Wrap Text
Grant of awards under Long Term Incentive Plan and PDMR dealings
Gemfields Group Limited
Incorporated in Guernsey. Guernsey registration number: 47656
South African external company registration number: 2009/012636/10
Share code on JSE:GML (General Segment of JSE Main Board) / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
(“Gemfields” or the “Group” or the “Company”)
Grant of awards under Long Term Incentive Plan and PDMR dealings
LONDON, 05 OCTOBER 2026
Shareholders are advised that the Company has awarded conditional share awards over a total of
51,085,102 shares in the capital of the Company. The awards have been granted under the
Gemfields Group Limited Long Term Incentive Plan 2023 (“LTIP”) to one Executive Director
and a number of senior employees including persons discharging managerial responsibilities
(“PDMRs”). The conditional share awards equate to 2.96% of the issued share capital in aggregate.
The vesting of each participant’s conditional share award is subject to the terms of the LTIP. Of
each award, 75% of the award comprises performance shares, which are conditional on meeting
performance conditions measured over a three-year period as described below (“Performance
Shares”), and 25% comprises restricted shares, which are not subject to specific performance
conditions (“Restricted Shares”). Subject to the applicable conditions being satisfied and the
participant remaining employed, the awards will normally vest on the third anniversary of grant. In
addition, awards granted to PDMRs are subject to a two-year post-vesting holding period and all
awards are subject to customary malus and clawback provisions.
The LTIP was approved by shareholders at the Company’s AGM on 27 June 2023 and amended
at the AGM on 23 June 2026.
Performance conditions
The performance conditions will be measured over the period from 1 July 2026 to 30 June 2029
(the “Performance Measurement Period”). This is different to the performance period indicated in
the materials circulated ahead of the 23 June 2026 AGM. The Remuneration Committee has
revised the performance period to reflect the delayed grant of the award, ensuring closer alignment
between the performance measurement and vesting periods. The Committee believes that the
performance conditions remain appropriately challenging.
1. Cumulative Adjusted Earnings Per Share ("AEPS") Target
35% of the total Performance Shares will vest dependent upon the achievement of a cumulative
AEPS target over the Performance Measurement Period, determined as follows:
Cumulative AEPS for the three years to 30 June % of Shares subject to the AEPS
2029 Target Vesting (1)
Below USD 0.0325 No vesting
USD 0.0325 25%
USD 0.0406 or higher 100%
(1) Straight line vesting for AEPS between USD0.0325-USD0.0406.
AEPS is defined as Headline Earnings Per Share adjusted for unrealised fair value gains and losses.
Any adjustments made to the AEPS target for the purposes of the performance condition shall be
applied at the sole discretion of the Remuneration Committee and may include, without limitation,
charges for share-based payments, the amortisation of acquired intangible assets and extraordinary
one-off items. Such adjustments will be applied on a transparent and consistent basis.
2. Total Shareholder Return ("TSR") Target
35% of the total Performance Shares will vest dependent upon the performance of the Company's
TSR measured over the Performance Measurement Period, determined as follows:
Compound annual TSR growth for the three % of Shares subject to the TSR
years to 30 June 2029 Target Vesting (1)
Below 8% No vesting
8% 25%
12% 100%
(1) Straight line vesting for compound annual TSR growth between 8.0%-12.0%.
The base share price for this performance condition is USD 5.45 cents (ZAR 88.11 cents), being
the volume weighted average price of the Company's shares traded on AIM for the 30 trading days
(“30 Day VWAP”) immediately prior to the start of the Performance Measurement Period of 4.08
pence translated into USD, using the average exchange rate over the period of the 30 Day VWAP
of USD 1.34 per GBP and ZAR 16.17 per USD.
This base will be compared with the TSR at the end of the performance period on 30 June 2029,
as calculated using the AIM 30 Day VWAP until 30 June 2029 translated into USD on the same
basis as above, multiplied by one share plus any additional shares or fraction of a share that could
have been acquired by re-investing any net dividends, using the AIM closing price on the ex-
dividend date applicable to each dividend, paid during the Performance Measurement Period.
3. Lost-Time Injury Frequency Rate (“LTIFR”)
10% of the total Performance Shares will vest dependent upon the performance of the Company's
LTIFR measured over the Performance Measurement Period, determined as follows:
% of Shares subject to the LTIFR
LTIFR rate for the three years to 30 June 2029
Target Vesting (1)
Above 1.00 No vesting
1.00 25%
0.75 100%
(1) Straight line vesting for LTIFR rate between 1.0 - 0.75.
4. Strategic Delivery at MRM
20% of the total Performance Shares will vest dependent upon the performance of the cumulative
ore tonnes processed at MRM, measured over the Performance Measurement Period, determined
as follows:
Cumulative ore tonnes processed at MRM for % of Shares subject to the LTIFR
the three years to 30 June 2029 Target Vesting (1)
Below 10.306 Mt No vesting
10.306 Mt 25%
11.390 Mt 100%
(1) Straight line vesting for cumulative ore tonnes processed at MRM for three-year period between 10.306 MT –
11.390 MT.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name David Lovett
2 Reason for the notification
a) Position/status Interim Chief Executive Officer / Chief Finance Officer
/ PDMR
b) Initial notification Initial Notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Gemfields Group Limited
b) LEI 21380017GAVXTCYS5R31
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where
transactions have been conducted
a) Description of the financial Ordinary Shares of USD0.00001 each
instrument, type of
instrument
Identification code ISIN: GG00BG0KTL52
b) Nature of the transaction Grant of conditional share award under the Gemfields Group
Limited Long Term Incentive Plan (2023) (off market)
c) Price(s) and volume(s)
Price(s) Volume(s)
Nil 14,235,669
d) Aggregated information
- Aggregated volume 14,235,669
- Price Nil
e) Date of the transaction 02 October 2026
f) Place of the transaction London / Johannesburg
In compliance with Rules 6.77 – 6.89 of the JSE Listings Requirements the following additional
information is disclosed:
Total deemed value of transaction: ZAR 9,822,611.61
Nature of interest: Direct beneficial
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Adrian Banks
2 Reason for the notification
a) Position/status PDMR
b) Initial notification Initial Notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Gemfields Group Limited
b) LEI 21380017GAVXTCYS5R31
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where
transactions have been conducted
a) Description of the financial Ordinary Shares of USD0.00001 each
instrument, type of
instrument
Identification code ISIN: GG00BG0KTL52
b) Nature of the transaction Grant of conditional share award under the Gemfields Group
Limited Long Term Incentive Plan (2023) (off market)
c) Price(s) and volume(s)
Price(s) Volume(s)
Nil 7,596,131
d) Aggregated information
- Aggregated volume 7,596,131
- Price Nil
e) Date of the transaction 02 October 2026
f) Place of the transaction London / Johannesburg
In compliance with Rules 6.77 – 6.89 of the JSE Listings Requirements the following additional
information is disclosed:
Total deemed value of transaction: ZAR 5,241,330.39
Nature of interest: Direct beneficial
Notification of a Transaction in terms of the JSE Listings Requirements
Name Toby Hewitt
Position/status Company Secretary and General Counsel
Nature of the transaction Grant of conditional share award under the Gemfields Group
Limited Long Term Incentive Plan (2023) (off market)
Price(s) and volume(s)
Price(s) Volume(s)
Nil 2,675,159
Date of the transaction 02 October 2026
Nature of interest Direct Beneficial
Place of the transaction London / Johannesburg
In compliance with Rules 6.77 – 6.89 of the JSE Listings Requirements the following additional
information is disclosed:
Total deemed value of transaction: ZAR 1,845,859.71
Nature of interest: Direct Beneficial
Clearance was obtained for the above dealings in securities.
*Deemed transaction value was calculated using the closing price of ZAR 0.69 on the JSE Limited
on 01 October 2026.
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, please contact us on:
ir@gemfields.com
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 David Lovett / Heinrich Richter
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Panmure Liberum
(AIM) & BROKER Scott Mathieson / Amrit Mahbubani / John More
T: +44(0) 20 3100 2222
PRESS ENQUIRES, GEMFIELDS press@gemfields.com
HEAD OFFICE, LONDON T: +44(0) 20 7518 3400
NOTES TO EDITORS
About Gemfields Group Limited
Gemfields is a world-leading miner of coloured gemstones, dual-listed on the Johannesburg and
London AIM stock exchanges.
Gemfields is the operator and 75% owner of both Kagem Mining in Zambia (a world-leading
emerald mine) and Montepuez Ruby Mining in Mozambique (situated on one of the most
significant recently discovered ruby deposits in the world). In addition, Gemfields holds controlling
interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique and
Madagascar.
Gemfields has developed a proprietary grading system and a pioneering auction platform to
provide a consistent supply of coloured gemstones to downstream markets, a key component of
Gemfields’ business model that has played an important role in the growth of the global coloured
gemstone sector.
GEMFIELDS.COM | INVESTORS | FOUNDATION | INSTAGRAM | FACEBOOK | X | YOUTUBE
KAGEM MINING LINKEDIN | FACEBOOK
MONTEPUEZ RUBY MINING LINKEDIN | FACEBOOK
Date: 05/10/2026 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
