Reviewed Interim Report 2026

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

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

Reviewed Interim Report for the six months to 30 June 2026

LONDON, 30 SEPTEMBER 2026

Gemfields announces the Group's financial results for the six months to 30 June 2026 ("2026 Interim Results").

Summarised Results:

• Total revenue for the six months to 30 June 2026 of USD 106.0 million.
• EBITDA for the six months to 30 June 2026 of USD 40.7 million.
• Statutory loss per share of USDc 4.3 primarily driven by a non-cash impairment charge of USD 125.2 million, recognised in respect of MRM.
• Adjusted headline earnings per share of USDc 0.6.
• Free cash flow before working capital movements for the six months to 30 June 2026 of USD 17.4 million, reflecting the inclusion of revenues from the delayed December 2025 mixed-quality ruby auction, which was held in February 2026.
• The Group's net debt position at 30 June 2026 was USD 44.2 million (before USD 33.3 million of auction receivables, which have now been collected in full).

David Lovett, Interim CEO and CFO of Gemfields, commented:

"The first half of 2026 was a difficult period for Gemfields, driven principally by the continued shortage of premium ruby recoveries at Montepuez Ruby Mining ("MRM"), which remains the Group's most significant operational and financial challenge. Kagem Mining ("Kagem") delivered good emerald production, but higher diesel costs and a stronger Zambian kwacha weighed on profitability. While the Group's reported results benefitted from the February 2026 mixed-quality ruby auction, it should be noted that this auction was originally scheduled for late 2025 and was postponed into the current reporting period.

During the period, the second processing plant ("PP2") at MRM became largely operational and recent ruby recoveries have shown signs of improvement. However, it is too early to determine whether these results represent a sustainable improvement in grade and recoveries. The principal focus of management remains on testing and validating recent operational performance, improving mine planning and establishing a more consistent operating platform at MRM.

After an extended period of operational challenges, a return to sustainable profitability will require consistent execution over time rather than short-term improvements. While recent operational performance has been more encouraging than that seen earlier in the year, significant work remains to be done before we can conclude that MRM has turned a corner."

Financial and Operating Results

1 Earnings before interest, taxation, depreciation and amortisation, adjusted to exclude one-off non-cash impairments made to the Group's noncurrent assets, inventory, fair value gains or losses on the Group's non-core equity investments, share-based payments, other impairments and provisions.

2 NAV at 31 December 2025, restated.

The content of this short-form announcement is the responsibility of the Board and has been prepared in accordance with the JSE Limited Listings Requirements. Shareholders are advised that this short-form announcement represents a summary of the information contained in the full announcement and does not contain full or complete details of the financial results.

Any investment decision by investors and/or shareholders should be based on the consideration of the full announcement as a whole and shareholders are encouraged to review the full announcement available for viewing on the Company's website: www.gemfieldsgroup.com

The results can also be accessed by following the link below:

The full announcement may also be requested at Gemfields' registered office, PO Box 186, Royal Chambers, St. Julian's Avenue, St Peter Port, Guernsey, GY1 4HP, at no charge, during office hours. Investors and/or shareholders may also request copies of the full announcement from Investor Relations via ir@gemfields.com.

The short-form announcement has itself not been audited or reviewed. However, the financial information included herein has been extracted from the interim financial statements which have been reviewed by the Company's auditors, Ernst & Young LLP. The auditor's review report on the financial statements is unmodified.

Shareholder and analyst webcast

There will be a shareholder and analyst webcast today at 09:00am (UK) / 10:00 am (South Africa). David Lovett (Interim CEO, CFO) and Becki Tate (Head of Finance - Operations) will present the Company's 2026 Interim Results.

The Company will host a question and answer session following the presentation. Should you wish to ask a question, please either email your questions in advance to ir@gemfields.com or use the 'Ask a question' link on the webcast page during the event.

Shareholders who wish to watch the webcast are requested to register via the link below:

Should you have any further queries with regards to the proceedings of the event, please contact Investor Relations (ir@gemfields.com).