Incorporated in Guernsey. Guernsey registration Number: 47656 South African external company registration number 2009/012636/10 Share code on JSE: GML / AIM: GEM ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31 ("Gemfields" or the "Company") Record Emerald Auction Results LONDON, 2 JUNE 2023 Gemfields is pleased to announce the results of an emerald auction comprised of higher-quality rough emeralds held during the period 15 May - 1 June 2023. Highlights: June 2023 Higher-Quality Emerald Auction • Total auction revenues of USD 43.7 million, an all-time revenue record for any Kagem emerald auction • 35 lots were offered for sale, of which 35 were sold (100%) • Average realised price of USD 165.55 per carat, an all-time record for any Gemfields emerald auction • All-time record for price-per-carat paid for a single auction lot • The 45 auctions of Kagem gemstones held since July 2009 have generated USD 964 million in total revenue Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “Gemfields’ second auction of 2023 has yielded a positively surprising outcome. In our last auction of November 2022, we saw the market normalise appreciably when compared with the exuberance of the first half of 2022. We are delighted today to see the market rebound sharply once again, underpinning the step-change in market pricing which we reported in 2022. This is our 45th auction of Kagem emeralds since 2009 and to see no fewer than three records fall (the highest-ever revenue, the highest-ever average price per carat for an emerald auction and the highest- ever price per carat paid for a single auction lot) certainly puts the proverbial smile on my dial.” The auction lots were made available in Bangkok for private, in-person viewings by customers. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed- bid process. The rough emeralds were extracted by Kagem (which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales price achieved at the auction. Gemfields Group Limited, Royal Chambers, St Julian’s Avenue, St Peter Port, GY1 4HP, Guernsey T +44 (0)1481 731 554 gemfieldsgroup.com The results of the five most recent higher-quality Kagem auctions are summarised in the table below (and earlier results are available at www.gemfieldsgroup.com): AUCTION Mar-Apr ’21 Nov-Dec ’21 May ’22 Nov ’22 Jun ’23 RESULTS AUCTION AUCTION AUCTION AUCTION AUCTION (HIGHER (5 sequential (5 sequential (5 sequential (5 sequential (5 sequential QUALITY) mini-auctions) mini-auctions) mini-auctions) mini-auctions) mini-auctions) 15 Mar – 1 Nov – 9-26 May 30 Oct – 17 15 May – 1 Jun Dates 17 Apr 2021 6 Dec 2021 2022 Nov 2022 2023 Various/ Various / Bangkok / Bangkok / Bangkok / Location Online Online Online Online Online Higher Higher Higher Higher Higher Type Quality Quality Quality Quality Quality Carats offered 0.273 million 0.251 million 0.278 million 0.426 million 0.264 million Carats sold 0.271 million 0.251 million 0.278 million 0.401 million 0.264 million No. of companies 59 58 62 50 69 placing bids No. of lots 37 32 38 37 35 offered No. of lots sold 36 32 38 34 35 Percentage of 97% 100% 100% 92% 100% lots sold Percentage of lots sold by 99% 100% 100% 94% 100% weight Total sales USD 31.4 USD 37.8 USD 43.3 USD 30.8 USD 43.7 realised at million million million million million auction Average per USD USD USD USD USD carat sales 115.5/carat 150.65/carat 155.90/carat * 76.78/carat 165.55/carat value * Includes the 37kg Kafubu Cluster, which comprised 44% of the weight offered at the auction. The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore the results of each auction are not always directly comparable. -ENDS- Gemfields Group Limited Page 2 of 4 Further information on Gemfields Group Limited can be found at: GEMFIELDSGROUP.COM To join our investor mailing list, contact us on: ir@gemfields.com For any press enquiries please contact us on: gemfields@camarco.co.uk This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union (withdrawal) act 2018 ("MAR"). ENQUIRIES GEMFIELDS Sean Gilbertson / David Lovett / Ian Hughes ir@gemfields.com T: +44(0) 20 7518 3400 SPONSOR (JSE) Investec Bank Limited NOMINATED ADVISER finnCap (AIM) & JOINT BROKER Christopher Raggett / Tim Redfern / Edward Whiley T: +44(0) 20 7220 0500 JOINT BROKER Liberum Scott Mathieson / Kane Collings T: +44(0) 20 3100 2222 FINANCIAL PR/ IR Camarco Gordon Poole / Emily Hall T: +44(0) 20 3757 4980 ADDITIONAL INFORMATION ON GEMFIELDS Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the Gemfields Group Limited Page 3 of 4 world’s single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also holds controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and Madagascar. Gemfields’ outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage - enables Gemfields to optimise positioning, perception and consumer awareness of coloured gemstones through Fabergé designs, advancing the wider group’s “mine and market” vision. Gemfields has developed a proprietary grading system and a pioneering auction and trading platform to provide a consistent supply of coloured gemstones to downstream markets, a key component of Gemfields’ business model that has played an important role in the growth of the global coloured gemstone sector. GEMFIELDS GEMFIELDS.COM | INVESTORS |FOUNDATION INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE FABERGÉ FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE KAGEM MINING LINKEDIN MONTEPUEZ RUBY MINING LINKEDIN Gemfields Group Limited Page 4 of 4