Cancellation Of Shares

Cancellation of Shares and Share Buy Back Programme

26th February 2024

Cancellation of shares

The directors have resolved to cancel 10,297,943 shares purchased under the share buy back programmes currently held in treasury. Following the cancellation of these shares there will be 184,530,477 ordinary shares in issue.

Share Buy Back Programme

In light of the undervalued nature of Griffin Mining Ltd.'s ("the Company") share price, the cash generated by operations and funds available outside of China to the Company, the Directors have resolved to renew the share buy-back programme announced on 25th February 2021 which expired on 25th February 2024, to return excess monies not required to meet financial and working capital requirements to shareholders. Under the new share buy back programme (the "Buy-Back Programme") the Company will purchase up to 10 million outstanding ordinary shares beginning immediately and up to a value of $10m for six months, after which the Directors will consider a further Buy-Back Programme and or other ways of returning funds to shareholders. This arrangement is in accordance with the Company's general authority to repurchase shares.

Purchases will be carried out in compliance with the relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions.

The Company will seek to make market purchases at a price or prices and volume that the Company believes will be value-enhancing for the Company's shareholders. Notwithstanding the average daily volume restriction set out in Article 3(3) of the Commission Delegated Regulation (EU) 2016/1052, the Company may make purchases in excess of these volume restrictions, subject to prevailing market conditions and liquidity.

In addition to the Buy-Back Programme, the directors reserved the right (subject to compliance with applicable law) to:

The Company's news releases are available on the Company's web site: www.griffinmining.com