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Trading Statement

Invitation to Shareholders: the Company’s Remuneration Policy

At the Company’s AGM on 24 June 2021, more than 25% (25.19%) of the votes were cast against non-binding advisory vote number 1, to endorse the Company’s Remuneration Policy. The non-binding advisory vote number 2, to endorse the Company’s Remuneration Implementation Report, was carried.

Non-Executive Director Resignation

Gemfields advises that Dr Christo Wiese resigned as a Non-Executive Director of the Company on, and with effect from, 23 September 2021. The Company is in the process of confirming a replacement for Dr Wiese.

Disclosure of beneficial interests in securities

In compliance with paragraph 3.83(b) of the JSE Listings Requirements, shareholders are advised that Gemfields received formal notification on 22 September 2021 from Old Mutual Life Assurance Company (South Africa) Limited (“Old Mutual”) that Old Mutual disposed, on 17 September 2021, of a beneficial interest in 67,195,197 ordinary shares of the Company. Following the disposal, Old Mutual held a total of nil ordinary shares in the Company.

Disclosure of beneficial interests in securities

In compliance with paragraph 3.83(b) of the JSE Listings Requirements, shareholders are advised that Gemfields received formal notification on 21 September 2021 from Assore International Holdings Limited (“Assore”) that Assore acquired on 17 September 2021 a beneficial interest in 90,533,595 ordinary shares of the Company. Following the acquisition, Assore held a total of 148,947,454 ordinary shares, equivalent to 12.74% of the total issued shares in the Company.

Trading Statement

In accordance with paragraph 3.4(b) of the JSE Listings Requirements, Gemfields is reasonably certain that its net profit after tax will be USD 23.8 million for the six months ending 30 June 2021 (comparative six-month period: USD 56.7 million net loss after tax). In ZAR terms, the net profit after tax is expected to be ZAR 346 million (comparative period: ZAR 959 million net loss after tax).

Disclosure of beneficial interests in securities

In compliance with paragraph 3.83(b) of the JSE Listings Requirements, shareholders are advised that Gemfields received formal notification on 7 September 2021 from Assore International Holdings Limited (“Assore”) that Assore acquired on 3 September 2021 a beneficial interest in 58,413,859 ordinary shares of the Company such that, following the acquisition, Assore held a total of 58,413,859 ordinary shares, equivalent to 5.00% of the total issued shares of the Company.

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 FIL Limited (“Fidelity”) on 6 September 2021, that Fidelity disposed on 3 September 2021 of a beneficial interest in the ordinary shares of the Company, such that the total beneficial interest in ordinary shares of the Company held by Fidelity decreased from 10.99% and is now 5.99% of the total issued shares of the Company.

Emerald Auction Results

Gemfields is pleased to announce the results of an auction of predominantly commercial quality rough emeralds held from 28 July to 11 August 2021. 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). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.

Gemfields assembles ‘The G-Factor for Natural Resources’

Gemfields today invites collaboration, input and support from governance bodies, mining organisations, industry observers and host governments in adopting the ‘G-Factor for Natural Resources’, a new measure promoting greater transparency regarding the level of natural resource wealth shared with the governments of host countries. The G-Factor for Natural Resources is intended to be an uncomplicated indicator of the percentage of a natural resource company’s revenue that is paid to the host country government in primary and direct taxes, plus – where the host government is a shareholder – dividends. As such, it is an indicator of the share of natural resource wealth paid to a host country’s government.

Response to Share Price Movement

The Company notes the recent increase in its share price and confirms that there is no disclosable unpublished price-sensitive information relating to the Company at the present time. The Company’s operations in both Mozambique and Zambia remain materially uninterrupted. The Company is closely monitoring the global Covid-19 situation and presently expects to hold three further gemstone auctions this year.
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