AIM & SENS Announcements

No Change Statement, posting of the Notice of AGM & Annual Results and B-BBEE Annual Compliance Report

Shareholders are informed that Gemfields’ Annual Report for the year ended 31 December 2019 (the “Annual Report”) is now available on the Gemfields website at The Financial Statements contained within the Annual Report contain no modifications to Gemfields’ Audited Annual Results for the year ended 31 December 2019 which were published on both SENS and RNS on 6 April 2020. The Financial Statements have been audited by the Company’s auditors, BDO LLP. Their audit opinion was not qualified but included a material uncertainty regarding the going concern assumption and a reference to the Directors’ disclosures on going concern.

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 13 March 2020, 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 5.62% of the total issued shares of the Company.

Confirmation of total issued shares in the Company

Gemfields announces that it has completed the cancellation and de-listing from trading of a total number of 96,381,488 ordinary shares of USD 0.00001 each (“Ordinary Shares”) in the share capital of the Company (the “Cancelled Shares”), leaving the Company with a total of 1,171,068,757 Ordinary Shares in issue.

Artisanal miner incursion at Montepuez

The Company announces that the “Maninge Nice 3” mining pit belonging to Montepuez Ruby Mining Limitada (“MRM”, in which Gemfields holds a 75% interest) has experienced a coordinated incursion by approximately 800 artisanal miners, vastly outnumbering the MRM security personnel and Mozambican police present at that location at the time.

Announcement of intention to float on AIM

Gemfields, a world-leading supplier of responsibly sourced, coloured gemstones, is pleased to announce its intention to seek admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange (“Admission”). The Company is not intending to raise capital in conjunction with Admission. The Company expects that Admission will become effective on 14 February 2020.

Share buy‐back and intended special dividend

On 15 April 2019, GGL announced the conditional sale of its stake in Jupiter Mines Limited (“Jupiter”), together with its intention to announce, in June 2019, a special dividend together with the associated timetable. The proposed special dividend of USD 24,685,829 (the “Distribution Pool”) would represent a distribution of USD 0.0175 per share.

Completion of disposal of 50% interest in Kariba Minerals Limited

On 10 December 2018, Gemfields announced that Gemfields Canada Inc. (a 100% subsidiary of Gemfields) had agreed to sell its 50% stake in Kariba Minerals Ltd (“Kariba”), the Zambian amethyst mine, to ZCCM Investments Holdings plc (“ZCCM”). That transaction was subject to assorted administrative steps and regulatory approvals, including from the Zambian Competition and Consumer Protection Commission and the Zambian Ministry of Mines.

Gold Exploration Joint Venture in Mozambique

Gemfields is pleased to announce that it has agreed to establish a joint venture company with Mwiriti Limitada (‘Mwiriti’), a Mozambican registered company, in order to explore and progress opportunities arising from 12 greenfield licences presently held by Mwiriti. The new joint venture company will be incorporated in Mozambique with Gemfields owning 75% and Mwiriti 25%. Mwiriti is Gemfields’ existing partner in Montepuez Ruby Mining Limitada (“MRM”) where Mwiriti also owns 25%.

Directors’ interests in the Company’s shares

As previously disclosed in the Company’s Annual Report for the year ended 31st December 2018, Brian Gilbertson , a director, held an indirect shareholding in the Company’s shares via an interest in Pallinghurst (Cayman) Founder L.P. On 19th June 2019, 3,397,998 shares in the Company were transferred, off market and at nil cost, from Pallinghurst (Cayman) Founder L.P. to Affinity Trust Ltd (as trustee of the Brian Patrick Gilbertson Discretionary Settlement).
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