Gem Diamonds Limited · LSE:GEMD
Gem Diamonds — H1 2025 Earnings Presentation
23 slides from Gem Diamonds's earnings presentation, Sep 4, 2025
Slide 1: Half-Year Results 2025
HALF-YEAR RESULTS 2025
Slide 2: Disclaimer
DISCLAIMER This presentation is confidential and is being made only to, and is only directed at, persons to whom this presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Informatio
Slide 3: Presenters
PRESENTERS Clifford Elphick Chief Executive Officer Michael Michael Chief Financial Officer Brandon de Bruin Chief Operating Officer Gem Diamonds Limited Half-year Results 2025 3
Slide 4: H1 2025 in Review
H1 2025 IN REVIEW Carats recovered US$ per carat achieved Revenue 47 125 US$1 008 US$45.4 million Negative underlying EBITDA Basic loss per share Net debt US$2.6 million 8.4 US cents US$28.2 million All injury frequency rate Decarbonisation target Available undrawn facilities 0.51 30% by 2030 US$55.
Slide 5: Diamond Market
DIAMOND MARKET DIAMOND MARKET REMAINS UNDER SIGNIFICANT PRESSURE GLOBAL ECONOMIC GEM DIAMONDS’ DIAMOND MARKET BACKDROP MARKET POSITION • Global economic uncertainty • Continued pressure on rough • Highest US$ per carat due to: and polished diamond prices kimberlite producer • US tariffs • Major and
Slide 6: Response to Market Conditions
RESPONSE TO MARKET CONDITIONS • Prolonged pressure on diamond prices necessitated decisive action • Measures implemented to conserve cash and protect shareholder value: • optimised short, medium and long-term mine plan • workforce rationalisation ▪ 20% reduction in current workforce (240 people) • r
Slide 7: Sustainability
SUSTAINABILITY
Slide 8: Sustainability
SUSTAINABILITY • Excellent safety performance in H1 2025: All injury frequency rate (AIFR) • Zero LTIs (2024: three) • AIFR: 0.51 (2024: 0.61) 0.70 0.67 0.60 0.61 0.51 • No major or significant environmental or social incidents • CSI strategy on track • Total carbon emissions 3% lower than H1 2024 2
Slide 9: Letšeng
LETŠENG
Slide 10: Operations Review
OPERATIONS REVIEW • Production volumes in line with planned output Waste tonnes mined (millions) 4.8 • Significant cost savings realised from insourcing of key activities 4.0 3.2 • Reduced waste tonnes in line with: 2.3 • adapted long-term mine plan 1.7 • a smaller cutback design opportunity in Main
Slide 11: Operations Review
OPERATIONS REVIEW Carats recovered • Lower recovery of large high value diamonds due (thousands) to more Main Pipe ore 59 56 • Four >100 carat diamonds recovered 51 49 47 • Three >100 carat diamonds recovered post Period H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 Frequency of large diamond recoveries F
Slide 12: Letšeng's Long-Term Mine Plan
LETŠENG'S LONG-TERM MINE PLAN Key revisions to long-term mine plan • Revised Main Pipe cutback (MC4W): ▪ waste and ore reduced by 34.9Mt and 25.1Mt, respectively ▪ delivers 10.9Mt of ore from 1.4Mt of stripped waste ▪ improves cash flows ▪ reduces life of mine by four years - flexibility to extend •
Slide 13: Letšeng's Long-Term Mine Plan
LETŠENG'S LONG-TERM MINE PLAN Gem Diamonds Limited Half-year Results 2025 13
Slide 14: Sales and Marketing
SALES AND MARKETING • Achieved US$1 008 per carat • Three diamonds > 100 carats sold • Six diamonds sold for more than US$1.0 million • Six diamonds sold for more than US$20 000 per carat • >10.8 carat diamonds contributed 71% of revenue • Targeted supply to premium, luxury brands Average US$ per ca
Slide 15: Financial Results
FINANCIAL RESULTS
Slide 16: Income Statement
INCOME STATEMENT US$ million H1 2025 H1 2024 Revenue from contracts with customers 45.4 78.0 Royalties and selling costs (5.2) (8.4) Cost of sales (39.7) (46.5) Corporate expenses (3.1) (4.0) Underlying EBITDA before discontinued operation (2.6) 19.1 Depreciation and mining asset amortisation (6.1)
Slide 17: Letšeng Unit Cost Analysis
LETŠENG UNIT COST ANALYSIS % H1 2025 H1 2024 change Ore tonnes treated (millions) 2.5 2.5 (1) Total direct cash operating costs1 232.48 243.84 (5) Non-cash accounting charges² 60.27 100.22 (40) Total operating costs per ore tonne treated – LSL 292.75 344.06 (15) Average foreign exchange rate 18.39 1
Slide 18: Financial Position
FINANCIAL POSITION 30 June 31 December US$ million 2025 2024 Non-current assets 288.6 291.6 IFRS 16 Right-of-use assets 3.3 3.9 Current assets 49.5 40.7 Income tax receivable 1.9 – Cash 6.8 12.9 Total assets 350.1 349.1 Equity attributable to the parent company 139.9 142.6 Non-controlling interest 7
Slide 19: Cash Management
CASH MANAGEMENT • Group cash of US$6.8 million • Net debt of US$28.2 million • Available undrawn facilities at Period end - US$55.8 million Gem Diamonds Limited Half-year Results 2025 19
Slide 20: Letšeng 2025 Revised Guidance
LETŠENG 2025 REVISED GUIDANCE As per trading update published on 23 July 2025 2025 2025 Revised Original Guidance Guidance Waste stripped (Mt) 1.8 - 2.0 5.0 - 5.5 Ore treated (Mt) 4.9 - 5.1 4.9 - 5.1 Satellite Pipe ore contribution¹ (Mt) 1.2 - 1.4 0.8 - 1.0 Carats recovered (Kct) 87 - 90 87 - 90 Car
Slide 21: Contact Us
CONTACT US Gem Diamonds Limited Kiki Constantopoulos, Company Secretary IR@gemdiamonds.com Celicourt Communications Mark Antelme / Felicity Winkles T: +44 (0)207 777 6424 Gem Diamonds Limited Half-year Results 2025 21
Slide 22: Appendix A: Market Information
APPENDIX A: MARKET INFORMATION H1 2025 Share price movement Gem Diamonds Limited is listed on the Main Board of the London Stock Exchange LSE: GEMD Daily average trading volume across 127k all platforms in H1 2025 Shares in issue (excl. treasury shares) 139 922 728 Free float (excl. holders above 5%
Slide 23: Gem Diamonds Limited
GEM SAWONDS! f 2nd Floor, Coastal Building Wickhams Cay II, PO Box 2221 Road Town, Tortola British Virgin Islands Registration number: 669758 GEM DIAMONDS LIMITED www.gemdiamonds.com