Auction Results: Mixed-Quality Rubies

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

Auction Results: Mixed-Quality Rubies

LONDON, 23 FEBRUARY 2026

Gemfields announces the results of an auction comprised of mixed-quality rough ruby held during the period 9 - 20 February 2026.

Highlights - Mixed-Quality Ruby Auction - February 2026

• Total auction revenues of USD 53 million.
• 121 of the 135 lots offered for sale were sold (90%).
• 214,509 carats were offered for sale with 189,620 carats sold (88%).
• Average sales price of USD 279 per carat.
• This is the first auction to include material from MRM's second processing plant, underscoring the contribution it is already making ahead of full commissioning.

Adrian Banks, Gemfields' Managing Director of Product & Sales, commented:

"This auction, deferred from December 2025 to February 2026, was well attended and comprised a good selection of rubies covering a wide spectrum of sizes and qualities from our Mozambique ruby mine. It was particularly pleasing to see that the more fluorescent material from our newer mining areas was well received. Fine-quality rubies continued to perform strongly and demonstrated robust pricing.

Bidding for certain qualities was more muted, a development we attribute in part to the additional product being brought to market from illegal mining networks operating in the MRM area combined with weaker demand from China.

As MRM's second processing plant approaches final commissioning, we look forward to maintaining Gemfields' consistent supply of rubies to the market. We thank our customers for their continued support and wish them every success during the upcoming gemstone show season. Sincere appreciation is also extended to the dedicated team at MRM and our partners at Mwiriti for their continued hard work and commitment."

The gemstones were extracted in Mozambique by Montepuez Ruby Mining Limitada ("MRM") which is 75% owned by Gemfields and 25% by Mwiriti Limitada. The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales prices achieved at the auction.

The auction lots were made available in Bangkok for private, in-person viewings by customers. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.

The results of the five most recent Mixed-Quality MRM ruby auctions are summarised in the table below (and earlier results are available at www.gemfieldsgroup.com):

1 - The 'Low Ruby' category was not offered at the December 2023, June 2024, December 2024 or June 2025 auctions.

MRM's Second Processing Plant

MRM continues to work in close collaboration with Consulmet and the relevant OEMs on the final commissioning of MRM's second processing plant to triple the mine's ore processing capacity. While the plant has demonstrated its ability to attain design capacity of 400 tonnes per hour, a number of further adjustments, refinements and component substitutions are required to deliver sustained operation at those levels. This work has not given rise to any materially increased costs for MRM.