GEMFIELDS – ruby mine’s second processing plant is nearing completion

LONDON – In its operational results and financial position for the six months to 30 June 2025, Gemfields (incorporating 75%-owned Kagem emerald mine, 75%-owned Montepuez ruby mine and Fabergé brand) highlighted the following:

Total auction revenues were USD 60 million for the first half of year. Net debt position of USD was 59.6 million (before auction receivables of USD 16.1 million) at 30 June 2025, which includes proceeds from the fully underwritten USD 30 million Rights Issue completed on 13 June 2025 through the issuance of 556,203,396 new shares.

Construction of Montepuez ruby mine’s second processing plant is nearing completion and remains materially on budget with first ruby production expected in August 2025 and full completion anticipated during September 2025.

Kagem recommenced focused mining in May 2025 by reopening two production points in the Chama pit, with a further moderated expansion from July 2025 while continuing to process stockpiles through its upgraded wash plant.

Gemfields also advises that material progress has been made in respect of the strategic review of Fabergé and will update the market as appropriate.

The all above figures in this operational update are unaudited, in respect of which the directors assume full responsibility.