REG - Gem Diamonds Limited - Q4 2024 Trading Update

Gem DiamondsAnnouncement

29/01/2025 07:00

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RNS Number : 0192V  Gem Diamonds Limited  29 January 2025

29 January 2025
 
 

 

GEM DIAMONDS LIMITED

Q4 2024 Trading Update

Gem Diamonds Limited (LSE: GEMD) ("Gem Diamonds" or the "Company" or the
"Group") provides the following Trading Update detailing the Group's
operational and sales performance from 1 October 2024 to 31 December 2024 ("Q4
2024" or the "Period").

1.    Highlights:

·    All operational metrics for FY 2024 are within or ahead of the
improved revised guidance.

·    24 461 carats were recovered during the Period, resulting in 105 012
carats recovered for the year (FY 2023: 109 656).

·    13 diamonds greater than 100 carats were recovered in the year (FY
2023: Five).

·    26 356 carats were sold during the Period, achieving an average
price of US$1 223 per carat, resulting in 109 967 carats sold for the year
achieving an average price of US$1 390 per carat (FY 2023: 104 520 carats sold
for US$1 334 per carat).

·    The highest price achieved in the Period was US$45 077 per carat for
a 3.52 carat pink diamond.

·    Six diamonds sold for more than US$1.0 million each during the
Period, contributing US$11.6 million.

·    Four greater than 100 carat diamonds were sold during the Period.

2.    Letšeng Diamonds production summary:

                                    H1           Q3             Q4          FY          FY            FY23 - FY24

                                    2024         2024           2024        2024        2023        % Change
 Waste tonnes stripped              3 163 476     1 219 291     1 037 800   5 420 567   8 841 627   -39%(*)
 Ore tonnes treated                 2 542 114    1 185 192      1 291 433   5 018 739   5 024 665   0%(#)
 Satellite pipe ore tonnes treated  1 110 647    535 890        542 916     2 189 453   2 969 031   -26%(#)
 Carats recovered                   55 873       24 678         24 461      105 012     109 656     -4%
 Grade (cpht)                       2.20         2.08           1.90        2.09        2.18        -4%
 Carats sold                        56 994       26 617         26 356      109 967     104 520     5%
 Total value (US$ millions)         77.9         42.7           32.2        152.8       139.4       10%
 Achieved US$/carat                 1 368        1 603          1 223       1 390       1 334       4%

(*) Waste tonnes stripped are in accordance with the approved mine plan.

(# ) Ore tonnes treated are in line with the approved mine and treatment
plans.

3.    FY 2024 performance compared to revised guidance

Direct cash costs (before waste) per tonne treated and mining waste cash costs
per tonne of waste mined are expected to be within the guidance range.
Operating cost per tonne treated is anticipated to be slightly above guidance
impacted by non-cash cost adjustments to inventory, waste and ore stockpile.

                                                                FY 2024       FY 2024

                                                                Performance   Revised

                                                                              Guidance
 Waste tonnes mined (Mt)                                        5.4           5 - 6
 Ore treated (Mt)                                               5.0           4.9 - 5.1
 Satellite pipe ore treated (Mt)                                2.2           1.8 - 2.0
 Carats recovered (Kct)                                         105           98 - 101
 Carats sold (Kct)                                              110           100 - 103
 Direct cash costs (before waste) per tonne treated (Maloti)    245 - 260     245 - 260
 Operating costs per tonne treated(1) (Maloti)                  365 - 380     345 - 360
 Mining waste cash costs per tonne of waste mined (Maloti)      60 - 70       60 - 70
 Total capex (US$ million)                                      4.4           5 - 7

(1) Operating costs per tonne treated excludes royalty, selling costs,
depreciation and mine amortisation, but includes inventory, waste and ore
stockpile adjustments.

( )

FOR FURTHER INFORMATION:

Gem Diamonds Limited

Kiki Constantopoulos, Company Secretary

ir@gemdiamonds.com (mailto:ir@gemdiamonds.com)

 

Celicourt Communications

Mark Antelme / Felicity
Winkles

Tel: +44 (0) 20 7770 6424

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014.

The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.

ABOUT GEM DIAMONDS:

Gem Diamonds is a leading global producer of high value diamonds. The Company
owns 70% of the

Letšeng mine in Lesotho. The Letšeng mine is famous for the production of
large, exceptional white

diamonds, making it the highest dollar per carat kimberlite diamond mine in
the world.

www.gemdiamonds.com (http://www.gemdiamonds.com)

 

 

 

 

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