Wrap Text
Reviewed Interim Report for the six months to 30 June 2025
Gemfields Group Limited
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 "Company")
Reviewed Interim Report for the six months to
30 June 2025
LONDON, 26 SEPTEMBER 2025
Gemfields announces the Company's financial results for the six months to 30 June 2025 ("2025
Interim Results").
Summarised Results:
• Total revenue for the six months to 30 June 2025 of USD 64.2 million.
• EBITDA loss for the six months to 30 June 2025 of USD (4.9) million.
• Free cash flow before working capital movements for the six months to 30 June 2025 of
USD (22.1) million due to significantly lower auction revenue and substantial capital
expenditure at Montepuez Ruby Mining ("MRM") in Mozambique.
• The Group's net debt position at 30 June 2025 was USD 61.2 million (before USD 16.1
million of auction receivables and which are now 100% collected).
Sean Gilbertson, CEO of Gemfields, commented:
"This has been a challenging first half marked by gemstone production difficulties at both mines. MRM experienced
lower premium ruby output while Kagem Mining ("Kagem") suspended mining altogether at the end of 2024, with
limited operations resuming only in May 2025. The beginning of the year was also marred by civil unrest in
Mozambique following the disputed general election and the surprise implementation of the 15% export duty on
emeralds in Zambia, a matter since resolved. These factors contributed to short-term cash flow pressures and certainly
tested the team and the business. However, a series of difficult decisions has yielded a more streamlined and focussed
organisation with, thanks to the support of our shareholders via the rights issue, a stronger balance sheet, all of which
put us on a better footing for the year ahead. Significantly, our new processing plant in Mozambique produced its
first rubies earlier this month and is expected to be fully operational during October."
Financial and Operating Results
Six months Six months
to 30 June to 30 June
20251 20241
USD'000 USD'000
Revenue 64,200 121,407
EBITDA2 (4,943) 50,312
(Loss)/profit from operations (21,255) 27,405
Net (loss)/profit (24,576) 13,659
(Loss)/profit attributed to owners of the (20,468) 7,350
parent
USD cents USD cents
(Loss)/earnings per share (1.7) 0.6
Headline (loss)/earnings per share (1.5) 0.6
Adjusted Headline (loss)/earnings per share (1.5) 1.0
Dividend per share 3 - 0.86
USD'000 USD'000
Net Asset Value (Parent only) 357,235 435,257
Net (debt) / cash (61,216) (44,395)
1 Fabergé meets the criteria to be classified as a disposal group held for sale as at 30 June 2025 under IFRS 5
'Noncurrent Assets Held for Sale and Discontinued Operations'. Accordingly, its results are presented as part of
discontinued operations and have been removed from financial and operating results.
2 Earnings before interest, taxation, depreciation and amortisation, adjusted to exclude one-off impairments made
to the Group's noncurrent assets, inventory, fair value gains or losses on the Group's non-core equity investments,
share based payments, other impairments and provisions.
3 Dividend paid in the period (USD 10 million dividend paid in June 2024 rounded to two decimal points).
The content of this short-form announcement is the responsibility of the Board. Shareholders are
advised that this short-form announcement represents a summary of the information contained in
the full announcement and does not contain full or complete details of the financial results.
Any investment decision by investors and/or shareholders should be based on the consideration
of the full announcement as a whole and shareholders are encouraged to review the full
announcement available for viewing on the Company's website: www.gemfieldsgroup.com
The results can also be accessed by following the link below:
https://senspdf.jse.co.za/documents/2025/jse/isse/GMLE/Interim25.pdf
The full announcement may also be requested at Gemfields' registered office, PO Box 186, Royal
Chambers, St. Julian's Avenue, St Peter Port, Guernsey, GY1 4HP, at no charge, during office
hours. Investors and/or shareholders may also request copies of the full announcement from
Investor Relations via ir@gemfields.com.
The short-form announcement has itself not been audited or reviewed. However, the financial
information included herein has been extracted from the interim financial statements which have
been reviewed by the Company's auditors, Ernst & Young LLP. The auditors report on the
financial statements is not qualified.
Shareholder and analyst webcast
There will be a shareholder and analyst webcast today at 09:00am (UK) / 10:00 am (South Africa).
Sean Gilbertson (CEO) and David Lovett (CFO) will present the Company's 2025 Interim Results.
The Company will host a question and answer session following the presentation. Should you wish
to ask a question, please either email your questions in advance to ir@gemfields.com or use the
'Ask a question' link on the webcast page during the event.
Shareholders who wish to watch the webcast are requested to register via the link below:
Gemfields Group Limited - Half Year Results 2025 | SparkLive | LSEG
Should you have any further queries with regards to the proceedings of the event, please contact
Investor Relations (ir@gemfields.com).
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
ir@gemfields.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union
(withdrawal) act 2018 ("MAR").
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Heinrich Richter
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 Kagem Mining in Zambia (a world-leading emerald mine)
and Montepuez Ruby Mining in Mozambique (situated on 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 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.
GEMFIELDS
GEMFIELDS.COM | INVESTORS |FOUNDATION
INSTAGRAM | FACEBOOK | X | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
Date: 26-09-2025 08:00:00
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