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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Gemfields

GML · A2X Markets · Consolidated statements

On this page
Company details
Legal name
Gemfields Group Limited
Listing
GML on the A2X Markets, active · ISIN GG00BG0KTL52 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, final status not established · source

Read with these figures

  • Annual report not confirmed as final. The published copy is unsigned. The FY2025 figures come from it.
  • Auditor's emphasis of matter. No emphasis-of-matter or material-uncertainty paragraph.
Full wording and sources

  • Annual report for 2025: final status not established

    The independent auditor's report to the members of Gemfields Group Limited (unmodified opinion, PDF p171) closes with the typeset text 'Ernst & Young LLP, London, 25 March 2026' (PDF p179); no signature is visible on the page image (name_printed_unsigned). The statement of financial position states the financial statements 'were approved and authorised for issue by the Directors on 25 March 2026 and were signed on their behalf by: David Lovett, Director; Sean Gilbertson, Director' — names typeset in capitals with no visible signature (PDF p116, page image).

    Source: Gemfields Group Limited Annual Report 2025 (dated 2026-03-25)

  • Auditor's emphasis of matter

    No emphasis-of-matter or material-uncertainty paragraph. Under 'Conclusions relating to going concern' the auditor concludes 'the directors' use of the going concern basis of accounting ... is appropriate' and lists its procedures, including the covenant breach at December 2025 and the ABSA waiver letter; going concern is a key audit matter (p172-p173). Recorded for information; not an emphasis of matter.

    Source: Gemfields Group Limited Annual Report 2025 (dated 2026-03-25)

  • Revenue

    USD 135 million

    135,109 USD thousands · p114

    −32.3% vs 2024

  • Operating profit / (loss)

    −USD 62.7 million

    (62,745) USD thousands · p114

    Change not shown.

  • Profit / (loss) for the year

    −USD 50.9 million

    (50,862) USD thousands · p114

    Change not shown.

  • Total assets

    USD 571 million

    571,162 USD thousands · p116

    −6.6% vs 2024

  • Total equity

    USD 382 million

    382,336 USD thousands · p116

    −5.1% vs 2024

  • Cash from operations

    USD 21.5 million

    21,461 USD thousands · p117

    +78.4% vs 2024

Large amounts are rounded for reading (USD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in USD thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, final status not established; reported for the year · source
  • FY2024 — annual report, final status not established; comparative in the FY2025 filing · source

Income statement

Income statement, USD thousands. Columns: FY2025 — annual report (final status not established), as reported for the year; FY2024 — annual report (final status not established), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Revenue 135,109 199,431
Cost of sales (124,173) (145,508)
Gross profit 10,936 53,923
Unrealised fair value losses on unlisted equity instruments –1 (4,000)
Selling, general and administrative expenses2 (38,530) (51,330)
Impairment charges3 (36,224) (91,287)
Other income 1,073 439
Loss from operations (62,745) (92,255)
Finance income 1,350 900
Finance costs (5,051) (6,296)
Loss before taxation from continuing operations4 (66,446) (97,651)
Taxation 19,874 8,131
Loss after taxation from continuing operations5 (46,572) (89,520)
Loss after taxation from discontinued operations6 (4,290) (11,276)
NET LOSS AFTER TAXA TION (50,862) (100,796)
Non-controlling interest7 (11,780) (18,653)
Exchange gain/(loss) arising on translation of foreign operations8 1,326 (720)
Total other comprehensive income/(loss) 1,326 (720)
TOTAL COMPREHENSIVE LOSS (49,536) (101,516)
Owners of the Parent9 (37,756) (82,874)
Non-controlling interest10 (11,780) (18,642)
  1. Printed “–”, read as nil: subtotal_arithmetic: is.operating_profit.
Notes and alternative reported figures (9)
  1. “Selling, general and administrative expenses” is an issuer-specific line, not mapped to a shared definition: Note 5; operating expenses as printed.
  2. “Impairment charges” is an issuer-specific line, not mapped to a shared definition: Notes 11 and 12; impairment of mining and development-project assets.
  3. “Loss before taxation from continuing operations” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of continuing operations.
  4. “Loss after taxation from continuing operations” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of continuing operations.
  5. “Loss after taxation from discontinued operations” is an issuer-specific line, not mapped to a shared definition: Note 10: Fabergé, sold during 2025.
  6. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Attribution of the net loss after taxation.
  7. “Exchange gain/(loss) arising on translation of foreign operations” is an issuer-specific line, not mapped to a shared definition: OCI that may be reclassified.
  8. “Owners of the Parent” is an issuer-specific line, not mapped to a shared definition: Attribution of total comprehensive loss.
  9. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Attribution of total comprehensive loss.

Balance sheet

Balance sheet, USD thousands. Columns: FY2025 — annual report (final status not established), as reported for the year; FY2024 — annual report (final status not established), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Property, plant and equipment 312,576 338,697
Intangible assets 15,171 40,322
Unlisted equity investments1 –2 –2
Deferred tax assets 4,132 46
Other non-current assets3 34,461 12,682
Total non-current assets 366,340 391,747
Inventory 82,660 114,028
Trade and other receivables 48,843 76,716
Current tax receivable 9,266 7,899
Cash and cash equivalents 64,053 20,844
Total current assets 204,822 219,487
Total assets 571,162 611,234
Deferred tax liabilities 34,871 50,753
Borrowings 30,000 45,000
Lease liabilities 2,353 3,231
Provisions4 3,414 3,578
Other non-current payables5 2,547 4,175
Total non-current liabilities 73,185 106,737
Trade and other payables 38,926 41,580
Borrowings 73,342 56,275
Lease liabilities 732 1,017
Provisions 2,641 2,848
Total current liabilities 115,641 101,720
Total liabilities 188,826 208,457
Net assets 382,336 402,777
Share capital 17 12
Share premium 516,721 486,939
Cumulative translation reserve6 3,268 2,950
Option reserve7 4,259 4,006
Retained deficit (187,203) (148,184)
Attributable to equity holders of the Parent 337,062 345,723
Non-controlling interest 45,274 57,054
Total equity 382,336 402,777
  1. Printed “–”, read as nil: subtotal_arithmetic: bs.non_current_assets.
Notes and alternative reported figures (6)
  1. “Unlisted equity investments”: mapping to a shared definition is uncertain. Printed 'Unlisted equity investments' (note 13), '–' in both years; unlisted equity instruments at fair value (p114).
  2. “Other non-current assets” is an issuer-specific line, not mapped to a shared definition: Note 15; non-current assets.
  3. “Provisions” is an issuer-specific line, not mapped to a shared definition: Note 18; non-current liabilities.
  4. “Other non-current payables” is an issuer-specific line, not mapped to a shared definition: Note 16; non-current liabilities.
  5. “Cumulative translation reserve” is an issuer-specific line, not mapped to a shared definition: Equity.
  6. “Option reserve” is an issuer-specific line, not mapped to a shared definition: Note 21; equity.

Cash flow

Cash flow, USD thousands. Columns: FY2025 — annual report (final status not established), as reported for the year; FY2024 — annual report (final status not established), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Loss for the year before taxation from continuing operations1 (66,446) (97,651)
Loss for the year before taxation from discontinued operations2 (3,180) (5,970)
Unrealised fair value losses3 –4 4,000
Depreciation and amortisation5 31,963 36,689
Impairment of evaluated mining properties6 35,000 47,400
Impairment of property, plant and equipment and intangible assets at development projects7 1,224 43,887
Write down of inventory and other assets8 1,017 3,985
Share-based payments9 316 174
Write off of trade and other receivables10 174 2,661
Net finance expenses11 3,864 5,668
Net foreign exchange (gains)/losses12 (1,241) 3,444
Profit on sale of fixed assets13 –4 (759)
Decrease in trade and other receivables14 6,947 835
Increase/(decrease) in trade and other payables15 2,587 (7,341)
Decrease/(increase) in inventory16 11,452 (7,512)
(Decrease)/increase in provisions17 (329) 1,054
Cash generated from operations 23,348 30,564
Tax paid (1,887) (18,535)
Net cash generated from operating activities 21,461 12,029
Purchase of intangible assets (3,687) (16,318)
Purchase of property, plant and equipment (39,145) (68,627)
Disposal of property, plant and equipment –18 1,201
Interest received 1,200 598
Cash advances and loans made to related parties19 (1,250) (1,690)
Proceeds from sale of discontinued operations, net of cash disposed and transaction fees20 41,169 –18
Net cash utilised in investing activities (1,713) (84,836)
Issue of shares21 –22 251
Proceeds from Rights Issue23 32,271 –22
Transaction fees related to Rights Issue24 (2,461) –22
Proceeds from borrowings 115,703 170,764
Repayments of borrowings (113,636) (109,963)
Payment of principal portion of lease liabilities (1,169) (755)
Interest paid25 (5,121) (6,602)
Dividends paid to shareholders of the Parent company –22 (10,000)
Dividends paid to non-controlling interest in Kagem26 –22 (1,500)
Net cash generated from financing activities 25,587 42,195
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIV ALENTS 45,335 (30,612)
Cash and cash equivalents at the beginning of the year 20,844 51,621
Net foreign exchange loss on cash (2,126) (165)
CASH AND CASH EQUIV ALENTS A T END OF THE YEAR 64,053 20,844
  1. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_generated_from_operations.
  2. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  3. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (23)
  1. “Loss for the year before taxation from continuing operations” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  2. “Loss for the year before taxation from discontinued operations” is an issuer-specific line, not mapped to a shared definition: Note 10; operating activities.
  3. “Unrealised fair value losses” is an issuer-specific line, not mapped to a shared definition: Note 13; adjustment.
  4. “Depreciation and amortisation” is an issuer-specific line, not mapped to a shared definition: Notes 3 and 10; adjustment.
  5. “Impairment of evaluated mining properties” is an issuer-specific line, not mapped to a shared definition: Notes 3 and 11; adjustment.
  6. “Impairment of property, plant and equipment and intangible assets at development projects” is an issuer-specific line, not mapped to a shared definition: Note 3; adjustment.
  7. “Write down of inventory and other assets” is an issuer-specific line, not mapped to a shared definition: Note 3; adjustment.
  8. “Share-based payments” is an issuer-specific line, not mapped to a shared definition: Note 5; adjustment.
  9. “Write off of trade and other receivables” is an issuer-specific line, not mapped to a shared definition: Note 10; adjustment.
  10. “Net finance expenses” is an issuer-specific line, not mapped to a shared definition: Notes 8 and 10; adjustment.
  11. “Net foreign exchange (gains)/losses” is an issuer-specific line, not mapped to a shared definition: Notes 5 and 10; adjustment.
  12. “Profit on sale of fixed assets” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  13. “Decrease in trade and other receivables” is an issuer-specific line, not mapped to a shared definition: Change in operating assets and liabilities.
  14. “Increase/(decrease) in trade and other payables” is an issuer-specific line, not mapped to a shared definition: Change in operating assets and liabilities.
  15. “Decrease/(increase) in inventory” is an issuer-specific line, not mapped to a shared definition: Change in operating assets and liabilities.
  16. “(Decrease)/increase in provisions” is an issuer-specific line, not mapped to a shared definition: Change in operating assets and liabilities.
  17. “Cash advances and loans made to related parties” is an issuer-specific line, not mapped to a shared definition: Note 27; investing activities.
  18. “Proceeds from sale of discontinued operations, net of cash disposed and transaction fees” is an issuer-specific line, not mapped to a shared definition: Note 10; investing activities.
  19. “Issue of shares” is an issuer-specific line, not mapped to a shared definition: Note 20; financing activities.
  20. “Proceeds from Rights Issue” is an issuer-specific line, not mapped to a shared definition: Note 20; financing activities.
  21. “Transaction fees related to Rights Issue” is an issuer-specific line, not mapped to a shared definition: Note 20; financing activities.
  22. “Interest paid”: mapping to a shared definition is uncertain. Printed 'Interest paid' within financing activities; the statement does not say whether lease interest is included (p117).
  23. “Dividends paid to non-controlling interest in Kagem” is an issuer-specific line, not mapped to a shared definition: Financing activities.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (final status not established), as reported for the year; FY2024 — annual report (final status not established), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)3 (0.026)1 (0.070)2
Profit / (loss) attributable to shareholders (USD thousands)4 (39,082) (82,143)
  1. Printed as (2.6) cents; value converted to USD at 100 cents = 1 USD.
  2. Printed as (7.0) cents; value converted to USD at 100 cents = 1 USD.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic – USD cents”.
  2. Profit / (loss) attributable to shareholders: printed as “Owners of the Parent”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividends paid to shareholders of the Parent company 0printed “–”, read as nil USD thousands Annual report, p117
31 Dec 2024 Dividends paid (cash flow statement) Dividends paid to shareholders of the Parent company (10,000) USD thousands Annual report, p117

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Gemfields Group Limited Annual Report 2025

    Year ended 31 December 2025 · Annual report · final status not established

    Audit: Ernst & Young LLP (London), unmodified opinion

    Auditor's sign-off: Ernst & Young LLP, London (typeset; no visible signature)

    Final status: The independent auditor's report to the members of Gemfields Group Limited (unmodified opinion, PDF p171) closes with the typeset text 'Ernst & Young LLP, London, 25 March 2026' (PDF p179); no signature is visible on the page image (name_printed_unsigned). The statement of financial position states the financial statements 'were approved and authorised for issue by the Directors on 25 March 2026 and were signed on their behalf by: David Lovett, Director; Sean Gilbertson, Director' — names typeset in capitals with no visible signature (PDF p116, page image).

    Document date
    25 Mar 2026
    Auditor's report
    25 Mar 2026
    Board approval
    25 Mar 2026
    Retrieved by us
    17 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · USD thousands (printed “USD'000”)
    • Profit before tax, taxation and the 'Loss after taxation from continuing operations' are for continuing operations; the net loss after taxation adds the loss from discontinued operations (p114). Basic and diluted loss per share are printed with the same figures in USD cents, for the total and for continuing operations. The cash-flow statement starts from loss before taxation of continuing and discontinued operations; interest received is in investing activities and interest paid in financing activities. No total-equity-and-liabilities line is printed; 'Net assets' equals total equity (p116).
    • The 2024 columns of the consolidated income statement (p114), statement of comprehensive income (p115) and statement of cash flows (p117) are headed 'AS RE-PRESENTED': 'During the year, the Group sold Fabergé Limited ("Fabergé"). Consequently, its results to the date of disposal are presented within discontinued operations, and the prior year results are re-presented for comparability' (note 1, p119). Those rows are marked restated.
    Technical details
    File
    185 pages, with a text layer
    SHA-256
    2c9e21521a7e5940f0108292e219f44a08ab22eefb2248e11cb39de265711b71
    Entity as printed
    Gemfields Group Limited (the 'Company') and its subsidiaries (the 'Group'); incorporated in Guernsey, registration number 47656 (PDF p2, p119)
    Issuer copy
    retrieved 2026-10-17T13:54:45Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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