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")




       MRM Signs Second Processing Plant Contract
LONDON, 7 AUGUST 2023


Gemfields announces that Montepuez Ruby Mining Limitada (“MRM”), in which the Company
holds a 75% interest, has entered into a legally binding contract with Consulmet (Africa) Limited
(“Consulmet”) to construct an additional processing plant at MRM’s ruby mine in Mozambique.

The addition of the second plant will triple MRM’s processing capacity from the existing 200
tonnes per hour to 600 tonnes per hour, allowing MRM to process its sizeable stockpile, bring to
market additional size and colour variations of rubies and to assess and expand into additional
mining areas.

The contract is a ‘lump-sum turnkey contract’ based on industry standard International Federation
of Consulting Engineers (“FIDIC”) terms, with MRM’s payment obligations agreed in South
African Rands and equating to approximately USD 70 million (at recent foreign exchange rates
and excluding VAT and government levies). Subject to specified milestones, it is estimated that
30% of this cost will fall in 2023 and 60% in 2024, with the remainder being paid in 2025. In
addition, MRM expects a modest expansion of its mining fleet through 2025, with notable
additional capacity being added in 2026.

The new processing plant, funded by cash resources and debt, is expected to become operational
during the first half of 2025.

Prahalad Kumar Singh, General Manager of MRM, said: “This investment constitutes the single-largest
investment ever made by the Gemfields Group and represents our ongoing commitment to the province of Cabo
Delgado, to Mozambique and to our local communities for whom additional jobs and economic development are of
pivotal importance. I extend my deep gratitude to all of our stakeholders, including our hard-working team and our
partners at Mwiriti Limitada and in the Government of Mozambique for their ongoing support and encouragement
in making MRM a leading contributor in Cabo Delgado.”

    Gemfields Group Limited, Royal Chambers, St Julian’s Avenue, St Peter Port, GY1 4HP, Guernsey
                                      T +44 (0)1481 731 554
                                         gemfieldsgroup.com
                                              -ENDS-




               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 Group Limited                                                                Page 2 of 3
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
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, 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 and 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 3 of 3