LONDON (ShareCast) - (Sharecast News) - Griffin Mining reported record quarterly gold and silver production for the three months ended 30 June on Thursday, marking a full operational recovery at its Caijiaying Mine following last year's disruption.
The AIM-traded firm said the mine produced 6,270 ounces of gold and 119,602 ounces of silver during the quarter, up sharply from 2,433 ounces and 43,618 ounces, respectively, in the first quarter.

Ore mined rose to 358,938 tonnes, compared with 223,745 tonnes in the prior quarter, while ore processed reached 347,508 tonnes.

Zinc in concentrate production totalled 10,541 tonnes, a significant rebound from 6,552 tonnes in the first quarter, although still below the 14,779 tonnes produced in the same period last year.

Average gold prices received during the quarter surged to $3,156 per ounce, well above the $2,740 received in the first quarter, and $2,293 in the second quarter of 2024.

Silver and lead prices also rose on the quarter, though zinc prices weakened to $2,114 per tonne from $2,278.

Griffin said the performance reflected a return to normal throughput levels at Caijiaying after the suspension of operations in late 2024 and the lingering impact into early 2025.

The company added that Zone II remained on schedule to come into production in the final quarter of the year.

"The management, employees and contractors of the company have all worked in unison to return the Caijiaying Mine to its normal throughput profile in the second quarter of 2025," said chairman Mladen Ninkov.

"The bonus to this result has been the record gold and silver production ... which has meant that precious metal revenues reached approximately 50% of all revenues in recent months and confirmed the long term future of the Caijiaying Mine."

Griffin Mining owns and operates the Caijiaying Mine through an 88.8% stake in a joint venture in China.

At 1127 BST, shares in Griffin Mining were flat at 193p.

Reporting by Josh White for Sharecast.com.

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