Slide 1: Full Year Results 2024 - Investor Presentation
11 APRIL 2025 Full Year Results 2024 - Investor Presentation ALL FIGURES UNAUDITED
Slide 2: Legal Disclaimer – Rights Issue disclaimer available in Appendix
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Legal Disclaimer – Rights Issue disclaimer available in Appendix This document, which has been compiled by Gemfields Group Limited (the “Company”), comprises written materials and information regarding the Company, including its
Slide 3: Summary
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Summary 1 Significant strategic changes enacted across the Group as four simultaneous but transient challenges led to lower revenue, cash constraints and impairments in 2024 Gemfields to address near-term shortage of working capi
Slide 4: Finance Review 2024
1 Finance Review 2024 Gemfields is a world-leading responsible miner and marketer of coloured gemstones 4
Slide 5: Heavy investment in a weaker market - Financial KPIs
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Heavy investment in a weaker market - Financial KPIs Revenues (USD) Operating Expenses1 (USD) EBITDA2 (USD) 213 million 172 million 41 million 2024 212.9m 2024 (172.0m) 2024 40.8m 2023 262.0m 2023 (178.9m) 2023 83.1m 2022 341.1m
Slide 6: Remarkable growth of an industry but challenges weighed in 2024
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Remarkable growth of an industry from humble beginnings but challenges weighed in 2024 MRM & KAGEM AUCTION REVENUE FABERGÉ SALES ORDERS AGREED Steady performance amid concerns USD MILLIONS, ANNUAL Fabergé revenue (USD) over luxur
Slide 7: Auctions weaker in 2024 due to contrasting factors
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Auctions weaker in 2024 due to contrasting factors KAGEM AUCTIONS REVENUES MRM AUCTION REVENUES USD MILLIONS, BY AUCTION USD MILLIONS, BY AUCTION 100 100 80 80 Weaker supply 60 Disturbed 60 of premium 40 auctions 40 20 20 0 0 Jan
Slide 8: Premium coloured gemstones drive Gemfields' revenues
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Premium coloured gemstones drive Gemfields’ revenues CUMULATIVE PREMIUM EMERALD PRODUCTION CUMULATIVE PREMIUM RUBY PRODUCTION CARATS, BY CALENDAR YEAR CARATS, BY CALENDAR YEAR 280,000 100,000 2022 259,501 2021 240,000 83,972 2021
Slide 9: 2019-like revenues but with 2024 costs
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED 2019-like revenues but with 2024 costs MRM & KAGEM AUCTION REVENUE TOTAL OPERATING EXPENSES FABERGÉ SALES ORDERS AGREED Increased 8% mainly due to higher USD MILLION, ANNUAL USD MILLION, ANNUAL Mining and costs at the Group’s dev
Slide 10: Final stretch of heavy investment, with completion of PP2
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Final stretch of heavy investment, with completion of PP2 KAGEM - CAPITAL EXPENDITURE MRM - CAPITAL EXPENDITURE USD MILLIONS, ACTUAL CASH COST BASIS, ROLLING 12 MONTHS USD MILLIONS, ACTUAL CASH COST BASIS, ROLLING 12 MONTHS 65 65
Slide 11: Heavy Capital Expenditure driving negative Free Cash Flow
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Heavy Capital Expenditure driving negative Free Cash Flow Depleted EBITDA compared to USD83 million in 2023, due to lower revenue Negative Free Cash Flow primarily driven by heavy Capital Expenditure shown in previous slide Capit
Slide 12: Net Debt expected to reach ~USD100m at points in 2025
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Net Debt expected to reach ~USD100m at points in 2025 At 31 December 2024 NET CASH / (DEBT) POSITION USD MILLIONS, AS AT DATE STATED Gross cash: USD20.8 million 200 Key debt facilities Gross debt: USD101.3 million 180 Net debt: U
Slide 13: Proposed Rights Issue
2 Proposed Rights Issue To address Gemfields’ near-term Working Capital shortage amid 4 transient challenges impacting the business simultaneously
Slide 14: Proposed Rights Issue – Rationale - Four transient challenges
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Proposed Rights Issue – Rationale - Four transient challenges Zambian competitor oversupplying the Low production of market with auctions timed and priced to 1st Challenge impact on Gemfields’ auctions, resulting 2nd Challenge pr
Slide 15: Proposed Rights Issue – Actions Taken to Control Costs
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Proposed Rights Issue – Actions Taken to Control Costs Lower auction revenues in H2 2024 coupled with a conservative revenue outlook through 2025 result in Gemfields having a potential working capital shortfall in 2025 while it f
Slide 16: Proposed Rights Issue – Key Terms and Timings
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Proposed Rights Issue – Key Terms and Timings 1 Total gross proceeds of c.USD 30 million via a Rights Issue, offered on a 10 New Shares for every 21 Existing Shares basis, available to all qualifying shareholders 2 Issuing price
Slide 17: Proposed Rights Issue – Use of Proceeds
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Proposed Rights Issue – Use of Proceeds Rights Issue - Use of Proceeds a) General corporate purposes; b) To provide near-term working capital liquidity; c) Ensure the business is able to continue operating and fulfil its ongoing
Slide 18: Major Growth Driver – MRM's Second Processing Plant
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Major Growth Driver – MRM’s Second Processing Plant Triples MRM’s processing capacity from 200 tonnes per hour to 600 tonnes per hour On budget (~USD 70 million) and on target to be operational by end of June 2025. First revenues
Slide 19: Benefit of PP2 – Untapped Licence Area at MRM
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Benefit of PP2 – Untapped Licence Area at MRM Known gravel-bed area determined by auger drilling and geological modelling Mined area MRM’s licence area - 349km2 - 6x the size of Manhattan island Auger Drill Outline Unexplored Une
Slide 20: Additional Growth Drivers: Kagem upgrade and ERM
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Additional Growth Drivers: Kagem upgrade and ERM Kagem washing plant upgrade Eastern Ruby Mining (“ERM”) a. ~50% increase in processing capacity from a. Pits for bulk-sampling and production of ore have 50 tonnes per hour to 75 t
Slide 21: Proposed Rights Issue – Seeking shareholder support
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Proposed Rights Issue – Seeking shareholder support Support the resolutions at the Extraordinary General Meeting 1 Shareholder vote: 19 May 2025 a) b) c) an Ordinary Resolution to be passed by the Independent Shareholders on a po
Slide 22: Appendix
3 Appendix 22
Slide 23: Proposed Rights Issue – Transaction details
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Proposed Rights Issue – Transaction details Pre-funding Structure • The Company expect to require near-term funding in early May 2025 to avoid a potential period of negative liquidity, ahead of the completion of the Rights Issue.
Slide 24: Proposed Rights Issue – Detailed Timetable
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Proposed Rights Issue – Detailed Timetable Seeking Shareholder Approval for the Rights Issue: 11 April 2025 Publication of Shareholder Circular 10:00am 19 May 2025 Extraordinary General Meeting 19 May 2025 Results of Extraordinar
Slide 25: Gemfields Group Limited – Board of Directors
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Gemfields Group Limited – Board of Directors Chair Executive Directors Appointed Chair 1 July 2024 Appointed CEO 17 July 2017 Appointed CFO 31 March 2018 Current Board Roles AngloGold Ashanti Recent Career History De Beers Group
Slide 26: Gemfields Group Limited – Corporate Structure
FULL YEAR RESULTS 2024 - INVESTOR PRESENTATION GEMFIELDS GROUP LIMITED Gemfields Group Limited – Corporate Structure Assore International Ophorst Van Marwijk Van Lanschot Kempen Diacolor International Rational Expectations Oasis 1 Fidelity International Other Holdings Limited Kooy Vermogensbeheer N.
Slide 27: Full Legal Disclaimer – 1/3
FULL YEAR RESULTS 2024 - 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
Slide 28: Full Legal Disclaimer – 2/3
FULL YEAR RESULTS 2024 - 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
Slide 29: Full Legal Disclaimer – 3/3
FULL YEAR RESULTS 2024 - 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
Slide 30: Photos of MRM's Second Processing Plant under construction
1 CATHEDRAL PI AZZA LONDON SW1E 5BP U NITED KI NGDOM T +44 20 7518 3419 Photo show select parts of MRM’s Second Processing Plant (“PP2”), currently under construction, expected completion in June 2025. Photos taken 24 February 2025.