A leading supplier of responsibly

sourced coloured gemstones

Site visit
6th - 11th December 2016

Gemfields Plc
Legal disclaimer
This document, which has been issued by Gemfields Plc (the Company),
comprises the written materials/slides for a presentation concerning the
Company, including its business, results of operations and prospects. This
document does not constitute or form part of any offer or invitation to sell or issue, or
any solicitation of any offer to purchase or subscribe for, any shares in the
Company nor may it or any part of it nor the fact of its distribution form the basis
of, or be relied on in connection with, any contract or investment decision in
relation thereto, nor does it constitute a recommendation regarding the shares of
the Company. The contents of this presentation are to be kept confidential.
No reliance may be placed for any purposes whatsoever on the information
contained in this document or on its completeness. No representation or warranty,
express or implied, is given by or on behalf of the Company, its shareholders or
any of its affiliates, advisors or representatives as to the accuracy or completeness
of the information or opinions contained in this presentation. None of the
Company, its shareholders or any of its affiliates, advisors or representatives shall
have any liability whatsoever (in negligence or otherwise) for any loss whatsoever
arising from any use of this document, or its contents, or otherwise arising in
connection with this document. This document and its contents are confidential
and may not be reproduced, redistributed or passed on, directly or indirectly, to any
other person or published, in whole or in part, for any purpose and it is intended for
distribution in the United Kingdom only to persons who have professional
experience in matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as
amended, or to those persons to whom it can otherwise lawfully be communicated
(all such persons being referred to together as a Relevant Person). Any person who
is not a Relevant Person should not and may not act or rely on this document or any
of its contents. Any person who is unsure of their position should seek independent
advice.
Gemfields Plc
This document does not and is not intended to constitute an offer of securities for
distribution or sale in the United States or any other jurisdiction or territory.
Securities may not be offered, sold or distributed in the United States absent
registration or an exemption from registration under the US Securities Act of 1933.
None of the Companys shares have been, or are required to be registered under
the US Securities Act of 1933. Neither the Companys shares nor this document
have been approved or disapproved by the US Securities and Exchange
Commission, any state securities commission in the United States or any other US
regulatory authority, nor have such authorities passed upon or determined the
adequacy or accuracy of this document. Any representation to the contrary is a
criminal offence in the United States.
Certain statements in this presentation, or given in response to questions, may
constitute forward-looking statements. These statements relate to future events or
future performance and reflect the Companys expectations and assumptions
regarding the growth, results of operations, performance and business prospects and
opportunities of the Company. In particular, statements regarding the Companys
objectives, plans and goals involve forward-looking statements. We caution you that
any forward-looking statements are just predictions. They are not guarantees of future
performance and involve risks and uncertainties. A number of factors could cause
actual events, performance or results to differ materially from what is projected in
the forward-looking statements. Although the forward-looking statements
contained in this discussion are based on what the Company considers to be
reasonable assumptions based on information currently available to it, there can be
no assurance that actual events, performance or results will be consistent with
these forward-looking statements, and the Companys assumptions may prove to
be incorrect. The Company does not intend, and, subject to any legal or regulatory
requirements, does not assume any obligation, to update or revise them to reflect
new events or circumstances.
1
 Kagem Emerald
Mine
Dibya Baral

Gemfields Plc 2
Gemfields & The Government of Zambia
A Model Collaboration

GEMFIELDS Plc GOVERNMENT OF ZAMBIA

75% 25%
THE KAGEM EMERALD MINE

Worlds largest
Employees: 891 Location: ZAMBIA
emerald mine

50% 50%
THE KARIBA AMETHYST MINE

Worlds largest Location: ZAMBIA

Employees: 251
amethyst mine

Kagem license over an area of about 41 sq km supplying more than 25% of global emerald production
Gemfields Plc 3
Kagem Emerald Mine: Location Map

Kitwe

Kagem Emerald Mine

Lusaka

Kariba

Gemfields Plc 4
 Kagem Location in Ndola Rural Restricted Area

606 000mE

616 000mE

626 000mE

636 000mE
NDOLA RURAL EMERALD RESTRICTED AREA

406

407 410

408
414
403 409
402
405 435
404
229

223 444
412 401 411 443
449 447

450

322
400 324 323

8 560 000mN 8 560 000mN

443A
413
432 436
433 440
295 260
416 355 314
296 317 267 316 266 315 265
263
364 363
451 415 445
ML195
367 374
417
226 309
448 362 294 361 293 292 310 261 308 259 260
227 291
ML276 262
360
225 305
230
366 EKS Mining
418 REM 258 303
419 355 285 369
220 228 359 289 288 356 286 257a 304
290 358 357 287
222 221 255
224 302
223 256

420 231
281 301 254
282 253 370 376
219 214 354 353 283 352 252
421 218 216 215 457 284 FIBOLELE
217
PLANTATION 438
AREA 228
213 437 439 280
377
ML 279
422 212 371 351
211 210 209 208 KANCHULE
148 375 251
1 3
423 2
207 Miku MD119 4A
KAGEM MINING LTD
425 278 LICENCE No. 14105_HQ_LGM
204 203
DABWISA
205/206 201 B 6D 4 368

201A 277
424
ML166
202 ML137 373
6C LIBWENTE
427 28
7B 5C 276 372
5D
8D
DAVID KASAMA
426
CHAMA
6B 7C
8C 7A 7
430 5L FWAYA FWAYA
429
9D 6
LUSHINGWA
5/1
431 6A ML81
9C 5 ML76 ML83 MBUVA-CHIBOLELE

432 EKS Mining ML79 ML90 10B

450
1A 5/2 21B
ML80
21A
21D
ARINUS
1(OLD) 10B
KAMAKANGA MINE CAMP

1B 5M KAFUBU
A R E A : 8.3867 H ectares

ML 20
ML99 1 74 14A 21C 87/ZP
434 441 5/3 10A
474 ML141 7211-HQ-SGL
8 550 000mN 5 95 Ha

Makali Mines 262 8 550 000mN

ML97
1C 5 ML91
ML82 5A ML 16 17 ML
441A 5J 94 17A
93 ML77 ML77
ML95 13B 21
11 16 D
12 5K 17B
5B 13A 20 C
REM14
19A 14
13 5H
14D 23
5G 18
22
LICENCE No. 8750_HQ_LSGL 15 24
AREA : 82.2690 Sq.Kms

16C 25
16A
28 26
16B
27B
To Chief Lumpuma
27A
KATANGA SYSTEM CLD 20
REM 20A 27
40B 40A
Shamutete (EKS Mining) 41 ML86

23A
51 24/42
23B 50 44A 44B
49 43 44
ML194 41A
52 REM

21 OLD
REM61 23

61A ML98 48 47 46 45 45A

21 44C 45B
23C ML84
60 61 21E
59
ML177 REM
67 NTEMBWE HILLS
REM68
69 71 71A 71B
64 65 66 REM 70
67 71C
67

58

74 72A 72C
79 78 76 75 73 72B
81 80 77 72

93
KATANGA SYSTEM 94 95 99A
97A 98 99 99B 99C
96 97

8 540 000mN 8 540 000mN

106 104A 100B
105
107 100A
103 102 101
104 100

119 120 121 122

123 123A
118

124
126 125

140 142A
138 139 141 142

145 143A
147 146 144 143

107/ZS
144A
154
153

LEGEND

KAGEM / GEMFIELDS MINING LICENCES 160

21 DD / SMAP STUDIES
ML84

BOUNDARY EMERALD RESTRICTED AREAL

BOUNDARY DISTRICT

BOUNDARY PROTECTED FOREST

5
RIVER / STREAM

Gemfields Plc 8 530 000mN

TOWNSHIP

TRIGONOMETRICAL STATION
8 530 000mN

TRACK ROAD

VILLAGE / KRAAL

TMS_INTERPRETED (NRG)

PLOTS UNDER STUDY FOR DD AND SMAP

0 2 Km
TMS_MAPPED (NRG)
SCALE: 1 : 50 000
606 000mE

616 000mE

626 000mE

636 000mE
 Kagem Location In Emerald Area
Location

Gemfields Plc 6
 Geology and Prospectivity
Geology

Gemfields Plc 7
Kagem Licence Overview Map
Geology

Gemfields Plc 8
Kagem Turnaround
Pre 2008 - 2016

Loss making
Environmentally Degrading
Short-term plan and deferred mine development
Widespread Pilferage
Unsafe operations
Little or no geological knowledge
Demotivated Workforce
No Community engagement
Today
Profit making, Tax and Dividend Paying
Environmentally highest class for EPF Audit
LoMP plan and scientific optimised mine development
State-of-the-Art physical and digital surveillance system
More than 3.5 million injury free shifts
Huge geological knowledge with proved reserve
Permanent / pensionable Workforce
Long-term CSR strategy and delivery on ground
Gemfields Plc 9
Exploration Work Flow
Exploration

625200 E

625300 E

625400 E

625500 E

625600 E

625700 E

625800 E

625900 E

626000 E

626100 E

626200 E

626300 E

626400 E

626500 E

626600 E

626700 E

626800 E

626900 E

627000 E

627100 E

627200 E

627300 E
KLB 85
8554800 N RL 1190.607
TD 152.50
KLB 101
RL 1194.242
KLB 95 8554800 N
RL 1192.998
47.50 - 47.99 TD 102.50 TD 135.50
73.44 - 73.87
9.02 - 10.50 71.70 -73.96
138.29 - 139.75
15.30 - 15.90
15.90 - 21.61
95.99 - 96.50

16J02
1186.54

KLB 92
RL 1194.817
KLB 98
8554700 N 8554700 N
TD 72.50
57.50 -59.50 KLB 88 RL 1195.018 KLB 83 KLB 84
RL 1195.111 KLB 87 TD 123.50
27.03 - 27.50
RL 1195.514 RL 1195.857
TD 83.5
TD 94.50 RL 1194.847 TD 103
35.50 - 37.07 34.20 - 35.50 3.10 - 4.11
53.91 - 56.60 TD 73.00
38.39 -44.50 36.61 - 44.82 23.60 - 23.95
62.26 - 62.61 53.00 - 59.85
44.50 - 46.31 66.93 - 73.94 50.50 - 51.22
63.02 - 63.32 71.60 - 71.71
74.50 - 83.81 65.50 - 65.70
90.30 - 92.04 71.00 - 71.30
93.20 - 93.47 78.32 - 83.32

8554600 N KLB 91 KLB 89 KLB 78

KLB 75
RL 1198.307 KLB 81 8554600 N
RL 1192.746 RL 1196.227 RL 1199.963
RL 1194.633 TD 78.50
TD 146.50 TD 83.50 TD 61.50
TD 95.50 20.43 - 21.11
47.50 - 50.96 15.28 - 23.50 12.44 - 12.91
21.50 - 22.15
75.85 - 75.92 41.50 - 47.50 33.50 - 35.66 20.45 - 21.42
79.30 - 79.56 28.50 - 61.50
36.50 - 45.50
135.79 - 139.51
139.87 - 140.38

KLB 120

Aeromagnetics 8554500 N
KLB 94
RL 1189.408
TD 114.50
4.63 - 12.50
39.80 - 50.40
KLB 90
RL 1192.826
TD 121.50
39.80 - 43.67
52.53 - 52.93
63.00 - 72.50
92.05 - 98.43
105.28 - 107.30
KLB 77
RL 1195.212
TD 59.50
8.26 - 15.30
19.63 - 23.50
29.07 - 30.18
KLB 76
RL 1197.898
TD 89.50
29.50 - 33.20
44.63 -44.91
45.77 - 46.00
46.64 - 46.94 KLB 116
KLB 80
RL 1200.422
TD 107.50
8.50 - 12.10
87.50 - 93.03
CURRENT DUMP
8554500 N

KLB 115

Airborne Radiometrics
KLB 121

KLB 67
KLB 70 KLB 122 KLB 68
RL 1201.002
RL 1206.733

KLB 119
TD 86.50
8554400 N KLB 97 KLB 93 KLB 73
RL 1199.789
TD 81.50 9.40 - 9.60
TD 92.50
21.60 - 21.80
45.23 - 45.73
46.41 - 46.95
8554400 N
RL 1188.424
RL 1192.112 RL 1198.314 9.60 - 14.60 22.30 - 22.40 46.95 - 52.15
TD 47.50
TD 131.50 TD 97.50
3.50 - 21.50
33.83 - 34.48 14.60 - 14.90 22.40 - 23.50 52.15 - 56.20 KLB 74
27.74 - 42.55 RL 1204.338
31.42 - 36.30 30.00 - 31.75 14.90 - 16.50 30.49 - 34.28
46.15 - 47.50 TD 79.50
60.90 -66.30 68.21 - 61.47 42.06 - 43.37
10.50 - 13.50

KLB 123
75.90 - 76.60 66.73 - 74.75 45.24 - 45.69
81.33 -85.05 16.50 - 79.50
77.10 -77.64 52.74 - 52.79
92.96 - 95.25

ILLEGAL WORKING
KLB 69 KLB 05
KLB 03 RL 1206.16
KLB 79 KLB 82 RL 1200.88 16G06
KLB 125
RL 1203.087 TD 80.50
RL 1199.091 RL 1199.964 TD 64.50
TD 86.50 RL 1189.718 1175.94
TD 51.50 TD 103.00 1.50 - 4.50 30.72 - 33.86
13.03 - 13.13
TD
4.25 - 6.50 6.10 - 6.40 33.86 - 35.50

MOBILE POLICE
5.50 - 14.50
29.36 - 30.60 17.57 - 17.77
17.50 - 23.50
29.55 - 31.70 39.20 - 40.90 KLB 61
35.44 - 35.81 21.50 - 21.70 31.70 - 33.40
23.50 - 24.70 43.20 - 43.60
41.03 - 51.06

CAMP
21.70 - 22.40 33.70 - 37.28
29.00 - 29.75
22.40 - 23.70
23.70 - 23.90
23.90 - 28.88
29.75 - 33.80 40.10 - 40.80
40.80 - 45.35
55.50 - 56.61
ILLEGAL WORKINGS
KLB 01
RL 1204.216
TD 110.50
KLB 04 D115
8554300 N
KLB 96
RL 1189.547
KLB 100
RL 1193.821
TD 130.50
KLB 71
RL 1199.395
KLB 118 RL 1200.80
TD 53.50 KLB 114
KLB 02
RL 1202.764
27.50 -30.20
30.20 - 31.00 D114
1197.15
RL 1192.233
TD
RL 1188.424
TD 8554300 N
TD 113.50
TD 93.50 KLB 08 9.35 - 11.50 TD 137.50 33.60 - 34.50 RL 1199.7
KLB 99 2.50 - 2.90 18.83 - 19.50
0.00 - 7.29
RL 1200.56 13.40 - 13.60 35.50 - 41.86 34.50 - 41.50 TD 50.00
KLB 64
RL 1185.861 11.30 - 17.50 51.30 -51.54
7.79 - 59.14 TD 74.50 14.05 - 15.50 41.86 - 42.02 4.90 - 43.80 KLB 65
TD 128.50 64.64 - 64.82 12.40 - 12.70 19.00 - 20.50 47.00 - 47.44
65.60 - 66.25 12.70 - 15.15 28.80 - 30.80 47.87 - 50.00
7.50 - 17.15
66.47 - 68.70 15.15 - 15.40 30.80 - 31.30
44.25 - 44.80
80.39 - 80.66 15.70 16.10 D116
KLB 124
52.15 - 52.50
53.57 - 53.66
84.10 - 86.40
D119 D113 RL 1196.15
KLB 127
54.09 - 54.93 93.25 - 93.37
116.64 - 123.20
D122 RL 1201.56 RL 1200.94 TD 24.60
58.97 - 60.40 RL 1202.17 TD 50.90 6.40 - 15.90
TD 43.90 4.80 - 25.20
77.50 - 77.85 124.50 - 124.70
127.10 - 130.50
TD 45.30 22.40 - 22.50
25.87- 32.30
D118 15.90 - 16.13
20.89 - 24.60

15.80 - 19.25 22.50 - 22.70 RL 1198.93
21.30 - 22.30 36.60 - 38.45
18.40 - 21.40 TD 47.45

KLB 10
22.30 - 24.30 38.76 - 39.70

KLB 06 24.70 - 27.45

23.30 -24.40
41.40 - 42.20
0.00 - 23.10 D117 RL 1189.623
26.80 - 34.25 RL 1196.77
RL 1200.08 35.90 - 38.30 43.40 - 45.11 TD
RL 1202.208 D120 35.40 - 42.10 TD 31.60

Mapping and Trenching

46.90 - 48.68
TD 80.50 42.35 - 42.60 10.60 - 10.85
TD 40.5 RL 1200.58
D201 4.20 - 6.00
TD 37.80 D112 43.00 - 43.30 12.10 - 13.20
RL 1200.93 11.50 18.75 0.00 - 6.90 0.00 - 13.45 RL 1200.01
43.50 - 46.20 13.60 - 16.90 KLB 63
TD 70.00 9.45 - 12.30 16.50 - 19.90 46.55 - 46.85 17.45 - 17.85
RL 1202.17 TD 45.40
4.90 - 5.15 23.65 - 24.30 4.80 - 27.70 47.15 - 47.35 20.00 - 21.25
TD 33.30 22.55 - 22.90
34.90 - 41.30 24.30 - 27.10 28.90 - 32.50
41.75 - 42.50
43.30 - 44.05 KLB 117 D123
29.20 - 29.90 37.90 - 41 .80

D111
25.20 - 28.20
30.85 - 31.60

PIT I
48.60 - 49.05 RL 1200.59 D101 RL 1192.98
49.55 - 53.05
TD 65.80 RL 1199.62
61.00 - 70.00 12.00 - 16.80 TD 67.00 TD 31.70
1.50 - 1.70 10.70 - 12.20
31.80 - 65.80
4.00 - 4.15 13.83 - 15.88
4.60 - 4.70 19.92 - 20.27 KLB 66 KLB 129
8554200 N KLB 72 15H25
15H20
RL 1197.42
D106 16.70 - 67.00
D104 D107
21.05 - 27.40
29.59 - 31.70
RL 1188.523
TD KLB 126 8554200 N
RL 1196.399
TD 93.50
RL 1198.14 TD 33 D103 RL 1192.30
15H26
6.70 - 9.30

1.50 - 2.83
D202 TD 52.90 12.00 - 22.80 RL 1198.22
TD 42.00
10.90 - 12.30
4.70 - 33.90 RL 1176.02 30.50 - 32.00
8.17 - 9.05 D203 34.90 - 52.90
TD 60.00 6.40 - 11.60
TD 39.40 - 45.90
9.83 - 13.87 1201.66 15.00 - 20.40 11.60 - 11.70 0.00 - 4.70
6.10 - 10.30
17.26 - 17.54 20.50 - 21.20 34.70 42.00 29.10 - 35.10
43.65 - 60.50
10.30 - 40.00 15H24 21.20 - 37.05
81.50 - 82.07 RL 1197.11 D108

625200 E

625300 E
85.25 - 90.50 TD 52.00 RL 1193.54
12.00 - 19.80 15H21 TD 35.00
37.80 - 38.64 RL 1195.8 18.95 - 30.40
TD 60.00

45.30 - 50.00 20.00 - 20.20
20.20 - 25.80 KLB 07 KLB 11
33.10 - 33.65
RL 1191.334 RL 1187.687
33.65 - 33.75 RL 1191.913
TD 52.50 TD
TD 64.50
15H22 8554200 N

Ground Magnetics
15H23 RL 1194.95 D110 RL 1189.918 RL 1186.576
RL 1194.47 TD 140.50 TD 132.50
TD 55.80 RL 1192.98 KLB 62
D401 TD 60.00 4.70 - 8.00 TD 30.00 KLB 40 KLB 38
1196.76 15.60 - 31.15
31.15 - 34.40
19.80 - 34.80 D109
37.80 - 38.32 RL1192.30
D301 34.40 - 39.15 45.28 - 50.83 TD 35.00
1194.83 39.15 - 40.65 3.15 - 3.30

PIT II
40.65 - 42.65 4.65 - 4.80
47.80 - 53.80 21.60 - 24.50
30.40 - 31.50

KLB 09
KLB 12
RL 1192.525

8554100 N 16H07
RL 1192.28
TD 59.50 RL 1190.421
TD 91.50 RL 1188.781 RL 1187.153 RL 1185.817
8554100 N
TD 50.00 TD 134.50 TD 146.50 TD 126.50
1.40 - 4.20 KLB 36 KLB 35
7.80 - 10.80 KLB 39
22.00 - 27.30
27.30 - 27.80
31.80 - 34.80
38.65 - 39.80

KLB 14 KLB 33
KLB 13 KLB 55
KLB 174 KLB 155 RL 1189.61
RL 1189.216 RL 1188.425 RL 1157.031
8554100 N
TD 66.50 RL 1188.677

Ground Radiometric
TD 104.50 TD 137.50
TD 77.50 22.50 - 42.50 TD 106.50
26.50 - 35.50
9.45 - 10.20
18.30 - 20.90
26.50 - 36.98
KLB 132
10.20 - 12.00 KLB 34
12.00 - 33.53

16H08

PIT III
1188.47

4.80 - 7.20
17.20 - 20.20

KLB 30
KLB 16
DUMP KLB 157 KLB 15
RL 1188.327
TD 71.50 RL 1187.747
8554000 N KLB 156
RL 1188.831
TD 70.50
RL 1188.688
25.40 - 25.80
27.75 - 34.35
TD 137.50 8554000 N
28.40 - 35.50 TD 92.50
31.25 - 37.75
KLB 37
KLB 130

BLOCK -4 BLOCK -5
PIT IV 16G01
KLB 102 KLB 158 1186.95
RL 1194.162 KLB 17 KLB 32
TD 109.50
13.40 - 18.00
RL 1186.938 RL 1186.914 RL 1186.867 KLB 131
KLB 173
8554000 N
3.60 - 11.20 TD 43.50
31.80 - 34.80 TD 83.50 TD 128.50
15.90 -21.20
25.50 - 43.50 38.50 - 47.50
22.36 - 25.50
59.50 - 60.70
40.50 - 42.00
KLB 41
92.60 - 94.00
97.33 - 99.25 16G03
1186.64

KLB 19 KLB 18
KLB 53 KLB 54 KLB 169
KLB 172
8553900 N 8553900 N
RL 1185.512 RL 1185.322
KLB 103 TD 69.50 TD 65.50 RL 1185.559 RL 1185.441
RL 1189.96 TD 105.50 TD 102.50
35.50 - 45.98 35.50 - 47.25
TD 70.50 40.98 - 54.34 42.00 - 42.45
45.98 - 46.31 55.80 - 57.50 44.96 - 58.50
KLB 111 58.90 - 59.70
KLB 128
RL 1181.498
2.70 - 3.00
TD 92.50
17.90 - 37.10 21.90 - 22.50
38.50 - 45.05
71.34 - 72.25
16G02 53.80 - 54.10
75.50 - 100.50
1184.82
72.76 - 73.78
74.50 - 74.68 37.90 - 40.90

76.45 - 82.64

DUMP KLB 153

KLB 146
KLB 44
RL 1183.453 KLB 20 16G05 KLB 31
KLB 21
KLB 23
TD 122.50 RL 1183.867 RL 1184.104 RL 1184.468

Drilling / Logging
35.50 - 43.78 TD 83.50 1183.89 TD 100.50
43.50 - 50.02
RL 1184.06
TD 72.50
TD 86.50 8553900 N
43.10 - 52.24 40 .00 -41.00
31.04 - 37.17
43.40 - 61.24
37.17 - 37.30 52.80 - 57.50

KLB 105 37.30 - 37.50

45.34 - 55.00
RL 1194.162
TD 115.50
13.50 - 17.55
17.95 - 19.50
26.86 - 27.96
82.77 - 85.07
88.98 - 90.11
KLB 26
KLB 46 KLB 42 KLB 52
RL 1182.46
RL 1183.076 KLB 28
8553800 N KLB 112
RL 1181.688
RL 1181.187
TD 101.50 TD 82.50
RL 1182.358
TD 108.50
TD 116.50 RL 1183.493
TD 95.50
KLB 168 KLB 170 8553800 N
41.50 - 41.77
TD 71.50 12.92 - 20.50 37.80 - 39.40 28.61 - 37.12
37.70 - 38.50
24.28 - 24.48 0 42.64 - 43.05
39.40 - 47.50 37.12 - 47.76
44.50 - 45.23 38.50 - 48.93
31.57 - 31.70

16G04
34.01 - 34.82
38.50 - 45.00

1182.06

KLB 104
RL 1194.162
TD 92.50 KLB 175 KLB 22 KLB 51 KLB 25
5.50 - 26.50
DUMP KLB 154 RL 1180.19

PIT V
91.31 - 92.50 RL 1181.122 RL 1181.264 RL 1182.052
TD 133.50

Geochem (XRF/ICP-MS)
TD 74.50 TD 105.50 TD 116.50 17G01 8553800 N
52.34 - 57.51 45.50 - 48.50
72.29 - 73.33
KLB 43 48.51 - 50.80
50.80 - 75.50

KLB 106 KLB 29 KLB 27

RL 1194.162 KLB 110 KLB 145 KLB 137 KLB 45 RL 1179.512 KLB 171
8553700 N KLB 107
RL 1194.162
TD 83.50
15.40 - 15.80
RL 1194.162 KLB 113
RL 1173.59
RL 1179.324
TD 125.50
TD 142.50 KLB 24 RL 1181.363
TD 89.50
KLB 167 8553700 N
TD 77.50 RL 1179.872
TD 89.50 16.40 - 16.90 20.50 - 20.70 TD 89.50 66.98 - 75.59 59.12 - 60.23 TD 79.50
14.60 - 26.30
89.20 - 89.30 28.90 - 29.50 30.50 - 31.30 44.90 - 45.40 61.69 - 74.40 61.50 - 76.50
48.80 - 57.12
30.90 - 38.50 46.20 - 47.10 74.40 - 75.30
57.12 - 57.24
39.35 - 39.75 52.50 - 53.60 75.30 - 75.80
61.25 - 61.60
66.83 - 67.23 53.90 - 54.40
62.15 - 62.40
77.80 - 77.89
79.09 - 79.24
80.10 - 80.46
81.56 - 81.85

V
KLB 47
RL 1177.681 KLB 59
KLB 133 KLB 134 TD 96.50
65.50 - 79.47
RL 1178.023
TD 82.50 8553700 N
29.80 - 30.00
36.50 - 43.75 63.58 - 82.50
57.23 - 67.50
75.35 - 90.45
71.90 - 72.10
73.20 - 73.50

DUMP
V
KLB 48 KLB 135 KLB 58
KLB 108 KLB 60 KLB 56
KLB 138 KLB 166
8553600 N RL 1194.162
TD 74.50
KLB 109
RL 1172.246
KLB 147 RL 1175.192
TD 84.50 11.65 - 11.80
RL 1176.293 16G07 RL 1177.939
TD 109.50
RL 1179.461 8553600 N
TD 100.50 TD 105.50
1.20 - 2.70 TD 71.50 66.60 - 78.50 1176.77 89.90 - 92.58
11.50 - 32.50 75.45 - 91.50 62.42 - 62.67
4.70 - 6.80 5.00 - 14.50 22.70 - 32.04 55.05 - 62.80 89.90 - 90.20
62.67 - 69.44
15.07 - 23.50 32.04 - 32.83 64.20 - 64.80 91.40 - 91.98
74.76 - 74.86
23.50 - 23.70 32.83 - 35.11 92.50 - 93.50
77.86 - 89.15
33.90 - 34.20 35.11 - 35.38
35.10 - 36.05 35.93 - 36.10
37.79 - 37.99
41.50 - 41.86
64.30 - 66.75
70.50 - 70.90

KLB 50
KLB 136 KLB 49 KLB 57
KLB 152 RL 1174.951
RL 1175.01 RL 1175.431

Geological Modelling
TD 91.50
15.05 - 15.25 58.50 - 85.81
TD 98.50 TD 131.50 8553600 N
V
3.50 - 7.30 90.85 - 91.30 74.50 - 85.08 66.33 - 66.41
19.15 - 19.45
30.00 - 45.50 88.76 - 89.06 66.41 - 92.50
20.91 - 21.01
24.75 - 26.65 50.63 - 54.10
26..65 - 28.25 54.10 - 55.35
16G08
V
28.25 - 32.25
32.25 - 33.25 1177.04

KLB 165
8553500 N KLB 188
KLB 148 KLB 142 KLB 140 KLB 141 8553500 N
KLB 159
20.90 - 21.18 25.85 - 28.25
22.50 - 45.50
22.78 - 23.06
28.40 - 33.35 51.05 - 51.70
50.71 - 90.40 16F02
54.25 - 54.40

DAMBO
54.10 - 54.40 1176.93
62.20 - 62.60

AREA
16F01

1175.6

KLB 139 KLB 144

KLB 151

Block Modelling
KLB 143
50.33 - 63.52 80.00 - 88.00
D501 63.52 - 101.70
1176.93
No Geological data
V
V

KLB 160
KLB 164

BLOCK -1
KLB 161
8553400 N KLB 150 8553400 N

INDEX

BLOCK -3
P IT V

PITS

BLOCK -2
KLB 179
KLB 189
KLB 176
KLB 149 DUMPS

Mine Scheduling
KLB 162

V ACCESS ROADS

8553300 N KLB 163

TMS 8553300 N

PEGMATITES
V
CMS
KLB 187 KLB 185
KLB 177

KLB 178
MS
KLB 183

INTERPRETED TMS
V
PIT VI WATER
V
8553200 N OLD BOREHOLES 8553200 N

V KLB 09 BOREHOLES, PHASE-1

KLB 45 BOREHOLES, PHASE-2
KLB 186
KLB 184 KLB 116 INFILL BOREHOLES
KLB 182
KLB 140 BOREHOLES PHASE-3

8553100 N

Gemfields Plc KLB 181

KAGEM MINING LIMITED
10
LIBWENTE EXPLORATION & MAPPING PLAN
SCALE 1 : 1000 8553000 N
625200 E

625300 E

625400 E

625500 E

625600 E

625700 E

625800 E

625900 E

626000 E

626100 E

626200 E

626300 E

627100 E

627200 E

627300 E
626400 E

626500 E

626600 E

626700 E

626800 E

626900 E

627000 E
KLB 180
 Total Blocks No. of DHs Total meters
835 85,988
Prospects 6

SEMPALA VILLAGE

DUMP
SANDAWANA
POLICE CAMP
DUMP

BULK SAMPLING PIT

BULK SAMPLING PIT PIT
RADIO TOWER PIT

SANDAWANA
PIT
PIT
PIT

FIBOLELE DAM
FIBOLELE
FIBOLELE
PIT
PIT
FIBOLELE
POLICE CAMP
POLICE CAMP
PIT
PIT

LE E
HU ULLE
NC HU
KA NCCH
AN
KKA

DABWISA
DABWISA

E
PIT
PIT
PIT DABWISA

REPEATER TOWER

POLICE

PLANNED
CAMP
PIT
PIT

U
DUMP AREA PIT
PIT
PIT 2 LIBWENTE SOUTH BULK
SECURITY POST

SECURITY BOOM SAMPLING PIT

PIT
PIT
MAGAZINE

P
BS
PIT-3

uth
PIT
PIT

So
SECURITY POST

te
PIT-4

en
w
LIBWENTE LIBWENTE

L ib
SOUTH BSP
PIT
PIT
POLICE CAMP
PIT-5 SECURITY POST

BOOM
ISHUKO BULK SAMPLING
PIT

P
BS
O
UK

F
H
IS
WASHING DUMP
WASHING ISHUKO BSP
PLANT
PLANT

PIT

CHAMA
PIT
PIT-6

LAKE LAKE HOUSE

CAMP

U/G
SHAFT
GENSETS COLLAR

CHAMA
CHAMA MUFULI VILLAGE
RADIO TOWER

CAMP
KENNELS

AA
CAMP DUMP
LIBWENTE
GATE -A

m1e / F 10

m1

POLICE CAMP
m2

SUMP
c1

SECURITY POINT c2

GATE -B

m3

m3b m3a

K
POLICE CAMP

LUSHINGWA
PIT
PIT
DUMP
LUSHINGWA
LUSHINGWA
PIT

RIVER
PUMP

U
BOREHOLES DRILLED B
U
PROVED TMS F KAGEM
KAGEM EXPLORATION
MINING LIMITED PLAN
KAGEM EXPLORATION PLAN
Old working Pits LICENSE No. PIT
PLAN SHOWING 14105_HQ_LGM
LOCATIONS AND
LICENSE
CAMP No. 14105_HQ_LGM
INFRASTRUCTURES
A Current working Pits LUFWANYAMA DISTRICT
K LUFWANYAMA
LICENSE DISTRICT
No. 14105_HQ_LGM
Infrastructure AREA : 40.5074 Sq.Kms
LUFWANYAMA DISTRICT
AREA : 43.00 Sq.Kms
AREA : 43.00 Sq.Kms
11
SCALE
SCALE
SCALE1 11
: 20,000
:: 10,000
20,000
Kagem JORC Resource and Reserves update
Resource Summary

Proved/Probable Measured, Indicated and Post-tax NPV Average annual Open pit mine
Ore Reserves Inferred Mineral Resource production plan until

1.1bct
at diluted ore grade
(E+B) 1.8bct
at diluted ore grade
(E+B) US$520m 44.7mct
10% discount rate
2040
Chama LoM of 25-years
of 291ct/t of 281ct/t Fibolele LoM of 7- years

Gemfields Plc 12
 Mine Geology
LAT/SOIL

MS Pegmatite
Discordant

QT

QT shear

QT shear
TMS AMPH

FMS FW shear

Pegmatite concordant

Gemfields Plc 13
Geology
Emerald Mineralisation

EMERALD MINERALISATION

1. Occurrence of Host rock (TMS) and presence of

Chromoferic elements (Cr, V) in its composition
2. Intrusion of Pegmatite containing Beryllium
elements
3. Alteration / Reaction / Ionic exchange between
the pegmatitic fluids and the host rocks
4. Incorporation of Cr/ V & Be under exception al
geological and geochemical conditions, 590 -8300
Gemfields Plc temperature and 400-800 MPa pressure 14
 Mine
Development

PB-5, looking to high wall

Gemfields Plc 15
 Chama Progress in Mine Footprint Sep-2014
Jun-2013
Aug-2016

Mine
Development

16
Mine Geology

Chama Geology

17
Block Model looking to high wall
Mine Planning and Scheduling

Gemfields Plc 18
 4 Ha Proposed

Fibolele Sector Bulk Sampling

8556900N 8556900N

Successful Bulk Sampling Operation

8556800N 8556800N

8556700N 8556700N

X`
W`
V`
8556600N 8556600N
U`
T`
R` S`

Exposed TMS
Q`

8556500N 8556500N

P`

O`

Gemfields Plc 8556400N 19 8556400N

N`

M`
Libwente Sector Bulk Sampling
Accelerating the Search

Libwente South pit

Gemfields Plc 20
Ishuko South pit
Washing Plant
Last Year

Gemfields Plc 21
Washing Plant
Today

Gemfields Plc 22
Value Addition Sort House
(i) Grading and Sorting (ii) Reliability (iii) Marketing (iv) Service

Sorting and grading

Pioneered the worlds most comprehensive
grading and sorting system for rough
emeralds and rubies
Supported by the commensurate stock levels
needed to ensure consistency of supply
across all size and quality scales

Pioneering auction platform

Well established and reliable auction platform
Helps to formalise the market
Delivering a consistent supply
Targeted to achieve a best fit with each
customers needs

Gemfields Plc 23
Highlights and Mine cost analysis for Kagem, Zambia
A total of US$6.1m capex invested in Kagem in FY2016

Annual production Emerald and beryl

of emerald and beryl grade for the year
30.0mct 241 ct/t
2015: 30.1 million carats (mct) 2015: 242 carats per tonne (ct/t)

Total operating costs Unit operating cost

at Kagem for emerald and beryl
US$47.3m US$1.58 /ct
2015: US$44.5m 2015: US$1.48 per carat (/ct)

Average monthly cash Cash rock handling

operating costs unit costs at Kagem
US$3.9m US$2.48 per tonne
2015: US$3.7m 2015: US$2.90 per tonne

Gemfields Plc 24
 Kagem Monthly Excavation / Gemstone Production
TRH (t)
$/ t

Production

Emerald+Beryl (carats)

Gemfields Plc 25
Value Addition Local Employment
Increased mining activity created Employment Opportunities at Kagem

882 891

695
624
548
479
445 451
392

30 Jun 08 30 Jun 09 30 Jun 10 30 Jun 11 30 Jun 12 30 Jun 13 30 Jun 14 30 Jun 15 30 Jun 16

Gemfields Plc 26
Mining Outlook
Production ramp up

Established the continuity of the host lithology all over the license and
specifically over 300m along the dip and to a vertical depth of 150m
by mining at Chama.
Further systematic exploration besides establishing the continuity over
500m down dip along the river side has continued and will further
enable extending the mine along dip and strike over 800m
towards west i-e., FF sector.
Exploration activities including Bulk Sampling in certain sectors
namely Libwente, Fibolele and Kanchule hold promise for extended
resources and operations in the license area.
Plans are afloat to ramp up the production from the license from the
present 30 million carats to 40 million carats in the next 3 years and
further.
The washing plant upgradation from 33tph to 66tph has been recently
completed. A State-of-the-Art colour sorting technology is being
looked into and is in a progressive stage at present.
All of these above effort expected to increase the production capacity
Gemfields Plc
and bring all-round efficiency and cost reduction. 27
 Sustainability

Gemfields Plc 28

Gemfields Plc
Corporate social responsibility
Sustainability in Education, Health and Agriculture

Gemfields Plc 29
Corporate social responsibility
Sustainability in Education, Health and Agriculture

Gemfields Plc 30
Corporate social responsibility
Sustainability in Education, Health and Agriculture

Gemfields Plc 31
 Montepuez
Ruby Mining
Ashim Roy

Gemfields Plc 32
 Montepuez Ruby Mining Lda
Mwiriti Lda
75% 25%

Potentially the worlds single largest ruby deposit

Gemfields Plc 33
Timeline

2009
2009 Rubies first discovered in Montepuez
3rd
3rdJun
Jun2011
2011 JV agreement signed between Gemfields plc and Mwiriti Lda
th th
3030 Aug
Aug2011
2011 Montepuez Ruby Mining Lda (MRM) comes into existence
2424 th
th Feb 2012
Feb 2012 The mining licenses 4702 and 4703 issued in the name of MRM, valid for 25 years
9th9thMar
Mar2012
2012 Environmental licenses issued in the name of MRM
4th4th
AprApr2012
2012 First fleet of equipment arrive onsite
th rd
2323 Aug 2012
Aug 2012 Start of bulk sampling
3rd3rd
NovNov2012
2012 Commisionning of Wash Plant and trial
th th
1616 Nov
Nov2012
2012 Start of Sorting in Sort House
th th
2020 Apr
Apr2013
2013 His Excellency the President of Mozambique visits the Mine
th th
1515 Dec
Dec2013
2013 Completion of shifting of offices and housing to Namanhumbir Camp
th
12th12Jun 2014
Jun 2014 Inaugural mixed quality auction generates US$33.5 million
3rd3rd
Dec 2014
Dec 2014 First high quality auction generates US$43.3 million, including the sale of a 40.23 carat stone
ththApr
1717 2015
April 2015 First low quality auction generates US$16.1 million, average of US$4.03/carat
th th
1618 Dec
Jun 2015
2015 High grade auction in Singapore generates US$29.3 million, average of US$617.42/carat
th
th Dec
1819 Jun2015
2016 Mixed grade auction in Singapore generates US$28.8 million
19th Jun 2016 Mixed grade auction in Singapore generates US$44.3 million
Till date Revenue till date generated 195.3 million
Till date Total Tax (royality and Corporate Tax paid is 32.3 million
Gemfields Plc 34
Location of Montepuez Ruby Mining

MRM
4703 C

MRM obtsained a 25-years of Mining

and Exploration Licence (4702 &
4703c) in February 2012 for an area of
336 sqkm.
Subsequently, the Process of
Amalgamation of concessions was
accomplished in 2015 & a new
concession bearing no. 4703C for an
Gemfields Plc
area of 349 sqkm has been issued, 35
which is valid up to 11 November
2036.
Ruby Formation
Geological history
The African setting The Asian setting

The Pan-African orogeny (Figure 1) occurred 750450 million years ago,

and gave rise to deposits in Kenya, Tanzania, Mozambique, Madagascar,
Sri Lanka and southern India. Many of these corundum are genetically
related.

In contrast, the Himalayan orogeny took place just 4550 million years ago, a result of the Indian subcontinent speeding north from
Gondwana and colliding with the Asian plate. This resulted in not just the greatest mountains on the planet, but furious mineral-forming
activity, including a string of ruby and sapphire deposits that stretch all the way from Afghanistan and Tajikistan in Central Asia, through
Pakistan, northern India, Nepal and Myanmar, to China and Vietnam in the East.

Together with the Pan-African orogeny, these two events are responsible for virtually all of the finest rubies and sapphires thus far
discovered on Planet Earth.

Gemfields Plc 36
Ruby Formation
How?

Gemfields Plc 37
Ruby Formation
Primary Ruby Mineralisation

Unlike many other rocks, rubies and sapphires can only form under a
limited Range of high pressure and temperature. These rare conditions
occurred during Continental plates crashed in Archean times.

Veins

The rock type found associated with this P & T are Amphibolites, Marble,
Granulites which host the Primary Ruby mineralisation. Viable (enriched)
resource of ruby in the in-situ material.

Gemfields Plc 38
Ruby Formation
Primary Ruby Mineralisation

Corundum (Al2O3) can only form in a limited range

of high pressures and high temperature condition
in a Silica (SiO2) deficient condition.

When solutions rich in Alumina (Al2O3) intrudes a

host rock rich in Cr, Fe and V. The corundum gains
a red/pink color. (Ruby/Sapphire).

In MRM Primary ruby source is in amphibolite

rock which is rich in Cr/Fe giving it red/pink color.

Gemfields Plc 39
Ruby Formation
Secondary Ruby Mineralisation

Ruby is liberated by physical and chemical

weathering process from rocks, concentrated by
water/gravity and deposited as alluvial/colluvial
material over weathered bedrock.

The size, intensity variation and total area of this

deposition is unknown and in the process of
estimation, it is therefore critical to define the gravel
extent and basic characteristics quickly.

Gemfields Plc 40
Geology

Multidisciplinary Approach:
Geological
Typical association with certain rocks or minerals

Geophysical Method
Magnetic susceptibility, specific gravity conductivity,
radioactivity

Geochemical Method
Chemical signatures of hidden mineral deposits often
dispersed over wide areas by chemical or physical processes
like weathering or erosion

Gemfields Plc 41
Geology
Geological Mapping: Shuttle Radar Topography Mission (SRTM) data. Digital Elevation Models

Gemfields Plc 42
 43

Geology

Gemfields Plc 43
Exploration
Core and Auger Drilling

The exploration programme incorporates:

(i) Core drilling
(ii) Auger drilling

Till Oct16, total core drilling of 22,500m

Till date, auger drilling 21,217m

Gemfields Plc 44
Maninge Nice Area

Amphibolite

Gravel Bed

Figure 1 Bore holes

Figure 2
Figure 1 showing the 3D model of paleo channel with gravel bed ( > 10 cm) with ruby mineralisation in the two
exploration blocks.

Figure 2 showing 3D model of primary mineralised Amphibolite body (Green) at Maninge nice area with Gravel
bed (red).
Gemfields Plc 45
Reserve Estimation
SRKs JORC complied report

Ore Reserves of Montepuez Ruby Mining in accordance with the

JORC Code (2012) released on 22nd July 2015
467 million carats of indicated & 432 million carats of probable
mineral reserve. (covering 36 sq. km based on exploration drilling till
December 2014)
This relates to only about 10% of the license area explored till 2014
This supports a projected life of mine (LOM) of 21 years
Further exploration is in progress and this exploration will add to the
mineral resource after de-lineation of the ore body

Classification Mineralisation Tonnage Grade Contained Carats

Type (ktdry) (ct/t) (ct ,000)
Proved
Probable
Maninge Nice Primary 2,199 114.9 252,557
Secondary 1,837 58.3 107,013
Mugloto Primary - - -
Secondary 23,514 3.1 72,050
Proved & Probable
Maninge Nice Primary 2,199 114.9 252,557
Secondary 1,837 58.3 107,013
Mugloto Primary - - -
Gemfields Plc Secondary 23,514 3.1 72,050 46
Total 27,549 15.7 431,620
Mining
Performance

Average stripping ratio of 1:5 (Ore:Waste)

Total ore mined until september 2016: 1.6 millions
tonnes
Total waste mined until september 2016: 8 millions
tonnes
8 pits actively mined

Gemfields Plc 47
MRM Progression
2012 - 2016

Year 1: 90, 000 tons total rock handling and 1.9 million carats
Year 2: 1.6 million tons total rock handling and 6.5 million carats
Year 3: 3 million tons total rock handling and 8.4 million carats
Year 4: 3.5 million tons total rock handling and 10.3 million carats
Year 5: 12 million carats planned
- Quarter 1: 1.1 million tons total rock handling and 4.5 million carats
- Till Oct16 : : 1.5 million tons total rock handling and 4.6 million carats

Total Rock Handling Total Recovery

15,000,000
4,000,000

10,000,000

2,000,000
5,000,000

- -
2012-2013 2013-2014 2014-2015 2015-2016 2012-2013 2013-2014 2014-2015 2015-2016

Gemfields Plc 48
Processing
Wash Plant Upgradation

A wash plant has been in operation and its operating parameters

continue to be improved simultaneously with the general understanding
of the ore characteristics.
Initial 50 tph pilot wash plant has been augmented to a 70 tph realistic
and more efficient capacity since its arrival in Nov 2012 with additions
and modifications in the processing technology.
Water treatment plant added to the circuit in August 2016.
A Scrubber unit and a DMS Plant is being added to the circuit by mid
December 2016 which will increase the processing capacity to 150 tph.

Gemfields Plc 49
Expertise in Sorting & Grading
Sort House

Presently, hand sorting is conducted in a

highly secure environment by a team of
highly skilled sorters.
Gemfields has developed the worlds first
grading system for rough rubies.
This system has been widely accepted by
customers as it helps them assurance of
consistency in color, size and clarity crucial
in the design and manufacturing of cut and
polished rubies.

Gemfields Plc 50
Sort house upgradation

A State-of-the-Art ruby recovery plant to be added to the circuit by Q1 2018

To produce 20million carats by FY 2018-19
Installation of four optical sorting units for the first time in the world
Hands off sorting and classifying
Total cost of the new recovery plant estimated at about US$ 10 million

Gemfields Plc 51
Sustainability

The MRM Community Development Strategy (MRM-CDS) has been prepared with an objective to ensure that the local
community benefits from the presence of MRM, in a way that is both sustainable and meaningful.
MRM-CDS seeks to enhance the socio-economic standards of the surrounding communities
To ensure that MRMs relationship with the host community is integrated, transparent, trust worthy and delivered upon that
is evidenced, based on regular engagement and communication
To reinforce MRMs reputation with the host communities and the local and
provincial Government
To develop and implement best practices by enabling Gemfields to refer
to the activities of the local mining operation as an example of best
practice in an international sphere/context to maximize
marketing/PR and positive communication

Gemfields Plc 52
Community Development
Community and Social Investment

Further to the countrys economy benefitting from rubies as a natural

Mozambican resource, we also strongly feel that the local communities
should directly benefit from our presence.
Our CSR programme is built around:
Community development
Health
Education
Agriculture

Gemfields Plc 53
Community Development
Community and Social Investment

Development of local farming

associations and empowering women
by forming Womens chicken farming
cooperative

Development of secondary schools

and skills schools

Development of Medical centres

Gemfields Plc 54
Environmental Conservation
Conservation funding

We are committed to mining in a way that not only has the least impact
on the environment but to leave it in a better state than what we found

Old pits to be re-filled, re-planted or filled with water and seeded with fish
No harmful chemicals used
Creation of a tree nursery and ongoing plantation program
Partnership with communities and key stakeholders

Animals are an important part of our conservation efforts. We signed a

second memorandum of understanding with the Niassa Carnivore
Project in support of the protection and conservation of lions and other
large carnivores and their co-existence with communities in the Niassa
National Reserve (NNR) in northern Mozambique.

Gemfields Plc 55
Thinking Ahead

We have improved the living conditions of our

employees by investing huge amount in camp
infrastructure of about US$ 5 million
We have a robust training program to develop the
skills of our employees and we certificate them for
every course that they complete
The security personnel have been trained on Human
Rights and Voluntary Principles, the training
provided by experts in the field from the UK
Third party audit of security operations to ensure
that a uniform standard is set across MRM

MRM TO SUPPLY 30% - 40% OF WORLD RUBY BY 2017 - 2018

Gemfields Plc 56
Economic Impact

Building Mozambican rubies as a valuable natural resource

Paying Taxes - MRM pays approximately 20% of the
corporate tax generated in Cabo Delgado
Generating foreign exchange for the country
Creating Employment - Most of our workforce is sourced
from local villages and for them we are offering
employment, new skills, training and education opportunities

MRM was recognised as the highest tax paying mining company in the province in 2014 and 2015

MRM was recognised as the second highest exporter in the country in 2016

Gemfields Plc 57
 Transparency

AUCTION RESULTS JUNE14 DECEMBER14 APRIL15 JUNE15 DECEMBER15 JUNE16

(RUBY & CORUNDUM) AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION
Dates 12-17 June14 3-8 Dec14 17-22 April15 16-21 June15 14-18 Dec15 13-19 June16
Location Singapore Singapore Jaipur Singapore Singapore Singapore

Higher, Medium &

Type Higher & Low Higher Lower Higher Higher & Medium
Commercial Quality

Carats Offered 2.03 million 85,491 4.03 million 72,208 92,136 1.6 million
Carats Sold 1.82 million 62,936 3.99 million 47,451 90,642 1.52 million
No. of Lots offered 62 41 66 46 49 75
No. of lots sold 57 35 58 28 45 71
%age of lots sold 92% 85% 88% 61% 92% 95%
%age of lots sold by wt. 90% 74% 99% 66% 98% 95%
%age of lots sold by
91% 97% 93% 87% 95% 98%
market value
Total Sales realized at
US$ 33.5 million US$ 43.3 million US$ 16.1 million US$ 29.3 million US$ 28.8 US$ 44.3 million
auction
Average per carat sales
US$ 18.43/ carat US$ 688.64 / carat US$ 4.03/carat US$ 617.42/ carat US$ 317.92/ carat US$ 29.21/carat
value

Gemfields Plc 58
 End of year results
Financial Highlights

Gemfields Plc 59
Financial highlights
Full year to 30 June 2016

Revenues US$ EBITDA US$ Gross profit margin

193.1m (+12.7%) 69.4m (+7.8%)

49% 2015: 50%
2015: 171.4 million (m) 2015: 64.4m EBITDA margin
36% 2015: 38%

Net Profit After Tax US$ Cost of gemstone and Faberg Cash in hand US$

23.5m 41.5m
inventory US$

2015: 12.3m
(+91%)
107.2m 2015: 28.0m
2015: 101.1m

Gemfields Plc 60
Revenue analysis six auctions held during the year
2016 saw the highest ever auction revenue achieved at any Gemfields auction

Higher, medium and Higher quality (HQ) $200m

Faberg, UK Sales & Other
commercial quality rough rough emeralds
rubies Singapore, September 2015 $180m 18.9
Singapore, December 2015 Aggregate revenues of US$34.7m Rubies
Aggregate revenues of US$28.8m Average price of US$58.42 per
$160m 18.0
Average realised price of carat
US$317.92 per carat Lusaka, April 2016 Emeralds
Singapore, June 2016 Aggregate revenues of US$33.1m $140m
73.1
New record auction revenues New record of US$70.68
of US$44.3m per carat for higher quality $120m
Average realised price of auctions
US$29.21 per carat 88.5
$100m

Commercial quality (CQ) Higher quality rough

rough emeralds amethysts $80m

Jaipur, November 2015 Singapore, September 2015

Aggregate revenues of US$19.2m Aggregate revenues of US$0.44m $60m
Record of US$4.32 per carat for Average price of 4.32 US cents 101.2
commercial quality auctions per carat $40m
Jaipur, May 2016 Lusaka, April 2016 64.9
Aggregate revenues of US$14.3m Aggregate revenues of US$0.22m
New record of US$5.15 per carat Average price was 3.26 US cents $20m
per carat
$0m
Revenues 2015 Revenues 2016

Gemfields Plc 61
Mine cost analysis for Kagem, Zambia (75% owned)
A total of US$6.1m capex invested in Kagem in FY2016

Annual production Emerald and beryl

of emerald and beryl grade for the year Kagem achieved similar
production levels to 2015 at
30.0mct 241 ct/t 30.0mct
2015: 30.1 million carats (mct) 2015: 242 carats per tonne (ct/t)
A total of US$6.1m capex
was invested: US$2.5m
Total operating Unit operating cost in capitalised waste stripping
costs at Kagem for emerald and beryl and US$3.6m in sustaining
US$47.3m US$1.58 /ct and expansion capital
expenditures
2015: US$44.5m 2015: US$1.48 per carat (/ct)
Updated JORC resource and
reserve statement published
in September 2015. LoM of
Average monthly Cash rock handling 25 years with mineral
cash operating costs unit costs at Kagem resources of 1.8bn carats
US$3.9m US$2.48 per tonne
2015: US$3.7m 2015: US$2.90 per tonne

Gemfields Plc 62
Mine cost analysis for Montepuez, Mozambique (75% owned)
A total of US$7.5m capex invested in Montepuez in FY2016

Annual production Average ruby and

of rubies and corundum corundum grade
10.3mct (+22.6%) for the year
2015: 8.4mct 35ct/t
2015: 26ct/t
Total operating Unit operating cost
costs at Montepuez per carat for rubies
and corundum
US$26.2m US$2.54/ct
2015: US$21.6m
2015: US$2.57 /ct
Total ruby and Cash rock handling unit
corundum extracted costs for the period
up to 30 June 2016
27.1mct US$6.06 per tonne
2015: US$6.16 per tonne
Step-up in production,
exploration and bulk
sampling activities delivered
increased production of
10.3mct for 2016 from
8.4mct in 2015
A total of US$7.5m capex
was invested in new mining
and ancillary equipment,
as well as improving facilities
and infrastructure at the
mine site
Maiden JORC resource
and reserves statement
published in July 2015. 21
years LoM mineral resources
of 567mct

Gemfields Plc 63
Consolidated income statement
For the year ended 30 June 2016

% change
In thousands of US$ 2016 2015 for the year
Revenue 193,140 171,448 13
Cost of sales (98,827) (86,483) 14
Gross profit 94,313 84,965 11
Other income 427 747 (43)
Selling, general and administrative expenses (54,848) (55,309) (1)
Profit from operations 39,892 30,403 31
Finance income 6,805 223 2,952
Finance expenses (4,858) (4,299) 13
Profit before taxation 41,839 26,327 59
Tax charge (18,364) (13,980) 31
Profit after taxation 23,475 12,347 90
Profit for the year attributable to:
Owners of the parent 11,899 3,700 222
Non-controlling interest 11,576 8,647 34
23,475 12,347 90
Earnings per share for profit attributable to the owners of
the parent during the year
Basic US$0.02 US$0.01
Diluted US$0.02 US$0.01

Gemfields Plc 64
 End of year results
operational highlights

Gemfields Plc 65
Kagem mine
Believed to be the worlds single largest producing emerald mine (75% ownership)

FY2016 highlights Outlook

Increase in the consistency of production, supported by overall
increase in scale of operations
30.0mct of emerald and beryl (2015: 30.1mct), Chama pit extended
by 2.2 kilometres strike length, producing 27.1mct and bulk
sampling pits 2.9mct
Doubled capacity at the Kagem wash plant
Third phase of bulk sampling activities commenced at Fibolele
alongside a further drilling programme during September 2015
Updated JORC code compliant proved and probable Mineral
Reserve of 1.1bn at an in-situ grade of 291ct/t with a 25-year LoM
open pit operation announced in September 2015
Kagem Quarterly Summary Units Sep -15 Dec - 15
Target of 30-35mct of emerald and beryl production for FY2017.
Goal to increase production to more than 40mct per year over the
next three years
Total capex for the next three years is estimated to be US$30m.
Includes US$10m for sustaining capex and new mining fleet
additions to support increase in mining activity in FY2017
Target four emerald and beryl (two high and two commercial
quality) auctions for FY2017
Continue aim of zero-harm (injury free) culture
Mar -16 Jun - 16 Full Year SEMPALA VILLAGE

POLICE CAMP
DUMP

Gemstone Production
DUMP

RADIO TOWER PIT

(Emerald+Beryl) million ct 7.5 8.2 7.1 7.2 30

PIT

FIBOLELE DAM

PIT
FIBOLELE
POLICE CAMP
POLICE CAMP
PIT

LE

Ore Production (Reaction Zone) '000 tonnes 31.7 30.1 23.9 39.0 124.7 KA
NC
HU

Grade (Emerald+Beryl/Reaction PLANNED

PIT DABWISA

REPEATER TOWER

POLICE
CAMP

Zone) ct/t 237 272 297 185

DUMP AREA PIT 2
SECURITY POST

SECURITY BOOM

241
MAGAZINE

BSP
PIT-3

th
Sou
SECURITY POST

ente
PIT-4

Libw
LIBWENTE
SOUTH BSP
POLICE CAMP
PIT-5 SECURITY POST

BOOM

million

BSP
KO
ISHU
DUMP
ISHUKO BSP

LAKE LAKE HOUSE

CAMP
CHAMA PIT-6

U/G
SHAFT
GENSETS COLLAR

Waste Mined (including TMS) tonnes 4.0 2.8 2.6 3.1

MUFULI VILLAGE
RADIO TOWER
KENNELS

GATE -A

DUMP m1e / F 10

12.5
m1

POLICE CAMP
m2

SUMP
c1

SECURITY POINT c2

GATE -B

m3

m3b m3a

million
POLICE CAMP

DUMP PIT
LUSHINGWA
RIVER
PUMP

Total Rock Handling tonnes 4.1 2.8 2.6 3.1 12.6 Old working Pits
KAGEM MINING LIMITED
PLAN SHOWING PIT LOCATIONS AND
CAMP INFRASTRUCTURES
Current working Pits
LICENSE No. 14105_HQ_LGM
Infrastructure LUFWANYAMA DISTRICT

Stripping Ratio 126 93 109 79 100

AREA : 43.00 Sq.Kms
SCALE 1 : 10,000

Gemfields Plc 66
Montepuez mine
Considered to be the worlds single largest producing ruby and corundum deposit (75% ownership)

FY2016 highlights Outlook

10.3mct of ruby and corundum (2015: 8.4mct) and grade
of 35ct/t (2015: 26ct/t)
68% increase in volume of higher quality ruby recovered year-on-
year
Maiden JORC Resource and Reserves published in July 2015
Ongoing exploration included drilling, bulk sampling and evaluation
of aerial survey data opening up a new bulk sampling pit Glass B
In December 2016, a new amalgamated licence issued to Gemfields;
4703C and covering an area of 34,966 hectares
Health and Safety Manager appointed and committee established
Target of 10-12mct of ruby and corundum production for FY2017
supported by an upgraded wash plant that is expected to be
commissioned by early calendar year 2017.
Goal to achieve 20mct within the next three years
Total capex for the next three years is estimated to be US$60m
FY2017 will see US$25m which includes upgrades to the existing
wash plant and sustaining capex
Target two mixed quality ruby and corundum auctions for FY2017

Montepuez Quarterly Summary Units Sep-15 Dec-15 Mar -16 Jun-16 Full Year

Gemstone Production (Ruby+Corundum) million carats 0.5 1.6 2.0 6.2 10.3

Ore Production (Mineralised Overburden, Gravel Bed, Amphibolite) '000 tonnes 136.9 132.9 65.1 175.5 510.4

Ore Processed (Mineralised Overburden, Gravel Bed, Amphibolite) '000 tonnes 72.8 71.7 67.6 83.1 295.2

Grade (Ruby+Corundum/Ore Processed) carats/tonne 7 22 30 75 35

Waste Mined 000 tonnes 996.8 922.0 406.3 693.2 3,018.3

Total Rock Handling 000 tonnes 1,113.7 1,054.9 471.4 868.7 3,528.7

Stripping Ratio 7.3 6.9 6.2 3.9 5.9

Gemfields Plc 67
Leading the way and growing the business
Other gemstone opportunities targeting low cost, high value acquisitions

Geographic and product diversification Dogogo South Block in early June 2016 and
through investment in exploration and drilling commenced in July 2016
development of existing assets in:
Sri Lanka
Colombia Product diversification through development
Executed binding but conditional agreements of sapphire operations
to acquire the Coscuez emerald mine with Trading centre established in Colombo and
operations and prospects located in Boyac Ratnapura
state in Colombia
Completed with full administrative control Estimated additional capex on new
of approximately 20,000 hectares of projects and other assets of US$10m
exploration acreage including Coscuez
Completion of Coscuez acquisition expected Further exploration and mining projects
in Q2 FY2017. Once completed Gemfields at existing assets in Zambia,
will proceed with the exploration and Mozambique and Madagascar
development plan
Ethiopia
Acquired 75% of Web Gemstone Mining
which holds an emerald exploration licence
covering a total concession area of 200km2
and potentially hosts emerald mineralisation
within a geological lineament that stretches
over 45 kilometres
A diamond drilling crew was mobilised at

Gemfields Plc 68
Faberg
(100% ownership)

Revenues grew 33% to US$11.8m for the year (2015: US$8.9m)

following a number of agreements with multi-brand retail
partners
Number of units sold and delivered increased by 81%.
At 30 June 2016, Faberg products were available in 14 countries
and the total number of boutiques and distribution channels
increased from 20 to 32 during the year
New products launched to promote the use of emeralds,
rubies and sapphires in support of Gemfields coloured
gemstone strategy
Faberg won the 'Ladies Hi-Mechanical' category at the
prestigious Grand Prix d'Horlogerie de Genve ("GPHG")
awards held in October 2015, cementing Fabergs position as a
future leader in the watch-making industry
New advertising campaigns will launch by November 2016, with
both digital and print campaigns in full flow for Christmas 2016

Gemfields Plc 69
 Outlook

Gemfields Plc 70
Driving further value upcoming milestones
Significant growth opportunities
Mining
Kagem
Increasing production target to 30-35mct of emerald and beryl
production for FY2017 with potential of rising to 40mct within
the next three years
Total capex is estimated to be US$30m over the next three years
Montepuez
Increasing production target to 10-12mct of ruby and corundum
production for FY2017 supported by an upgraded wash plant that is
expected to be commissioned by early calendar year 2017
Total capex is estimated to be US$60m over the next three years.
New Projects
Geographical diversification through investment in exploration and
development assets in other jurisdictions such as: Colombia, Ethiopia,
Sri Lanka, Zambia, Mozambique and Madagascar
Product diversification through development of sapphire operations
Complete the acquisition of a controlling interest in Coscuez emerald
mine, Colombia and then proceed with an exploration and development
plan
Gemfields Plc
Auctions and sales
Stable demand for coloured gemstones expected
Target of four emerald and beryl (two high and two commercial quality
auctions) and two mixed quality ruby and corundum auctions for FY2017
Revenue growth likely to be driven by a moderate increase in achievable
prices and increased volumes of goods placed on offer
Marketing
Maintain focus on existing target areas (US, Europe and India)
Continue to drive demand and achievable rough gemstone prices
choosing to focus on increasing demand to achieve growth
Faberg
Targeting generic growth from directly operated retail boutiques in
London and New York, alongside expansion of its global presence
through agreements with multi-brand retail partners
EBITDA
Continued growth in total EBITDA
Target of 30-35% EBITDA margin with increased exploration spend
71
 Sales & Marketing

Gemfields Plc 72
Market overview
World records continue to be broken in the gemstone sector pushing up prices and demand
The market of worked emeralds, rubies and sapphires
continued to expand during 2015
The global emerald, ruby and sapphire market has grown
213% since 2009 (US$1.6bn)
Global imports of the top three coloured gemstones reached
US$5.9bn in 2015, representing an increase of 13% over 2014
The worlds top gemstone manufacturing hubs - India and
Thailand - experienced major year-on-year (YoY) growth in
their exports of emeralds, rubies and sapphires in 2015 of
72% and 9% respectively
Gemfields Plc
European jewellery showed diverging dynamics Frances
imports of the top three coloured gemstones doubled with
YoY growth of 116%, the indicator for the United Kingdom
went up by 7% YoY, while that of Italy and Switzerland
slowed by 13% and 6% YoY respectively
China, India and the USA remain the most significant
emeralds, rubies and sapphire consumer market with their
imports standing at around US$1.2bn per country per annum
73
Auction results

Higher Quality Emerald Commercial Quality Emerald Rubies

Total sales realised at auction (US$m) Total sales realised at auction (US$m) Total sales realised at auction (US$m)

36.5 34.9 34.7 19.2 44.3

31.6 31.5 33.1 15.2 16.4 15.5 14.5
43.3
14.3
26.2 26.8 33.5 29.3
19.6 10 11
9
28.8
7.2
7.5
15.9
5.9 5.6

Jun 14 Dec 14 Apr 15 Jun 15 Dec 15 Jun 16

Mixed HQ LQ HQ Mixed Mixed

Average per carat sales value (US$) Average per carat sales value (US$) Average per carat sales value (US$)
70.68 688.64
59.31
65.89
58.42
617.42
54
42.71
38.25 5.15 317.92
29.71 3.72 4.32
2.61 2.42 3.32
26.2
1.12 1.34
4.4 5.1
9.35 0.31 0.77 18.43 4.02 29.21

Jun 14 * Dec 14 Apr 15 Jun 15 Dec 15 Jun 16 *

Mixed HQ LQ HQ Mixed Mixed

Gemfields Plc *Similar mix of goods offered in Jun 14 and Jun 16 74

Chopard Case Study, May 2016
Gemfields continued to champion industry-
leading partnerships through a notable
collaboration with Chopard, the Official Partner
of the Cannes Film Festival since 1998.
The partnership marked a new milestone
in the Swiss luxury jewellers Journey to
Sustainable Luxury at this years festival
in May 2016.
Gemfields Plc
To mark the occasion, Chopard unveiled a new capsule
collection of Green Carpet High Jewellery within its Red
Carpet Collection, showcasing Gemfields emeralds. The
stunning pieces were worn by actress Julianne Moore during
the festival and widely covered in global media as a result
Through this enduring partnership, Gemfields and Chopard
will continue to work together, helping to set the agenda for
a new global standard for coloured gemstones
In an industry first, Eco-Age experts in sustainable mining
practices and Chopards partner in eveloping the Journey to
Sustainable Luxury visited Kagem and audited the mining
site across various areas including social welfare, environmental
protection, training provision and security for workers
75
 Sustainability

Gemfields Plc 76
Corporate social responsibility
Sustainability

We dont use any chemicals in our mining

process and over the last five years weve
planted over 300,000 trees on the land
around our sites. Were transforming old
mines into lakes, and were seeding them
with fish, creating a steady supply of fresh
water and food for local communities.
Sustainability, set in stone

Gemfields Plc 77
Sustainability - five key pillars
Setting new benchmarks for environmental, social and safety practices in the coloured gemstone sector
Environmental
All operations aim to meet international good practice, taking steps
to minimise physical impacts as much as possible
At both Kagem and Montepuez trees have grown in nurseries from
seeds collected locally and these are cultivated to provide the
vegetation needed to rehabilitate the landscape
Social
Enhance the livelihoods of the local communities living near
operations
Working within the country's own development plans to balance
infrastructure, health, education and employment projects so that a
legacy is created for the local communities creating opportunities
for sustainable livelihoods
Gemfields Plc
Product
Gemfields policy is to ensure that whether rough or cut and
polished, our products are sold transparently
Working with the industry to develop an industry pioneering
standard for coloured gemstone sustainability
Health & Safety
Create an operational culture of 'zero-harm', meeting international
good practice with regards to health and safety, helping the operations
plan, monitor and mitigate risks around safety and well-being
Human rights & security
All operations must meet operational requirements regarding
security and human rights risk and provide training for Voluntary
Principles for Security & Human Rights
78
 Appendix

Gemfields Plc 79
Revealing the value of Mozambican Rubies
Auction

Six ruby auctions up to June 2016 generated

total revenues of US$ 195.3 million.
A part of revenue from the Rhino Ruby has
been given for the cause of anti-rhino-poaching
aircraft operated by Game Reserves United.
A part of revenue from the latest sale of the
Eyes of the Dragon has been committed to
provide support for the Niassa Lion Project in
northern Mozambique.

Gemfields Plc 80
Company overview
Directors and Management

Analyst Forecasts Target Price

BMO Capital Markets 1 Nov 2016 80p
FinnCap 6 Oct 2016 100p
Investec Securities 31 Aug 2016 80p
JP Morgan Cazenove 30 September 2016 53p
Graham Mascall Ian Harebottle Janet Boyce Macquarie 30 September 2016 90p
Chairman Chief Executive Officer Chief Financial Officer
Panmure Gordon 1Nov 2016 61p
Numis 2 Dec 2016 85p
Peel Hunt 1 Aug 2016 78p

London Listed AIM: GEM

Current Share Price (5/12/2016) 48.25p
Sean Gilbertson Clive Newall Finn Behnken
Non-Executive Director
Issued Shares 544,237,288
Executive Director Non-Executive Director
Market Capitalisation 262m

Advisers
Significant Shareholders(as at 23 September 2016) Nomad Grant Thornton
The Pallinghurst Resources Fund L.P. 47.59%
Investec Pallinghurst (Cayman) LP 12.55% Joint Broker BMO Capital Markets
NGPMR (Cayman) LP 13.32% Joint Broker J.P. Morgan Cazenove
BlackRockInc 3.00% Joint Broker Macquarie Capital (Europe) Limited
Platinum Asset Management 2.89% External Auditors BDO
Others 20.65%
Financial PR Tavistock
Total 100%

Gemfields Plc 81
Gemstone Price Index

Upper Fine Quality Gemstones Price Index: 1 - 1.5 Carat Lower Quality Commercial Gemstones Price Index: 1 1.5 Carat

2.00 3.5
1.80
3
1.60
1.40 2.5
1.20
2
1.00
0.80 1.5
0.60 1
0.40
0.5
0.20
0.00 0
2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2015
Source: Gemguide Source: Gemguide
Diamond (R) Emerald Diamonds Emeralds
Ruby - Heated Ruby - Unenhanced Burma
Ruby-heated Ruby - enhanced Burma
Ruby - Unenhanced Mozambique Sapphire - Heated
Sapphire - heated Sapphire - unenhanced
Sapphire - Unenhanced

Gemfields Plc 82
Rough emerald and beryl sales
(Commercial quality)

AUCTION RESULTS MAR 10 MAR 11 NOV 11 JUN 12 APR 13 NOV 13 AUG14 FEB 15 NOV 15 MAY 16
(COMMERCIAL AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION
QUALITY)
Dates 11-15 Mar 10 10-14 Mar 11 21-25 Nov 11 9-13 Jun 12 15-19 Apr 13 11-15 Nov 13 5-8 Aug 14 24-27 Feb 15 18-21 Nov 15 17-20 May 16

Location Jaipur, Jaipur Jaipur Jaipur Lusaka Lusaka Lusaka Lusaka Jaipur Jaipur

Type Commercial Commercial Commercial Commercial Commercial Commercial Commercial Commercial Commercial Commercial

Carats offered* 28.90m 16.83m 10.83m 10.85m 17.34m 5.62m 12.11m 10.1m 5.07m 3.67m

Carats Sold 22.80m 12.98m 9.82m 3.47m 6.30m 4.94m 11.58m 3.9m 4.45m 2.78m

No. of companies placing bids 25 44 27 20 25 20 21 21 29 26

Average no. of bids per lot 8 14 9 3 6 7 7 5 6 7
No. of lots offered 56 35 26 33 28 21 21 26 23 18
No. of lots sold 49 34 19 17 23 19 17 19 18 14
Percentage of lots sold 88% 97% 73% 52% 82% 90% 81% 73% 78% 78%
Percentage of lots sold by
79% 77% 91% 32% 36% 88% 96% 39% 88% 76%
weight
Percentage of lots sold by value 89% 99% 80% 60% 76% 91% 88% 88% 95% 79%
Total sales realised at auction US$7.2m US$10.0m US$11.0m US$9.0m US$15.2m US$16.4m US$15.5m US$14.5m US$19.2m US$14.3m
Average per carat sales value US$0.31/ct US$0.77/ct US$1.12/ct US$2.61/ct US$2.42/ct US$3.32/ct US$1.34/ct US$3.72/ct US$4.32/ct US$5.15/ct

Gemfields Plc 83
Rough emerald and beryl sales
(Higher quality)

JUL 09 NOV 09 JUL 10 DEC 10 JUL 11 MAR 12 NOV 12 JUL 13 FEB 14 NOV 14 SEPT 15 APR 16
AUCTION RESULTS AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION
20-24 Jul 23-27 Nov 19-23 Jul 6-10 Dec 11-15 Jul 19-23 Mar 29 Oct- 15-19 Jul 21-25 Feb 13-17 Nov 31Aug- 30 Mar -4
Dates
09 09 10 10 11 12 2 Nov 12 13 14 14 4 Sept 15 Apr 16
Location
London Johannesburg London Johannesburg Singapore Singapore Singapore Lusaka Lusaka Lusaka Singapore Lusaka

Carats offered 1.36m 1.12m 0.85m 0.87m 1.07m 0.77m 0.93m 0.58m 0.84m 0.60m 0.60m 0.58m
Carats Sold 1.36m 1.09m 0.80m 0.75m 0.74m 0.69m 0.90m 0.58m 0.62m 0.53m 0.59m 0.46m

No. of companies placing bids 23 19 37 32 38 29 35 36 34 34 37 33

Average no. of bids per lot 10 13 18 16 16 11 11 8 13 12 11 9

No. of lots offered 27 19 27 19 25 23 19 18 17 17 19 18

No. of lots sold 26 14 24 18 18 20 16 18 15 16 18 16

Percentage of lots sold 96% 74% 89% 95% 72% 87% 84% 100% 88% 94% 95% 89%

Percentage of lots sold by weight 99.8% 97% 94% 86% 69% 89% 98% 100% 74% 89% 98% 84%

Percentage of lots sold by value 82% 76% 79% 98% 77% 94% 90% 100% 86% 89% 88% 94%

Total sales realised at auction US$5.9m US$5.6m US$7.5m US$19.6m US$31.6m US$26.2m US$26.8m US$31.5m US$ 36.5m US$34.9m US$34.7m US$33.1m

Average per carat sales value US$4.40/ct US$5.10/ct US$9.35/ct US$26.20/ct US$42.71/ct US$38.25/ct US$29.71/ct US$54.00/ct US$59.31/ct US$65.89/ct US$58.42/ct US$70.68/ct

Gemfields Plc 84
Rough ruby and corundum auctions
(Mixed quality)

AUCTION RESULTS JUNE 14 DEC 14 APRIL 15 JUNE 15 DEC 15 JUNE 16

(RUBY & CORUNDUM) AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION
Dates 12-17 June 14 3-8 Dec 14 17-22 April 15 16-21 June 15 14-18 Dec 15 13-19 June 16
Location Singapore Singapore Jaipur Singapore Singapore Singapore
Quality Mixed High Commercial High Mixed Mixed
Carats offered 2.03m 85,491 4.03m 72,208 92,136 1.60m
Carats Sold 1.82m 62,936 3.96m 47,451 90,642 1.52m
No. of lots offered 62 41 64 46 49 75
No. of lots sold 57 35 57 28 45 71
Percentage of lots sold 92% 85% 89% 61% 92% 95%
Percentage of lots sold by weight 90% 74% 98% 66% 98% 95%
Percentage of lots sold by
79% 93% 81% 72% 95% 98%
market value
Total sales realised at auction US$33.5m US$43.3m US$15.9m US$29.3m US$28.8m US$44.3m

Average per carat sales value US$18.43/ct US$688.64/ct US$4.02/ct US$617.42/ct US$317.92/ct US$29.21/carat

Gemfields Plc 85
Mining and production costs
Increased mining and production costs driven by ramp up in mining activity at Kagem and Montepuez

Mining and production costs

$20m
18,323
$18m
16,141
$16m

$14m

2016: US$61.0m $12m

2015: US$46.5m
$10m

$8m 7,340
6,185
$6m 4,928
4,264
$4m
2,502
$2m 1,287

$0m
Mineral royalties Other mining
Repairs and
and production Labour costs Fuel costs Security costs Camp costs Blasting and processing
maintenance
taxes costs
2016 18,323 16,141 7,340 6,185 4,928 2,502 1,287 4,264
2015 12,905 12,800 6,266 4,205 3,251 2,453 1,103 3,486
Gemfields Plc 86
Selling, general and administrative expenses

% Year on
In thousands of US$ 2016 2015 year change
Labour and related costs 18,527 20,563 (10)
Selling, marketing and advertising 14,568 16,224 (10)
Professional and other services 6,173 5,720 (8)
Travel and accommodation 5,008 3,537 42
Rent and rates 3,252 3,446 (6)
Share-based payments 1,345 2,111 (36)
Office expenses 1,093 1,093 0
Other 4,882 2,615 87
Total selling, general and administrative expenses 54,848 55,309 (1)

Gemfields Plc 87
Contact us
Gemfields Plc
1 New Burlington Place
Mayfair
London
W1S 2HR
United Kingdom

Tel: +44 (0)20 7518 3400

Fax: +44 (0) 20 7197 8193

Gemfields Plc