Slide 1: 2026 Half-Year Results
2026 HALF-YEAR RESULTS 3 September 2026
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 2026 3
Slide 4: H1 2026 in Review
H1 2026 IN REVIEW Carats recovered >100 carat diamonds US$ per carat achieved recovered 41 695 Three US$1 395 Revenue Underlying EBITDA Basic earnings per share US$59.7 million US$8.6 million 0.5 US cents Net debt Available undrawn facilities All injury frequency rate US$0.5 million US$69.9 million
Slide 5: Diamond Market
DIAMOND MARKET • Volatile global economic environment STRONGER Macro • Conflicts in Middle East and Ukraine impacting fuel DEMAND IS pressures price & inflation persist TRANSLATING • China growth inconsistent - strong tech manufacturing, persistent domestic deflation INTO IMPROVED PRICES • Historic
Slide 6: Sustainability
GEM aeons, © = SUSTAINABILITY
Slide 7: Sustainability
SUSTAINABILITY • Solid safety performance in H1 2026: All injury frequency rate (AIFR) • One LTI (H1 2025: zero) • AIFR: 0.50 (H1 2025: 0.51) 0.70 0.67 0.61 • No major or significant environmental or social 0.50 0.41 incidents • Remain committed to decarbonisation objectives 2022 2023 2024 2025 H1 2
Slide 8: Operations
GEM amyontal
Slide 9: Operations Review
OPERATIONS REVIEW • Production volumes in line with planned output Waste tonnes mined (millions) • 16% Satellite Pipe ore treated 3.2 • BR Programme successfully delivering meaningful 2.3 cost efficiencies 1.7 • Waste mining deferred and optimised in line with the long-term mine plan, while: 0.3 0.3
Slide 10: Operations Review
OPERATIONS REVIEW Carats recovered • Three >100 carat diamonds recovered (thousands) • 347ct "Lesotho Jubilee" recovered in June, to 56 be sold in September 49 47 • Two additional >100 carat diamonds recovered 43 42 post Period H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Frequency of large diamond recov
Slide 11: Sales and Marketing
SALES AND MARKETING • Achieved US$1 395 per carat (H1 2025: US$1 008 per carat) • Two diamonds >100 carats sold • Eight diamonds sold for more than US$1.0 million • 21 diamonds sold for more than US$20 000 per carat • >10.8 carat diamonds contributed 79% of revenue • Targeted supply to premium, luxu
Slide 12: Financial Results
GEM NENG Pe ty AL RESULTS
Slide 13: Income Statement
INCOME STATEMENT US$ million H1 2026 H1 2025 Revenue from contracts with customers 59.7 45.4 Royalties and selling costs (0.7) (5.2) Cost of sales (47.9) (39.7) Corporate expenses (2.5) (3.1) Underlying EBITDA before discontinued operation 8.6 (2.6) Depreciation and mining asset amortisation (5.4) (
Slide 14: Letšeng Unit Cost Analysis
LETŠENG UNIT COST ANALYSIS Unit cost per ore tonne treated (LSL) Inflation index LSL 1 All-in cash costs (incl waste) represent all operating costs, including waste costs 2 All-in cash costs (excl waste) represent all operating costs, excluding waste costs 3 Treatment costs represent all processing
Slide 15: Financial Position
FINANCIAL POSITION 30 June 31 December US$ million 2026 2025 Non-current assets 211.1 216.5 IFRS 16 Right-of-use assets 1.9 2.5 Current assets 46.5 55.3 Income tax receivable – 1.7 Cash 20.2 3.8 Total assets 279.6 279.8 Equity attributable to the parent company 111.3 109.9 Non-controlling interest 7
Slide 16: Cash Management
CASH MANAGEMENT • Group cash of US$20.2 million (31 December 2025: US$3.8 million) • Net debt of US$0.5 million (31 December 2025: US$20.1 million) • Available undrawn facilities at Period end of US$69.9 million • Refinancing discussions with lenders on expiring RCFs underway Gem Diamonds Limited Ha
Slide 17: Letšeng 2026 Guidance
LETŠENG 2026 GUIDANCE 2026 Guidance Waste stripped (Mt) 0.4 - 0.6 Ore treated (Mt) 5.0 - 5.2 Satellite Pipe ore contribution¹ (Mt) 0.3 - 0.4 Carats recovered (Kct) 75 - 78 Carats sold (Kct) 77 - 80 Direct cash costs (before waste) per tonne treated² (LSL) 220 - 235 Operating costs per tonne treated³
Slide 18: Contact Us
CONTACT US Gem Diamonds Limited Kiki Constantopoulos, Company Secretary IR@gemdiamonds.com Celicourt Communications Mark Antelme / Charles Denley-Myerson T: +44 (0)207 777 6424 Gem Diamonds Limited Half-year Results 2026 18
Slide 19: Appendix A: Market Information
APPENDIX A: MARKET INFORMATION H1 2026 Share price movement Gem Diamonds Limited is listed on the Main Board of the London Stock Exchange LSE: GEMD Daily average trading volume across 456k all platforms in H1 2026 Shares in issue (excl. treasury shares) 139 939 835 Free float (excl. holders above 5%
Slide 20: Gem Diamonds Limited
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