Gemfields Group Limited

GEM · AIM · Basic Resources · mcap £56m · 3.2p 2 open situations →

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2026 MRM second processing plant CEO succession

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Project milestones

MRM second processing plant

Largely operational; sustainability of recoveries unproven

PP2 at MRM was nearly commissioned in January 2026 but slipped after scrubber defects and wear. On 25 Sep 2026 the company said it had reached design throughput at times, alongside a USD 125.2m MRM impairment. The full interim report on 30 Sep 2026 calls PP2 'largely operational' and says it is too early to call the recovery improvement sustainable.

Next auction: Mixed-Quality ruby auction scheduled October 2026
Next update: Interim results due Friday 25 September 2026 30 Jul 2026 ↗
H1 auction revenue: USD 102.9 million vs USD 60 million in 2025 H1 30 Jul 2026 ↗
Net debt: USD 44.2 million at 30 June 2026, before USD 33.3 million auction receivables now collected 30 Sep 2026 ↗
PP2 status: Largely operational; recent ruby recoveries show signs of improvement (30 Sep 2026) 30 Sep 2026 ↗
MRM impairment: USD 125.2 million non-cash, recognised in H1 2026 30 Sep 2026 ↗

Next: Show recoveries sustained; Mixed-Quality ruby auction

30 Sep 2026 Largely operational; sustainability of recoveries unproven
25 Sep 2026 Throughput proven; commissioning and optimisation ongoing
30 Jul 2026 Contributing to volumes; sign-off still pending
30 Jun 2026 Final commissioning slipped to Q3 2026

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New CEO / reset

CEO succession

Interim CEO from 15 July 2026

On 30 June 2026 Gemfields said CEO Sean Gilbertson will step down by mutual agreement with effect from 15 July 2026. CFO David Lovett becomes Interim CEO while remaining CFO. A formal search for a permanent successor will start in due course. The change comes amid MRM operating and cash-flow strains.

Departing CEO: Sean Gilbertson steps down as CEO and director from 15 July 2026, by mutual agreement with the Board
Interim CEO: David Lovett, CFO for 8 years, also holds the CFO role
Successor search: Formal process to start in due course, advised by the Nominations Committee
Chairman role: Bruce Cleaver to dedicate additional time to supporting the business and management

Next: Board starts formal search for permanent CEO

30 Jun 2026 Interim CEO from 15 July 2026

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Company filings. Not investment advice.