2024 Final Results
5th June 2025
Griffin Mining Limited (“Griffin” or the “Company”) has today published its annual report and accounts for the year ended 31 December 2024 which will be available shortly on the Company’s web site wwww.griffinmining.com and will be posted to shareholders on 23rd June 2025.
Chairman’s Statement:
It is with an overwhelming sense of “a missed opportunity” that I report on the Annual Report and Accounts of the Company (“Griffin” or the “Company”) for the 2024 calendar and financial year (the “Annual Report”).
The “missed opportunity” I refer to was the chance to break all operating and financial records in 2024. The Caijiaying Mine, which had thundered through the first three quarters of 2024 and was on course to mine and process 1.5 million tonnes of ore, came abruptly to a halt on the 11th October 2024 with the unfortunate death underground of an employee of the mining contractor. The ensuing shutdown of all mining, processing and development until the start of 2025 did significant damage to the year’s financial results and to underground mine development, which had further repercussions for operations into the first 2 months of 2025.
Nevertheless, such is the strength of the Caijiaying Mine that operations which can be shut down for 3 months can still produce the following financial results:
- Revenues of $135,128,000;
- Gross profit of $51,251,000;
- Earnings before depreciation, interest and tax of $41,901,000;
- Operating profit of $17,288,000;
- Profit before tax of $17,903,000; and
- Profit after tax of $11,351,000;
Similarly, in only 9 months of production, operational results still included ore mined of 1,149,146 tonnes (all of which was extracted from Zone III) and ore processed of 1,169,098 tonnes, resulting in production of:
- 39,444 tonnes of zinc;
- 16,142 ounces of gold;
- 275,697 ounces of silver; and
- 1,295 tonnes of lead.
Amazingly, the Company was still able to generate it’s 19th continuous operating profit for the year and it’s 18th net profit whilst still holding significant cash balances in China and offshore with no debt on its balance sheet.
Another consequence of the 3rd quarter shut down was the stoppage of all development work in Zone II. That has now recommenced with underground workings, services installation and the South Ventilation Shaft nearing completion. This means that extraction of ore from Zone II will now begin in the last quarter of 2025 when we look forward to a new, large source of ore being available for mining and processing.
I also think it’s worth stating that in the current environment of record world gold prices amidst global economic uncertainty, the continued discovery of substantial and significant gold mineralization at the Caijiaying Mine has been tremendously exciting. These are some of the most extraordinary gold intersections many of us have ever seen in our careers. As the Company’s announcement on the 15th April 2025 stated:
“Drilling of high-grade gold domains below the existing development at the Caijiaying Mine during 2024-25 continues to deliver exceptional gold intercepts. Drilling is ongoing, testing multiple high-grade gold shoots. Drilling of the Yuan Long high-grade gold domain confirms the down-plunge continuity of this domain below and along strike from existing development, with significant intercepts including:
- UGCJY-6268: 4m @ 24.4 g/t Au (true width)
- UGCJY-6318: 7m @ 8.90 g/t Au (true width)
- YL1270-472E: 0m @ 25.0 g/t Au (true width)
- UGCJY-6194: 4m @ 4.30 g/t Au (true width estimated at 20m)
- UGCJY-6200: 7m @ 3.80 g/t Au (true width)
- UGCJY-6201: 6m @ 5.20 g/t Au (true width)
- UGCJY-6260: 6m @ 5.10 g/t Au (true width)”
We excitedly await what further gold drilling will confirm and uncover.
The Company’s share buy-back program continued in 2024 with the excess cash generated by operations and $12,515,000 was expended on the buy-back of ordinary shares during the year, reducing the Company’s shares outstanding and seeking to improve the Company’s earnings per share.
To read the full announcement, please click here.
