16th AUGUST 2022
UNAUDITED INTERIM RESULTS
for the six months ended 30th June 2022
Griffin Mining Limited (“Griffin” or the “Company”) has today released its unaudited results for the six months ended 30th June 2022. It should be noted that all operations at the Caijiaying Zinc-Gold Mine were fully suspended for virtually the whole of the first quarter of 2022 due to the mandatory Governmental suspension of operations directive relating to the 2022 Winter Olympics, subsequent Winter Paralympics and the Chinese New Year holidays.
Highlights:
- Record second quarter zinc production and profitable second quarter.
- Revenues of $34.7 million (uninterrupted 6 months operations to 30th June 2021: $54.1 million).
- Gross Profit of $15.5 million (uninterrupted 6 months operations to 30th June 2021: $25.7 million).
- Profit before tax of $5.4 million (uninterrupted 6 months operations to 30th June 2021: $15.5 million).
- Profit after tax of $3.0 million (uninterrupted 6 months operations to 30th June 2021: $10.3 million).
- Basic earnings per share of 1.73 cents (uninterrupted 6 months operations to 30th June 2021: 5.88cents).
Financial and Trading:
The results for the six months to 30th June 2022 were impacted by the suspension of operations at the Caijiaying Zinc Gold Mine imposed by the Chinese authorities in the period during, and leading up to, the Winter Olympics and Paralympics at Chong Li and the Chinese New Year Holidays. From 1st January 2022 to 23rd March 2022 no stoping or underground development work was undertaken with processing not restarting until 25th March 2022.
Whilst minimal ore was mined and processed in the first quarter of 2022, the second quarter to 30th June 2022 saw the successful recommencement of operations with record ore mined, hauled and processed resulting in record zinc metal in concentrate production for a quarter since operations began at Caijiaying in June 2005.
Mining and processing have now reached the equivalent of over 1.3 million tonnes of ore per annum, all of which has been extracted from Zone III. Zone II has not yet been placed into production.
To read the full Interim Results, please click here.
