Gemfields Group Limited · JSE:GML

Gemfields — FY2025 Earnings Presentation

26 slides from Gemfields's earnings presentation, Mar 26, 2026

1. Slide 1: Full Year Results 2025 - Investor Presentation

   Full Year Results 2025 - Investor Presentation 26 MARCH 2026 ALL FIGURES UNAUDITED

2. Slide 2: Legal Disclaimer

   FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Legal Disclaimer This document, which has been compiled by Gemfields Group Limited (the “Company”), comprises written materials and information regarding the Company, including its business, results of operations and possible pro

3. Slide 3: Summary

   FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Summary STABILISING THE GROUP AND REBUILDING FOR THE ROAD AHEAD 1 Weak financial performance in 2025, driven by materially lower auction revenues 2 Operational progress but execution challenges remain. Kagem auctions proving resilient, while MRM output

4. Slide 4: Finance Review 2025

   1 Finance Review 2025 A challenging year, with lower revenues partly offset by disciplined cost control 4

5. Slide 5: Financial Performance

   FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Financial Performance REVENUE, OPERATING EXPENSES, EBITDA, ADJUSTED EPS, FREE CASH FLOW AND NET DEBT Revenues (USD) Operating Expenses1 (USD) EBITDA2 (USD) 135.1 million 128.9 million 6.3 million 2025 6.3m 2025 135.1m 2025 (128.9m) 2024 43.2m 2024 199.4

6. Slide 6: Revenue Headwinds

   FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Revenue Headwinds AUCTION REVENUE 12-MONTH ROLLING USD m 400 350 300 250 200 150 100 50 - Kagem auction revenue MRM auction revenue 26-Mar-26 gemfieldsgroup.com 6

7. Slide 7: Revenue Drivers

   FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Revenue Drivers KAGEM AND MRM AUCTION REVENUES USD m KAGEM AUCTIONS REVENUES 120 MRM AUCTION REVENUES USD m USD MILLIONS, BY AUCTION USD MILLIONS, BY AUCTION 50 45 100 40 80 35 30 60 25 20 40 15 10 20 5 - - Higher Quality Commercial Quality Commercial Q

8. Slide 8: Capital Expenditure

   FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Capital Expenditure CAPITAL EXPENDITURE ROLLING-12 MONTHS KAGEM - CAPITAL EXPENDITURE MRM - CAPITAL EXPENDITURE USD MILLIONS, ACTUAL CASH COST BASIS, ROLLING 12 MONTHS USD MILLIONS, ACTUAL CASH COST BASIS, ROLLING 12 MONTHS USD m 60 60 50 50 40 40 30 30

9. Slide 9: Segmental Cash Costs

   FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Segmental Cash Costs EFFECTIVE COST CONTROL MEASURES KAGEM 12 MONTH ROLLING CASH OPERATING COSTS MRM 12 MONTH ROLLING CASH OPERATING COSTS USD MILLION, ACTUAL CASH COST BASIS, LAST 12 MONTHS USD MILLION, ACTUAL CASH COST BASIS, LAST 12 MONTHS USD m USD

10. Slide 10: Net Debt Position

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Net Debt Position NET DEBT POSITION IMPROVING NET CASH / (DEBT) POSITION USD MILLIONS, AS AT DATE STATED At 31 December 2025 Gross cash: USD 64.1 million Gross debt: 103.3 million 200 Net debt: USD 39.2 million 180 160 Auction receivables: USD 20.5 mill

11. Slide 11: CEO Review 2025

    2 CEO Review 2025 Disciplined delivery through operational headwinds 11

12. Slide 12: CEO Year Review: 2025

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION CEO Year Review: 2025 A CHALLENGING YEAR FOR THE GROUP Kagem MRM Corporate Competitor behaviour affected Significant illegal mining intrusions Rights Issue emerald pricing and demand Significant delay in achieving Sale of Fabergé Introduction (and suspe

13. Slide 13: Consistent Supply: 'Premium' Category

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Consistent Supply: ‘Premium’ Category PREMIUM PRODUCTION AT KAGEM & MRM CUMULATIVE PREMIUM EMERALD PRODUCTION CUMULATIVE PREMIUM RUBY PRODUCTION CARATS, BY CALENDAR YEAR CARATS, BY CALENDAR YEAR 280,000 100,000 2022 2021 260,000 259,501 83,972 240,000 2

14. Slide 14: Consistent Supply: Gems In The Second Order Category

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Consistent Supply: Gems In The Second Order Category EMERALD AND RUBY PRODUCTION AT KAGEM & MRM CUMULATIVE EMERALD PRODUCTION CUMULATIVE TUMBLE RUBY PRODUCTION CARATS, BY CALENDAR YEAR CARATS, BY CALENDAR YEAR 12m 600,000 2025 2022 514,598 10.77m 2022 2

15. Slide 15: Diversifying Product Mix

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Diversifying Product Mix MUGLOTO MATERIAL VS NEWER SOURCES (MANINGE NICE) 26-Mar-26 gemfieldsgroup.com 15

16. Slide 16: MRM PP2: Operational Stability Constraining Output

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION MRM PP2: Operational Stability Constraining Output PP2 HAS DEMONSTRATED DESIGN CAPACITY BUT WITH INCONSISTENT DAILY OPERATING HOURS PP2 Average throughput (tonnes per hour) hpd PP2 Average operating hours (hours per day) tph 25 450 400 20 350 300 15 250

17. Slide 17: 2026 Outlook

    3 2026 Outlook A year of focus to increase stability and resilience 17

18. Slide 18: Priority Setting

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Priority Setting STABILISE – REBUILD – DELEVERAGE Priority 1 Priority 2 Priority 3 Stabilise Rebuild Deleverage Sustained, reliable operation Restore predictable auction Preserve and build on the of PP2 cadence strengthened balance sheet Consistent prem

19. Slide 19: Outlook

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION Outlook 2025 ANNUAL RESULTS - OUTLOOK • Auction Outlook: The upcoming higher-quality emerald auction is expected to perform in line with recent strong results. Ruby demand is more muted especially in the lower quality segments. We will continue “market

20. Slide 20: Questions & Answers

    4 Questions & Answers 20

21. Slide 21: Gemfields Group Limited – Board of Directors

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Gemfields Group Limited – Board of Directors Chair Non-Executive Directors Appointed Chair 1 September 2024 Appointed Jun 2025 Appointed Oct 2021 Appointed Jul 2024 Current Board Roles: AngloGold Ashanti Current Board Roles Curre

22. Slide 22: Gemfields Group Limited – Corporate Structure

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Gemfields Group Limited – Corporate Structure Assore International Ophorst Van Marwijk Van Lanschot Kempen Rational Expectations Oasis Fidelity International Other Holdings Limited Kooy Vermogensbeheer N.V No.of shares: No. of sh

23. Slide 23: Full Legal Disclaimer – 1/3

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Full Legal Disclaimer – 1/3 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO SO. The information con

24. Slide 24: Full Legal Disclaimer – 2/3

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Full Legal Disclaimer – 2/3 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO SO. Panmure Liberum Lim

25. Slide 25: Full Legal Disclaimer – 3/3

    FULL YEAR RESULTS 2025 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Full Legal Disclaimer – 3/3 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO SO. Neither the Present

26. Slide 26: Inclusion image courtesy of Richard Hughes / Lotus Gemology

    1 CATHEDRAL PI AZZA LONDON SW1E 5BP U NITED KI NGDOM T +44 20 7518 3419 Inclusion image courtesy of Richard Hughes / Lotus Gemology

Gemfields Group — FY2025 Earnings Presentation on 6ix