 Telephone: +44(0)20 7629 7772
Mladen Ninkov – Chairman
Roger Goodwin – Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
John Prior
Douglas McLeod
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Wyllie
Deltir Elezi
BlytheRay Telephone: +44(0)20 7138 3205
Tim Blythe
ISSUE OF SHARES PURSUANT TO THE COMPANY SHARE INCENTIVE PLAN
Issue of Shares Pursuant to the Company Share Incentive Plan
29th March 2023
Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce, pursuant to the announcement of 30th December 2022, the adoption and implementation of the proposed Company Share Incentive Plan (the “Plan”), to generally retain vital key Company personnel, in particular, Mladen Ninkov.
In the announcement of the 30th December 2022 it was estimated that up to 10 million new fully paid new Ordinary Shares could be issued under the Plan, in fact, only 7,805,000 shares will be issued under the terms of the Plan.
The new Ordinary Shares issued are subject to certain contractual terms including that the shares issued will not be sold or otherwise transferred or disposed of before 31st December 2024 except in the event of a transaction occurring with the Company, and that the shares issued will be returned in the event of malus and returned pro rata upon leaving the employment of the Company or its subsidiaries before 31st December 2024.
Application will be made for the new ordinary shares, which will rank pari passu with the existing ordinary shares of the Company, to be admitted to trading on AIM (“Admission”). It is expected that Admission will occur on or around 4th April 2023.
Following Admission, the issued share capital of the Company will consist of 192,828,420 ordinary shares. The Company holds 939,799 ordinary shares in the Company in treasury. The aforementioned figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change of their interest in, the Company, under the Financial Conduct Authorities Disclosure and Transparency Rules.
Following Admission of the shares to trading on AIM the following persons holding management responsibility will be interested in Ordinary Shares in the Company.
| Number of shares issued pursuant to the Company Share Incentive Plan | Resulting total number of shares owned | % of enlarged issued Share Capital | |
| Mladen Ninkov (Chairman – Griffin) | 33,001 | 6,033,001 | 3.1 |
| John Steel (Chief Operating Officer – Griffin) | 0 | 250,000 | 0.1 |
| Shengchang Jin (Deputy Chairman & Deputy General Manager – Subsidiary Company) | 0 | 250,000 | 0.1 |
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 Telephone: +44(0)20 7629 7772
Mladen Ninkov – Chairman
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
Jennifer Wyllie
Deltir Elezi
BlytheRay Telephone: +44(0)20 7138 3205
Tim Blythe
ISSUE OF SHARES PURSUANT TO THE COMPANY SHARE INCENTIVE PLAN
Issue of Shares Pursuant to the Company Share Incentive Plan
30th March 2023
The following amendment has been made to the ‘Issue of Shares Pursuant to the Company Share Incentive Plan’ announcement released on 29 March 2023 at 12:40 under RNS No 6465U
The Company has amended the table detailing the persons holding management responsibility’s interests in Ordinary Shares in the Company, as detailed below.
Following Admission of the shares to trading on AIM the following persons holding management responsibility will be interested in Ordinary Shares in the Company.
| Number of shares issued pursuant to the Company Share Incentive Plan | Resulting total number of shares owned | % of enlarged issued Share Capital | |
| Mladen Ninkov (Chairman – Griffin) | 6,000,000 | 6,033,001 | 3.1 |
| John Steel (Chief Operating Officer – Griffin) | 250,000 | 250,000 | 0.1 |
| Shengchang Jin (Deputy Chairman & Deputy General Manager – Subsidiary Company) | 250,000 | 250,000 |
0.1 |
All other details remain the same.
The full amended announcement is shown below.
Issue of Shares Pursuant to the Company Share Incentive Plan
Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce, pursuant to the announcement of 30th December 2022, the adoption and implementation of the proposed Company Share Incentive Plan (the “Plan”), to generally retain vital key Company personnel, in particular, Mladen Ninkov.
In the announcement of the 30th December 2022 it was estimated that up to 10 million new fully paid new Ordinary Shares could be issued under the Plan, in fact, only 7,805,000 shares will be issued under the terms of the Plan.
The new Ordinary Shares issued are subject to certain contractual terms including that the shares issued will not be sold or otherwise transferred or disposed of before 31st December 2024 except in the event of a transaction occurring with the Company, and that the shares issued will be returned in the event of malus and returned pro rata upon leaving the employment of the Company or its subsidiaries before 31st December 2024.
Application will be made for the new ordinary shares, which will rank pari passu with the existing ordinary shares of the Company, to be admitted to trading on AIM (“Admission”). It is expected that Admission will occur on or around 4th April 2023.
Following Admission, the issued share capital of the Company will consist of 192,828,420 ordinary shares. The Company holds 939,799 ordinary shares in the Company in treasury. The aforementioned figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change of their interest in, the Company, under the Financial Conduct Authorities Disclosure and Transparency Rules.
Following Admission of the shares to trading on AIM the following persons holding management responsibility will be interested in Ordinary Shares in the Company.
| Number of shares issued pursuant to the Company Share Incentive Plan | Resulting total number of shares owned | % of enlarged issued Share Capital | |
| Mladen Ninkov (Chairman – Griffin) | 6,000,000 | 6,033,001 | 3.1 |
| John Steel (Chief Operating Officer – Griffin) | 250,000 | 250,000 | 0.1 |
| Shengchang Jin (Deputy Chairman & Deputy General Manager – Subsidiary Company) | 250,000 | 250,000 |
0.1 |
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 Telephone: +44(0)20 7629 7772
Mladen Ninkov – Chairman
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
Jennifer Wyllie
Deltir Elezi
BlytheRay. Telephone: +44(0)20 7138 3205
Tim Blythe
First Quarter Production
First Quarter Production
17th April 2023
Griffin Mining Limited (“Griffin” or the “Company”) hereby announces the production results for the three months to 31st March 2023.
| 3 months to 31st March 2023 | 3 months to 31st December
2022 |
3 months to 31st March 2022 | ||
| Ore mined | Tonnes | 355,742 | 228,510 | 17,975 |
| Ore processed | Tonnes | 366,120 | 184,045 | 8,649 |
| Zinc in concentrate produced | Tonnes | 13,965 | 6,739 | 268 |
| Gold in concentrate produced | Ozs | 4,743 | 2,079 | 1,474 |
| Silver in concentrate produced | Ozs | 68,779 | 59,561 | 168 |
| Lead in concentrate produced | Tonnes | 230 | 215 | 7 |
| Average zinc price received per tonne | USD | 2,029 | 2,116 | – |
| Average gold price received per oz | USD | 1,789 | 1,703 | – |
| Average silver price received per oz | USD | 17.7 | 18.1 | – |
| Average lead price received per tonne | USD | 2,407 | 2,145 | – |
Overview
Production in the first quarter of 2023 was a record for a first quarter of any year since the commissioning of the Caijiaying Mine in 2005. Production output was unimpeded this quarter by the usual Chinese New Year holidays. Mining and processing rates have been ramped up to now run consistently at the equivalent of circa 1.5 million tonnes of ore per annum bringing with it the expected financial returns.
Chairman Mladen Ninkov commented,
“What another extraordinary result. The Caijiaying Mine is now clearly showing what it can achieve when it is unencumbered by extraneous events outside the Company’s control. I look forward to an event free 2023 and the results which will thereby be generated.”
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 Telephone: +44(0)20 7629 7772
Mladen Ninkov – Chairman
Roger Goodwin – Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
John Prior
Douglas McLeod
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Wyllie
Deltir Elezi
BlytheRay Telephone: +44(0)20 7138 3205
Tim Blythe
2022 FINAL RESULTS
2022 FINAL RESULTS
9th May 2023
Griffin Mining Limited (“Griffin” or the “Company”) has today published its annual report and accounts for the year ended 31 December 2022 which will be available shortly on the Company’s web site wwww.griffinmining.com and will be posted to shareholders on 25 May 2023.
Despite operations being suspended by the Chinese authorities for external events for nearly five months of 2022, the Company and its subsidiaries (together the “Group”) recorded;
- Revenues of $94,397,000 (2021: $121,648,000);
- Gross profit of $38,252,000 (2021: $58,424,000);
- Operating profits of $15,625,000 (2021: $36,925,000);
- Profit before tax of $15,272,000 (2021: $36,526,000);
- Profit after tax of $7,704,000 (2021: $25,376,000); and
- Basic earnings per share of 4.41 cents (2021: earnings per share 14.53 cents).
The results for 2022 were severely impacted by various suspensions in operations for nearly five months of the year. 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 March 2022 and processing on the 25 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 September 2022 to 17 November 2022.
As a result of the suspensions in operations in 2022, Group profits before tax decreased from $36,526,000 in 2021 to $15,272,000 in 2022 with metal in concentrate production down on that produced in 2021, whilst zinc, gold and lead metal in concentrate prices achieved in 2022 were higher than those achieved in 2021.
With the suspension in operations during 2022 mining, haulage, and processing costs (cost of sales) were down 11.2%. This reduction is less than the reduction in tonnes milled of 15.6% as a result of fixed costs and higher depreciation charges as assets are brought into use.
Operating (administration) costs excluding minority service charges interests rose by 14.9%, reflecting inflationary costs in China, additional fees on the appointment of new directors and the resumption of travel.
To read the full announcement, please click here.
2022 ANNUAL REPORT
To view the full 2022 Annual Report, please click here:
Single page version
Double page spread version
Annual General Meeting
Annual General Meeting
22nd June 2022
Notice of the thirty sixth Annual General Meeting of Griffin Mining Limited to be held at Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda on Friday 7th July 2023 at 11.00 am local time (3.00 pm BST) has been sent to shareholders today and is available, on the Company’s web site www.griffinmining.com.
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 in China, through its 88.8% owned Joint Venture stock company, 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 www.griffinmining.com.
Further information
Griffin Mining Limited Telephone: +44(0)20 7629 7772
Mladen Ninkov – Chairman
Roger Goodwin – Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
John Prior
Douglas Mcleod
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
NOTICE OF ANNUAL GENERAL MEETING
To read the full notice, please click here.
