GEMFIELDS GROUP LIMITED - Operational Update to 31 December 2024

Operational Update to 31 December 2024

Gemfields Group Limited
Incorporated in Guernsey. Guernsey registration number: 47656
South African external company registration number: 2009/012636/10
Share code on JSE:GML / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Group" or the "Company")


Operational Update to 31 December 2024

LONDON, 31 JANUARY 2025

Gemfields shareholders are advised that the Company has released information about its
operational results and financial position to 31 December 2024.

These unaudited figures have been produced on a monthly basis for Gemfields' 75%-owned
Kagem emerald mine, its 75%-owned Montepuez ruby mine and Fabergé, the iconic luxury brand.

The full operational results and an excel spreadsheet of Gemfields' historic figures can be found
on the Company's website at www.gemfieldsgroup.com/operational-update/.

Highlights

    -   Total auction revenues of USD 196 million for the year.
    -   Net debt position of USD 80.5 million (before auction receivables of USD 33.9 million)
        at 31 December 2024 as Gemfields continues to fund MRM's second processing plant.
    -   Construction of MRM's second processing plant remains materially on budget and on
        track for completion by the end of H1 2025 despite disruptions in Mozambique from
        October 2024 to mid-January 2025 with civil unrest following the contested presidential
        election.
    -   MRM has been operating as usual since the start of 2025, following the events
        announced on 27 December 2024 and amid heightened illegal miner intrusions in the
        wake of the civil unrest.
    -   Kagem has paused mining from the start of 2025 as previously announced, utilising its
        upgraded wash plant to process its significant stockpiles.
    -   Emerald exports are, since 1 January 2025, paused while Zambia's reintroduced 15%
        export duty remains in place. Kagem anticipates that the duty may be revoked and allow
        a commercial-quality emerald auction to go ahead in Q1 2025.

Commentary on the operational performance and financial results will be available in Gemfields'
full year results and Annual Report due to be published on Thursday 27 March 2025.

Shareholders are advised that all figures in this operational update are unaudited, in respect of
which the directors assume full responsibility.


                                           -ENDS-


               Further information on Gemfields Group Limited can be found at:
                                      GEMFIELDSGROUP.COM


                  To join our investor mailing list, please contact us on:
                                       ir@gemfields.com


This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European
Union (withdrawal) act 2018 ("MAR")


                                          ENQUIRIES


 GEMFIELDS                         Sean Gilbertson / David Lovett / Ian Hughes
                                   ir@gemfields.com
                                   T: +44(0) 20 7518 3400

 SPONSOR (JSE)                     Investec Bank Limited


 NOMINATED ADVISER                 Panmure Liberum
 (AIM) & BROKER                    Scott Mathieson / Amrit Mahbubani / John More
                                   T: +44(0) 20 3100 2222


 PRESS ENQUIRES, GEMFIELDS         Helena Choudhury / Albertina Namburete
 HEAD OFFICE, LONDON               helena.choudhury@gemfields.com/ albertina.namburete@gemfields.com


ADDITIONAL INFORMATION ON GEMFIELDS

Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is
the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the
world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one
of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also
holds controlling interests in various other gemstone mining and prospecting licences in Zambia,
Mozambique, Ethiopia and Madagascar.


Gemfields' outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage
- enables Gemfields to optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider group's "mine and market" vision.


Gemfields has developed a proprietary grading system and a pioneering auction platform to
provide a consistent supply of coloured gemstones to downstream markets, a key component of
Gemfields' business model that has played an important role in the growth of the global coloured
gemstone sector.


                                        GEMFIELDS

                          GEMFIELDS.COM | INVESTORS |FOUNDATION

                            INSTAGRAM | FACEBOOK | X | YOUTUBE


                                         FABERGÉ

                   FABERGÉ.COM | INSTAGRAM | FACEBOOK | X | YOUTUBE


                                  KAGEM MINING LINKEDIN

                             MONTEPUEZ RUBY MINING LINKEDIN



Date: 31-01-2025 09:00:00
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