Trading Statement and Proposed Rights Issue

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

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

Trading Statement for the year ended 31 December 2024 and Announcement in connection with a Proposed Rights Issue

LONDON, 11 APRIL 2025

In accordance with paragraph 3.4(b) of the JSE Listings Requirements, Gemfields shareholders are advised that the Company is reasonably certain of its expected financial results for the year ended 31 December 2024.

The Company's financial results for the year ended 31 December 2024 are expected to be released today (Friday 11 April 2025) on SENS, RNS and the Company's website at 07:30am (UK) / 08:30am (South Africa).

Announcement of Proposed Rights Issue

Gemfields Group Limited also announces it will be seeking shareholder approval to, amongst other things, issue 556,203,396 New Shares to raise approximately USD 30 million by way of a fully committed and underwritten Rights Issue (the "Proposed Rights Issue"). The Proposed Rights Issue, which subject to shareholder approval, shall be fully underwritten by Gemfields' two largest shareholders, Assore International Holdings Limited ("AIH") and Rational Expectations (Pty) Ltd ("Rational"). Should shareholder approval be obtained at an Extraordinary General Meeting ("EGM") of the Company, the Company will launch the Proposed Rights Issue which will be offered at a UK Issue Price of 4.22 pence per New Share and SA Issue Price of ZAR 1.06860 per New Share, on a 10 New Shares for every 21 Existing Shares basis and will be available to all qualifying shareholders.

AIH and Rational have also entered into Pre-Funding Agreements with the Company, pursuant to which each of AIH and Rational shall make loans equivalent to their pro-rata entitlement in the Proposed Rights Issue in the amounts of USD 8,742,000 and USD 4,646,000, respectively (together the "Loans") to the Company, subject to the publication of the EGM Circular. The Loans will provide the Company with an immediate working capital injection pending the completion of the Proposed Rights Issue.

The full announcement, Notice of EGM and publication of the EGM Circular setting out details of the Proposed Rights Issue is expected to be released following the receipt of final regulatory approval, and will also be made available on the Company's website at: www.gemfieldsgroup.com.

Expected loss per share and headline loss per share

Loss per share1 for the year ended 31 December 2024 is expected to be USDc 7.0 (2023: Loss per share - USDc 0.8). In ZAR terms, the loss per share is expected to be ZARc 129.0 (2023: Loss per share - ZARc 15.4).

Headline loss per share1 is expected to be USDc 2.1 (2023: Headline loss per share - USDc 0.9). In ZAR terms, headline loss per share is expected to be ZARc 39.1 (2023: Headline loss per share - ZARc 16.0).

The Company's weighted average shares in issue for the year ended 31 December 2024 was 1,167,028,719 (Weighted average for 2023: 1,206,076,930).

Full year results shareholder and analyst webcast

The Company intends to schedule a shareholder and analyst webcast after receiving final regulatory approval for the release of the Proposed Rights Issue shareholder Circular.

In the meantime, should you wish to ask a question, please contact ir@gemfields.com.

GEMFIELDS

KAGEM MINING LINKEDIN

MONTEPUEZ RUBY MINING LINKEDIN