GGL Operational Update to 31 December 2025
Gemfields Group Limited reported total auction revenues of $128.5 million for the year ending December 31, 2025, and a net debt position of $39.2 million, excluding $20.5 million in auction receivables, following the funding of its Montepuez ruby mine's second processing plant. This new processing plant is in its final commissioning stages, expected to be completed imminently and delivered on budget, with its first ruby output anticipated for the February 2026 auction. The Kagem emerald mine has met expectations for premium emerald recoveries since resuming focused mining in May 2025, benefiting from an additional night shift that processed historic stockpiles.
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Share code on JSE:GML (General Segment of JSE Main Board) / AIM:GEM
("Gemfields" or the "Group" or the "Company")
Operational Update to 31 December 2025
LONDON, 30 JANUARY 2026
Gemfields shareholders are advised that the Company has released information about its operational results and financial position to 31 December 2025.
These unaudited figures have been produced on a monthly basis for Gemfields' 75%-owned Kagem emerald mine and its 75%-owned Montepuez ruby mine.
The full operational results and an excel spreadsheet of Gemfields' historic figures can be found on the Company's website at www.gemfieldsgroup.com/operational-update/.
Highlights
- Total auction revenues of USD 128.5 million for the year.
- Net debt position of USD 39.2 million (before auction receivables of USD 20.5 million) at 31 December 2025, as Gemfields finalised the funding of Montepuez Ruby Mining's ("MRM") second processing plant.
- The second processing plant ("PP2") at MRM is now in its final commissioning stage, with the project being delivered materially on budget. Commissioning is anticipated to be completed imminently. The Group looks forward to introducing the first rubies produced by PP2 to the market at the February 2026 Mixed‑Quality ruby auction.
- Since focussed mining resumed at Kagem in May 2025, premium emerald recoveries have met expectations. Notably, the yield included Imboo, a 11,685-carat emerald displaying an intense, verdant colour. Kagem continued to run an additional night shift at the upgraded processing plant throughout 2025, which enabled processing of historic stockpiles, and has supported a positive outturn in emerald production.
Commentary on the operational performance and financial results will be available in Gemfields' full year results and Annual Report, due to be published on 26 March 2026.
Shareholders are advised that all figures in this operational update are unaudited, in respect of which the directors assume full responsibility.
| KAGEM MINING LINKEDIN | |
| MONTEPUEZ RUBY MINING LINKEDIN |
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