Completion of Share Buyback Programme

Incorporated in Guernsey. Guernsey registration Number: 47656.

South African external company registration number 2009/012636/10

Share code on JSE:GML / AIM:GEM

("Gemfields" or the "Company")

Completion of Share Buyback Programme, Transaction in Own Shares and Total Voting Rights

LONDON, 23 OCTOBER 2023

Gemfields announces that on Friday 20 October 2023, the Company purchased 2,853,200 of its own ordinary shares of USD0.00001 each in the Company ("Ordinary Shares") at a price of ZAR3.15. This completes a USD 10 million share buyback programme approved by shareholders.

In total, 58,423,901 Ordinary Shares have been purchased. This represents 4.83% of the issued Ordinary Shares on the date of the original general authority granted by the Company's shareholders to purchase the Ordinary Shares, which was 1,210,087,232 as at 30 November 2022.

Following this final purchase, the total number of Ordinary Shares held in treasury by the Company is 55,694,351, which will all be cancelled. This cancellation will be announced separately. The total number of Ordinary Shares in issue is 1,221,918,104, including treasury shares.

Therefore, the number of Ordinary Shares that each carry the right to one vote is 1,166,223,753.

This is the total voting rights figure which may be used by shareholders as the denominator in determining whether they are required to notify their interests in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

GEMFIELDS

KAGEM MINING LINKEDIN

MONTEPUEZ RUBY MINING LINKEDIN