Operational Update up to 31 December 2023

Share code on JSE: GML / AIM: GEM

("Gemfields" or the "Company")

Operational Update up to 31 December 2023

LONDON, 29 JANUARY 2024

Gemfields shareholders are advised that the Company has released information about its operational results and financial position for the six months ended 31 December 2023. These unaudited figures have been produced on a monthly basis for Gemfields' 75%-owned Kagem emerald mine, its 75%-owned Montepuez ruby mine and Fabergé, the iconic luxury brand. The full operational results can be found on the Company's website at www.gemfieldsgroup.com.

Highlights

• Strong auction revenues and pricing continue for both emeralds and rubies
• Total auction revenues of USD 242 million, the second highest year in Gemfields' history despite the withdrawal of November 2023's auction of higher quality emeralds
• Kagem experienced a general improvement in both the quality and quantity of premium emeralds recovered in recent months
• Gemfields has passed the milestone of USD 2 billion in cumulative emerald and ruby auction sales since its first auction in 2009, with more than USD 400 million in taxes being paid to the governments of Mozambique and Zambia
• Net cash of USD 11.1 million (before auction receivables of USD 38.9 million) at 31 December 2023
• USD 45 million returned to shareholders in 2023 by way of May 2023's USD 35 million dividend and a USD 10 million share buyback completed in October 2023
• Next auctions planned: Commercial quality emerald auction in Q1 2024, followed by a higher quality emerald auction and a mixed quality ruby auction in Q2 2024

An Excel spreadsheet of all of Gemfields' historic operational results is also available at www.gemfieldsgroup.com/operational-update. Commentary on the operational performance and financial results will be available in Gemfields' annual results due to be published in March 2024.

GEMFIELDS

KAGEM MINING LINKEDIN

MONTEPUEZ RUBY MINING LINKEDIN