Operational Update to 31 December 2024

Share code on JSE:GML / AIM:GEM

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

Operational Update to 31 December 2024

LONDON, 31 JANUARY 2025

Gemfields shareholders are advised that the Company has released information about its operational results and financial position to 31 December 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 196 million for the year.
• Net debt position of USD 80.5 million (before auction receivables of USD 33.9 million) at 31 December 2024 as Gemfields continues to fund MRM's second processing plant.
• Construction of MRM's second processing plant remains materially on budget and on track for completion by the end of H1 2025 despite disruptions in Mozambique from October 2024 to mid-January 2025 with civil unrest following the contested presidential election.
• MRM has been operating as usual since the start of 2025, following the events announced on 27 December 2024 and amid heightened illegal miner intrusions in the wake of the civil unrest.
• Kagem has paused mining from the start of 2025 as previously announced, utilising its upgraded wash plant to process its significant stockpiles.
• Emerald exports are, since 1 January 2025, paused while Zambia's reintroduced 15% export duty remains in place. Kagem anticipates that the duty may be revoked and allow a commercial-quality emerald auction to go ahead in Q1 2025.

Commentary on the operational performance and financial results will be available in Gemfields' full year results and Annual Report due to be published on Thursday 27 March 2025.

GEMFIELDS

KAGEM MINING LINKEDIN

MONTEPUEZ RUBY MINING LINKEDIN