Slide 1: 2025 Annual Report and Accounts
2025 ANNUAL REPORT AND ACCOUNTS 18 March 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 Full Year Results 2025 2
Slide 4: 2025 in Review
2025 IN REVIEW Carats recovered US$ per carat achieved Revenue 90 354 US$1 105 US$98.4 million Basic loss per share (pre- EBITDA Net debt exceptional items) US$3.9 million 6.1 US cents US$20.1 million Record low all injury Decarbonisation target Available undrawn facilities frequency rate (30% by 20
Slide 5: Diamond Market
DIAMOND MARKET PROLONGED PRESSURE ON THE DIAMOND MARKET PERSISTED IN 2025 GLOBAL ECONOMIC GEM DIAMONDS’ DIAMOND MARKET BACKDROP MARKET POSITION • Global economic growth of • Continued pressure on rough • Highest US$ per carat c.3.2% in 2025 and polished diamond prices kimberlite producer • China met
Slide 6: Business Resilience Programme
BUSINESS RESILIENCE PROGRAMME • Immediate and decisive measures implemented to ▪ Conserve cash ▪ Protect the balance sheet • Actions taken: ▪ Accessing additional higher-value Satellite Pipe ore ▪ Reducing waste mining volumes ▪ Rationalising workforce ▪ Salary sacrifices for Board and senior manage
Slide 7: Gem Diamonds Limited Full Year Results 2025
Gem Diamonds Limited Full Year Results 2025 6
Slide 8: Zero Harm Is a Priority
ZERO HARM IS A PRIORITY • Excellent safety performance in 2025: – Zero fatalities – Record low AIFR: 0.41 (2024: 0.61) – Two LTIs (2024: three) • No major or significant environmental incidents • No major or significant social incidents All injury frequency rate (AIFR) Lost time injury frequency rat
Slide 9: Sustainability
SUSTAINABILITY • 30% reduction in Scope 1 & 2 carbon emissions • CSI projects focused on education, infrastructure and SME development • Tailings facilities well managed and aligned to the GISTM • Retained ISO 14001 and ISO 45001 certification (since 2018) • Retained FTSE4Good status • Integration o
Slide 10: Gem Diamonds Limited Full Year Results 2025
Gem Diamonds Limited Full Year Results 2025 9
Slide 11: Operations Review
OPERATIONS REVIEW Waste tonnes mined (millions) • Reduced waste tonnes through: 18.7 – redesign of final cutback in Main Pipe (MC4W) – deferral of waste mining – c.5.0m tonnes p.a ore availability maintained 10.2 8.8 • Ore tonnes treated: 5.4 – focus on consistent feed rate and plant stability - inc
Slide 12: Operations Review
OPERATIONS REVIEW Carats recovered (thousands) • 90 354 carats recovered 115 – in line with grade expectations of ore mix 107 110 105 treated 90 – higher ore contribution from lower-grade Main Pipe ore • 9 >100 carat diamonds recovered 2021 2022 2023 2024 2025 Frequency of large diamond recoveries F
Slide 13: Sales and Marketing
SALES AND MARKETING • Achieved US$1 105 per carat • Sold nine diamonds greater than 100 carats • Sold 14 diamonds for more than US$1.0 million • Sold 22 diamonds for more than US$20 000 per carat • >10.8 carat diamonds contributed 73% of revenue • Targeted supply to premium luxury brands Average US$
Slide 14: Gem Diamonds Limited Full Year Results 2025
Gem Diamonds Limited Full Year Results 2025 13
Slide 15: Income Statement
INCOME STATEMENT Re-presented US$ million 2025 2025 2025 20241 % Variance Before After exceptional Exceptional exceptional items items items Revenue 98.4 – 98.4 154.2 (36) Royalties and selling costs (5.9) – (5.9) (16.5) Cost of sales (83.0) – (83.0) (100.3) Corporate expenses (excluding depreciatio
Slide 16: Letšeng Unit Cost Analysis
LETŠENG UNIT COST ANALYSIS % 2025 2024 Variance Ore tonnes treated (millions) 5.2 5.0 3 Total direct cash operating costs1 223.75 252.39 (11) Non-cash accounting charges² 62.43 113.95 (45) Total operating costs per ore tonne treated – LSL 286.18 366.34 (22) Average foreign exchange rate 17.88 18.34
Slide 17: Financial Position
FINANCIAL POSITION US$ million 2025 2024 % Variance Non-current assets 216.5 291.6 Right-of-use assets 2.5 3.9 Current assets 55.3 40.7 Income tax receivable 1.7 – Cash 3.8 12.9 Total assets 279.8 349.1 (25) Equity attributable to the parent company 109.9 142.6 Non-controlling interest 68.7 80.2 Tot
Slide 18: Cash Management
CASH MANAGEMENT • All debt covenant obligations met Corporate costs (excl depreciation) • Group cash of US$3.8 million (US$ millions) • Net debt of US$20.1 million 8.4 8.6 7.7 7.7 • Available undrawn facilities at year end - US$68.3 million 5.6 • Group RCFs expire in Dec 2026 - renewal process to co
Slide 19: 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 20: 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 Full Year Results 2025 19
Slide 21: Appendix A: Market Information
APPENDIX A: MARKET INFORMATION 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 381k all platforms in 2025 Shares in issue (excl. treasury shares) 139 922 728 Free float (excl. holders above 5%, 39.0
Slide 22: 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