Griffin Mining shares surge 9% on positive Q3 performance

Griffin Mining shares (LON: GFM) surged +9% on Friday after the group posted a positive production performance in the third quarter of this year.

In the three months ended September 30, Griffin Mining mined 248,361 tonnes of ore, which is an increase from the 200,484 tonnes mined in the three months ended June 30.

For gold, the mining company totaled 4,906 ounces compared to the 1,237 ounces of gold produced in the second quarter.

Production of silver increased from 69,163 ounces to 82,788 ounces, with the average price also increasing from $14.5 per ounce in the second quarter to $19.3 per ounce in the third quarter.

Mladen Ninkov, the Chairman of the company, commented: “To better keep the market informed on a more frequent basis, the Company has instituted the above quarterly production schedule which will ensure the market is capable of estimating the financial results of the Company until the interim and annual results are published.

“As can be deemed from the above production numbers, mining and processing rates in the period have recovered back to pre-Covid levels which, when taken with the higher average metal prices and lower treatment charges, has had a very positive result in terms of the Company’s profitability and improved cash flows. The trend seems to be continuing into the fourth quarter,” he added.

Griffin Mining shares (LON: GFM) are trading +9.25% at 73,20 (1511GMT).

 

 

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.