Operational Update to 30 June 2024

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")

Operational Update to 30 June 2024

LONDON, 26 JULY 2024

Gemfields shareholders are advised that the Company has released information about its operational results and financial position for the six months ended 30 June 2024.

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.

Highlights

• Total auction revenues of USD 121 million, with continued demand for rough emeralds and rubies
• Construction of MRM's second processing plant remains on budget and on track for completion by end of H1 2025
• Kagem's wash plant upgrade is complete and operating at an increased processing rate
• Net debt position of USD 44.4 million (before auction receivables of USD 65.5 million) at 30 June 2024, as Gemfields continues to invest in its previously communicated capital expenditure plan, funded through a mixture of cash reserves and increased debt
• USD 10 million returned to shareholders in 2024 to reflect the good results in 2023
• Next auctions planned: Commercial-quality emerald auction in Q3 2024, followed by a higher-quality emerald auction and a mixed-quality ruby auction in Q4 2024

Commentary on the operational performance and financial results will be available in Gemfields' interim results due to be published on Friday 27 September 2024.

GEMFIELDS

KAGEM MINING LINKEDIN

MONTEPUEZ RUBY MINING LINKEDIN