Griffin Mining AIM:GFM
- Founded
- 1997
- Incorporated
- Bermuda
- Employees
- 544
- Reports in
- USD
- Companies House
- FC016234
Zinc and gold producer operating the Caijiaying mine in Hebei Province, China, through a majority-owned Chinese joint venture, one of very few London-quoted companies mining in China. Long-established operation generating cash from zinc concentrate with gold and silver by-products.
Read straight from the annual reports
310c at close on 2 Oct 2026 · 30 reported years, 1993–2025
| Line | FY199312/93 | FY199412/94 | FY199512/95 | FY199612/96 | FY199712/97 | FY199812/98 | FY199912/99 | FY200012/00 | FY200112/01 | FY200212/02 | FY200312/03 | FY200412/04 | FY200512/05 | FY200612/06 | FY200712/07 | FY200812/08 | FY200912/09 | FY201012/10 | FY201112/11 | FY201512/15 | FY201612/16 | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
| Operating profit | later 0.14 | later 0.18 | later (1.6) | ||||||||||||||||||||||||||||
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| Net finance cost | |||||||||||||||||||||||||||||||
| Profit before tax | later 0.16 | later 0.24 | later (0.11) | ||||||||||||||||||||||||||||
| Tax charge | later 0.02 | ||||||||||||||||||||||||||||||
| Profit for the year | later 0.24 | later (0.11) | |||||||||||||||||||||||||||||
| EBITDA | |||||||||||||||||||||||||||||||
| Basic EPS | |||||||||||||||||||||||||||||||
| Diluted EPS | — | — | — | — | |||||||||||||||||||||||||||
| Dividend per share | — | — | — | — | — | — | — | — | — | — | — |
USD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
19 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo.
Zinc metal in concentrate sales
Zinc metal in concentrate revenue before royalties $79,721,000 (2024: $96,127,000); 36,058 tonnes sold at avg $2,211/t (2024: $2,414/t)
page 16Gold and silver in concentrate sales
Gold metal in concentrate revenue $48,825,000 (2024: $36,211,000); average gold price received rose to $3,274/oz (2024: $2,228/oz); silver rose to $32.0/oz (2024: $24.3/oz)
page 16Smelter treatment charges
Treatment charges rose from 13.5% of LME in 2024 to 22.8% in 2025
page 16Gold and silver price realisations
Average gold price received rose to $3,274/oz (2024: $2,228/oz) and silver to $32.0/oz (2024: $24.3/oz); gross profit rose to $60,323,000 (2024: $51,251,000)
page 16For 2026 the operational outlook is positive with an expected return to 1.5 million tonnes per annum production during the year and new mining areas coming online.
page 4No adjusting post balance sheet events. In January 2026 the mining licence over the Caijiaying Mine was successfully renewed to 28 August 2054.
page 60No dividends were paid in 2025 (2024: nil). The directors do not recommend a dividend at this time but will consider all alternatives in 2026 to either return excess cash to shareholders or increase shareholder value, alongside the ongoing share buyback programme.
page 39Unqualified/unmodified audit opinion from BDO LLP (engagement partner Peter Acloque); the auditor identified no material uncertainty relating to going concern. Sole Key Audit Matter in both 2025 and 2024: the business licence extension and Hebei Hua Ao's conversion to a limited liability company. Group materiality was set at $1,250,000 (2024: $960,000), being 5% of three-year average profit before tax; performance materiality $937,000 (75% of materiality). Directors concluded the going concern basis is appropriate based on cash flow forecasts to 31 December 2027 incorporating severe but plausible downside scenarios (including a three-month suspension scenario).
page 42- Exposure to a fall in zinc, gold, silver and lead metal prices (High impact)p.40
- Exposure to fluctuations in the Renminbi/US dollar exchange rate (Moderate impact)p.40
- Exposure to increases in market prices of materials, equipment and services (Moderate impact)p.40
- Country risk - political and social risk in the PRC (Low impact)p.40
Read from C000575-AR-2025-website.
28 annual reports read, FY1994 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (17), Company website (11)
FY2026Next report expected 19 May 2027
FY2012–FY2015No annual reports read for these 4 years
FY2010No annual report read for this year