May 2018

Lusaka Emerald Auction Results

Pallinghurst, which owns 100% of Gemfields Ltd (“Gemfields”), announces the results of an auction of higher quality rough emeralds held in Lusaka, Zambia from 15 – 18 May 2018. The emeralds were extracted by Kagem Mining Ltd in Zambia (“Kagem”, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia).

No Change Statement, posting of the Annual Financial Statements and Notice of Annual General Meeting

Shareholders are informed that Pallinghurst’s Annual Report for the year ended 31 December 2017 (the “Annual Report”) is now available on the Pallinghurst website The Financial Statements contained within the Annual Report contain no modifications to Pallinghurst’s Audited Annual Results for the year ended 31 December 2017 which were published on the Securities Exchange News Services of the JSE Limited on 17 April 2018.