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Kagem to recommence focused open-pit mining

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Gemfields is pleased to announce that Kagem Mining Limited (‘Kagem’), the emerald mine in Zambia which is 75% owned by Gemfields and 25% owned by the Government of the Republic of Zambia through the Industrial Development Corporation of Zambia (‘IDC’), will shortly recommence a programme of focused open-pit mining to recover more premium emeralds.

As announced on 23 December 2024, alongside other cost cutting measures, Kagem suspended all mining from 1 January 2025 to focus on processing ore from Kagem’s significant ore stockpile utilising the upgraded processing plant.

Emerald production from the processing plant in 2025 so far, in terms of carats recovered, has been in-line with the Company’s expectations, producing a lower proportion of higher-quality or premium emeralds than direct open-pit mining methods.

Kagem’s recent auction results, including the encouraging commercial-quality auction results released on 30 April 2025, has increased management confidence in the current emerald market and the decision has therefore been taken to recommence mining of two key production points in the Chama pit, with minimal waste mining, to recover premium emeralds for Kagem’s future higher-quality auctions. The decision to recommence full scale mining will continue to be assessed as market conditions develop.

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International News

Gemfields Auctions Revenue Falls Short Of Expectations In 2025

Auction Revenue Slumps To $129m As Demand Skips Smaller Good

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Gemfields reported disappointing auction revenue of just $129 million from its seven sales in 2025, well below expectations amid fragile market sentiment and persistent volatility. Demand proved uneven, with buyers shunning lower-quality and smaller-sized goods while showing more interest in premium material.

The coloured-gemstone miner, which operates the Kagem emerald mine in Zambia and the Montepuez ruby deposit in Mozambique, faced operational setbacks at both sites, including delays to Montepuez’s second processing plant, illegal mining, and grade volatility. These issues curtailed premium ruby output, disrupted auction schedules, and reduced cash generation despite tight cost control.

Pricing for high-quality emeralds and rubies improved progressively throughout the year. To strengthen its balance sheet, Gemfields prioritised deleveraging, including the $50 million sale of its luxury brand Faberge. The company expects plant delays to persist into the first half of 2026 and will release full-year results on 26 March.

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