June 2017

Further update in respect of the Offer

Further to the announcement of 16 June 2017, as of 5.40 p.m. (London time) at that date, there were 77,076,611 Gemfields Shares (representing approximately 14.02% of the existing issued share capital of Gemfields) subject to the irrevocable undertakings which remain outstanding.

Pallinghurst announces the posting of the Offer Document

On 19 May 2017 the Board of Pallinghurst Resources Limited (“Pallinghurst”) announced the terms of an offer to be made by Pallinghurst through which Pallinghurst would offer to acquire the entire issued and to be issued share capital of Gemfields (other than the 258,908,915 Gemfields Shares already held by Pallinghurst Group, representing 47.09% of Gemfields’ existing issued share capital), to be implemented by means of a takeover within the meaning of Part 28 of the Companies Act 2006 (the “Offer”). Under the terms of the Offer, each Gemfields Shareholder will be entitled to receive 1.91 Pallinghurst Shares for each Gemfields Share.

Posting of Circular and Notice of General Meeting

Shareholders are informed that further to the announcement dated 19 May 2017 in relation to the restructuring of the Pallinghurst group and an offer to acquire the minority interests of Gemfields plc, the circular (the “Circular”), including revised listing particulars and a notice of general meeting has been posted to shareholders today.