REG - Gemfields Group Ltd - Trading Statement, six months ended 30 June 2025

GemfieldsAnnouncement

23/09/2025 14:00

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RNS Number : 4869A  Gemfields Group Limited  23 September 2025

Incorporated in Guernsey. Guernsey registration Number: 47656.

South African external company registration number 2009/012636/10

Share code on JSE:GML  (General Segment of the JSE Main Board) / AIM:GEM

    ISIN: GG00BG0KTL52   |   LEI: 21380017GAVXTCYS5R31

("Gemfields" or the "Company" or the "Group")

Trading Statement for six months ended 30 June 2025

LONDON, 23 SEPTEMBER 2025

In accordance with paragraph 3.4(b) of the JSE Listings Requirements,
Gemfields shareholders are advised that the Company is reasonably certain of
its expected financial interim results for the six months ended 30 June 2025.

Sean Gilbertson, CEO of Gemfields, commented:

"Further to our operational update for the six months to 30 June 2025, which
was published on 31 July, we are pleased to provide this trading statement
ahead of the release of our Interim Results on Friday 26 September 2025.

Gemstone production proved challenging throughout the period at both mines,
with Montepuez Ruby Mining ("MRM") experiencing a decrease in the production
of premium rubies and Kagem Mining ("Kagem") having halted mining operations
at the end of 2024, operating only the wash plant until May 2025 when two
focussed emerald production points were re-opened.

As ever, we are reminded that nature is no supermarket, and while periods of
production fluctuation are frustrating, it is this rarity of premium gemstones
that makes them so special, valuable and price-resilient.

Multiple transient challenges gave rise to short-term cash flow challenges and
Gemfields is grateful to its shareholders for the support they have shown
through this difficult period. It is now of utmost importance to the board
that the Company delivers for shareholders. Gemfields has simplified its
business, removed costs and is focused on securing profitability across the
Group, enhanced by the exciting prospect of increased ruby production courtesy
of the second processing plant (PP2) at MRM. I look forward to these actions
bearing fruit in the second half of this year.

We look forward to presenting our half year results in full detail to our
shareholders and the market on Friday morning."

Expected revenues and net profit

Gemfields' two key operating assets, Montepuez Ruby Mining ("MRM") and Kagem
Mining ("Kagem"), generated revenues of USD 38.9 million and USD 21.1 million
respectively in the six months to 30 June 2025 (2024 H1: MRM - USD 68.7
million; Kagem - USD 51.9 million). Total auction revenues for the period were
USD 60.0 million, significantly lower than the same period in 2024, primarily
due to fewer premium carats being available for auction as a result of lower
grades at MRM, the implementation of the 15% export duty on emeralds in Zambia
(since revoked) and the suspension of mining at Kagem for much of the period.
However, pricing and demand provided some encouragement.

The Group successfully completed a fully underwritten USD 30.0 million Rights
Issue on 13 June 2025 by issuing 556,203,396 new shares. Additionally,
post-period end, the Group completed the sale of its entire interest in wholly
owned Fabergé Limited ("Fabergé"), the iconic luxury brand, for USD 50.0
million, on 29 August 2025. Of this amount, USD 44.7 million was received on
completion, while the remaining USD 5.0 million will be paid via quarterly
royalty payments equal to 8% of Fabergé's revenue commencing 1 July 2026.
Both transactions improved the Group's liquidity and working capital
position.

Gemfields is reasonably certain that its net loss after tax(1) will be USD
24.6 million for the six months ended 30 June 2025 (2024 H1: net profit after
tax of USD 13.7 million). In ZAR terms, the net loss after tax is expected to
be ZAR 435.8 million (2024 H1: net profit after tax ZAR 255.6 million). The
reported loss reflects the lower auction revenues arising from a disrupted
auction schedule. However, disciplined cost control helped to limit the
impact. Looking ahead, the commissioning of the second processing plant (PP2)
at MRM is expected to positively impact performance in the final quarter.

Expected loss per share and headline loss per share

Loss per share(2) is expected to be USDc 1.7 for the first six months of the
year (2024 H1: Earnings per share - USDc 0.6). In ZAR terms, the loss per
share is expected to be ZARc 30.12, down 355.3% (2024 H1: Earnings per share -
ZARc 11.8).

Headline loss per share(2) is expected to be USDc 1.5 (2024 H1: Headline
earnings per share - USDc 0.6). In ZAR terms, headline loss per share is
expected to be ZARc 26.6, down 325.2% (2024 H1: Headline earnings per share -
ZARc 11.8).

Adjusted headline loss per share(2), is expected to be USDc 1.5 (2024 H1: USDc
1.0). In ZAR terms, adjusted headline loss per share is expected to be ZARc
26.6, down 246.0% (2024 H1: Adjusted headline earnings per share - ZARc 18.2).

The Company's weighted average shares in issue for the six months ended 30
June 2025 was 1,223,340,175 (Weighted average for 2024 H1: 1,166,695,130).

The financial information upon which this trading statement is based has not
been reviewed or reported on by the Company's auditors and is the
responsibility of the Company's directors.

The Company's financial results for the six months ended 30 June 2025 are
expected to be released on SENS, RNS and the Company's website at 07:00am (UK)
/ 08:00am (South Africa) on Friday, 26 September 2025.

(1) Net profit after tax is reported on a 100% basis for the current period

(2) Per share metrics based on weighted average number of shares over the
period and earnings are based on parent-only figures (i.e. exclusive of the
minority interest).

 

Interim results shareholder and analyst webcast

There will be a shareholder and analyst webcast on Friday, 26 September 2025
at 09:00 am (UK) / 10:00 am (South Africa). Sean Gilbertson (CEO) and David
Lovett (CFO) will present the Company's 2025 interim results.

The Company will host a question and answer session following the
presentation. Should you wish to ask a question, please either email your
questions in advance to ir@gemfields.com (mailto:ir@gemfields.com) , or use
the 'Ask a question' link on the webcast page during the event.

Shareholders who wish to watch the webcast are requested to register via the
link below:

Gemfields Group Limited - Half Year Results 2025 | SparkLive | LSEG
(https://url.uk.m.mimecastprotect.com/s/M30rC0Vv3tJ40M1Twf4t9JCZx?domain=sparklive.lseg.com)

Should you have any further queries with regards to the proceedings of the
event, please contact Investor Relations (ir@gemfields.com
(mailto:ir@gemfields.com) ).

 

 

-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)

 

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 / Heinrich Richter

                                                ir@gemfields.com (mailto: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 HEAD OFFICE, LONDON  Helena Choudhury / Albertina Namburete

                                                helena.choudhury@gemfields.com (mailto:helena.choudhury@gemfields.com)
                                                (mailto:helena.choudhury@gemfields.com) /
                                                (mailto:helena.choudhury@gemfields.com) albertina.namburete@gemfields.com
                                                (mailto: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 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 (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/) |
X (https://x.com/GemfieldsLtd?lang=en) | YOUTUBE
(https://www.youtube.com/channel/UCArCE0JFtakTP-tHq6v0KVg)

 

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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