Gemfields Group Limited reported improved loss metrics for the year ended December 31, 2025, despite operational challenges affecting production and auction performance.

The company expects a loss per share of USDc 2.6, compared to USDc 7.0 in 2024. In ZAR terms, loss per share is expected at ZARc 40.0, reflecting a 69% improvement year-on-year. Headline loss per share is projected at USDc 1.3, down from USDc 2.1 in 2024.

Operational disruptions at Montepuez Ruby Mining (MRM) in Mozambique and the Kagem emerald mine in Zambia impacted output and cash generation during the year. Delays in commissioning MRM’s second processing plant (PP2), combined with illegal mining activity and grade variability, constrained premium ruby production and affected auction scheduling.

PP2 has been producing rubies since September 2025, but full commissioning is expected to extend into the first half of 2026.

Gemfields conducted seven auctions during the year, generating total revenues of $ 129 million. Demand remained uneven, with weaker interest in lower-quality and smaller-sized goods, while pricing for higher-quality emeralds and rubies showed improvement.

CEO Sean Gilbertson stated, “It has been a difficult year. The well documented operational interruptions at both Montepuez Ruby Mining and the Kagem emerald mine weighed on output and cash generation.”

He added, “Auction outcomes during the year were mixed… while overall sentiment was fragile and volatility persisted, we have been encouraged by improved pricing throughout the year for high-quality emeralds and rubies.”

The company also flagged external risks, noting that the escalation of conflict in the Middle East could impact global energy markets, although cost implications remain uncertain.

For 2026, Gemfields’ priorities include stabilizing operations, ramping up PP2 to full capacity, maintaining cost discipline, restoring auction consistency, and reducing debt to strengthen its balance sheet.

The company will release its full-year results on 26 March 2026.