Griffin Mining’s Record-Breaking Year at Caijiaying Zinc Gold Mine

Griffin Mining has reported a record-breaking year at its Caijiaying Zinc Gold Mine, marking 2023 as a year of spectacular growth in production and financial performance.

Key Achievements of 2023:

• Ore Mining: Ore mined increased by a remarkable 76.6%, reaching 1,505,642 tonnes.
• Ore Processing: Ore processing rose by 82.1%, totaling 1,513,977 tonnes.
• Zinc Concentrate Production: Zinc metal concentrate production grew by 79.1%, adding 25,146 tonnes compared to 2022.
• Gold Production: Gold in concentrate production surged by 68.2%, with an increase of 6,915 ounces.
• Silver Production: Silver in concentrate production rose by 40.1%, with a 90,080-ounce increase.
• Lead Production: Lead in concentrate production grew by 64.5%, an increase of 606 tonnes.

Financial Highlights:

• Stabilized Zinc Prices: Benefitted from reduced smelter treatment charges and lower transport costs, leading to a 9.8% increase in zinc prices received.
• Precious Metals and Lead Market: Gold prices increased by 2.4% ($45 per ounce), and silver prices rose by 5.7% ($1.1 per ounce).

Chairman’s Statement:

• Chairman Mladen Ninkov described 2023 as a "spectacular" year, highlighting the significant achievements made by the company’s management and staff.
• Ninkov expressed pride in Griffin Mining's transition from a modestly capitalized company to a world-class producer of over 1.5 million tonnes of ore per year.

Company's Background and Growth:

• Griffin Mining has a history of 26 years with net capital raised under $30 million and no debt, making the 2023 achievements particularly noteworthy in the mining industry.