Recently, Gemfields announce the Company’s financial results for the six months to 30 June 2025 (2025 Interim Results and highlighted, Summarised Results. According to the Summarised Results,
1: total revenue for the six months to 30 June 2025 of USD 64.2 million.
2: EBITDA loss for the six months to 30 June 2025 of USD 4.9 million.
3: Free cash flow before working capital movements for the six months to 30 June 2025 of USD 22.1 million due to significantly lower auction revenue and substantial capital expenditure at Montepuez Ruby Mining (MRM) in Mozambique. The Group’s net debt position at 30 June 2025 was USD 61.2 million (before USD 16.1 million of auction receivables and which are now 100% collected).
Sean Gilbertson, CEO of Gemfields, commented, “This has been a challenging first half marked by gemstone production difficulties at both mines. MRM experienced lower premium ruby output while Kagem Mining (Kagem) suspended mining altogether at the end of 2024, with limited operations resuming only in May 2025.
The beginning of the year was also marred by civil unrest in Mozambique following the disputed general election and the surprise implementation of the 15% export duty on emeralds in Zambia, a matter since resolved. These factors contributed to short-term cash flow pressures and certainly tested the team and the business.
However, a series of difficult decisions has yielded a more streamlined and focussed organisation with, thanks to the support of our shareholders via the rights issue, a stronger balance sheet, all of which put us on a better footing for the year ahead.
Significantly, our new processing plant in Mozambique produced its first rubies earlier this month and is expected to be fully operational during October.”
The content of this short-form announcement is the responsibility of the Board. Shareholders are advised that this short-form announcement represents a summary of the information contained in the full announcement and does not contain full or complete details of the financial results.
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