GEMFIELDS GROUP LIMITED - Kagem to recommence focused open-pit mining

Kagem to recommence focused open-pit mining

Gemfields Group Limmited
Incorporated in Guernsey. Guernsey registration number: 47656
South African external company registration number: 2009/012636/10
Share code on JSE:GML (General Segment of JSE Main Board) / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Group" or the "Company")


Kagem to recommence focused open-pit mining

LONDON, 8 MAY 2025

Gemfields is pleased to announce that Kagem Mining Limited ("Kagem"), the emerald mine in
Zambia which is 75% owned by Gemfields and 25% owned by the Government of the Republic
of Zambia through the Industrial Development Corporation of Zambia ("IDC"), will shortly
recommence a programme of focused open-pit mining to recover more premium emeralds.

As announced on 23 December 2024, alongside other cost cutting measures, Kagem suspended all
mining from 1 January 2025 to focus on processing ore from Kagem's significant ore stockpile
utilising the upgraded processing plant.

Emerald production from the processing plant in 2025 so far, in terms of carats recovered, has
been in-line with the Company's expectations, producing a lower proportion of higher-quality or
premium emeralds than direct open-pit mining methods.

Kagem's recent auction results, including the encouraging commercial-quality auction results
released on 30 April 2025, has increased management confidence in the current emerald market
and the decision has therefore been taken to recommence mining of two key production points in
the Chama pit, with minimal waste mining, to recover premium emeralds for Kagem's future
higher-quality auctions.

The decision to recommence full scale mining will continue to be assessed as market conditions
develop.


                                             -ENDS-


               Further information on Gemfields Group Limited can be found at:
                                       GEMFIELDSGROUP.COM


                     To join our investor mailing list, please contact us on:
                                         ir@gemfields.com


                                           ENQUIRIES

 GEMFIELDS                         Sean Gilbertson / David Lovett / Ian Hughes
                                   ir@gemfields.com
                                   T: +44(0) 20 7518 3400

 SPONSOR (JSE)                     Investec Bank Limited


 NOMINATED ADVISER                 Panmure Liberum
 (AIM) & BROKER                    Scott Mathieson / Amrit Mahbubani / John More
                                   T: +44(0) 20 3100 2222


 PRESS ENQUIRES, GEMFIELDS         Helena Choudhury / Albertina Namburete
 HEAD OFFICE, LONDON               helena.choudhury@gemfields.com / albertina.namburete@gemfields.com


ADDITIONAL INFORMATION ON GEMFIELDS

Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is
the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the
world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one
of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also
holds controlling interests in various other gemstone mining and prospecting licences in Zambia,
Mozambique, Ethiopia and Madagascar.

Gemfields' outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage
- enables Gemfields to optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider group's "mine and market" vision.

Gemfields has developed a proprietary grading system and a pioneering auction platform to
provide a consistent supply of coloured gemstones to downstream markets, a key component of
Gemfields' business model that has played an important role in the growth of the global coloured
gemstone sector.


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                              KAGEM MINING LIMITED LINKEDIN

                             MONTEPUEZ RUBY MINING LINKEDIN



Date: 08-05-2025 08:00:00
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