Griffin Mining Regulatory News (GFM)

8th Floor, 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: griffin@griffinmining.com

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.

The Programme will be carried out on the London Stock Exchange and will be effected within the safe harbour provisions set out in the Market Abuse Regulation 596/2014 ("MAR"), the Commission Delegated Regulation (EU) 2016/1052 and the applicable laws and regulations of the London Stock Exchange.

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:

1. purchase large blocks of shares from individual shareholders where the large number of such shares offered in the market may cause instability in the Company's share price; and

2. purchase a larger number of shares via a tender offer which would be the subject of further documentation being sent to non-US resident shareholders.

About Griffin Mining Limited

Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates in China, through its 88.8% owned Joint Venture stock company, the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company's website www.griffinmining.com.

Further information

Griffin Mining Limited

Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772

Roger Goodwin - Finance Director

Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500

Dominic Morley

Dougie McLeod

Berenberg Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Lee

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM).

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