REG - Gemfields Group Ltd - GGL Audited 2025 Annual Report Released

GemfieldsAnnouncement

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RNS Number : 1598Y  Gemfields Group Limited  26 March 2026

Incorporated in Guernsey. Guernsey registration number: 47656

South African external company registration number: 2009/012636/10

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

    ISIN: GG00BG0KTL52   |   LEI: 21380017GAVXTCYS5R31

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

 

Audited 2025 Annual Report Released

LONDON, 26 MARCH 2026

Gemfields announces the publication of the Company's audited Annual Report and
Accounts for the year ending 31 December 2025 ("2025 Annual Report"). The
content of this short form announcement is the responsibility of the board of
directors of the Company.

Shareholders are advised that this short form announcement represents a
summary of the information contained in the Annual Report and does not contain
full or complete details of the financial results.

Summary

 

·    Total annual revenue of USD 135.1 million (2024: USD 199.4 million),
reflecting a disrupted emerald market in H1 2025 and a reduction in the
recovered premium ruby grade at Montepuez Ruby Mining ("MRM").

·    MRM's financial performance has been impacted by persistently low
premium ruby recovery and heightened illegal mining encroachment, while the
new processing plant's full contribution has been delayed due to commissioning
setbacks.

·    Mining at Kagem emerald mine ("Kagem") was suspended from January
until May, when focussed open‑pit operations resumed; since the restart,
premium emerald production has remained encouraging.

·    Group operating costs reduced to USD 128.9 million (2024: USD 156.2
million) as a result of strengthened cost‑control measures initiated in
2024, and continued throughout 2025.

·    The Group completed the sale of Fabergé Limited to SMG Capital LLC
for a total consideration of USD 50 million, delivering a material
strengthening of the balance sheet.

·    Adjusted headline loss per share of USD cents 1.3 for the year (2024:
Adjusted headline loss per share of USD cents 1.8).

Sean Gilbertson, CEO of Gemfields, commented:

"This was a difficult year, with operational disruptions at both MRM and Kagem
constraining our premium gemstone production, auction cadence and cash
generation. Seven auctions generated just USD 129 million, reflecting both the
shortfalls in gemstone availability and bumpy market conditions, despite
continued pricing resilience at the top end of the ruby and emerald quality
spectrum.

Our focus for 2026 is on stabilising our operations, completing the final
commissioning of the much-delayed second processing plant at MRM so its
benefits emerge progressively through the year, and maintaining strict cost
and capital discipline to protect liquidity and deliver deleveraging. The
first half is expected to remain challenging as we iron out the new processing
plant's teething issues.

We continue to monitor the challenging geopolitical developments closely. The
situation in the Middle East has already increased costs, particularly fuel,
and any further escalation could materially impact cost and market conditions.
It remains too early to determine the extent of the impact on the year ahead.

As always, and especially when the going is tough, our thanks go to our
colleagues, host governments, business partners, customers and shareholders
for their continued support as we navigate the assorted challenges."

Any investment decisions by investors and/or shareholders should be based on
careful consideration of the full announcement as a whole. The 2025 Annual
Report is available for viewing on the Company's website at
www.gemfieldsgroup.com (http://www.gemfieldsgroup.com) .

The 2025 Annual Report can also be accessed by following the link below:

https://senspdf.jse.co.za/documents/2026/jse/isse/GMLE/AR2025.pdf
(https://senspdf.jse.co.za/documents/2026/jse/isse/GMLE/AR2025.pdf)

Key audit matters and unmodified opinion can be found in EY's full auditor's
report within the 2025 Annual Report.

Financial and Operating Results

 Continuing operations                    2025       2024

                                                     Re-presented (2)
                                          USD'000    USD'000
 Revenue                                  135,109    199,431
 EBITDA(1)                                6,251      43,226
 Loss from operations                     (66,446)   (97,651)
 Net loss after taxation                  (50,862)   (100,796)
 Loss attributed to owners of the Parent  (39,082)   (82,143)

                                          USD cents  USD cents
 Loss per share                           (2.6)      (7.0)
 Headline loss per share                  (1.3)      (2.1)
 Adjusted loss per share                  (1.3)      (1.8)
 Dividend per share                       -          -

                                          USD'000    USD'000
 Net Asset Value (Parent only)            337,062    345,723
 Net debt                                 (39,289)   (80,431)

(1) Earnings before interest, taxation, depreciation and amortisation,
adjusted to exclude one-off impairments made to the Group's non-current
assets,  inventory, share based payments, other impairments and provisions.

(2) 2024 figures are re-presented from those published in the 2024 Annual
Report to take account of the disposal of Fabergé such that the comparative
figures are like-for-like with 2025.

Full year results shareholder and analyst webcast

There will be a shareholder and analyst webcast today (Thursday 26 March 2026)
at 09:00 am (UK) / 11:00 am (South Africa). Sean Gilbertson (CEO) and David
Lovett (CFO) will present the Company's 2025 full year results. Shareholders
who wish to participate in the webcast are requested to register via the link
here:

Gemfields Group Limited - Annual Results 2025
(https://sparklive.lseg.com/GemfieldsGroupLtd/events/614cb954-8b7f-40ea-9b81-be3ac184430c/gemfields-group-limited-full-year-results-2025)

Any questions can be written in on the webcast portal or by sending a question
to ir@gemfields.com.

The slides that will be presented on the webcast will be available on
Gemfields' website under 'Investors: Presentations' shortly before the webcast
at https://www.gemfieldsgroup.com/ (https://www.gemfieldsgroup.com/) .

This short form announcement and the results contained in this short form
announcement have been prepared in compliance with the JSE Limited's Listings
Requirements.

-ENDS-

 

 

Further information on Gemfields Group Limited can be found at:

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

 

To join our investor mailing list, please 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 ENQUIRIES, GEMFIELDS HEAD OFFICE, LONDON  press@gemfields.com (mailto:press@gemfields.com)

T:  +44(0) 20 7518 3400

 

NOTES TO EDITORS

 

About Gemfields Group Limited

Gemfields is a world-leading miner of coloured gemstones, dual-listed on the
Johannesburg and London AIM stock exchanges.

Gemfields is the operator and 75% owner of both Kagem Mining in Zambia (a
world-leading emerald mine) and Montepuez Ruby Mining in Mozambique (situated
on one of the most significant recently discovered ruby deposits in the
world). In addition, Gemfields holds controlling interests in various other
gemstone mining and prospecting licenses in Zambia, Mozambique 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.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://twitter.com/GemfieldsLtd?lang=en) | YOUTUBE
(https://www.youtube.com/channel/UCArCE0JFtakTP-tHq6v0KVg)

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

MONTEPUEZ RUBY MINING LINKEDIN
(https://www.linkedin.com/company/montepuez-ruby-mining) | FACEBOOK
(https://web.facebook.com/MontepuezRM?mibextid=wwXIfr&_rdc=1&_rdr)

 

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.   END  FR EAPDSADAKEFA



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