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Highlights

  • The 2024–25 drilling campaign at Caijiaying revealed high-grade gold intercepts, including 20.4m at 24.4 g/t Au
  • Griffin Mining’s H1FY24 revenue grew by 23.3% YoY to USD 85.7 million, driven by higher gold and silver output
  • Operating profit surged 116.5% YoY to USD 19.7 million, benefiting from higher ore volumes and improved recoveries
  • Profit after tax more than doubled, increasing 117.3% YoY to USD 11.3 million
  • Griffin Mining expects to maintain an annualised ore throughput of 1.5 million tonnes, ensuring consistent production in H2FY24

Griffin Mining Limited (LSE:GFM), a mining company, owns as well as operates through its 88.8% owned Joint Venture in China, the Caijiaying Zinc Gold Mine.

The company has reported encouraging results from its 2024–25 drilling program at the Caijiaying Mine, with high-grade gold intercepts identified below current development levels. Drilling in the Yuan Long domain has confirmed the extension of several gold shoots down-plunge, with significant true width intercepts including 20.4m at 24.4 g/t Au (UGCJY-6268), 25.7m at 8.90 g/t Au (UGCJY-6318), and 14.0m at 25.0 g/t Au (YL1270-472E), along with additional results in the 3.80 to 5.20 g/t Au range over meaningful widths.

H1FY24 Financials

In the first half of the financial year 2024 (H1FY24), GFM’s revenue increased by 23.3% year-over-year to USD 85.7 million, supported by higher gold and silver output and improved realised prices. Gold averaged USD 2,183/oz in H1FY24, up from USD 1,851/oz in H1FY23.

Operating profit rose 116.5% yoy to USD 19.7 million, helped by higher ore volumes and better metal recoveries. Meanwhile, profit after tax grew by 117.3% yoy to USD 11.3 million due to improved operating leverage, richer by-product grades, and cost control, despite flat cost of sales and higher administrative expenses.

Production Guidance

Griffin Mining expects to maintain an annualised ore throughput of 1.5 million tonnes through the second half of FY24, supporting steady production volumes and contributing to revenue and margin stability.

Higher gold and silver grades, now averaging 0.73 g/t and 14.8 g/t respectively, are expected to support margin expansion. Development of Zone II remains on schedule, with USD 10.6 million invested to date and production targeted for 2025.

With a debt-free balance sheet and USD 65 million in cash reserves, the company looks forward to funding growth initiatives, continuing share buybacks, and managing commodity price fluctuations.

Top 10 Shareholders

The top 10 shareholders of Griffin Mining collectively hold approximately 47.89% of the company’s total shares. Adam Usdan is the largest shareholder with a stake of around 16.17%, followed by Andrew Goffe, holding roughly 14.33%, as shown in the chart below.

Stock Information

The stock has experienced a decline of approximately 6.75% over the past three months, but has seen a solid gain of around 16.94% in the last six months. With a 52-week low of GBX 115.00 and a high of GBX 195.00, the stock is currently trading above the average of these values, closing at GBX 172.5 as of May 12, 2025.

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 12 May 2025. The reference data in this report has been partly sourced from EODHD/Others.

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