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Highlights

  • Griffin Mining Limited (LSE: GFM) concluded FY22 with an improved average realised price and a zero debt/equity ratio.
  • GFM’s revenue fell from USD 121.64 million in FY21 to USD 94.39 million in FY22.
  • In FY22, GFM’s debt/equity ratio was zero compared to the industry median of 0.27x.

FTSE AIM All-share index listed mining company, Griffin Mining Limited (LSE: GFM) is a mining and investment company. The company concluded fiscal yar 2022 with an improved average realised price. There was an increase in the average realized price of Zine to USD 2,513 per tonne in FY22 as compared to USD 2,311 per tonne in FY21. Also, the average realized price of gold jumped to USD 1,814/oz during the reported period against USD 1,748/oz in the previous corresponding period. Also, the average realized sales price of lead surged to USD 2,216 per tonne in FY22, versus USD 2,074 per tonne in FY21.

In FY22, GFM’s debt/equity ratio was zero as compared to the industry median of 0.27x.

However, the group’s revenue fell from USD 121.64 million in FY21 to USD 94.39 million in FY22, marking an overall decline across all the commodities produced in FY22. This was primarily because of the higher average realized prices in the reported period. Consequently, there was overall decrease in the profit before tax in FY22 following lower revenue and higher cost of production, foreign exchange losses, etc.

Q2 FY23 vs. Q2 FY22

During the second quarter of the ongoing year 2023, Griffin Mining’s production of concentrate zinc rose from 13,189 tonnes to 14,130 tonnes in Q2 FY23. Also, there has been an increase in the concentrate silver production from 79,246 oz in Q2 FY22 to 82,829 oz in Q2 FY23.

The company believes FY23 to be event free and hence earnings could improve compared to FY22.

Top 10 shareholders

Total 22.34% of the total shareholding in the company is held by its top ten shareholders. While Usdan (Adam) holds the maximum number of shares with approximately 15.45% shareholding, Ninkov (Mladen) owns about 3.13% shareholding in GFM. 

Stock Price Performance

There has been a fall of about 2.26% in the company’s stock price in the last three months, while it has declined by around 4.31% over the last six months. The stock’s 52-week low and 52-week high price stand at GBX 64.00 and 100.00, respectively.

Please note markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 18 August 2023. The reference data in this report has been partly sourced from EODHD/Others.