Gemfields announces the publication of the Company’s audited Annual Report and Accounts for the year ending 31 December 2025 (“2025 Annual Report”). The content of this short form announcement is the responsibility of the board of directors of the Company. Shareholders are advised that this short form announcement represents a summary of the information contained in the Annual Report and does not contain full or complete details of the financial results.
Financial Performance Summary
- Total annual revenue of USD 135.1 million (2024: USD 199.4 million), reflecting a disrupted emerald market in H1 2025 and a reduction in the recovered premium ruby grade at Montepuez Ruby Mining (“MRM”).
- MRM’s financial performance has been impacted by persistently low premi um ruby recovery and heightened illegal mining encroachment, while the new processing plant’s full contribution has been delayed due to commissioning setbacks.
- Mining at Kagem emerald mine (“Kagem”) was suspended from January until May, when focussed open‐pit operations resumed; since the restart, premium emerald production has remained encouraging.
- Group operating costs reduced to USD 128.9 million (2024: USD 156.2 million) as a result of strengthened cost‐control measures initiated in 2024, and continued throughout 2025.
- The Group completed the sale of Fabergé Limited to SMG Capital LLC for a total consideration of USD 50 million, delivering a material strengthening of the balance sheet.
- Adjusted headline loss per share of USD cents 1.3 for the year (2024: Adjusted headline loss per share of USD cents 1.8).
Sean Gilbertson, CEO of Gemfields, commented
“This was a difficult year, with operational disruptions at both MRM and Kagem constraining our premium gemstone production, auction cadence and cash generation. Seven auctions generated just USD 129 million, reflecting both the shortfalls in gemstone availability and bumpy market conditions, despite continued pricing resilience at the top end of the ruby and emerald quality spectrum.
Our focus for 2026 is on stabilising our operations, completing the final commissioning of the much-delayed second processing plant at MRM so its benefits emerge progressively through the year, and maintaining strict cost and capital discipline to protect liquidity and deliver deleveraging. The first half is expected to remain challenging as we iron out the new processing plant’s teething issues.
We continue to monitor the challenging geopolitical developments closely. The situation in the Middle East has already increased costs, particularly fuel, and any further escalation could materially impact cost and market conditions. It remains too early to determine the extent of the impact on the year ahead.
As always, and especially when the going is tough, our thanks go to our colleagues, host governments, business partners, customers and shareholders for their continued support as we navigate the assorted challenges.”
Any investment decisions by investors and/or shareholders should be based on careful consideration of the full announcement as a whole. The 2025 Annual Report is available for viewing on the Company’s website at www.gemfieldsgroup.com.
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