Royal Trust house, 54 Jermyn Street, London SW1Y 6LX, United Kingdom

Telephone: + 44 (0)20 7629 7772 Facsimile:  + 44 (0)20 7629 7773

E mail: [email protected]

2025 Final Results

12^th May 2026  

Griffin Mining Limited ("Griffin" or the "Company") has today published its annual report and accounts for the year ended 31 December 2025 which will be available shortly on the Company's web site wwww.griffinmining.com and will be posted to shareholders on 28^th May 2026.

Chairman's Statement:

In many respects, the last year has been a momentous year for the Company in guaranteeing it's future prosperity.

The first landmark achievement was the renewal of the Caijiaying Mine's Mining Licence to 2054 which secured the long term future of the Caijiaying Mine and allows for the continued extraction of the known resource. The greatly extended term now matches the Caijiaying Mine's resources with it's tenure thereby guaranteeing it's long term mineral rights, it's previously approved mining area, it's production envelopes in Zones II and III and it's vertical mining boundary over the total Caijiaying Mine area.

The second was the long awaited first production blast in Zone II marking a key milestone in the commissioning and final safety approval process of Zone II. I am absolutely certain that all shareholders have become bored in each successive Annual Report by my continual assertions that this would occur in the subsequent year. In the Company's defence, Chinese regulations were amended during the Zone II process by requiring the Company to develop the whole underground mine and infrastructure for the total known resource in Zone II, in contrast to Zone III's development, when each level was developed and mined prior to further development being undertaken. These new regulations extended the time needed to develop Zone II exponentially and incurred a large capital commitment to complete. Underground development totalling 19.4 kilometres of drives and ancillary workings and ventilation shafts totalling 625 metres were completed and ore is now expected to be mined from Zone II for the duration of the current mining licence to 2054.

Thirdly, the drilling of high-grade gold below the existing development at the Caijiaying Mine during 2025 and 2026 continued to deliver exceptional gold intercepts. Drilling is ongoing, testing multiple high-grade gold shoots. Drilling of the Yuan Long high-grade gold lode confirms the down-plunge continuity of this domain below and along strike from existing development. The Yuan Long orebody remains open to the south and at depth, with further diamond drilling and underground development planned to expand the production footprint. Ongoing drilling continues to materially expand the contained gold of the Yuan Long system whilst also defining a new, high‑grade, Fu Long feeder system, which the Company believes could potentially provide multiple avenues for near-term growth and longer-term resource expansion.

Fourthly, the Company continued it's leading environmental position in China under the Chinese Green Mining initiative with the Caijiaying Mine moving to operate on 100% renewable energy, generated through solar and wind power, and implementing industry leading waste management practices by placing 100% of it's tailings underground via paste-fill thereby supporting the Chinese policy of zero waste residue and environmental footprint minimisation.

Fifthly, the Company continued to return capital to shareholders in the most tax efficient manner whilst also increasing it's earnings per share. In 2025, the Company expended $20,350,000 on buying back it's own ordinary shares.

Sixthly, history has clearly shown that the Company has never been driven by artificially attempting to support it's share price with rhetoric believing that creating intrinsic asset and cash flow value will eventually be reflected in a fair value for the share price. This has shown to be the case with the share price rising in the space of one year from 168.25p in May 2025 to 318p in April 2026.

That is not to say that operations did not encounter challenges in 2025. They were affected by certain external factors including delays to the restart of production following the 2024 fatality, which reduced output in the first quarter, and further production constraints imposed by Chinese regulatory authorities, including a Public Security Bureau (police) directive suspending the use of explosives during central government deliberations, all of which led to a significant reduction in milling throughput and mine output during the later part of 2025.

Nevertheless, the Company achieved enviable results, many of which were a significant increase from the previous year.

·    Revenues of $137,496,000 (2024: $135,128,000);

·    Gross profit of $60,323,000 (2024: $51,251,000);

·    Earnings before depreciation, interest and tax of $52,830,000 (2024: $41,901,000);

·    Operating profit of $30,760,000 (2024: $17,288,000);

·    Profit before tax of $32,613,000 (2024: $17,903,000);

·    Profit after tax of $22,062,000 (2024: $11,351,000); and

·    Basic earnings per share of 12.1 cents (2024: 6.08 cents).

For 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. The benefits of investment in people, safety and modern infrastructure will enable safe, sustainable production well into the future.

Results:

Summary

The results for 2025 were impacted by nationwide restrictions in the supply of explosives to the Caijiaying Mine imposed by the PRC authorities and slow ramp up in operations following the suspension in operations during the fourth quarter of 2024 following a fatality in the mine. As a result, in 2025 the Company and its subsidiaries (together the "Group") recorded:

·    Revenues of $137,496,000 (2024: $135,128,000);

·    Gross profit of $60,323,000 (2024: $51,251,000);

·    Earnings before depreciation, interest and tax of $52,830,000 (2024: $41,901,000);

·    Operating profit of $30,760,000 (2024: $17,288,000);

·    Profit before tax of $32,613,000 (2024: $17,903,000);

·    Profit after tax of $22,062,000 (2024: $11,351,000); and

·    Basic earnings per share of 12.1 cents (2024: 6.08 cents).

In September 2025, Hebei Hua Ao was requested by the relevant County, City and Provincial Bureaus, in line with such requests to the majority of mining operations in China, to reduce operational throughput in support of a safety initiative that ran until the end of 2025. With a consequent restriction in the supply of explosives, throughput was reduced by approximately 250,000 tonnes. Cooperation with this initiative was essential to obtaining the relevant permitting for the commissioning of Zone II and continuing production from Zone III.

As a result of the foregoing, throughput was down 4.9% on that in 2024 and, with lower grades, Zinc metal in

concentrate production was down 7.8% on that produced in 2024. With lower throughput and recoveries, but

marginally better grades, Gold in concentrate production was down 6.5% on that in 2024. Despite lower throughput, with better grades and recoveries, Silver in concentrate production was up 23.6% on that produced in 2024. This resulted in:

·    Zinc metal concentrate production down 7.8% on that achieved in 2024 to 36,346 tonnes;

·    Gold in concentrate production down 6.5% on that achieved in 2024 to 15,096 ounces;

·    Silver in concentrate production up 23.6% on that achieved in 2024 to 340,653 ounces; and

·    Lead in concentrate production up 25.2% on that achieved in 2024 to 1,621 tonnes.

Revenue benefited from increases in metal in concentrate prices received, particularly that for Gold and Silver.

With less ore mined, hauled and processed in 2025, cost of sales (mining, haulage, and processing, including

depreciation) fell by $6,704,000 (8.0%) from that in 2024.

Operating (administration) expenses fell by $4,400,000 (13.0%) from that incurred in 2024. Operating costs

include Yuanrun's share of Hebei Hua Ao's profits of $4,271,000 (2024: $3,510,000).

The Group benefited from interest receipts on bank deposits of $1,712,000 in 2025 (2024: $1,753,000).

With the replacement and upgrade of various facilities at the Caijiaying Mine, losses on the disposal of equipment amounted to $229,000 (2024: $1,108,000).

Foreign exchange losses, finance and other interest of $3,000 was credited (2024: charged $42,000). Sundry other income of $368,000 (2024: $527,000) was received.

As a result, Group profits before tax increased from $17,903,000 in 2024 to $32,613,000 in 2025.