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GFM Griffin Mining Limited

113.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Griffin Mining Limited LSE:GFM London Ordinary Share BMG319201049 ORD $0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 113.25 113.00 114.00 115.00 113.00 113.00 227,508 16:35:18
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Miscellaneous Metal Ores,nec 94.4M 7.7M 0.0400 28.25 217.9M

Griffin Mining Ld Unaudited Interim Results - 30 June 2021 (9191H)

09/08/2021 7:00am

UK Regulatory


Griffin Mining (LSE:GFM)
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From Mar 2021 to Mar 2024

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TIDMGFM

RNS Number : 9191H

Griffin Mining Ld

09 August 2021

8(th) 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

9(th) AUGUST 2021

UNAUDITED INTERIM RESULTS

for the six months ended 30(th) June 2021

Griffin Mining Limited ("Griffin" or "the Company") has today released its unaudited results for the six months ended 30th June 2021.

Highlights:

   --      Revenues of $54.1 million (30(th) June 2020: $21.3 million), an increase of 154%. 
   --      Gross Profit of $25.7 million (30(th) June 2020: $4.2 million), an increase of 512%. 
   --      Profit before tax of $15.5 million (30(th) June 2020: Loss $3.0 million). 
   --      Profit after tax of $10.3 million (30(th) June 2020: Loss $3.8 million). 
   --      Basic earnings per share of 5.88 cents (30(th) June 2020: Basic loss per share 2.22 cents). 

Financial and Trading:

The results for the six months to 30(th) June 2021 reflect a step up in production following final PFA approval for previous development work at Zone III of the Caijiaying mine in late 2020, enabling increased mining rates. Mining and processing rates have now reached the equivalent of over a million tonnes of ore per annum without the benefit of ore from the Zone II area at Caijiaying expected in 2022.

As in previous years, the 2021 first half year results were impacted by the Chinese New Year holidays in February in comparison to the 2020 first half year results which were also affected by the suspension in operations at Caijiaying imposed by the Chinese authorities to contain the Covid-19 pandemic.

Ore tonnes mined in the first half of 2021 were up 47% on that mined in the first half of 2020 and tonnes processed in the first half of 2021 were up 47.1% on that achieved in the first half of 2020. Zinc metal in concentrate produced was up 47.8% on that achieved in the first half of 2020. Gold in concentrate production was up 213.6% on that produced in the first half of 2020 and silver in concentrate production was up 30.6% on that produced in the first half of 2020.

With 475,785 tonnes (30(th) June 2020: 323,536 tonnes) of ore processed, metal in concentrate production in the first six months of 2021 was:

   --      19,876 tonnes of zinc ( 30(th) June 2020: 13,448 tonnes); 
   --      561 tonnes of lead (30(th) June 2020: 631 tonnes); 
   --      144,705 ounces of silver (30(th) June 2020: 110,832 ounces); and 
   --      7,584 ounces of gold (30(th) June 2020: 2,418 ounces). 

The results benefited from a significant improvement in the market price for zinc and lower smelter treatment charges from that in the first half of 2020, with the average price received for zinc metal in concentrate increasing by 69.4% from $1,304 per tonne in the first six months of 2020 to $2,209 per tonne in the first half of 2021. Zinc revenues before royalties and resource taxes in the six months to 30(th) June 2021 were $42,102,000 (30(th) June 2020: $17,008,000) with 19,062 tonnes of zinc metal in concentrate sold (30(th) June 2020: 13,046 tonnes). Precious metals and lead revenues were $15,136,000 (30(th) June 2020: $5,279,000).

During the six months to 30(th) June 2021:

   --      462,632 tonnes of ore were mined (30(th) June 2020: 314,690 tonnes); 
   --      471,423 tonnes of ore were hauled (30(th) June 2020: 321,514 tonnes); and 
   --      475,785 tonnes of ore were processed (30(th) June 2020: 323,536 tonnes). 

Costs of sales (mining, haulage and processing) of $28,401,000 increased by 65.6% from that in the first six months of 2020 of $17,153,000 reflecting increased tonnes of ore mined, hauled and processed albeit with increased unit costs as mining accesses the deeper levels of the mine.

Net operating expenses (administration costs, including those of the Caijiaying site and the Chinese joint venture partners profit share) increased by 41.7% from $7,204,000 in the first six months of 2020 to $10,209,000 in the first six months of 2021. This reflects the resumption in activities from Covid-19 induced restrictions in 2020 and a 7.6% increase in the value of the Renminbi.

Basic earnings per share were 5.88 cents (30(th) June 2020: loss of 2.22 cents per share). At 30(th) June 2021, attributable net assets per share amounted to 141 cents (30(th) June 2020: 121 cents).

Cash flows from operations in the period of $16,818,000 (30(th) June 2020 used in operations $4,259,000) have been directed to the further development of the Caijiaying Mine. 359,799 shares in the Company were bought in to treasury at a cost of $672,000 in the six months to 30(th) June 2021 (30(th) June 2020: nil). The Griffin Mining Group of companies remains free of any bank loans.

Chairman's Statement

Chairman Mladen Ninkov commented, "This is an extraordinary 2021 half year result, already surpassing the full year financial results for 2020. It is a credit to the continuing team effort of the people at the mine site, office and board table. If all things remain equal, and assuming the zinc and gold prices hold firm or rise further, 2021 should prove to be an outstanding year for the Company. I would, however, caution that events can quickly turn in the current environment with the current Covid-19 coronavirus again having broken out in multiple Chinese provinces, the lack of any government announcement concerning the Winter Olympic Games and how that will impact Provincial borders and transport of workers, explosives, re-agents and other critical supplies and the ongoing diplomatic tensions between China, the US, the UK, Canada and Australia."

Teleconference Call for Griffin Mining Limited's interim results to 30(th) June 2021 on Monday 9(th) August 2021:

 
 Time:              4.00pm British Summer Time 
 
 Dial in numbers:   Australia Toll Free: 1 800 681 584 
                    Canada Toll Free: 1 866 378 3566 
                    Berlin : +49 (0) 30 3001 90612 
                    Germany Toll Free: 0800 673 7932 
                    Hong Kong Toll Free: 800 900 476 
                    UK-Wide: +44 (0) 33 0551 0200 
                    Zurich: +41 (0) 43 456 9986 
                    Switzerland Toll Free: 0800 800 038 
                    UK Toll Free: 0808 109 0700 
                    New York New York: +1 212 999 6659 
                    USA Toll Free: 1 866 966 5335 
 
 Password:          Quote Griffin Interim results when prompted 
                     by operator 
 
 

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 
        Ailsa Macmaster 
 Berenberg                                 Telephone: +44 (0)20 3207 7800 
       Matthew Armitt 
        Jennifer Wyllie 
        Deltir Elezi 
 Blythewigh                                 Telephone: +44(0)20 7138 3205 
       Tim Blythe 
        Megan Ray 
 Swiss Resource Capital AG                  Telephone: + 41(0)71 354 8501 
       Jochen Staiger 
 

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     6 months      Year to 
                                                     to           to   31/12/2020 
                                             30/06/2021   30/06/2020      Audited 
                                              Unaudited    Unaudited 
                                                   $000         $000         $000 
 
Revenue                                          54,072       21,321       75,403 
 
Cost of sales                                  (28,401)     (17,153)     (42,737) 
 
 
Gross profit                                     25,671        4,168       32,666 
 
Net operating expenses                         (10,209)      (7,204)     (17,518) 
 
 
Profit / (loss) from operations                  15,462      (3,036)       15,148 
 
Losses on disposal of equipment                    (26)        (614)      (1,129) 
Impairment of intangible fixed assets               (2)          (1)         (10) 
Foreign exchange (losses) / gains                   (7)        (147)           22 
Finance income                                       68           45          108 
Finance costs                                     (152)        (149)        (359) 
Other income                                         63           76          735 
 
 
Profit / (loss) before tax                       15,406      (3,826)       14,515 
 
Income tax expense                              (5,148)            -      (5,605) 
 
 
Profit / (loss) after tax                        10,258      (3,826)        8,910 
 
 
Basic earnings / (loss) per share (cents)          5.88       (2.22)         5.16 
                                            ===========  ===========  =========== 
 
Diluted earnings / (loss) per share 
 (cents)                                           5.43       (2.22)         4.88 
                                            ===========  ===========  =========== 
 

Griffin Mining Limited

Condensed Consolidated Statement Of Comprehensive income

(expressed in thousands US dollars)

 
                                              6 months     6 months      Year to 
                                                    to           to   31/12/2020 
                                            30/06/2021   30/06/2020      Audited 
                                             Unaudited    Unaudited 
                                                  $000         $000         $000 
 
Profit / (loss) for the financial period        10,258      (3,826)        8,910 
                                           -----------  -----------  ----------- 
 
Other comprehensive income 
 
Exchange differences on translating 
 foreign operations                              2,514      (1,891)        9,662 
 
 
  Other comprehensive income for the 
  period, net of tax                             2,514      (1,891)        9,662 
                                           -----------  -----------  ----------- 
 
Total comprehensive income / (losses) 
 for the period                                 12,772      (5,717)       18,572 
                                           ===========  ===========  =========== 
 
 

Griffin Mining Limited

Condensed Consolidated Statement Of Financial Position

(expressed in thousands US dollars)

 
                                                   30/06/2021   30/06/2020   31/12/2020 
                                                    Unaudited    Unaudited      Audited 
                                                         $000         $000         $000 
 
ASSETS 
Non-current assets 
Property, plant and equipment                         268,930      225,898      266,709 
Intangible assets - exploration interests                 349          325          325 
                                                      269,279      226,223      267,034 
                                                  -----------  -----------  ----------- 
Current assets 
Inventories                                             6,257        3,896        5,333 
Receivables and other current assets                    4,175        2,275        6,675 
Cash and cash equivalents                              25,143       10,351       16,435 
                                                  -----------  -----------  ----------- 
                                                       35,575       16,522       28,443 
                                                  -----------  -----------  ----------- 
 
Total assets                                          304,854      242,745      295,477 
                                                  ===========  ===========  =========== 
 
EQUITY AND LIABILITIES 
Equity attributable to equity holders 
 of the parent 
Share capital                                           1,749        1,728        1,728 
Share premium                                          69,334       68,455       68,470 
Contributing surplus                                    3,690        3,690        3,690 
Share based payments                                    2,072        2,072        2,072 
Shares held in treasury                               (1,589)        (917)        (917) 
Chinese statutory re-investment reserve                 2,858        2,463        2,830 
Other reserve on acquisition of non-controlling 
 interests                                           (29,346)     (29,346)     (29,346) 
Foreign exchange reserve                               13,851        (151)       11,365 
Profit and loss reserve                               184,072      161,233      173,814 
                                                  -----------  -----------  ----------- 
Total equity attributable to equity 
 holders of the parent                                246,691      209,227      233,706 
 
Non-current liabilities 
Other payables                                         13,622            -       13,487 
Long-term provisions                                    2,264        3,802        2,200 
Deferred taxation                                       3,392        2,691        3,359 
Finance leases                                              -            -            - 
                                                  -----------  -----------  ----------- 
                                                       19,278        6,493       19.046 
                                                  -----------  -----------  ----------- 
Current liabilities 
Trade and other payables                               38,842       25,311       42,342 
Finance leases                                             43        1,714          383 
Total liabilities                                      38,885       27,025       42,725 
                                                  -----------  -----------  ----------- 
 
Total equities and liabilities                        304,854      242,745      295,477 
                                                  ===========  ===========  =========== 
 
Number of shares in issue                         174,892,894  172,786,228  172,826,228 
 
Attributable net asset value / total 
 equity per share                                       $1.41        $1.21        $1.35 
 

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      held          re       reserve on  exchange      and  attributable 
                                                payments        in  investment      acquisition   reserve     loss     to equity 
                                                          treasury     reserve               of            reserve       holders 
                                                                                non-controlling                        of parent 
                                                                                      interests 
                   $000     $000          $000      $000      $000        $000             $000      $000     $000          $000 
At 31(st) 
 December 2019    1,728   68,455         3,690     2,072     (917)       2,500         (29,346)     1,703  165,059       214,944 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
Retained 
 (loss) for 
 the 6 
 months               -        -             -         -         -           -                -         -  (3,826)       (3,826) 
Other 
comprehensive 
income: 
Exchange 
 differences 
 on 
 translating 
 foreign 
 operations           -        -             -         -         -        (37)                -  (1,854))        -       (1,891) 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
Total 
 comprehensive 
 income 
 for the 
 period               -        -             -         -         -        (37)                -   (1,854)  (3,826)       (5,717) 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
At 30(th) June 
 2020 
 (Unaudited)      1,728   68,455         3,690     2,072     (917)       2,463         (29,346)     (151)  161,233       209,227 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
Regulatory 
 transfer for 
 future 
 investment           -        -             -         -         -         155                -         -    (155)             - 
Issue of 
 shares on 
 exercise 
 of options           -       15             -         -         -           -                -         -        -            15 
Transaction 
 with owners          -       15             -         -         -         155                -              (155)            15 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
Retained 
 profit for 
 the 6 
 months               -        -             -         -         -           -                -         -   12,736        12,736 
Other 
comprehensive 
income: 
Exchange 
 differences 
 on 
 translating 
 foreign 
 operations           -        -             -         -         -         212                -    11,516        -        11,728 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
Total 
 comprehensive 
 income 
 for the 
 period               -        -             -         -         -         212                -    11,516   12,736        24,464 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
At 31(st) 
 December 2020    1,728   68,470         3,690     2,072     (917)       2,830         (29,346)    11,365  173,814       233,706 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
 
 
Purchase of 
 shares for 
 treasury             -        -             -         -     (672)                                                         (672) 
Issue of 
 shares on 
 exercise 
 of options          21      864             -         -         -           -                -         -        -           885 
Transaction 
 with owners         21      864             -         -     (672)           -                -         -        -           213 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
Retained 
 profit for 
 the 6 
 months               -        -             -         -         -           -                -         -   10,258        10,258 
Other 
comprehensive 
income: 
Exchange 
 differences 
 on 
 translating 
 foreign 
 operations           -        -             -         -         -          28                -     2,486        -         2,514 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
Total 
 comprehensive 
 income 
 for the 
 period               -        -             -         -         -          28                -     2,486   10,258        12,772 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
At 30(th) June 
 2021 
 (Unaudited)      1,749   69,334         3,690     2,072   (1,589)       2,858         (29,346)    13,851  184,072       246,691 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 

Griffin Mining Limited

Condensed Consolidated Cash Flow Statement

(expressed in thousands US dollars)

 
                                                 6 months     6 months      Year to 
                                                       to           to   31/12/2020 
                                                 30/06/21   30/06/2020      Audited 
                                                Unaudited    Unaudited 
                                                     $000         $000           $000 
Net cash flows from operating activities 
Profit /(loss) before taxation                     15,406      (3,826)       14,515 
Foreign exchange losses / (gains)                       7          147         (22) 
Finance income                                       (68)         (45)        (108) 
Finance costs                                         152          149          359 
Depreciation, depletion and amortisation            7,964        5,518       12,801 
Impairment of intangible assets                         2            1           10 
Losses on disposal of equipment                        26          614        1,129 
(Increase) / decrease in inventories                (924)         (57)      (1,494) 
Decrease / (Increase) in receivables 
 and other current assets                           2,936        (414)      (4,814) 
Increase / (decrease) in trade and other 
 payables                                         (1,395)      (2,762)        5,666 
Taxation paid                                     (7,288)      (3,584)      (3,644) 
                                               ----------  -----------  ----------- 
Net cash inflow / (outflow) from operating 
 activities                                        16,818      (4,259)       24,398 
                                               ----------  -----------  ----------- 
 
Cash flows from investing activities 
Interest received                                      68           45          108 
Proceeds / (expenses) on disposal of 
 equipment                                              -         (34)         (44) 
Payments to acquire - mineral interests 
 (mine development)                               (7,471)      (3,379)     (18,691) 
Payments to acquire - plant & equipment           (1,215)        (984)      (5,684) 
Payments to acquire - office equipment                  -          (4)          (5) 
Payments to acquire - intangible assets 
 - exploration interests                             (26)          (3)         (11) 
                                               ----------  -----------  ----------- 
Net cash (outflow) from investing activities      (8,644)      (4,359)     (24,327) 
                                               ----------  -----------  ----------- 
 
Cash flows from financing activities 
Issue of shares on exercise of share 
 purchase options                                     885            -           15 
Purchase of shares for treasury                     (672)            -            - 
Interest paid                                       (101)            -        (112) 
Finance lease repayments                            (357)        (929)      (2,469) 
Net cash (outflow) from financing activities        (245)        (929)      (2,566) 
                                               ----------  -----------  ----------- 
 
Increase / (decrease) in cash and cash 
 equivalents                                        7,929      (9,547)      (2,495) 
 
Cash and cash equivalents at beginning 
 of the period                                     16,435       19,885       19,885 
Effects of exchange rate changes                      779           13        (955) 
                                               ----------  -----------  ----------- 
Cash and cash equivalents at end of the 
 period                                            25,143       10,351       16,435 
                                               ==========  ===========  ----------- 
 
Cash and cash equivalents comprise bank 
 deposits 
Bank deposits                                      25,143       10,351       16,435 
                                               ==========  ===========  =========== 
 

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 31(st) December 2020.

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, 8(th) 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 31(st) December 2020 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 2020 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. Having considered recent events, including the impact of Covid-19, the Group's cash resources, banking facilities and forecasts regularly updated, the directors consider 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. There was no dilutive effect on the losses per share in the six months to 30(th) June 2020. Reconciliation of the earnings and weighted average number of shares used in the calculations are set out below:

 
                         6 months to                       6 months to                          Year to 
                          30/06/2021                        30/06/2020                         31/12/2020 
                           Unaudited                         Unaudited                          Audited 
                            Weighted                           Weighted       Per               Weighted 
                             average  Per share                 average     share                average   Per share 
               Earnings       number     amount   Earnings       number    amount  Earnings       number      amount 
                   $000    of shares    (cents)       $000    of shares   (cents)      $000    of shares     (cents) 
Basic (loss) / earnings per share 
(Loss) 
 earnings 
 attributable 
 to ordinary 
 shareholders    10,258  174,410,343       5.88      3,826  172,728,728    (2.22)     8,910  172,788,420        5.16 
Dilutive effect of securities 
Options                   14,374,897     (0.45)                                                9,861,227      (0.28) 
               --------  -----------  ---------  ---------  -----------  --------  --------  -----------  ---------- 
Diluted 
 earnings 
 per share       10,258  188,785,241       5.43                                       8,910  182,649,647        4.88 
               ========  ===========  =========  =========  ===========  ========  ========  ===========  ========== 
 
 

6. As at 30(th) June 2021 there were no adjusting post balance sheet events. Since 30(th) June the Company bought in 40,000 shares to be held in treasury at a cost of $54,000.

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