Griffin Mining Limited reported its highest first-half operating profit in history, reaching $28.2 million in the period ending June 30, 2026. The company’s Caijiaying mine in China delivered $77.3 million in revenue, a 21% increase from the same period in 2025, while profit after tax rose to $21.0 million—up from $8.8 million in the prior year’s first half. Basic earnings per share climbed to 11.89 cents, nearly doubling from 4.75 cents in H1 2025. Cash generated from operations totaled $22.4 million, with $39.6 million in cash and cash equivalents as of June 30, 2026. The company also executed $14.2 million in share buybacks, canceling 3.3 million shares during the period, while capital expenditures for mine development and equipment reached $14.8 million.
Operating at just 50% of its 1.5-million-tonne annual throughput capacity, Griffin Mining processed 419,128 tonnes of ore in H1 2026, yielding 13,606 tonnes of zinc, 1,420 tonnes of lead, 161,402 ounces of silver, and 6,011 ounces of gold. Directors noted that full capacity operation would have boosted operating profit to a range of $60 million to $65 million, underscoring the current underutilization. Metal prices contributed significantly to the gains: zinc averaged $2,830 per tonne (up from $2,171 in 2025), gold $4,267 per ounce (versus $3,038), silver $69.5 per ounce (versus $27.9), and lead $3,549 per tonne (versus $2,910).
The company anticipates maintaining reduced throughput rates through the remainder of 2026 and into early 2027, citing ongoing regulatory hurdles. Key approvals remain pending, including a permit for the Tailings Safety Facility 4 from the Provincial Environmental and Rescue Bureau, and a Safety Permit for Zone II, expected in Q4 2026. Despite these delays, the first-half results reflect strong operational performance and pricing tailwinds, positioning Griffin Mining for further growth once regulatory and capacity constraints are addressed.
