REG - Gemfields Group Ltd - Auction Update

GemfieldsAnnouncement

13/09/2023 16:30

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RNS Number : 3589M  Gemfields Group Limited  13 September 2023

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 "Company")

 

Gemfields Auction Update

LONDON, 13 SEPTEMBER 2023

Gemfields provides an update regarding its gemstone auction schedule for the
remainder of 2023.

a.     Gemfields completed an auction of commercial and low-quality ruby
from the Montepuez ruby mine on 13 September 2023 and the results are set out
below.

b.     An auction of commercial quality emeralds from the Kagem emerald
mine is presently underway and Gemfields expects to announce the results on
Monday 18 September 2023.

c.     The auction of higher quality emeralds from the Kagem emerald mine,
scheduled for November 2023, will no longer take place. Gemfields has taken
this decision as a result of the generally lower quality and quantity of
emerald production at Kagem in recent months and which would result in a
suboptimal auction offering to Gemfields' emerald auction clients. The
available production will therefore be carried forward into Gemfields' 2024
auction programme.

d.    The auction of mixed quality rubies from Montepuez remains scheduled
for December 2023.

The arising 2023 auction summary is tabulated below:

 2023 Auction Summary by Mine                                                   Total year-to-date auction revenue (USD million)  Auctions currently underway or remaining in 2023  Total Auctions for 2023

                               No. of auctions completed year-to-date in 2023

 Kagem Emerald Mine                                                             64.9                                              1                                                 3

                               2

                                                                                                                                  Sep 2023: CQ

                               Mar 2023: CQ

                               Jun 2023: HQ

 Montepuez Ruby Mine                                                            81.9                                              1                                                 3

                               2

                                                                                                                                  Dec 2023: MQ

                               Jun 2023: MQ

                               Sep 2023: CQ&LQ

Key: HQ = higher quality, CQ = commercial quality, MQ = mixed quality, LQ =
lower quality

 

Montepuez Commercial-Quality Auction (September 2023)

Gemfields held an auction of commercial and low-quality ruby from 11 to 13
September 2023.

·    Auction revenues of USD 1.47 million

·    100% of the 869,862 carats (174kg) offered in 8 lots were sold

·    Average sales price of USD 1.70 per carat

The gemstones were extracted by Montepuez Ruby Mining Limitada in Mozambique,
which is 75% owned by Gemfields and 25% by Mwiriti Limitada). The proceeds of
this auction will be fully repatriated to MRM in Mozambique, with all
royalties due to the Government of the Republic of Mozambique being paid on
the full sales prices achieved at the auction.

Adrian Banks, Gemfields' Managing Director of Product & Sales, commented:

"The results from today's auction of commercial and lower quality ruby
highlight again that the market remains very healthy. We now eagerly await the
results of the auction of commercial quality emeralds presently underway. As a
result of generally lower quality and quantity of production experienced at
the Kagem emerald mine in recent months, we are of course disappointed to
withdraw our auction of higher quality emeralds scheduled for November 2023.
Emeralds are a natural product and the variability in quality and quantity of
production is a characteristic feature of coloured gemstone deposits. We have
seen such periods in the past and always wish to ensure that we only proceed
with an auction where we can table an industry leading offering for our
clients."

 

AIM nominated advisor name change

The Company announces that its nominated adviser and broker finnCap Ltd, has
changed its name to Cavendish Capital Markets Limited.

 

-ENDS-

 

Further information on Gemfields Group Limited can be found at:

 GEMFIELDSGROUP.COM (http://WWW.GEMFIELDSGROUP.COM)

 

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

 

For any press enquiries please contact us on:
gemfields@camarco.co.uk (mailto:gemfields@camarco.co.uk)

 

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 (mailto:ir@gemfields.com)

T:  +44(0) 20 7518 3400
 SPONSOR (JSE)              Investec Bank Limited
 NOMINATED ADVISER          Cavendish Capital Markets Limited

(AIM) & JOINT BROKER      Christopher Raggett / Tim Redfern / Edward Whiley
                            T: +44(0) 20 7220 0500
 JOINT BROKER               Liberum

Scott Mathieson / Kane Collings
                            T: +44(0) 20 3100 2222
 FINANCIAL PR/ IR           Camarco
                            Gordon Poole / Emily Hall

T: +44(0) 20 3757 4980

 

 

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
and trading 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 (https://gemfields.com/) (https://gemfields.com/) | INVESTORS
(https://www.gemfieldsgroup.com/) (https://www.gemfieldsgroup.com/)
|FOUNDATION (https://www.gemfieldsfoundation.org/)

INSTAGRAM (https://www.instagram.com/gemfields/)
(https://www.instagram.com/gemfields/) | FACEBOOK
(https://www.facebook.com/Gemfields/) (https://www.facebook.com/Gemfields/) |
TWITTER (https://twitter.com/GemfieldsLtd?lang=en)
(https://twitter.com/GemfieldsLtd?lang=en) | YOUTUBE
(https://www.youtube.com/channel/UCArCE0JFtakTP-tHq6v0KVg)

 

FABERGÉ

FABERGÉ.COM (https://www.faberge.com/) | INSTAGRAM
(https://www.instagram.com/officialfaberge/)
(https://www.instagram.com/officialfaberge/) | FACEBOOK
(https://www.facebook.com/OfficialFaberge)
(https://www.facebook.com/OfficialFaberge) | TWITTER
(https://twitter.com/OfficialFaberge) (https://twitter.com/OfficialFaberge) |
YOUTUBE (https://www.youtube.com/user/officialfaberge)

 

KAGEM MINING LINKEDIN (https://www.linkedin.com/company/kagem-mining-ltd)

MONTEPUEZ RUBY MINING LINKEDIN
(https://www.linkedin.com/company/montepuez-ruby-mining)

 

 

 

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