Griffin Mining Ltd.

GFM · AIM · Basic Resources · mcap £537m · 307.5p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 10 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £532.9m
Owner’s net cash: £29.9m
Net cash / market cap: 6%
EV ex leases: £503.0m
Revenue: £112.7m
Operating profit: £33.9m
Free cash flow after leases: £28.9m
EV / EBIT: 14.9×
FCF yield: 5.4%
Price / tangible book: 2.43×
ROCE: 15%
Net income (owners): £25.6m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 10 Sep 26 · read the results ↗

Source ↗

	6 months to 30/06/2026 Unaudited $000	6 months to 30/06/2025 Unaudited $000	Year to 31/12/2025 Audited $000
(expressed in thousands US dollars)
Revenue	77,286	63,710	137,496
Cost of sales	(34,721)	(38,648)	(77,173)
Gross profit	42,565	25,062	60,323
Administration expenses	(14,329)	(11,479)	(29,563)
Profit from operations	28,236	13,583	30,760
Impairment of exploration interest	-	-	(1)
Losses on disposal of equipment	(433)	(167)	(229)
Foreign exchange gains / (losses)	130	(19)	(4)
Finance income	541	826	1,748
Finance costs	(30)	(88)	(29)
Other income	98	113	368
Profit before tax	28,542	14,248	32,613
Income tax expense	(7,561)	(5,464)	(10,551)
Profit for the period	20,981	8,784	22,062
Basic earnings per share (cents)	11.89	4.75	12.10
Diluted earnings per share (cents)	11.89	4.75	12.10

Source ↗

	30/06/2026 Unaudited $000	30/06/2025 Unaudited $000	31/12/2025 Audited $000
(expressed in thousands US dollars)
ASSETS
Non-current assets
Property, plant and equipment	271,043	245,630	259,231
Deferred taxation	5,941	4,788	5,757
Other non-current assets	1,226	893	909
Total non-current assets	278,210	251,311	265,897
Current assets
Inventories	9,091	6,539	8,019
Receivables and other current assets	7,840	3,083	3,221
Cash and cash equivalents	39,607	69,651	47,547
Total current assets	56,538	79,273	58,787
Total assets	334,748	330,584	324,684
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Share capital	1,733	1,843	1,766
Share premium	30,517	64,917	44,668
Contributing surplus	3,690	3,690	3,690
Share based payments	9,096	9,096	9,096
Chinese statutory re-investment reserve	4,043	3,846	3,917
Other reserve on acquisition of non-controlling interests	(29,346)	(29,346)	(29,346)
Foreign exchange reserve	2,323	(5,636)	(2,501)
Profit and loss reserve	267,998	233,739	247,017
Total equity attributable to equity holders of the parent	290,054	282,149	278,307
Non-current liabilities
Long-term provisions	1,685	3,912	1,614
Lease liabilities	230	377	302
Total non-current liabilities	1,915	4,289	1,916
Current liabilities
Trade and other payables	40,541	39,030	43,403
Lease liabilities	154	173	155
Business taxation payable	2,084	4,943	903
Total current liabilities	42,779	44,146	44,461
Total equities and liabilities	334,748	330,584	324,684
Number of shares in issue	173,287,833	184,253,481	176,592,171
Attributable net asset value / total equity per share	$1.67	$1.53	$1.58

Source ↗

	6 months to 30/06/2026 $000	6 months to 30/06/2025 $000	Year to 31/12/2025 $000
(expressed in thousands US dollars)
Net cash flows from operating activities
Profit before taxation	28,542	14,248	32,613
Foreign exchange (gains) / losses	(130)	19	4
Finance income	(541)	(826)	(1,748)
Finance costs	30	88	29
Impairment of exploration interests	-	-	1
Depreciation	8,249	11,538	22,071
Losses on disposal of equipment	433	167	229
(Increase) in inventories	(1,072)	(1,266)	(2,746)
(Increase) in receivables and other assets	(1,730)	(98)	(27)
(Decrease)/ increase in trade and other payables	(6,585)	11,530	15,404
Taxation paid	(4,750)	(1,687)	(11,903)
Net cash inflow from operating activities	22,446	33,713	53,927
Cash flows from investing activities
Interest received	541	826	1,712
(Increase)/ decrease in rehabilitation deposits	(285)	327	330
Proceeds on disposal of equipment	109	-	4
Payments to acquire - mineral interests and mine development	(11,464)	(1,379)	(30,158)
Payments to acquire - property, plant & equipment	(3,345)	(12,422)	(5,962)
Net cash (outflow) from investing activities	(14,444)	(12,648)	(34,074)
Cash flows from financing activities
Purchase of shares for treasury / cancellation	(14,184)	(25)	(20,351)
Finance lease repayments including interest	(83)	(83)	(168)
Net cash (outflow) from financing activities	(14,267)	(108)	(20,519)
(Decrease)/ increase in cash and cash equivalents	(6,265)	20,957	(666)
Cash and cash equivalents at beginning of the period	47,547	48,758	48,758
Effects of exchange rate changes	(1,675)	(64)	(545)
Cash and cash equivalents at end of the period	39,607	69,651	47,547

Source ↗

	2025 $000	2024 $000
(expressed in thousands US dollars)
Revenue	137,496	135,128
Cost of sales	(77,173)	(83,877)
Gross profit	60,323	51,251
Administration expenses	(29,563)	(33,963)
Operating Profit	30,760	17,288
Impairment of exploration interests	(1)	(599)
Losses on disposal of plant and equipment	(229)	(1,108)
Foreign exchange losses	(4)	(186)
Finance income	1,748	2,018
Finance costs	(29)	(37)
Other income	368	527
Profit before tax	32,613	17,903
Income tax expense	(10,551)	(6,552)
Profit for the year	22,062	11,351
Basic earnings per share (cents)	12.10	6.08
Diluted earnings per share (cents)	12.10	6.08

Source ↗

	2025 $000	2024 $000
(expressed in thousands US dollars)
ASSETS
Non-current assets
Mining interests	259,231	242,754
Exploration interests	-	1
Deferred taxation	5,757	4,768
Other non-current assets	909	1,215
Total non-current assets	265,897	248,738
Current assets
Inventories	8,019	5,273
Receivables and other current assets	3,221	2,985
Cash and cash equivalents	47,547	48,758
Total current assets	58,787	57,016
Total assets	324,684	305,754
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Share capital	1,766	1,855
Share premium	44,668	67,318
Contributing surplus	3,690	3,690
Share based payments	9,096	9,096
Shares held in treasury	-	(2,388)
Chinese statutory re-investment reserve	3,917	3,830
Other reserve on acquisition of non-controlling interests	(29,346)	(29,346)
Foreign exchange reserve	(2,501)	(6,339)
Profit and loss reserve	247,017	224,955
Total equity attributable to equity holders of the parent	278,307	272,671
Non-current liabilities
Long-term provisions	1,614	3,822
Lease liabilities	302	465
Total non-current liabilities	1,916	4,287
Current liabilities
Trade and other payables	43,403	27,486
Lease liabilities	155	155
Business taxation payable	903	1,155
Total current liabilities	44,461	28,796
Total equities and liabilities	324,684	305,754
Attributable net asset value per share to equity holders of parent	1.58	1.47

Source ↗

	2025 $000	2024 $000
(expressed in thousands US dollars)
Net cash flows from operating activities
Profit before taxation	32,613	17,903
Share based payments	-	6,165
Foreign exchange losses	4	186
Finance income	(1,748)	(2,018)
Finance costs	29	37
Impairment of exploration interests	1	599
Depreciation	22,071	24,613
Losses on disposal of equipment	229	1,108
(Increase) / decrease in inventories	(2,746)	556
(Increase) in receivables and other assets	(27)	(99)
Increase / (decrease) in trade and other payables	15,404	(13,881)
Taxation paid	(11,903)	(15,587)
Net cash inflow from operating activities	53,927	19,582
Cash flows from investing activities
Interest received	1,712	1,753
Decrease in rehabilitation deposits	330	339
Proceeds on disposal of equipment	4	97
Payments to acquire - mineral interests and mine development	(30,158)	(13,974)
Payments to acquire - property, plant, and equipment	(5,962)	(6,996)
Payments to acquire - intangible fixed assets - exploration interests	-	(25)
Net cash outflow from investing activities	(34,074)	(18,806)
Cash flows from financing activities
Issue of ordinary shares on exercise of options	-	828
Interest paid	-	216
Purchase of shares for cancellation	(20,351)	-
Purchase of shares for treasury	-	(12,515)
Lease liability repayments including interest	(168)	(156)
Net cash outflow from financing activities	(20,519)	(11,627)
(Decrease) in cash and cash equivalents	(666)	(10,851)
Cash and cash equivalents at the beginning of the year	48,758	60,007
Effects of foreign exchange rates	(545)	(398)
Cash and cash equivalents at the end of the year	47,547	48,758
Cash and cash equivalents comprise bank deposits
Bank deposits	47,547	48,758

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	112.7	104.4	105.7
Gross profit	58.1	45.8	40.1
Operating profit	33.9	23.3	13.5
Depreciation (owned assets)	14.0	16.8	–
Share-based payments	–	0.0	4.8
Operating profit to net income
Finance costs	0.0	(0.0)	(0.0)
Profit before tax	35.0	24.8	14.0
Tax	(9.4)	(8.0)	(5.1)
Net income (owners)	25.6	16.7	8.9
Per share
EPS basic	14.5p	9.0p	4.8p
EPS diluted	14.5p	9.0p	4.8p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	57.5	+17%	55.2	49.2
Gross profit	31.6	+64%	26.4	19.3
Operating profit	21.0	+100%	12.9	10.5
Depreciation (owned assets)	6.1	−31%	7.8	8.9
Operating profit to net income
Finance costs	(0.0)	n/m	0.0	(0.1)
Profit before tax	21.2	+93%	13.8	11.0
Tax	(5.6)	+33%	(3.8)	(4.2)
Net income (owners)	15.6	+130%	10.0	6.8
Per share
EPS basic	9.0p	–	5.5p	3.5p
EPS diluted	9.0p	–	5.5p	3.5p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	31.6	40.9	15.3
Tax paid	(11.3)	(9.0)	(12.2)
Investing activities
Capex (PP&E)	2.6	(4.5)	(5.5)
Financing activities
Lease principal paid	–	(0.1)	(0.1)
Share buybacks	(26.0)	(15.4)	–

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	16.7	−36%	14.9	26.0
Tax paid	(3.5)	+171%	(7.7)	(1.3)
Investing activities
Capex (PP&E)	(2.5)	−74%	5.1	(9.6)
Financing activities
Share buybacks	(10.5)	n/m	(15.4)	(0.0)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	204.5	192.5	–
Non-current assets	–	197.4	198.2
Current assets
Inventories	6.9	6.0	4.2
Trade receivables	5.9	2.4	2.4
Cash	29.9	35.3	38.9
Current assets	–	43.7	45.4
Total assets	252.6	241.1	243.6
Current liabilities
Trade payables	30.6	32.2	21.9
Lease liabilities, current	0.1	0.1	0.1
Current liabilities	32.3	33.0	22.9
Non-current liabilities
Lease liabilities, non-current	0.2	0.2	0.4
Equity
Total equity	218.8	206.7	217.3
Net cash and other figures
Shares in issue	173.3m	176.6m	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Property, plant & equipment	204.5	192.5	179.0	–
Non-current assets	–	197.4	–	198.2
Current assets
Inventories	6.9	6.0	4.8	4.2
Trade receivables	5.9	2.4	2.2	2.4
Cash	29.9	35.3	50.8	38.9
Current assets	–	43.7	–	45.4
Total assets	252.6	241.1	241.0	243.6
Current liabilities
Trade payables	30.6	32.2	28.4	21.9
Lease liabilities, current	0.1	0.1	0.1	0.1
Current liabilities	32.3	33.0	32.2	22.9
Non-current liabilities
Lease liabilities, non-current	0.2	0.2	0.3	0.4
Equity
Total equity	218.8	206.7	205.7	217.3
Net cash and other figures
Shares in issue	173.3m	176.6m	184.3m	–

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