Category

Business Update

Emerald Auction Results

Gemfields is pleased to announce the results of an emerald auction comprising a series of five sequential mini-auctions held during the period 15 March – 17 April 2021. The auction contained a selection of grades that are typically offered at Kagem Mining Ltd’s (“Kagem”) auctions of higher quality emeralds. Selected lots were made available for in-person and private viewings by customers in Tel Aviv, Dubai and Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.

Ruby Auction Results

Gemfields is pleased to announce the results of a ruby auction comprising a series of seven sequential mini- auctions held during the period 15 March – 8 April 2021. The auction contained a selection of grades that are typically offered at Montepuez Ruby Mining Limitada’s (“MRM”) auctions of mixed quality rubies. Selected lots were made available for in-person and private viewings by customers in Bangkok, Dubai and Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.

Trading Statement

In accordance with paragraph 3.4(b) of the JSE Limited Listings Requirements, Gemfields is reasonably certain that its net loss after tax will be USD 93.2 million for the year ended 31 December 2020 compared to a net profit after tax of USD 39.1 million for the comparative period. In ZAR terms, the net loss after tax is expected to be ZAR 1,535 million (ZAR 565 million net profit after tax for the comparative period).

Monthly Operational Market Update – 31 December 2020

Gemfields shareholders are advised that the Company has released information about its operational results and financial position up to and including 31 December 2020. The figures have been produced on a monthly‐basis for Gemfields’ 75% owned Kagem emerald mine, its 75% owned Montepuez ruby mine and Fabergé, the iconic luxury brand.

Disclosure of beneficial interests in securities

In compliance with paragraph 3.83(b) of the JSE Listings Requirements, shareholders are advised that Gemfields has received formal notification from Rational Expectations (Pty) Ltd (“Rational”) on 14 January 2021, that Rational and related parties acquired a beneficial interest in the ordinary shares of the Company, such that the total beneficial interest in ordinary shares of the Company held by Rational is now 8.41% of the total issued shares of the Company. Following the acquisition, Rational held a total of 97,276,350 ordinary shares in the Company.

Articles of Association and 2021 AGM

On 9 October 2020, Gemfields announced that it had completed an external review of its Articles of Incorporation (the “Articles”). The assessment included a general review of AIM and JSE practices, Guernsey law (where Gemfields is registered) and the governance benchmarks set by a peer group of other, including large diversified, mining companies. The intention was to better align Gemfields with appropriate market practice and further improve the corporate governance framework.

Sales, costs and cash update

Gemfields shareholders are advised that the Company has released information about its business related and operational results and financial position up to and including 30 June 2020. The figures have been produced on a monthly‐basis for Gemfields’ 75% owned Kagem emerald mine, its 75% owned Montepuez ruby mine and Fabergé – the iconic luxury brand.

Emerald Mini-Auction Results

Gemfields is pleased to announce the results of its series of five small and sequential emerald auctions held during the period 2 November 2020 – 11 December 2020. The mini-auctions comprised of a selection of grades that are typically offered at Kagem’s auctions of higher quality emeralds. Selected lots were made available for in-person and private viewings by customers in Tel Aviv, Singapore and Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and permitting customers from multiple jurisdictions to participate in a sealed-bid process.
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