Griffin Mining Posts Record $28M H1 Profit Despite Half-Capacity

Griffin Mining posted a record operating profit of $28.2 million for the six months ended June 30, 2026, driven by higher metal prices and increased revenues at its primary asset, even as operations remained restricted to half their full capacity. The milestone figure marks the highest first-half operating result in the company's history, significantly outpacing prior performance periods.

Revenue and Earnings Surge

The financial gains at the Caijiaying Mine in China propelled overall corporate growth during the first half of the year. Revenue reached $77.3 million, representing a 21% increase from the $63.7 million reported in the corresponding period of 2025.

Bottom-line figures showed substantial expansion alongside the revenue gains. Profit after tax surged to $21.0 million, up from $8.8 million in the first half of 2025, while basic earnings per share rose to 11.89 cents compared to 4.75 cents previously.

Impact of Capacity Constraints

The record profitability was achieved despite the Caijiaying Mine operating at just 50% of its full throughput capacity of 1.5 million tonnes per annum throughout the six-month period. According to company directors, operating profit would have reached between $60 million and $65 million if the facility had been permitted to run at full capacity.

The reduced throughput rate stems from regulatory approvals required for expanded operations. Griffin Mining continues to await Provincial Environmental and Rescue Bureau approval for Tailings Safety Facility 4, alongside a Safety Permit for Zone II.

Outlook on Regulatory Approvals

These operational bottlenecks carry direct implications for near-term production volumes. Company disclosures indicate that the reduced throughput rate is expected to persist through the remainder of 2026 and into early 2027 while administrative reviews conclude.

The restriction highlights the sensitivity of mining operations to regulatory timelines, demonstrating how elevated global metal prices can drive record financial returns even when physical asset utilization is severely constrained.