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1.1Corporate information
1.1.1 Incorporation
The holding company, Gem Diamonds Limited (the Company), was incorporated on 29 July 2005 in the British Virgin Islands (BVI) and is
domiciled in the United Kingdom (UK) . The Company\u2019s registration number is 669758.
These financial statements were authorised for issue by the Board on 17\u00a0March 2026.
The Group is principally engaged in operating diamond mines.
1.1.2 Operational information
The Company has the following investments directly and indirectly in subsidiaries at 31 December 2025.
Name and registered address of
company
Share-
holding
Country of
incorporation and
functional currency
Nature of business
Subsidiaries
Gem Diamond Technical Services
(Proprietary) Limited 1
Illovo Corner
24 Fricker Road
Illovo Boulevard
Johannesburg
South Africa
100%
RSA
South African rand (ZAR)
Technical, financial and management consulting
services.
Let\u0161eng Diamonds (Proprietary) Limited1
Du Preez Building
397 Hilton Road
Maseru
Lesotho
70%
Lesotho
Lesotho loti (LSL)
Diamond mining and holder of mining\u00a0rights.
Gem Diamonds Investments Limited1
2 Eaton Gate
London
SW1W 9BJ
United Kingdom
100%
UK
United States dollar (US$)
and
Euro (\u20ac)
Investment holding company holding 100% in
each of Gem Diamonds Innovation Solutions CY
Limited, a company in Cyprus holding intellectual
property relating to development of technology
to innovate mining processes; and Gem
Diamonds Marketing Services BV, a marketing
company in Belgium that performs diamond
analysis and valuations, and sells the Group\u2019s
diamonds on tender.
1 No change in the shareholding since the prior year.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.1Corporate information (continued)
1.1.3Segment information
For management purposes, the Group is organised into geographical units as its risks and required rates of return are affected
predominantly by differences in the geographical regions of the mines and areas in which the Group operates, or areas in which
operations are managed. The below measures of profit or loss, assets and liabilities are reviewed by the Chief Operating Decision-
Maker, i.e. the Board of Directors. The main geographical regions, and the type of products and services from which each reporting
segment derives its revenue, are:
\u2022 Lesotho (diamond mining activities);
\u2022 Belgium (sales, marketing and analysis of diamonds);
\u2022 BVI, RSA, UK and Cyprus (technical and administrative services); and
\u2022 Botswana, classified as a discontinued operation and abandoned by year end.
During the period, the Ghaghoo mine, which formed part of the Botswana operating segment which had previously been placed on
care and maintenance, was reclassified from continuing to a discontinued operation and was abandoned. This follows the
relinquishment of the associated mining licence and the formal handover of the mine site to the Botswana Ministry of Minerals and
Energy, through the Department of Mines. As of 1 June 2025, the Department of Mines has assumed full responsibility for the mine, and
the Company has no further obligations or commitments related to the licence or the mine.
Management monitors the operating results of the geographical units separately for the purpose of making decisions about resource
allocation and performance assessment.
Segment performance is evaluated based on operating profit or loss. Inter-segment transactions are entered into under normal arm\u2019s
length terms in a manner similar to transactions with third parties. Segment revenue, segment expenses and segment results include
transactions between segments. Those transactions are eliminated on consolidation.
Segment revenue is derived from mining activities, polished manufacturing margins and diamond analysis.
The following tables present revenue from contracts with customers, profit/(loss) for the year, underlying EBITDA and asset and liability
information from operations regarding the Group\u2019s geographical segments:
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.1Corporate information (continued)
1.1.3Segment information (continued)
Lesotho
Belgium
BVI, RSA, UK
and Cyprus1
Total
Continuing
operations
Botswana
(Discontinued
operation)
Total
Year ended 31 December 2025
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Revenue from contracts with
customers
Total revenue
96\u00a0944
98\u00a0606
4\u00a0990
200\u00a0540
\u2013
200\u00a0540
Intersegment
(96\u00a0583)
(553)
(4\u00a0990)
(102\u00a0126)
\u2013
(102\u00a0126)
External customers
361
98\u00a0053
\u2013
98\u00a0414
\u2013
98\u00a0414
Depreciation and amortisation
(40\u00a0821)
(272)
(285)
(41\u00a0378)
(30)
(41\u00a0408)
\u2013 Depreciation and mining asset
amortisation
(11\u00a0455)
(272)
(285)
(12\u00a0012)
(30)
(12\u00a0042)
\u2013 Waste stripping cost amortisation
(29\u00a0366)
\u2013
\u2013
(29\u00a0366)
\u2013
(29\u00a0366)
Cost of sales (excluding depreciation
and amortisation)
(53\u00a0699)
99
242
(53\u00a0358)
\u2013
(53\u00a0358)
Corporate expenses
\u2013
\u2013
(5\u00a0802)
(5\u00a0802)
\u2013
(5\u00a0802)
Royalties and selling costs
(4\u00a0624)
(1\u00a0321)
\u2013
(5\u00a0945)
\u2013
(5\u00a0945)
Impairment of non-financial assets
(77\u00a0467)
\u2013
\u2013
(77\u00a0467)
(224)
(77\u00a0691)
Write-down of inventories to net
realisable value
(3\u00a0534)
\u2013
\u2013
(3\u00a0534)
\u2013
(3\u00a0534)
Rehabilitation provision released
\u2013
\u2013
\u2013
\u2013
2\u00a0309
2\u00a0309
Other non-material income/(costs)
1\u00a0938
3
(223)
1\u00a0718
(205)
1\u00a0513
Segment operating (loss)/profit
(81\u00a0262)
(22)
(6\u00a0068)
(87\u00a0352)
1\u00a0850
(85\u00a0502)
Net finance costs2
(3\u00a0549)
(31)
(1\u00a0121)
(4\u00a0701)
(57)
(4\u00a0758)
(Loss)/profit before tax
(84\u00a0811)
(53)
(7\u00a0189)
(92\u00a0053)
1\u00a0793
(90\u00a0260)
Income tax benefit/(charge)
19\u00a0594
44
(142)
19\u00a0496
\u2013
19\u00a0496
Recycling of foreign currency reserve
\u2013
\u2013
\u2013
\u2013
(52\u00a0790)
(52\u00a0790)
(Loss)/profit for the year
(65\u00a0217)
(9)
(7\u00a0331)
(72\u00a0557)
(50\u00a0997)
(123\u00a0554)
Underlying EBITDA3
9\u00a0255
310
(5\u00a0622)
3\u00a0943
\u2013
3\u00a0943
Segment non-current assets
211\u00a0279
965
1\u00a0511
213\u00a0755
\u2013
213\u00a0755
Segment assets
269\u00a0356
1\u00a0710
4\u00a0444
275\u00a0510
\u2013
275\u00a0510
Segment liabilities
35\u00a0453
1\u00a0178
10\u00a0853
47\u00a0484
\u2013
47\u00a0484
Other segment information
Net (debt)/cash and short-term deposits4
(11\u00a0754)
612
(9\u00a0013)
(20\u00a0155)
\u2013
(20\u00a0155)
Capital expenditure
\u2013 Property, plant and equipment
4\u00a0416
1
16
4\u00a0433
\u2013
4\u00a0433
\u2013 Net movement in rehabilitation asset5
899
\u2013
\u2013
899
\u2013
899
\u2013 Waste cost capitalised
10\u00a0049
\u2013
\u2013
10\u00a0049
\u2013
10\u00a0049
Total capital expenditure
15\u00a0364
1
16
15\u00a0381
\u2013
15\u00a0381
Average number of employees
employed under contracts of service
821
6
16
843
12
855
1\u00a0 \u00a0 \u00a0 No revenue was generated in BVI and Cyprus.
2\u00a0 \u00a0 \u00a0 \u00a0 Finance income and costs are reflected on a net basis as this is the measure used by the primary decision-makers.
3\u00a0 \u00a0 \u00a0 Underlying EBITDA as defined in Note 4, Operating (loss)/profit.
4\u00a0 \u00a0 \u00a0 Calculated as cash and short-term deposits less drawn down bank facilities (excluding insurance premium financing and credit underwriting fees). Refer to Note 18, Interest-bearing
\u00a0 \u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 loans and borrowings.
5\u00a0 \u00a0 \u00a0 Non-cash movements in rehabilitation assets relating to changes in rehabilitation estimates for the Lesotho segment.
Included in revenue for the current year is revenue from five customers who individually contributed 10% or more to total revenue. This
revenue amounted to US$57.3 million in total arising from sales reported in the Belgium segment.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.1Corporate information (continued)
1.1.3Segment information (continued)
Segment non-current assets do not include deferred tax assets of US$4.3 million and financial instruments of US$0.9 million. Included in
the non-current assets BVI, RSA, UK and Cyprus segment disclosure are non-current assets located in the Company\u2019s country of
domicile, the UK, of US$2.4 million.
Segment assets and liabilities do not include deferred tax assets and liabilities of US$4.3 million and US$53.8 million, respectively.
Deferred tax amounts are excluded because they are not operational in nature, do not directly impact segment performance, and are
not part of the asset base used by management to make business decisions.
Revenue decreased 36% compared to 2024 mainly due to a decrease of 20% in carats sold (88\u00a0381 carats compared to 109\u00a0967 in 2024).
An average sales price of US$1\u00a0105 per carat (2024: US$1\u00a0390 per carat) was achieved. The lower prices achieved were due to a
combination of sustained pressure on diamond prices during the year and the 74% ore contribution from the lower-value Main Pipe.
Lesotho
Belgium
BVI, RSA, UK
and Cyprus1
Total
continuing
operations
Botswana
(Discontinued
operation)
Total
Year ended 31 December 2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Revenue from contracts with
customers
Total revenue
149\u00a0195
153\u00a0518
6\u00a0595
309\u00a0308
\u2013
309\u00a0308
Intersegment
(147\u00a0822)
(679)
(6\u00a0595)
(155\u00a0096)
\u2013
(155\u00a0096)
External customers
1\u00a0373
152\u00a0839
\u2013
154\u00a0212
\u2013
154\u00a0212
Depreciation and amortisation
(46\u00a0376)
(195)
(356)
(46\u00a0927)
(67)
(46\u00a0994)
\u2013 Depreciation and mining asset
amortisation
(10\u00a0749)
(195)
(356)
(11\u00a0300)
(67)
(11\u00a0367)
\u2013 Waste stripping cost amortisation
(35\u00a0627)
\u2013
\u2013
(35\u00a0627)
\u2013
(35\u00a0627)
Cost of sales (excluding depreciation
and amortisation)
(64\u00a0644)
1
170
(64\u00a0473)
\u2013
(64\u00a0473)
Corporate expenses
\u2013
\u2013
(7\u00a0914)
(7\u00a0914)
\u2013
(7\u00a0914)
Royalties and selling costs
(15\u00a0269)
(1\u00a0208)
\u2013
(16\u00a0477)
\u2013
(16\u00a0477)
Other non-material income/(costs)
636
(34)
(235)
367
(729)
(362)
Segment operating profit/(loss)
26\u00a0266
857
(8\u00a0335)
18\u00a0788
(796)
17\u00a0992
Net finance costs2
(4\u00a0710)
(20)
(1\u00a0641)
(6\u00a0371)
(160)
(6\u00a0531)
Profit/(loss) before tax
21\u00a0556
837
(9\u00a0976)
12\u00a0417
(956)
11\u00a0461
Income tax (charge)/benefit
(4\u00a0250)
(46)
921
(3\u00a0375)
\u2013
(3\u00a0375)
Profit/(loss) for the year
17\u00a0306
791
(9\u00a0055)
9\u00a0042
(956)
8\u00a0086
Underlying EBITDA3
36\u00a0378
1\u00a0085
(7\u00a0744)
29\u00a0719
\u2013
29\u00a0719
Segment non-current assets
280\u00a0793
1\u00a0200
1\u00a0606
283\u00a0599
249
283\u00a0848
Segment assets
335\u00a0667
2\u00a0074
6\u00a0509
344\u00a0250
538
344\u00a0788
Segment liabilities
45\u00a0129
1\u00a0311
8\u00a0000
54\u00a0440
2\u00a0480
56\u00a0920
Other segment information
\u2013
Net cash/(debt) and short-term deposits4
(4\u00a0869)
692
(3\u00a0191)
(7\u00a0368)
63
(7\u00a0305)
Capital expenditure
\u2013
\u2013
\u2013 Property, plant and equipment
4\u00a0379
49
1\u00a0330
5\u00a0758
\u2013
5\u00a0758
\u2013 Net movement in rehabilitation asset5
(3\u00a0698)
\u2013
\u2013
(3\u00a0698)
\u2013
(3\u00a0698)
\u2013 Waste cost capitalised
22\u00a0302
\u2013
\u2013
22\u00a0302
\u2013
22\u00a0302
Total capital expenditure
22\u00a0983
49
1\u00a0330
24\u00a0362
\u2013
24\u00a0362
Average number of employees
employed under contracts of service
663
6
20
689
27
716
1 \u00a0 \u00a0 \u00a0 No revenue was generated in BVI and Cyprus.
2\u00a0 \u00a0 \u00a0 \u00a0 Finance income and costs are reflected on a net basis as this is the measure used by the primary decision-makers.
3\u00a0 \u00a0 \u00a0 Underlying EBITDA as defined in Note 4, Operating (loss)/profit.
4\u00a0 \u00a0 \u00a0 \u00a0 Calculated as cash and short-term deposits less drawn down bank facilities (excluding the asset-based finance facility, insurance premium financing and credit underwriting fees).
\u00a0 \u00a0 \u00a0 Refer to Note 17, Issued share capital and reserves.
5 Non-cash movements in rehabilitation assets relating to changes in rehabilitation estimates for the Lesotho segment.
Included in revenue for the 2024 year is revenue from four customers who individually contributed 10% or more to total revenue. This
revenue amounted to US$101.4 million in total arising from sales reported in the Belgium segment.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.1Corporate information (continued)
1.1.3Segment information (continued)
Segment non-current assets do not include deferred tax assets of US$4.3 million and financial instruments of US$7.3 million. Included
in the non-current assets BVI, RSA, UK and Cyprus segment disclosure are non-current assets located in the Company\u2019s country of
domicile, the UK, of US$2.5 million.
Segment assets and liabilities do not include deferred tax assets and liabilities of US$4.3 million and US$69.3 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-204": { "value": "Gem Diamonds Limited (the Company), was incorporated on 29 July 2005", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-203": { "value": "Gem Diamonds Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-205": { "value": "British Virgin Islands (BVI)", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-206": { "value": "United Kingdom (UK)", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-207": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-208": { "value": "engaged in operating diamond mines.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-209": { "value": "
1.1.3Segment information (continued)
Lesotho
Belgium
BVI, RSA, UK
and Cyprus1
Total
Continuing
operations
Botswana
(Discontinued
operation)
Total
Year ended 31 December 2025
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Revenue from contracts with
customers
Total revenue
96\u00a0944
98\u00a0606
4\u00a0990
200\u00a0540
\u2013
200\u00a0540
Intersegment
(96\u00a0583)
(553)
(4\u00a0990)
(102\u00a0126)
\u2013
(102\u00a0126)
External customers
361
98\u00a0053
\u2013
98\u00a0414
\u2013
98\u00a0414
Depreciation and amortisation
(40\u00a0821)
(272)
(285)
(41\u00a0378)
(30)
(41\u00a0408)
\u2013 Depreciation and mining asset
amortisation
(11\u00a0455)
(272)
(285)
(12\u00a0012)
(30)
(12\u00a0042)
\u2013 Waste stripping cost amortisation
(29\u00a0366)
\u2013
\u2013
(29\u00a0366)
\u2013
(29\u00a0366)
Cost of sales (excluding depreciation
and amortisation)
(53\u00a0699)
99
242
(53\u00a0358)
\u2013
(53\u00a0358)
Corporate expenses
\u2013
\u2013
(5\u00a0802)
(5\u00a0802)
\u2013
(5\u00a0802)
Royalties and selling costs
(4\u00a0624)
(1\u00a0321)
\u2013
(5\u00a0945)
\u2013
(5\u00a0945)
Impairment of non-financial assets
(77\u00a0467)
\u2013
\u2013
(77\u00a0467)
(224)
(77\u00a0691)
Write-down of inventories to net
realisable value
(3\u00a0534)
\u2013
\u2013
(3\u00a0534)
\u2013
(3\u00a0534)
Rehabilitation provision released
\u2013
\u2013
\u2013
\u2013
2\u00a0309
2\u00a0309
Other non-material income/(costs)
1\u00a0938
3
(223)
1\u00a0718
(205)
1\u00a0513
Segment operating (loss)/profit
(81\u00a0262)
(22)
(6\u00a0068)
(87\u00a0352)
1\u00a0850
(85\u00a0502)
Net finance costs2
(3\u00a0549)
(31)
(1\u00a0121)
(4\u00a0701)
(57)
(4\u00a0758)
(Loss)/profit before tax
(84\u00a0811)
(53)
(7\u00a0189)
(92\u00a0053)
1\u00a0793
(90\u00a0260)
Income tax benefit/(charge)
19\u00a0594
44
(142)
19\u00a0496
\u2013
19\u00a0496
Recycling of foreign currency reserve
\u2013
\u2013
\u2013
\u2013
(52\u00a0790)
(52\u00a0790)
(Loss)/profit for the year
(65\u00a0217)
(9)
(7\u00a0331)
(72\u00a0557)
(50\u00a0997)
(123\u00a0554)
Underlying EBITDA3
9\u00a0255
310
(5\u00a0622)
3\u00a0943
\u2013
3\u00a0943
Segment non-current assets
211\u00a0279
965
1\u00a0511
213\u00a0755
\u2013
213\u00a0755
Segment assets
269\u00a0356
1\u00a0710
4\u00a0444
275\u00a0510
\u2013
275\u00a0510
Segment liabilities
35\u00a0453
1\u00a0178
10\u00a0853
47\u00a0484
\u2013
47\u00a0484
Other segment information
Net (debt)/cash and short-term deposits4
(11\u00a0754)
612
(9\u00a0013)
(20\u00a0155)
\u2013
(20\u00a0155)
Capital expenditure
\u2013 Property, plant and equipment
4\u00a0416
1
16
4\u00a0433
\u2013
4\u00a0433
\u2013 Net movement in rehabilitation asset5
899
\u2013
\u2013
899
\u2013
899
\u2013 Waste cost capitalised
10\u00a0049
\u2013
\u2013
10\u00a0049
\u2013
10\u00a0049
Total capital expenditure
15\u00a0364
1
16
15\u00a0381
\u2013
15\u00a0381
Average number of employees
employed under contracts of service
821
6
16
843
12
855
1\u00a0 \u00a0 \u00a0 No revenue was generated in BVI and Cyprus.
2\u00a0 \u00a0 \u00a0 \u00a0 Finance income and costs are reflected on a net basis as this is the measure used by the primary decision-makers.
3\u00a0 \u00a0 \u00a0 Underlying EBITDA as defined in Note 4, Operating (loss)/profit.
4\u00a0 \u00a0 \u00a0 Calculated as cash and short-term deposits less drawn down bank facilities (excluding insurance premium financing and credit underwriting fees). Refer to Note 18, Interest-bearing
\u00a0 \u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 loans and borrowings.
5\u00a0 \u00a0 \u00a0 Non-cash movements in rehabilitation assets relating to changes in rehabilitation estimates for the Lesotho segment.
Included in revenue for the current year is revenue from five customers who individually contributed 10% or more to total revenue. This
revenue amounted to US$57.3 million in total arising from sales reported in the Belgium segment.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.1Corporate information (continued)
1.1.3Segment information (continued)
Segment non-current assets do not include deferred tax assets of US$4.3 million and financial instruments of US$0.9 million. Included in
the non-current assets BVI, RSA, UK and Cyprus segment disclosure are non-current assets located in the Company\u2019s country of
domicile, the UK, of US$2.4 million.
Segment assets and liabilities do not include deferred tax assets and liabilities of US$4.3 million and US$53.8 million, respectively.
Deferred tax amounts are excluded because they are not operational in nature, do not directly impact segment performance, and are
not part of the asset base used by management to make business decisions.
Revenue decreased 36% compared to 2024 mainly due to a decrease of 20% in carats sold (88\u00a0381 carats compared to 109\u00a0967 in 2024).
An average sales price of US$1\u00a0105 per carat (2024: US$1\u00a0390 per carat) was achieved. The lower prices achieved were due to a
combination of sustained pressure on diamond prices during the year and the 74% ore contribution from the lower-value Main Pipe.", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-210": { "value": "
Lesotho
Belgium
BVI, RSA, UK
and Cyprus1
Total
continuing
operations
Botswana
(Discontinued
operation)
Total
Year ended 31 December 2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Revenue from contracts with
customers
Total revenue
149\u00a0195
153\u00a0518
6\u00a0595
309\u00a0308
\u2013
309\u00a0308
Intersegment
(147\u00a0822)
(679)
(6\u00a0595)
(155\u00a0096)
\u2013
(155\u00a0096)
External customers
1\u00a0373
152\u00a0839
\u2013
154\u00a0212
\u2013
154\u00a0212
Depreciation and amortisation
(46\u00a0376)
(195)
(356)
(46\u00a0927)
(67)
(46\u00a0994)
\u2013 Depreciation and mining asset
amortisation
(10\u00a0749)
(195)
(356)
(11\u00a0300)
(67)
(11\u00a0367)
\u2013 Waste stripping cost amortisation
(35\u00a0627)
\u2013
\u2013
(35\u00a0627)
\u2013
(35\u00a0627)
Cost of sales (excluding depreciation
and amortisation)
(64\u00a0644)
1
170
(64\u00a0473)
\u2013
(64\u00a0473)
Corporate expenses
\u2013
\u2013
(7\u00a0914)
(7\u00a0914)
\u2013
(7\u00a0914)
Royalties and selling costs
(15\u00a0269)
(1\u00a0208)
\u2013
(16\u00a0477)
\u2013
(16\u00a0477)
Other non-material income/(costs)
636
(34)
(235)
367
(729)
(362)
Segment operating profit/(loss)
26\u00a0266
857
(8\u00a0335)
18\u00a0788
(796)
17\u00a0992
Net finance costs2
(4\u00a0710)
(20)
(1\u00a0641)
(6\u00a0371)
(160)
(6\u00a0531)
Profit/(loss) before tax
21\u00a0556
837
(9\u00a0976)
12\u00a0417
(956)
11\u00a0461
Income tax (charge)/benefit
(4\u00a0250)
(46)
921
(3\u00a0375)
\u2013
(3\u00a0375)
Profit/(loss) for the year
17\u00a0306
791
(9\u00a0055)
9\u00a0042
(956)
8\u00a0086
Underlying EBITDA3
36\u00a0378
1\u00a0085
(7\u00a0744)
29\u00a0719
\u2013
29\u00a0719
Segment non-current assets
280\u00a0793
1\u00a0200
1\u00a0606
283\u00a0599
249
283\u00a0848
Segment assets
335\u00a0667
2\u00a0074
6\u00a0509
344\u00a0250
538
344\u00a0788
Segment liabilities
45\u00a0129
1\u00a0311
8\u00a0000
54\u00a0440
2\u00a0480
56\u00a0920
Other segment information
\u2013
Net cash/(debt) and short-term deposits4
(4\u00a0869)
692
(3\u00a0191)
(7\u00a0368)
63
(7\u00a0305)
Capital expenditure
\u2013
\u2013
\u2013 Property, plant and equipment
4\u00a0379
49
1\u00a0330
5\u00a0758
\u2013
5\u00a0758
\u2013 Net movement in rehabilitation asset5
(3\u00a0698)
\u2013
\u2013
(3\u00a0698)
\u2013
(3\u00a0698)
\u2013 Waste cost capitalised
22\u00a0302
\u2013
\u2013
22\u00a0302
\u2013
22\u00a0302
Total capital expenditure
22\u00a0983
49
1\u00a0330
24\u00a0362
\u2013
24\u00a0362
Average number of employees
employed under contracts of service
663
6
20
689
27
716
1 \u00a0 \u00a0 \u00a0 No revenue was generated in BVI and Cyprus.
2\u00a0 \u00a0 \u00a0 \u00a0 Finance income and costs are reflected on a net basis as this is the measure used by the primary decision-makers.
3\u00a0 \u00a0 \u00a0 Underlying EBITDA as defined in Note 4, Operating (loss)/profit.
4\u00a0 \u00a0 \u00a0 \u00a0 Calculated as cash and short-term deposits less drawn down bank facilities (excluding the asset-based finance facility, insurance premium financing and credit underwriting fees).
\u00a0 \u00a0 \u00a0 Refer to Note 17, Issued share capital and reserves.
5 Non-cash movements in rehabilitation assets relating to changes in rehabilitation estimates for the Lesotho segment.
Included in revenue for the 2024 year is revenue from four customers who individually contributed 10% or more to total revenue. This
revenue amounted to US$101.4 million in total arising from sales reported in the Belgium segment.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.1Corporate information (continued)
1.1.3Segment information (continued)
Segment non-current assets do not include deferred tax assets of US$4.3 million and financial instruments of US$7.3 million. Included
in the non-current assets BVI, RSA, UK and Cyprus segment disclosure are non-current assets located in the Company\u2019s country of
domicile, the UK, of US$2.5 million.
Segment assets and liabilities do not include deferred tax assets and liabilities of US$4.3 million and US$69.3 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-211": { "value": "7.3 million", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-212": { "value": "
1.2.1 Basis of preparation
The financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as
issued by the International Accounting Standards Board (IASB). These financial statements have been prepared under the historical cost
basis except for assets and liabilities measured at fair value. The accounting policies have been consistently applied except for the
adoption of the new standards and interpretations detailed on the following pages.
The functional currency of the Company and certain of its subsidiaries is US dollar, which is the currency of the primary economic
environment in which the entities operate. All amounts are presented in US dollar and rounded to the nearest thousand. The financial
results of subsidiaries whose functional and reporting currency is in currencies other than US dollar have been converted into US dollar
on the basis as set out in Note 1.2.15, Foreign currency translations. Refer to Note 1.1.2, Operational information for details of the
subsidiaries and their functional currencies.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree
of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in
Note 1.2.27, Critical accounting estimates and judgements.
Changes in accounting policies and disclosures
New and amended standards and interpretations
The new amendments to IAS 21 did not have an impact on the consolidated financial statements of the Group nor the accounting
policies, methods of computation or presentation applied by the Group. All other accounting policies are consistent with those of the
previous financial year.
Amendments and
improvements
Description
Amendments to IAS 21
Lack of exchangeability
Standards issued but not yet effective
The standards, amendments and improvements that are issued, but not yet effective, up to the date of issuance of the Group\u2019s
consolidated financial statements are listed in the table below. These standards, amendments and improvements have not been early
adopted and it is expected that, where applicable, these standards, amendments and improvements will be adopted on each
respective effective date. The impact of the adoption of these standards has not been reasonably assessed at this stage.
New standards, amendments,
and improvements
Description
Effective date*
Amendments to IFRS 9 and IFRS 7
Classification and measurement of financial instruments
1 January 2026
IFRS 18
Presentation and disclosure in financial statements
1 January 2027
*\u00a0Annual periods beginning on or after.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-213": { "value": "
1.2.2Going concern
The financial statements have been prepared on a going concern basis, which envisages continuity of normal business activities and the
realisation of assets and discharge of liabilities in the normal course of business.
The diamond industry experienced significant pressure during 2025 due to geopolitical instability, uncertainty surrounding US tariffs,
and increased competition from synthetic diamonds. In response, the Group implemented the Business Resilience (BR) Programme
(refer to page 26) in July 2025 to reduce cash outflows and strengthen its financial position. This initiative lowered monthly cash costs by
approximately US$1.5 million, and, together with a modest recovery in diamond prices in Q4 2025, enabled the Group to meet all
covenant requirements.
As at 31 December 2025, the Group reported net debt of US$20.1 million (31 December 2024: US$7.3 million). Undrawn facilities
totalled US$68.3 million (31 December 2024: US$69.0\u00a0million), resulting in liquidity (defined as net debt/cash and available undrawn
facilities) of US$48.1 million (31 December 2024: US$61.7 million). Gross liquidity (defined as gross cash and available undrawn facilities)
amounted to US$72.1 million (31 December 2024: US$81.9 million). The Group also retains access to a US$6.0 million general banking
facility with no fixed expiry. Following the launch of the BR Programme, net debt decreased by US$8.1 million in the second half of 2025
and is expected to continue declining through 2026. The Group\u2019s revolving credit facilities of US$75.3 million expire on 21 December
2026, within the going concern assessment period.
The Directors have assessed the Group\u2019s ability to continue as a going concern for at least twelve months from the date of this report.
Their assessment considered the Group\u2019s financial position, current and projected operational performance, ongoing benefits of the BR
Programme, market conditions, exchange rate volatility, working capital and capital expenditure requirements, mine plan flexibility,
debt service obligations, and the likelihood of renewing debt facilities by December 2026. They also considered access to the Group\u2019s
insurance asset of US$9.0 million (refer to Note 13, Receivables and other assets), maturing in June 2026. Based on these factors and
available mitigating actions, the Directors believe the Group has sufficient financial resources to remain operational for the foreseeable
future and expects to achieve a net cash position by December 2026.
The Board notes that the forecast net cash position is sensitive to potential cost increases (specifically diesel costs) related to the
conflict in Iran, and to further reductions in diamond prices and exchange rate volatility. The Board has reviewed forecasts which show
that in downside scenarios with a reduction in diamond price of approximately 8% or cost increases of approximately 10%, the Group
will be required to renew the Group's revolving credit facilities, or make alternative arrangements. Successful refinancing of the Group\u2019s
facilities remains a key assumption in the going concern assessment. Until this is confirmed, this creates a material uncertainty that may
cast significant doubt on the Group's ability to continue as a going concern. However, the Board has a reasonable expectation that the
refinancing will be achieved, based on:
\u2022 the mine plan reflecting positive cash flows after the waste stripping investment to access Satellite ore in the next cutback;
\u2022 constructive ongoing and early engagement with lenders; and
\u2022 long-standing relationships and previous successful refinancing and/or renewals.
Further details on the Group\u2019s financial position, cash flows, liquidity, and financial risk management policies are provided in the Annual
Report and Accounts, including Note 27, Financial risk management
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-214": { "value": "
1.2.3Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company as
at 31 December 2025.
Subsidiaries
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be
consolidated until the date that such control ceases. An investor controls an investee when it is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. To meet
the definition of control in IFRS 10, all three of the following criteria must be met: (a) an investor has power over an investee; (b) the
investor has exposure, or rights, to variable returns from its involvement with the investee; and (c) the investor has the ability to use its
power over the investee to affect the amount of the investor\u2019s returns. The financial statements of subsidiaries used in the preparation of
the consolidated financial statements are prepared for the same reporting year as the parent company and are based on consistent
accounting policies. All intra-group balances and transactions, including unrealised gains and losses arising from them, are eliminated
in\u00a0full.
Non-controlling interests
Non-controlling interests represent the equity in a subsidiary not attributable, directly or indirectly, to the parent company and is
presented separately within equity in the consolidated statement of financial position, separately from equity attributable to owners
of the parent. Losses within a subsidiary are attributed to the non-controlling interest even if that results in a deficit balance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-215": { "value": "
1.2.4Exploration and evaluation expenditure
Exploration and evaluation activity involves the search for mineral resources, the determination of technical feasibility and the
assessment of commercial viability of an identified resource. Exploration and evaluation activity includes:
\u2022 acquisition of rights to explore;
\u2022 researching and analysing historical exploration data;
\u2022 gathering exploration data through topographical, geochemical and geophysical studies;
\u2022 exploratory drilling, trenching and sampling;
\u2022 determining and examining the volume and grade of the resource;
\u2022 surveying transportation and infrastructure requirements; and
\u2022 conducting market and finance studies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-216": { "value": "
Administration costs that are not directly attributable to a specific exploration area are charged to the statement of profit or loss.
Licence costs paid in connection with a right to explore in an existing exploration area are capitalised as intangible assets and thereafter
reclassified as mining assets within property, plant and equipment, and amortised over the term of the permit once the mining asset is
brought into the development phase.
Exploration and evaluation expenditure is capitalised as incurred. Capitalised exploration expenditure is recorded as a component of
property, plant and equipment, as an exploration and development asset, at cost less accumulated impairment charges. As the asset is
not available for use, it is not depreciated.
All capitalised exploration and evaluation expenditure is monitored for indications of impairment. Where a potential impairment
is indicated, assessments are performed for each area of interest in conjunction with the group of operating assets (representing
a cash-generating unit (CGU)) to which the exploration is attributed. To the extent that exploration expenditure is not expected to be
recovered, it is charged to the statement of profit or loss. Exploration areas where reserves have been discovered, but require major
capital expenditure before production can begin, are continually evaluated to ensure that commercial quantities of reserves exist or
to ensure that additional exploration work is under way as planned.
Management is required to make certain estimates and judgements when determining whether the commercial viability of an identified
resource has been met and when determining whether indicators of impairment exist. There were no exploration and evaluation
activities during the year and therefore no costs were capitalised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-217": { "value": "
1.2.5Development expenditure
When proven and probable reserves are determined and development is sanctioned, capitalised exploration and evaluation
expenditure is reclassified from exploration phase to development phase. As the asset is not available for use during the development
phase, it is not depreciated. On completion of the development phase, any capitalised exploration and evaluation expenditure already
capitalised to a development asset, together with the subsequent development expenditure, is reclassified within property, plant and
equipment to mining assets and depreciated on the basis as laid out in Note 1.2.6, Property, plant and equipment.
All development expenditure is monitored for indicators of impairment annually. Management is required to make certain estimates
and judgements when determining whether indicators of impairment exist.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-218": { "value": "
1.2.6Property, plant and equipment
Property, plant and equipment is recorded at cost less accumulated depreciation and accumulated impairment losses. Cost includes
expenditure that is directly attributable to the acquisition and construction of the items, to get the asset in its condition and location for
its intended use and among others, includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with
the Group\u2019s accounting policies.
Subsequent costs to replace a component of an item of property, plant and equipment that is accounted for separately, is capitalised
when the cost of the item can be measured reliably, with the carrying amount of the original component being written off. All repairs
and maintenance are charged to the statement of profit or loss during the financial period in which they are incurred.
Depreciation commences when an asset is available for use. Depreciation is charged so as to write off the depreciable amount of the
asset to its residual value over its estimated useful life, using a method that reflects the pattern in which the asset\u2019s future economic
benefits are expected to be consumed by the Group.
Item
Method
Useful life
Mining assets
Straight line
Lesser of life of mine or period of mining lease
Decommissioning assets
Straight line
Lesser of life of mine or period of mining lease
Leasehold improvements
Straight line
Three years or lesser of life of mine or period of mining lease
Plant and equipment
Straight line; units of production
Three to ten years; machine hours
Other assets
Straight line
Two to eight years
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e. at the date the
recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on
derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in the statement of profit or loss when the asset is derecognised.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.2Summary of material accounting policies (continued)
1.2.6Property, plant and equipment (continued)
The asset\u2019s residual values, useful lives and methods of depreciation are reviewed annually. Changes in the expected residual values,
expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to
modify the depreciation period or method, as appropriate, and are treated as changes in accounting estimates, and adjusted for
prospectively, if appropriate.
Pre-production and in-production stripping costs
Costs associated with removal of waste overburden are classified as stripping costs.
Stripping activities that are undertaken during the production phase of a surface mine may create two benefits, being either the
production of inventory or improved access to the ore to be mined in the future. Where the benefits are realised in the form of inventory
produced in the period, the production stripping costs are accounted for as part of the cost of producing those inventories. Where
production stripping costs are incurred and the benefit is the creation of mining flexibility and improved access to ore to be mined in
the future, the costs are recognised as a non-current asset if:
(a)future economic benefits (being improved access to the orebody) are probable;
(b)the component of the orebody for which access will be improved can be accurately identified; and
(c)the costs associated with the improved access can be reliably measured.
The non-current asset recognised is referred to as a \u201cstripping activity asset\u201d and is separately disclosed in Note 9, Property, plant and
equipment. If all the criteria are not met, the production stripping costs are charged to the statement of profit or loss as operating costs.
The stripping activity asset is initially measured at cost, which is the accumulation of costs directly incurred to perform the stripping
activity that improves access to the identified component of ore, plus an allocation of directly attributable overhead costs.
If incidental operations are occurring at the same time as the production stripping activity, but are not necessary for the production
stripping activity to continue as planned, these costs are not included in the cost of the stripping activity asset. Given the deep vertical
nature of the pit, all stripping costs are capitalised on a cut/component basis for each cut in the mine planning process.
The stripping activity asset is subsequently amortised over the expected useful life of the identified component of the orebody that
became more accessible as a result of the stripping activity. The net book value of the stripping asset and future expected stripping
costs to be incurred for that component is depreciated using the units of production over the proven and probable reserves, in order to
match the total stripping costs of the cut to the economic benefits created by the cut. As a result, the stripping activity asset is\u00a0carried at
cost less amortisation and any impairment losses. The future stripping costs of the cut/component and the expected ore to be mined
from that cut/component are recalculated annually in light of additional knowledge and changes in estimates. Changes in the stripping
ratio are accounted for prospectively as a change in estimate.
Management applies judgement to calculate and allocate the production stripping costs to inventory and/or the stripping activity
asset(s) as referred under Note 1.2.27, Critical accounting estimates and judgements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-219": { "value": "
1.2.7Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset that necessarily takes a
substantial period of time to get ready for its intended use or sale, are capitalised as part of the cost of the asset. All other borrowing
costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in
connection with the borrowing of funds.
1.2.8Discontinued operations
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-220": { "value": "
A component of the Group should be classified as a discontinued operation when it has been disposed of, or abandoned, and:
(a) represents a separate major line of business or geographical area of operations;
(b) is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or
(c) is a subsidiary acquired exclusively with a view to re-sale.
The results of discontinued operations are presented separately in the statement of profit or loss and reclassifies the results of the
operation in the comparative period from continuing to discontinued operations. This classification as a discontinued operation was
applied to the Ghaghoo mine following the relinquishment of its mining licence. Unrealised foreign exchange gains and losses on
historical retranslation of the subsidiaries\u2019 results into US dollars are recycled to the statement of profit and loss upon completion of the
disposal or abandonment. Additional disclosures are provided in Note 16, Discontinued operation. All other notes to the financial
statements include amounts for continuing operations, unless indicated otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-221": { "value": "
1.2.9Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition date fair value of the consideration
transferred and the amount recognised for the non-controlling interest (and where the business combination is achieved in stages,
the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree) over the fair value of the net identifiable
amounts of the assets acquired and the liabilities assumed in the business combination.
Assets acquired and liabilities assumed in transactions separate to the business combinations, such as the settlement of pre-existing
relationships or post-acquisition remuneration arrangements, are accounted for separately from the business combination in
accordance with their nature and applicable IFRS.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.2Summary of material accounting policies (continued)
1.2.9Goodwill (continued)
Identifiable intangible assets, meeting either the contractual legal or separability criterion, are recognised separately from goodwill.
Contingent liabilities representing a present obligation are recognised if the acquisition date fair value can be measured reliably.
If the aggregate of the acquisition date fair value of the consideration transferred and the amount recognised for the non-controlling
interest (and where the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held
equity interest in the acquiree) is lower than the fair value of the net identifiable amounts of the assets acquired and the liabilities
assumed in the business combination, the difference is recognised in profit and loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing,
goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s CGUs (or groups of CGUs)
that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to
those units. Each unit or group of units to which goodwill is allocated shall represent the lowest level within the entity at which the
goodwill is monitored for internal management purposes, and shall not be larger than an operating segment before aggregation.
Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation
disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill
disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-222": { "value": "
1.2.10Financial instruments
The Group shall only recognise a financial instrument when the Group becomes a party to the contractual provisions of the instrument.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity.
Financial assets
Management determines the classification of its financial assets at initial recognition and re-evaluates this designation at every reporting
date based on the business model for managing these financial assets and the contractual cash flow characteristics. Currently, the
Group only has financial assets at amortised cost which consist of receivables and other assets, and cash and short-term deposits which
is held within a business model to collect contractual cash flows and for which the contractual cash flow characteristics are solely
payments of principal and interest. When financial assets are recognised initially, they are measured at fair value plus (in the case of
financial assets not at fair value through profit or loss) directly attributable transaction costs.
Financial assets at amortised cost
Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market. They are included in current assets, except those with maturities greater than 12 months after the reporting date. These
are classified as non-current assets. Such assets are carried at amortised cost using the effective interest rate method, if the time value
of money is significant, less any allowance for impairment. Gains and losses are recognised in the statement of profit or loss when the
financial assets at amortised cost are derecognised or impaired, as well as through the amortisation process.
Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has
transferred its rights to receive cash flows from the asset. Gains or losses from derecognition of financial assets are recognised in the
statement of profit or loss.
Financial liabilities
Financial liabilities are initially measured at fair value net of (in the case of financial liabilities not at fair value through profit or loss)
directly attributable transaction costs. The Group\u2019s interest-bearing loans and borrowings and trade and other payables financial
liabilities are subsequently stated at amortised cost using the effective interest rate method, with any difference between proceeds (net
of transaction costs) and the redemption value being recognised in the statement of profit or loss, unless capitalised in accordance with
Note 1.2.7, Borrowing costs, over the contractual period of the financial liability.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Gains or losses from
derecognition of financial liabilities are recognised in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-223": { "value": "
1.2.11Impairments
Non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset (or CGU) may be impaired in accordance with
IAS 36. Goodwill is assessed for impairment on an annual basis and when circumstances indicate that the carrying value may be
impaired. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.2Summary of material accounting policies (continued)
1.2.11Impairments (continued)
Non-financial assets that were previously impaired are reviewed for possible reversal of the impairment at each reporting date.
A\u00a0previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset\u2019s
recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its
recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation,
had no impairment loss been recognised for the asset in prior years. Such a reversal is recognised in the statement of profit or loss. After
such a reversal, the depreciation charge is adjusted in future periods to allocate the asset\u2019s revised carrying amount, less any residual value,
on a systematic basis over its remaining useful life. Impairment losses relating to goodwill cannot be reversed in future periods.
Financial assets
Financial assets carried at amortised cost
The Group recognises an allowance for expected credit losses (ECLs) in the statement of profit or loss for all financial assets at
amortised cost. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the
cash flows that the Group expects to receive, discounted at the original effective interest rate. The expected cost will include cash flows
from the sale of collateral held, or other credit enhancements that are integral to the contractual terms. For credit exposures for which
there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a
significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life
of the exposure, irrespective of the timing of the default (a lifetime ECL).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-224": { "value": "
1.2.12Inventories
Inventories, which include rough diamonds, ore stockpiles and consumables, are measured at the lower of cost of production on a
weighted average basis or estimated net realisable value. Cost of production includes directly attributable costs and an allocation of
fixed and variable production overheads to bring the inventory to its present location and condition. Borrowing costs are excluded from
the cost of inventories.
Net realisable value is determined using the estimated selling price in the ordinary course of business, less the estimated costs of
completion into its final product and the costs to be incurred in marketing, selling and distribution. The amount of any write-down
of inventories to net realisable value is recognised in the period the write-down or loss occurs. Management is required to make
judgements when determining the net realisable value of diamond inventory and ore stockpiles as referred under Note 1.2.27, Critical
accounting estimates and judgements.
Diamond inventory consists of run of mine production, which is made up of a mix of diamond sizes. The diamond inventory therefore
consists of varying size and quality. Costs are allocated to diamond inventory on a carat produced basis irrespective of quality and value
and cannot be costed separately. The net realisable value of diamond inventory is determined on a holistic basis.
Ore stockpiles consist of various strategic stockpiles. Separately identifiable costs are allocated to ore sourced from the Main and
Satellite Pipes. Net realisable value of ore stockpile is determined separately for the Main and Satellite Pipes on a holistic basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-225": { "value": "
1.2.13Cash and cash equivalents
Cash and cash equivalents are carried in the statement of financial position at amortised cost. Cash and cash equivalents comprise cash
on hand, deposits held on call with banks, and other short-term, highly liquid investments with original maturities of three months or
less that are held to meet the Group's short-term cash commitments.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined
above, net of outstanding bank overdrafts which are repayable on demand and form an integral part of the Group's cash management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-226": { "value": "
1.2.14Issued share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity
as a deduction from the proceeds.
Treasury shares
Own equity instruments that are reacquired are recognised at cost, including transaction costs, and deducted from equity. These are
disclosed as treasury shares. No gain or loss is recognised in profit or loss in the purchase, sale, issue or cancellation of the Group\u2019s own
equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-227": { "value": "
1.2.15Foreign currency translations
Presentation currency
The results and financial position of the Group\u2019s subsidiaries which have a functional currency different from the Group\u2019s presentation
currency are translated into the Group\u2019s presentation currency as follows:
\u2022 statement of financial position items are translated at the closing rate at the reporting date;
\u2022 income and expenses for each statement of profit or loss are translated at average exchange rates (unless this average is not a
reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and
expenses are translated at the dates of the transactions); and
\u2022 resulting exchange differences are recognised as a separate component of equity.
Details of the rates applied at the respective reporting dates and for the statement of profit or loss transactions are detailed in Note 17,
Issued share capital and reserves.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains or losses resulting from the settlement of such transactions, and from the translation at the period-
end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the statement of profit or
loss. Non-monetary items that are measured in terms of cost in a foreign currency are translated using the exchange rates as at the
dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value was determined. Monetary items for each statement of financial position presented are translated at the
closing rate at the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-228": { "value": "
1.2.16Share-based payments
Employees (including senior executives) of the Group receive remuneration in the form of share-based payment transactions, whereby
employees render services as consideration for equity instruments (equity-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments at the date at
which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant
employees become fully entitled to the award. Fair value is determined using an appropriate pricing model. In valuing equity-settled
transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the Company
(market conditions).
On a cumulative basis, over the vesting period of an award, no expense is recognised for awards that do not ultimately vest, except for
awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market
condition is satisfied, provided that all other performance conditions are satisfied.
At each reporting date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period
has expired, and management\u2019s best estimate of the achievement of the vesting conditions or otherwise of the non-market vesting
conditions and of the number of equity instruments that is expected to ultimately vest or, in the case of an instrument subject to a
market condition, be treated as vesting as described above. The movement in cumulative expense since the previous reporting date
is recognised in the statement of profit or loss, with a corresponding entry in equity.
Management applies judgement when determining whether share options relating to employees who resigned before the end of the
service condition period are cancelled or forfeited.
The Group periodically releases the share-based equity reserve to retained earnings in relation to lapsed and forfeited options
subsequent to vesting dates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-229": { "value": "
1.2.17Provisions
Provisions are recognised when:
\u2022 the Group has a present legal or constructive obligation as a result of a past event; and
\u2022 a reliable estimate can be made of the obligation.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase
in the provision due to the passage of time is recognised as a finance cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-230": { "value": "
1.2.18Restoration and rehabilitation provision
The mining, extraction and processing activities of the Group normally give rise to obligations for site restoration and rehabilitation.
Rehabilitation works can include facility decommissioning and dismantling, removal and treatment of waste materials, land
rehabilitation and site restoration. The extent of the work required and the estimated cost of final rehabilitation, comprising liabilities for
decommissioning and restoration, are based on current legal requirements, existing technology and the Group\u2019s environmental
policies, and are reassessed annually. Cost estimates are not reduced by the potential proceeds from the sale of property, plant and
equipment.
Provisions for the cost of each restoration and rehabilitation programme are recognised at the time the environmental disturbance
occurs. When the extent of the disturbance increases over the life of the operation, the provision and associated asset is increased
accordingly. Costs included in the provision encompass all restoration and rehabilitation activity expected to occur. The restoration and
rehabilitation provisions are measured at the expected value of future cash flows, discounted to their present value, using a pre-tax
discount rate. Discount rates used are specific to the country in which the operation is located or reasonable alternatives if in-country
information is not available. The value of the provision is progressively increased over time as the effect of the discounting unwinds,
which is recognised in finance charges. Restoration and rehabilitation provisions are also adjusted for changes in estimates.
When provisions for restoration and rehabilitation are initially recognised, the corresponding cost is capitalised as a decommissioning
asset where it gives rise to a future benefit and depreciated over future production from the operation to which it relates. Changes in
the measurement of an existing decommissioning, restoration and similar liability that result from changes in the estimated timing or
amount of the outflow of resources embodying economic benefits required to settle the obligation, or a change in the discount rate,
are added to, or deducted from, the cost of the related asset in the current period in line with the principles of IFRIC 1, Changes in
Existing Decommissioning, Restoration and Similar Liabilities. Where the related asset has been fully depreciated, any future reduction
in the corresponding provision is reflected as an adjustment to the statement of profit or loss.
Management is required to make significant estimates and assumptions when determining the amount of the restoration and
rehabilitation provisions as referred under Note 1.2.27, Critical accounting estimates and judgements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-231": { "value": "
1.2.19Taxation
Income tax for the period comprises current and deferred tax. Income tax is recognised in the statement of profit or loss except
to the extent that it relates to items charged or credited directly to equity or to other comprehensive income, in which case the tax
consequences are recognised directly in equity and other comprehensive income, respectively. Current tax expense is the expected
tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the reporting date, and any
adjustment to tax payable in respect of previous years.
Deferred tax is provided using the statement of financial position liability method, providing for temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or
the liability is settled based on the tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset
can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
The Group offsets deferred income tax assets and deferred income tax liabilities if, and only if, it has a legally enforceable right to set
off current tax assets and current tax liabilities and the deferred income tax assets and deferred income tax liabilities relate to income
taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle
current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in
which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
In respect of taxable temporary differences associated with investments in subsidiaries, associates and jointly controlled entities,
deferred tax is provided except where the timing of the reversal of the temporary differences can be controlled by the Group and it is
probable that the temporary differences will not reverse in the foreseeable future.
In respect of deductible temporary differences associated with investments in subsidiaries, associates and jointly controlled entities,
deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable
future and taxable profit will be available against which the temporary differences can be utilised.
Withholding tax is recognised as part of the income tax expense in the statement of profit or loss. Withholding tax is deducted at the
source on dividends or other services which give rise to that withholding tax in accordance with applicable tax laws and treaties.
Deferred tax is recognised in respect of future withholding taxes on unremitted earnings based on the expected timing and extent of
future dividends from the Group subsidiaries. Refer to Note 23, Deferred taxation.
Uncertain tax positions
Uncertain tax positions are accounted for under IFRIC 23. In assessing uncertain tax positions, the Group evaluates whether it is
probable that a tax authority will accept a particular tax treatment. A tax position is only recognised when the likelihood of the tax
authority accepting the treatment is probable. If it is probable that the tax treatment will be accepted, the Group measures the tax
position based on the expected manner of settlement. If it is determined that a tax position is not probable (i.e. uncertain), the Group
recognises the tax position based on the most likely outcome or expected value of the outcome. Uncertain tax positions are re-
evaluated at each reporting date.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.2Summary of material accounting policies (continued)
1.2.19Taxation (continued)
Royalties
Royalties incurred by the Group comprise mineral extraction costs based on a percentage of sales paid to the local revenue authorities.
These obligations arising from royalty arrangements are recognised as current payables and disclosed as part of royalty and selling
costs in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-232": { "value": "
1.2.20Employee benefits
Provision is made in the financial statements for all short-term employee benefits. Liabilities for wages and salaries, including non-
monetary benefits, benefits required by legislation, annual leave, retirement benefits and accumulating sick leave obliged to be settled
within 12 months of the reporting date, are recognised in trade and other payables and are measured at the amounts expected to be
paid when the liabilities are settled. Benefits falling due more than 12 months after the reporting date are measured at the amount the
obligation is expected to be settled at, or discounted to present value using a pre-tax discount rate where relevant or where time value
of money is expected to be significant. The Group recognises an expense for contributions to the defined contribution pension fund in
the period in which the employees render the related service.
Bonus plans
The Group recognises a liability and an expense for bonuses. The Group recognises a liability where contractually obliged or where
there is a past practice that has created a constructive obligation. These liabilities are recognised in trade and other payables and are
measured at the amounts expected to be paid when the liabilities are settled.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-233": { "value": "
1.2.21Leases
At inception, the Group assesses whether a contract is or contains a lease. This assessment involves the exercise of judgement whether
it depends on a specified asset, whether the Group obtains substantially all the economic benefits from the use of that asset and
whether the Group has the right to direct the use of the asset. For leases that contain one lease component and one or more additional
lease or non-lease components, the Group allocates the consideration in the contract to each lease and non-lease component on the
basis of the individual relative stand-alone price of all lease and non-lease components and the aggregate stand-alone price of all lease
and non-lease components. The lease component is accounted for under the requirements of IFRS 16 and the non-lease component is
accounted for using the relevant IFRS standard based on the nature of the non-lease component.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available
for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs
incurred, costs to dismantle, restore and remove the right-of-use asset, and lease payments made at or before the commencement date
less any lease incentives received. After the commencement date, the right-of-use assets are measured using a cost model. Right-of-use
assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of
the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation
is calculated using the estimated useful life of the asset. Right-of-use assets are subject to impairment. Refer to Note 1.2.11,
Impairments.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be
made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value
guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group,
and payments of penalties for terminating a lease if the lease term reflects the Group exercising the option to terminate. The variable
lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition
that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if
the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease
liabilities is remeasured if there is a modification to the terms and conditions of the lease or if there is a lease reassessment.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of
12\u00a0months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases of office equipment that are considered to be qualitatively and quantitatively of low value. Lease
payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.2Summary of material accounting policies (continued)
1.2.21Leases (continued)
Group as a lessor
Where the Group is a lessor, it determines at inception whether the lease is a finance or operating lease. When a lease transfers
substantially all the risks and rewards of ownership of the underlying asset, then the lease is a finance lease; otherwise the lease is an
operating lease.
Where the Group is an intermediate lessor, the interest in the head lease and the sub-lease is accounted for separately and the lease
classification of a sub-lease is determined by reference to the right-of-use-asset arising from the head lease. Income from operating
leases is recognised on a straight-line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-234": { "value": "1.2.22Revenue from contracts with customersRevenue comprises net invoiced diamond sales to customers excluding VAT. Diamond sales are made through a competitive tender process and other sales channels, and recognised when the Group\u2019s performance obligations have been satisfied at the time the buyer obtains control of the diamond(s), at an amount that the Group expects to be entitled to in exchange for the diamond(s). Control of the diamond(s) is obtained by the buyer once funds have been received by the Group, at which point the diamond(s) are shipped to or collected by the buyer. Where the Group makes rough diamond sales to customers and retains a right to an interest in their future sale as polished diamonds, the Group records the sale of the rough diamonds, but such contingent revenue on the onward sale is only recognised at the date when the polished diamonds are sold or when polished sales prices are mutually agreed between the customer and the Group.The following revenue streams are recognised:\u2022 rough diamonds which are sold through a competitive tender process, other sales channels, cooperation and partnership agreements;\u2022 polished diamonds which are sold through direct sales channels; and\u2022 additional uplift (on the value from rough to polished) on partnership and cooperation arrangements.The sale of rough diamonds is the core business of the Group, with other revenue streams contributing marginally to total revenue.Revenue through cooperation and partnership arrangements is recognised on the sale of the rough diamond, with an additional uplift based on the polished prices or polished margin achieved. The Group recognises the revenue on the sale of the rough diamond when it is sold to a third party, as there is no continuing involvement by management in the cutting and polishing process and control has passed to the third party. Revenue from additional uplift is considered to be a variable consideration. The variable consideration on partnership agreements is significantly constrained as it is subject to a range of variables that are highly susceptible to factors outside the Group\u2019s influence, such as market volatility and third-party decisions. The Group recognises revenue on the additional uplift when the polished diamond is sold by the third party or the polished sales prices are mutually agreed between the third party and the Group, and the additional uplift is guaranteed, as this is the point in time at which the significant constraints are lifted or resolved from the polished margin revenue.The variable consideration on cooperation agreements is recognised at the time of the sale of the rough diamond. The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Such estimates are determined using either the \u2018expected value\u2019 or \u2018most likely amount\u2019 method and are recognised as a receivable.", "dimensions": { "concept": "ifrs-full:DescriptionOfMethodsUsedToRecogniseRevenueFromContractsWithCustomers", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-235": { "value": "
1.2.23Interest income
Interest income is recognised on a time proportion basis using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-236": { "value": "
1.2.24Dividend income
Dividend income is recognised when the amount of the dividend can be reliably measured and the Group\u2019s right to receive payment is
established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-237": { "value": "
1.2.25Finance costs
Finance costs are recognised on a time proportion basis using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-238": { "value": "
1.2.26Dividend distribution
Dividend distributions to the Group\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which
the dividends are approved by the Group\u2019s shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-239": { "value": "
1.2.27Critical accounting estimates and judgements
The preparation of the consolidated financial statements requires management to make estimates and judgements and form
assumptions that affect the reported amounts of the assets and liabilities, the reported income and expenses during the periods
presented therein, and the disclosure of contingent liabilities at the date of the financial statements. Estimates and judgements are
continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed
to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future, and the resulting accounting estimates will, by definition, seldom
equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the
financial results or the financial position reported in future periods are discussed below.
Business environment and country risk
The Group\u2019s operations are subject to country risk, being the economic, political and social risks inherent in doing business in certain
areas of Africa, Europe and the United Kingdom. These risks include matters arising out of the policies of the government, economic
conditions, imposition of or changes to taxes and regulations, foreign exchange rate fluctuations and the enforceability of contract
rights.
The consolidated financial information reflects management\u2019s assessment of the impact of these business environments and country
risks on the operations and the financial position of the Group. The future business environment may differ from management\u2019s
assessment.
Estimates
Ore reserves and associated life of mine (LoM)
There are numerous uncertainties inherent in estimating ore reserves and the associated LoM. Therefore, the Group must make a
number of assumptions in making those estimations, including assumptions as to the prices of diamonds, exchange rates, production
costs and recovery rates. Assumptions that are valid at the time of estimation may change significantly when new information becomes
available. Changes in the forecast prices of diamonds, exchange rates, production costs or recovery rates may change the economic
status of ore reserves and may, ultimately, result in the ore reserves being restated. Where assumptions change the LoM estimates, the
associated depreciation rates, residual values, waste stripping and amortisation ratios, and environmental provisions are reassessed to
take into account the revised LoM estimate. Refer to Note 9, Property, plant and equipment, Note 12, Impairments of non-financial
assets and Note 22, Provisions.
Provision for restoration and rehabilitation
Significant estimates and assumptions are made in determining the amount of the restoration and rehabilitation provisions. These deal
with uncertainties such as changes to the legal and regulatory framework, magnitude of possible contamination, and the timing, extent
and costs of required restoration and rehabilitation activity. Refer to Note 22, Provisions, for further detail.
Judgement
Ore stockpile and diamond inventory
Management exercises judgement when making assumptions about the valuation of ore stockpiles and diamond inventory. Key
considerations include conversion factors, diamond prices, production grades, and costs to completion, which collectively inform the
Group's valuation approach. In forming these assumptions, the Group relies on empirical data on prices achieved, grade and
expenditure. Ore stockpiles are surveyed regularly to determine the quantum of ore in cubic metres at that time. A conversion factor
called the Load Density Factor (LDF) is applied to the cubic metres to determine the ore in tonnes. The LDF varies depending on ore
type, moisture content and compaction. Refer to Note 5, Exceptional items.
Impairment reviews
The Group determines if goodwill is impaired on at least an annual basis, while all other significant operations are tested for impairment
when there are potential indicators which may require an impairment review. This requires an estimation of the recoverable amount of
the relevant CGU under review. The recoverable amount is the higher of fair value less costs to sell and value in use. While conducting
an impairment review of its assets using value-in-use impairment models, the Group exercises judgement in making assumptions about
future rough diamond prices, volumes of production, ore reserves and resources included in the current LoM plans, production costs
and macro-economic factors such as inflation and discount rates. Changes in estimates used can result in significant changes to the
consolidated statement of profit or loss and consolidated statement of financial position. Where the Group\u2019s asset carrying values
exceed market capitalisation, it may serve as an indicator of impairment. The Group, however, does not believe that market
capitalisation is a reasonable indicator for impairment due to the volatility in its share price, which is unrelated to the performance of the
Group\u2019s operating activities.
Refer to Note 12, Impairments of non-financial assets, for further estimates and judgements applied.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.2Summary of material accounting policies (continued)
1.2.27Critical accounting estimates and judgements (continued)
The key assumptions used in the recoverable amount calculations, determined on a value-in-use basis, are listed below:
Valuation basis
Discounted present value of future cash flows.
LoM and recoverable value of reserves and resources
Economically recoverable reserves and resources, carats recoverable and grades achievable are based on management\u2019s expectations
of the availability of reserves and resources at Let\u0161eng and technical studies undertaken by in-house and third-party specialists. Reserves
remaining after the current LoM plan have not been included in determining the value in use of the operations. The LoM of Let\u0161eng is
currently up to 2035 (2024: 2039).
Cost and inflation rate
Operating costs for Let\u0161eng are determined using 2025 actual costs, the majority of which have been insourced and are easily
determinable. In the longer term, management has applied local inflation rates of 5.0% (2024: 5.0%) for operating costs beyond 2028.
Up to 2028, inflation rates applied ranged between 5.0% \u2013 9.6% (2024: 5.2% \u2013 9.6%).
Capital costs have been based on management\u2019s specific capital programme for the first five years, the capital investment required for
the slope support for the duration of the new Satellite cut, and a fixed percentage of processing costs (after the first five years) to
determine the capital costs necessary to maintain current levels of operations.
Exchange rates
Exchange rates are applied in line with IAS 36, Impairment of Assets. The US dollar/Lesotho loti (LSL) exchange rate used was
determined with reference to the closing rate at 31 December 2025 of LSL16.57 (31 December 2024: LSL18.87).
Diamond prices
The short and medium-term diamond prices used in the impairment test have been set with reference to historical and recent prices achieved,
recent market trends and anticipated market supply, and the Group\u2019s medium-term forecast. Long-term diamond price escalation reflects the
Group\u2019s assessment, taking into account independent diamond analyst views of market supply/demand fundamentals. The Group has assumed
an appropriate price increase for its diamonds following the significant pressure experienced in the diamond market during the year.
Royalty rate
Royalty payments have\u00a0 been applied at the rate of 0% for the 2026 period, reflecting the expectation that the Government of Lesotho
will extend the remission from the standard 10% rate until the end of the year, following its initial extension granted to February 2026.
Starting in 2027 and continuing throughout the LoM, the royalty tax rate applied, reverts back to 10%.
Discount rate
The discount rate of 12.7% for revenue (2024: 12.9%) and 16.1% for costs (2024: 16.1%) used for Let\u0161eng represents the before-tax risk-
free rate adjusted for market risk, volatility and risks specific to the asset and its operating jurisdiction. Management considers the use of
two different discount rates appropriate, as the region in which the revenue is earned has a lower risk profile than the region in which
the costs are incurred.
Sensitivity
The value in use for Let\u0161eng indicated that the recoverable value was greater than the carrying value of the Let\u0161eng cash generating
unit, and an impairment charge was recognised as disclosed in Note 12, Impairments of non-financial assets.
Provision for restoration and rehabilitation and deferred tax thereon
Judgement is applied when calculating the closure costs associated with the restoration of the Let\u0161eng mine site. These include the
following:
\u2022 there are no costs associated with the backfill of the open pits due to no in-country legislation requirements; and
\u2022 there are no costs associated with dismantling permanent buildings, as these will be handed over to various parties in consultation
with the Lesotho Government when the end of life is reached.
At Let\u0161eng, deferred tax assets are recognised on provisions for rehabilitation, as management will implement appropriate tax planning
strategies to ensure sufficient taxable income is available to utilise all deductions in the future.
Capitalised stripping costs (deferred waste)
Waste removal costs (stripping costs) are incurred during the development and production phases at surface mining operations.
The orebody needs to be identified in its various separately identifiable components. An identifiable component is a specific volume
of the orebody that is made more accessible by the stripping activity. Judgement is required to identify and define these components
(referred to as \u201ccuts\u201d), and also to determine the expected volumes (tonnes) of waste to be stripped and ore to be mined in each of
these components. These assessments are based on a combination of information available in the mine plans, specific characteristics
of the orebody and the milestones relating to major capital investment decisions.
Judgements and estimates are also used to apply the amortisation rate, future stripping costs of the cut/component and the expected
ore to be mined from that cut/component. Refer to Note 9, Property, plant and equipment.
1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
1.2Summary of material accounting policies (continued)
1.2.27Critical accounting estimates and judgements (continued)
Identifying uncertainties over tax treatments
As previously disclosed, an amended tax assessment was issued to Let\u0161eng by the Revenue Services Lesotho (RSL), in December\u00a02019,
contradicting the application of certain tax treatments in the current Lesotho Income Tax Act, 1993. An objection to the amended tax
assessment was lodged with the RSL in March 2020, which was supported by the opinion of senior counsel. The RSL subsequently
lodged a court application to the Lesotho High Court for the review and setting aside of the applicable regulations pertaining to this
matter, which Let\u0161eng is opposing. The amended court application process is ongoing and will continue during 2026, with support from
senior legal counsel.
Management does not believe a liability relating to an uncertain tax position exists, as:
\u2022 there is no ambiguity in the application of the published Lesotho Income Tax Act;
\u2022 there has been no change in the application of the Income Tax Act and resulting tax; and
\u2022 senior counsel advice, which is legally privileged, has been obtained for the new circumstances. This advice still reflects good
prospects of success.
No provision has been raised or contingent liability disclosed in the 2025 Financial Statements relating to:
\u2022 the amended tax assessment in question; or
\u2022 any potential legal costs that could be incurred, should the matter be found in favour of the RSL.
Offsetting of deferred tax assets and deferred tax liabilities of the Group\u2019s subsidiary, Let\u0161eng Diamonds
The Group\u2019s subsidiary, Let\u0161eng Diamonds, is subject to the tax laws and regulations enacted within Lesotho. The corporate tax laws
and regulations currently enacted by the RSL require a taxpayer to file a claim for offsetting current tax assets and current tax liabilities,
and offsetting deferred tax assets and deferred tax liabilities with the Commissioner within four years after service of the notice of
assessment for the year of assessment to which the claim relates.
The Group, after applying significant judgement, is of the view that Let\u0161eng Diamonds does not have a legally enforceable right to
offset current tax assets against current tax liabilities, and deferred tax assets against deferred tax liabilities within the Lesotho corporate
tax jurisdiction, as it is subject to the Commissioner\u2019s approval of the claim submitted, for which the outcome is highly uncertain as the
approval is subject purely to the discretion of the Commissioner. On this basis, the Group does not offset Let\u0161eng Diamonds\u2019 deferred
tax assets and deferred tax liabilities, but rather presents them on a gross basis in the consolidated statement of financial position. Refer
to Note 1.2.19, Taxation.
Deferred tax on unremitted earnings
Management applies judgement when assessing whether it has the intention and ability to control the timing of profit distribution from
its subsidiaries. Deferred tax liabilities are recognised according to the Group\u2019s expected distributions in the annual business plan,
which is based on a three-year period. Management believes the annual business plan reflects the best estimate of the Group\u2019s
distributions and that these are probable. Refer to Note 23, Deferred taxation.
Determination of variable consideration in terms of revenue recognition
Judgement is exercised by estimating variable consideration on the polished sales price of diamonds sold into cooperation
agreements. The variable consideration is determined having regard to past experience with respect to the uplift earned on the sale of
the polished diamonds. Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
Variable consideration revenue is included in Trade receivables in Note 13, Receivables and other assets.
No variable consideration is recognised on the future uplift of the margin on partnership arrangements as the future amounts are highly
susceptible to factors outside of the Group\u2019s control, as described in IFRS 15 par 57; being market volatility, decisions and actions of
third parties, and that the uncertainty is not expected to be resolved for a relatively long period. These factors result in a significant
estimation uncertainty and management exercised judgement in not recognising the variable consideration until the uncertainty
associated with the variable consideration is subsequently resolved.
Exceptional items
The Group presents as exceptional items on the face of the consolidated statement of profit or loss, those material items of income and
expenses that are not expected to recur and that, because of the nature and expected infrequency of the events giving rise to them,
merit separate presentation to allow shareholders to understand better the elements of financial performance in the year, so as to
facilitate comparison with prior periods and to better assess trends in financial performance. Refer to Note 5, Exceptional items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-240": { "value": "
2025
2024
US$\u2019000
US$\u2019000
2.
REVENUE FROM CONTRACTS WITH
CUSTOMERS
Sale of goods
98\u00a0053
152\u00a0839
Partnership arrangements
361
1\u00a0373
98\u00a0414
154\u00a0212
The revenue from the sale of goods mainly represents the sale of rough diamonds, for which revenue is recognised at the point
in time at which control transfers.
The revenue from partnership arrangements of US$0.4\u00a0million (2024: US$1.4\u00a0million ) represents the additional uplift from
partnership agreements, for which revenue is recognised when the significant constraints are lifted or resolved and the amount
of revenue is guaranteed; and variable consideration of rough diamonds sold into cooperation agreements. The variable
consideration is recognised at the time of the sale and adjusted based on the actual uplift received.
At year end, 1 236 carats (2024: 1 236 carats) have significant constraints in recognising revenue relating to the additional uplift.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-241": { "value": "
2025
Re-presented
2024
US$\u2019000
US$\u2019000
3.
OTHER OPERATING INCOME/(EXPENSE)
Other operating income/(expense) is categorised separately as it relates to income
or expenses which are minor or irregular and are incurred or sourced outside of
normal operations.
Sundry income/(expense)
535
(203)
Profit on disposal of property, plant and equipment
186
\u2013
721
(203)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-242": { "value": "
2025
Re-presented
2024
US$\u2019000
US$\u2019000
4.
OPERATING (LOSS)/PROFIT
Operating (loss)/profit includes operating costs and income as listed below:
Depreciation and amortisation
Depreciation and mining asset amortisation excluding waste stripping cost
(10\u00a0251)
(9\u00a0181)
Depreciation of right-of-use assets
(1\u00a0761)
(2\u00a0118)
Waste stripping costs amortised
(29\u00a0366)
(35\u00a0627)
(41\u00a0378)
(46\u00a0926)
Inventories
Cost of inventories recognised as an expense (including the relevant portion of
waste stripping costs amortised)
(83\u00a0255)
(100\u00a0497)
Foreign exchange
Foreign exchange gain
1\u00a0263
1\u00a0087
Lease expenses not included in lease liability
Mine site property
(184)
(180)
Equipment and service lease
(1)
(1)
(185)
(181)
Auditor\u2019s remuneration \u2013 RSM
Group financial statements
(349)
(280)
Statutory
(175)
(153)
(524)
(433)
Auditor\u2019s remuneration \u2013 other audit firms
Statutory
(47)
(41)
Other non-audit fees \u2013 other audit firms
Tax services advisory and consultancy
(10)
(17)
Employee benefits expense
Salaries and wages1
(23\u00a0862)
(19\u00a0961)
Underlying earnings before interest, tax, depreciation and mining asset
amortisation (underlying EBITDA) before discontinued operation
Underlying EBITDA is shown, as the Directors consider this measure to be a
relevant guide to the operational performance of the Group and excludes such
non-operating costs and income as listed below. The reconciliation from operating
profit to underlying EBITDA is as follows:
Operating (loss)/profit
(87\u00a0352)
18\u00a0789
Other operating (income )/expenses
(721)
203
Impairment of goodwill and non-current assets
77\u00a0467
\u2013
Write-down of inventories to net realisable value
3\u00a0534
\u2013
Foreign exchange differences
(1\u00a0263)
(1\u00a0087)
Share-based payments
266
516
Depreciation and amortisation (excluding waste stripping cost amortised)
12\u00a0012
11\u00a0298
Underlying EBITDA
3\u00a0943
29\u00a0719
1\u00a0 \u00a0 \u00a0 Includes contributions to defined contribution plan of US$1.0 million (31 December 2024: US$0.8 million). An average of 855 employees excluding contractors were \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 employed during the period (2024: 716). The increased number of employees was as a result of the insourcing of the processing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-243": { "value": "
2025
Re-presented 2024
US$\u2019000
US$\u2019000
6.
NET FINANCE COSTS
Finance income
Bank deposits
262
392
Insurance asset
696
483
Interest income on loan receivable
122
\u2013
Total finance income
1\u00a0080
875
Finance costs
Finance costs on borrowings
(4\u00a0604)
(5\u00a0339)
Finance costs on lease liabilities
(303)
(371)
Finance costs on unwinding of rehabilitation and decommissioning provision
(874)
(1\u00a0305)
Fair value adjustment on loan receivable
\u2013
(231)
Total finance costs
(5\u00a0781)
(7\u00a0246)
(4\u00a0701)
(6\u00a0371)
Finance income relates to interest earned on cash, short-term deposits and insurance assets.
Finance costs include interest incurred on borrowings and associated unwinding of facility credit underwriting fees, finance
lease liabilities and the unwinding of rehabilitation provisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-244": { "value": "
2025
Re-presented 2024
US$\u2019000
US$\u2019000
7.
INCOME TAX (BENEFIT)/CHARGE
Current
\u2013 Foreign
(3\u00a0599)
(6\u00a0443)
Withholding tax
\u2013 Foreign
(7)
(508)
Deferred
\u2013 Foreign
23\u00a0102
3\u00a0576
Income tax expense
19\u00a0496
(3\u00a0375)
(Loss)/profit before taxation from continuing operations
(92\u00a0053)
12\u00a0418
Loss before taxation from discontinued operations
(50\u00a0997)
(957)
(Loss)/profit before taxation
(143\u00a0050)
11\u00a0461
7.\u00a0 \u00a0 INCOME TAX (BENEFIT)/CHARGE (continued)
%
%
Reconciliation of tax rate
Applicable income tax rate
25.0
25.0
Non-deductible expenses1
(2.3)
3.1
Unrecognised deferred tax assets
(1.6)
1.8
Effect of foreign tax at different rates
0.1
0.4
Unremitted earnings
\u2013
(5.3)
Withholding tax
\u2013
4.4
Effective income tax rate
21.2
29.4
The tax rate reconciles to the statutory Lesotho corporation tax rate of 25%, as this is the jurisdiction in which the majority of
the Group\u2019s taxes are incurred.
1\u00a0 \u00a0 \u00a0 Non-deductible expenses mainly comprise the goodwill impairment in the current year and corporate social investment, legal fees of a capital nature and share-based
\u00a0 \u00a0 \u00a0 payments in both the current and prior year.
The effective tax rate is below the Lesotho statutory tax rate of 25% primarily d", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-245": { "value": "
2025
Re-presented
2024
US$\u2019000
US$\u2019000
8.
(LOSS)/EARNINGS PER SHARE
The following reflects the income and share data used in the basic and diluted earnings per
share computations:
(Loss)/profit for the year
(72\u00a0557)
9\u00a0043
Profit/(loss) for the year from discontinued operation
1\u00a0793
(957)
Recycling of foreign currency translation reserve on discontinued operation
(52\u00a0790)
\u2013
Less: Non-controlling interests
19\u00a0574
(5\u00a0192)
Net (loss)/profit attributable to ordinary equity holders of the parent for basic
and diluted earnings
(103\u00a0980)
2\u00a0894
Number of ordinary shares outstanding at end of year (\u2019000)
141\u00a0443
141\u00a0236
Weighted number of share options exercised during the year (\u2019000)
(78)
(9)
Effect of share buyback - Treasury shares (\u2019000)
(1\u00a0520)
(1\u00a0520)
Weighted average number of ordinary shares outstanding during the year (\u2019000)
139\u00a0845
139\u00a0707
Basic (loss)/earnings per share attributable to ordinary equity holders of the
parent (cents)
(74.4)
2.1
Earnings/(loss) per share is calculated by dividing the net profit/(loss) attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year.
Diluted earnings/(loss) per share is calculated by dividing the net profit/(loss) attributable to ordinary equity holders of the
parent by the weighted average number of ordinary shares outstanding during the year after taking into account future
potential conversion and issue rights associated with the ordinary shares. Options in issue are not considered diluting to the loss
per share, as the Group was loss-making in the current year. Diluted loss per share is therefore the same as basic loss per share.
2025
2024
Number of
shares
000\u2019s
Number of
shares
000\u2019s
Weighted average number of ordinary shares outstanding during the year
139\u00a0845
139\u00a0707
Effect of dilution:
\u2013 Future share awards under the Employee Share Option Plan
\u2013
4\u00a0262
Weighted average number of ordinary shares outstanding during the year adjusted for the
effect of dilution
139\u00a0845
143\u00a0969
Diluted (loss)/earnings per share attributable to ordinary equity holders of the
parent (cents)
(74.4)
2.0
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and
the date of completion of these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-246": { "value": "
9.\u00a0 PROPERTY, PLANT AND EQUIPMENT
Stripping
activity
asset
Mining
asset
De-
commis-
sioning
assets
Lease-
hold
improve-
ment
Plant and
equip-
ment1
Other
assets2
Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
As at 31 December 2025
Cost
As at 1 January 2025
606\u00a0858
101\u00a0660
2\u00a0974
49\u00a0966
102\u00a0903
10\u00a0323
874\u00a0684
Additions
10\u00a0049
\u2013
\u2013
124
3\u00a0998
311
14\u00a0482
Net movement in rehabilitation provision
542
\u2013
(434)
\u2013
792
\u2013
900
Disposals
\u2013
\u2013
\u2013
(433)
(2\u00a0404)
(450)
(3\u00a0287)
Foreign exchange differences
86\u00a0143
9\u00a0767
508
6\u00a0794
16\u00a0048
1\u00a0022
120\u00a0282
As at 31 December 2025
703\u00a0592
111\u00a0427
3\u00a0048
56\u00a0451
121\u00a0337
11\u00a0206
1\u00a0007\u00a0061
Accumulated depreciation/
amortisation/impairment
As at 1 January 2025
459\u00a0049
38\u00a0235
2\u00a0974
33\u00a0109
65\u00a0342
6\u00a0115
604\u00a0824
Charge for the year
29\u00a0366
1\u00a0395
(434)
1\u00a0593
6\u00a0601
1\u00a0126
39\u00a0647
Impairment3
2\u00a0201
63\u00a0741
\u2013
\u2013
223
\u2013
66\u00a0165
Disposals
\u2013
\u2013
\u2013
(410)
(2\u00a0041)
(447)
(2\u00a0898)
Foreign exchange differences
65\u00a0902
8\u00a0056
508
4\u00a0080
8\u00a0800
719
88\u00a0065
As at 31 December 2025
556\u00a0518
111\u00a0427
3\u00a0048
38\u00a0372
78\u00a0925
7\u00a0513
795\u00a0803
Net book value at 31 December 2025
147\u00a0074
\u2013
\u2013
18\u00a0079
42\u00a0412
3\u00a0693
211\u00a0258
1\u00a0 \u00a0 \u00a0 \u00a0 Included in plant and equipment are capital projects in progress of US$0.7\u00a0million ( 31 December 2024: US$0.9 million ).
2\u00a0 \u00a0 \u00a0 Other assets comprise motor vehicles, computer equipment, furniture and fittings, and office equipment.
3\u00a0 \u00a0 \u00a0 Refer to Note 12, Impairments of non-financial assets for information on the Stripping activity and mining assets. The impairment of plant and equipment relates to the remaining
\u00a0 \u00a0 \u00a0 solar plant at Ghaghoo, which was relinquished together with the mining licence.
Stripping
activity
asset
Mining
asset
De-
commis-
sioning
assets
Lease-
hold
improve-
ment
Plant and
equip-
ment1
Other
assets2
Total
As at 31 December 2024
Cost
Balance at 1 January 2024
604\u00a0372
100\u00a0827
3\u00a0255
50\u00a0892
112\u00a0812
9\u00a0336
881\u00a0494
Additions
22\u00a0302
\u2013
\u2013
498
3\u00a0367
1\u00a0893
28\u00a0060
Net movement in rehabilitation provision
(528)
\u2013
(177)
\u2013
(2\u00a0993)
\u2013
(3\u00a0698)
Disposals
\u2013
\u2013
\u2013
\u2013
(3\u00a0191)
(643)
(3\u00a0834)
Reclassifications3
\u2013
3\u00a0222
\u2013
189
(3\u00a0416)
5
\u2013
Foreign exchange differences
(19\u00a0288)
(2\u00a0389)
(104)
(1\u00a0613)
(3\u00a0676)
(268)
(27\u00a0338)
As at 31 December 2024
606\u00a0858
101\u00a0660
2\u00a0974
49\u00a0966
102\u00a0903
10\u00a0323
874\u00a0684
Accumulated depreciation/
amortisation/impairment
As at 1 January 2024
437\u00a0154
39\u00a0026
3\u00a0255
32\u00a0544
64\u00a0503
6\u00a0418
582\u00a0900
Charge for the year
35\u00a0627
864
(177)
1\u00a0467
6\u00a0556
528
44\u00a0865
Disposals
\u2013
\u2013
\u2013
\u2013
(3\u00a0190)
(638)
(3\u00a0828)
Reclassifications3
\u2013
\u2013
\u2013
171
(171)
\u2013
\u2013
Foreign exchange differences
(13\u00a0732)
(1\u00a0655)
(104)
(1\u00a0073)
(2\u00a0356)
(193)
(19\u00a0113)
As at 31 December 2024
459\u00a0049
38\u00a0235
2\u00a0974
33\u00a0109
65\u00a0342
6\u00a0115
604\u00a0824
Net book value at 31 December 2024
147\u00a0809
63\u00a0425
\u2013
16\u00a0857
37\u00a0561
4\u00a0208
269\u00a0860
1\u00a0 \u00a0 \u00a0 \u00a0 Included in plant and equipment are capital projects in progress of US$0.9 million (31 December 2023: US$4.1 million).
2\u00a0 \u00a0 \u00a0 \u00a0 Other assets comprise motor vehicles, computer equipment, furniture and fittings, and office equipment.
3\u00a0 \u00a0 \u00a0 The reclassifications in the prior year related to capital projects in progress in previous periods, included in plant and equipment, which were being depreciated in the year as \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 mining assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-247": { "value": "
Plant and
equipment
Motor
vehicles
Buildings
Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
10.
RIGHT-OF-USE ASSETS
As at 31 December 2025
Cost
As at 1 January 2025
3\u00a0586
537
5\u00a0800
9\u00a0923
Additions
\u2013
48
715
763
Derecognition of lease
\u2013
\u2013
(4\u00a0517)
(4\u00a0517)
Foreign exchange differences
498
78
266
842
As at 31 December 2025
4\u00a0084
663
2\u00a0264
7\u00a0011
Accumulated depreciation
As at 1 January 2025
1\u00a0925
169
3\u00a0958
6\u00a0052
Charge for the year
924
224
613
1\u00a0761
Derecognition of lease
\u2013
\u2013
(3\u00a0875)
(3\u00a0875)
Foreign exchange differences
337
42
197
576
As at 31 December 2025
3\u00a0186
435
893
4\u00a0514
Net book value at 31 December 2025
898
228
1\u00a0371
2\u00a0497
As at 31 December 2024
Cost
As at 1 January 2024
3\u00a0379
363
6\u00a0008
9\u00a0750
Additions
1\u00a0058
434
271
1\u00a0763
Derecognition of lease
(738)
(243)
(349)
(1\u00a0330)
Foreign exchange differences
(113)
(17)
(130)
(260)
As at 31 December 2024
3\u00a0586
537
5\u00a0800
9\u00a0923
Accumulated depreciation
As at 1 January 2024
1\u00a0450
103
3\u00a0451
5\u00a0004
Charge for the year
979
188
962
2\u00a0129
Derecognition of lease
(444)
(117)
(349)
(910)
Foreign exchange differences
(60)
(5)
(106)
(171)
As at 31 December 2024
1\u00a0925
169
3\u00a0958
6\u00a0052
Net book value at 31 December 2024
1\u00a0661
368
1\u00a0842
3\u00a0871
Plant and equipment mainly comprise pit dewatering and back-up power generating equipment utilised at Let\u0161eng. Motor
vehicles mainly comprise vehicles utilised by contractors at Let\u0161eng. Buildings comprise office buildings in Maseru, Antwerp,
London, Gaborone and Johannesburg.
Right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term.
During the year, Let\u0161eng and Baobab cancelled their existing leases for the majority of the office buildings in Maseru and
Belgium, respectively. Let\u0161eng entered into a new lease for smaller premises and Baobab was absorbed within the existing sales
and marketing office as part of the BR Programme. A new lease contract was also entered into for office space rental in London
for Gem Diamonds Limited. The office lease in Gaborone was cancelled during the year. The original contracts were cancelled
and all associated assets and liabilities were derecognised. Refer to Note 19, Lease liabilities.
During the prior year, new lease contracts were entered into for office space rental in London and Johannesburg for Gem
Diamonds Limited and Gem Diamond Technical Services (Pty) Ltd, respectively. At Let\u0161eng, lease contracts for dewatering
equipment and vehicles were entered into or renegotiated, resulting in the recognition of right-of-use assets and lease liabilities
associated with the new lease.
Total gains of US$0.5 million (2024: losses of US$0.3\u00a0million) have been recognised in the consolidated statement of profit or loss
relating to the derecognition of leases in the Group during the year. Refer to Note 19, Lease liabilities and Note 24.1, Cash
generated by operations. During the year, the Group recognised income of US$0.1 million (2024: US$0.3\u00a0million) from the sub-
leasing of office buildings in Maseru prior to cancelling the lease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-248": { "value": "
Goodwill
US$\u2019000
11.
INTANGIBLE ASSETS
As at 31 December 2025
Cost
Balance at 1 January 2025
10\u00a0118
Foreign exchange translation difference
625
Balance at 31 December 2025
10\u00a0743
Accumulated amortisation/impairment
Balance at 1 January 2025
\u2013
Amortisation
\u2013
Impairment
(10\u00a0743)
Balance at 31 December 2025
(10\u00a0743)
Net book value at 31 December 2025
\u2013
As at 31 December 2024
Cost
Balance at 1 January 2024
10\u00a0440
Foreign exchange translation difference
(322)
Balance at 31 December 2024
10\u00a0118
Accumulated amortisation
Balance at 1 January 2024
\u2013
Amortisation
\u2013
Balance at 31 December 2024
\u2013
Net book value at 31 December 2024
10\u00a0118
Goodwill is allocated to the Let\u0161eng Diamonds cash-generating unit. Movement in goodwill relates to foreign exchange
translation from functional to presentation currency.
Goodwill impairment testing is undertaken on Let\u0161eng Diamonds annually and when there are indications of impairment. The
most recent test was undertaken at 31 December 2025. In assessing whether goodwill has been impaired, the carrying amount
of Let\u0161eng Diamonds is compared with its recoverable amount. For the purpose of goodwill impairment testing, the
recoverable amount for Let\u0161eng Diamonds has been determined based on a value-in-use model, similar to that adopted in the
past.
The recoverable amount (value in use) of Let\u0161eng was assessed, and of the total impairment charge of US$77.5\u00a0million,
US$10.7\u00a0million was allocated to goodwill, which is now fully impaired.
Impairments of goodwill are not eligible for reversal in future periods. Refer to Note 12, Impairments of non-financial assets, for
further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-249": { "value": "
2025
2024
US$\u2019000
US$\u2019000
12.
IMPAIRMENTS OF NON-FINANCIAL ASSETS
Let\u0161eng Diamonds
Goodwill
(10\u00a0743)
Property, plant and equipment
(66\u00a0724)
As at 31 December 2025
(77\u00a0467)
\u2013
In line with the requirements of IAS 36 Impairment of Assets, the Group carried out impairment testing for its main cash-
generating unit (CGU), being Let\u0161eng Diamonds.
The impairment test was largely influenced by the weakness in the rough diamond market during the year and the weakening of
the US dollar against the Lesotho loti.
The recoverable amount (value in use) of Let\u0161eng was assessed and an impairment of US$77.5\u00a0million was recorded in the
consolidated statement of profit or loss to bring the carrying value in line with the recoverable amount. The impairment was
allocated firstly to the goodwill, which is now fully impaired, then to the mining asset, which is now fully impaired, and the
balance to the stripping activity asset.
Refer to Note 1.2.27, Critical accounting estimates and judgements for details of the key estimates used in determining the
recoverable amount.
The discount rates are outlined below and represent the nominal pre-tax rates. These rates are based on the weighted average
cost of capital (WACC) of the Group and adjusted accordingly at a risk premium for Let\u0161eng Diamonds, taking into account risks
associated therein.
2025
2024
%
%
Discount rate \u2013 Let\u0161eng Diamonds
Applied to revenue
12.7
12.9
Applied to costs
16.1
16.1
Value in use
The mining lease period at Let\u0161eng extends to 2029 with an exclusive option to renew for a further 10 years to 2039. The
updated open pit mine plan, which has been used to project the cash flows, reflects that the open pit mining (including inferred
resources) is expected to cease in 2035 (31 December 2024: 2039). In terms of IAS 36, cash flows are projected for a period up to
the date of the LoM plan period, i.e. 2035, which is within the mining lease period of 2039. The mine plan takes into account the
available reserves and other relevant inputs such as diamond pricing, costs and geotechnical parameters. It includes the next
open pit cutback in the Satellite Pipe (C6W) using a redesigned steeper slope concept which significantly reduced the tonnes of
waste previously required to be removed.
Sensitivity to changes in assumptions
The valuation is sensitive to input assumptions, particularly in relation to changes to the discount rates, future price growth for
diamonds and the foreign exchange assumption of the US dollar (US$) to the Lesotho Loti (LSL) at year end. Each sensitivity was
performed in isolation, with all other valuation assumptions remaining the same. The impairment outcome of applying
sensitivities on the key inputs would have been:
2025
US$\u2019000
Base case
(77\u00a0467)
Increase in discount rate applied to revenue by 100 basis points
(102\u00a0824)
Decrease in discount rate applied to revenue by 100 basis points
(50\u00a0501)
Decrease in starting diamond prices by 5%
(114\u00a0065)
Increase in starting diamond prices by 5%
(39\u00a0920)
LSL stronger by LSL1 throughout LoM period to US$1:LSL15.57
(109\u00a0727)
LSL weaker by LSL1 throughout LoM period to US$1:LSL17.57
(48\u00a0877)
The Group will continue to test its assets for impairment where indications are identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-250": { "value": "
2025
2024
US$\u2019000
US$\u2019000
13.
RECEIVABLES AND OTHER ASSETS
Non-current
Deposits
908
776
Insurance asset1
\u2013
5\u00a0596
Other receivables2
\u2013
969
908
7\u00a0341
Current
Insurance asset1
8\u00a0994
\u2013
Trade receivables
256
592
Prepayments3
870
1\u00a0484
Deposits
31
29
Other receivables2
1\u00a0115
498
VAT receivable4
731
4\u00a0030
11\u00a0997
6\u00a0633
The carrying amounts above approximate their fair value due to the nature of the instruments.
Analysis of trade receivables based on their terms and conditions
Neither past due nor impaired
237
573
> 120 days
19
19
256
592
1\u00a0 \u00a0 The insurance asset mainly relates to Let\u0161eng\u2019s Multi-aggregate Protection Insurance Policy with The Lesotho National General Insurance Company (LNGIC) of LSL140.0
million (US$8.4 million) (31 December 2024: LSL140.0 million (US$7.4 million)) entered into in October 2021. This policy has a remaining tenure of six months at year
end (31 December 2024: one-and-a-half-years). Premium payments of LSL30.0 million (US$1.7 million) (31 December 2024: LSL30.0 million (US$1.6 million)) for the policy
are payable annually in advance. Refer to Note 25, Commitments and contingencies. The policy gives Let\u0161eng the right to claim up to LSL75.0 million (31 December 2024:
LSL75.0 million) for each-and-every-loss and LSL150.0 million ( 31 December 2024: LSL150.0 million) in the aggregate (subject to terms and conditions contained in the
policy). On expiry of the policy in June 2026, all unutilised funds within the policy are due and payable to Let\u0161eng. A current financial asset has been recognised for
the unutilised premium paid to date, net of underwriting service fee of LSL 2.1 million (US$0.1 million) (31 December 2024: LSL2.1 million (U$0.1 million)) as expensed as
part of operating expenses within the statement of profit or loss. The current financial asset is measured at amortised cost in line with IFRS 9 Financial Instruments.
Interest is earned on the unrealised premium and recognised as finance income. The fifth and final premium payment of LSL30.0 million (US$1.7 million)
\u00a0 \u00a0 (31 December 2024: LSL30.0 million (US$1.6 million)) was financed through a 10-month loan through Premium Finance Partners (Proprietary) Limited. This current
financial asset is ceded in favour of Premium Finance Partners (Proprietary) Limited. Refer to Note 18, Interest-bearing loans and borrowings.
2\u00a0 \u00a0 \u00a0 Other current receivables includes a financing arrangement provided to a third party to assist with the exploration of possible expansion opportunities which was
disclosed as a non-current receivable in the previous year. This loan is expected to be repaid in December 2026.
3\u00a0 \u00a0 Prepayments include insurance premiums prepaid at Let\u0161eng of US$0.4 million (31 December 2024: US$0.4 million) which were also funded through Premium Finance
Partners (Proprietary) Limited. This prepayment is ceded in favour of Premium Finance Partners (Proprietary) Limited. Refer to Note 18, Interest-bearing loans and borrowings.
4\u00a0 \u00a0 \u00a0 VAT receivable mainly comprises US$0.7 million at Let\u0161eng.
Based on the nature of the Group\u2019s customer base and the negligible exposure to credit risk through its customer base,
insurance asset and other financial assets, the expected credit loss is insignificant and has no impact on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-251": { "value": "
2025
2024
US$\u2019000
US$\u2019000
14.
INVENTORIES
Diamonds on hand
13\u00a0615
9\u00a0279
Ore stockpile
19\u00a0752
16\u00a0560
Consumable stores
9\u00a0974
8\u00a0225
43\u00a0341
34\u00a0064
Inventory is carried at the lower of cost or net realisable value.
In the current year, consumable stores were written down by US$0.5\u00a0million (31 December 2024: US$0.1\u00a0million), relating mainly
to redundant treatment plant spares at Let\u0161eng, and ore stockpile was written down by US$3.5\u00a0million to net realisable value.
There were no ore stockpile write-downs in the previous year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-252": { "value": "
2025
2024
US$\u2019000
US$\u2019000
15.
CASH AND SHORT-TERM DEPOSITS
Cash on hand
1
3
Bank balances
1\u00a0605
6\u00a0032
Short-term bank deposits
2\u00a0167
6\u00a0843
3\u00a0773
12\u00a0878
The amounts reflected in the financial statements approximate fair value due to the short-term maturity and nature of cash and
short-term deposits.
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are generally call deposit
accounts and earn interest at the respective short-term deposit rates. The Group\u2019s cash surpluses are deposited with major
financial institutions of high-quality credit standing predominantly within Lesotho and the United Kingdom.
At 31 December 2025, the Group had US$68.3 million ( 31 December 2024: US$69.0 million ) of undrawn facilities, representing
LSL420.0 million (US$25.4 million) (31 December 2024: LSL450.0 million (US$23.8 million)) and ZAR280.0 million (US$16.9 million )
(31 December 2024 : ZAR300.0 million (US$15.9 million)) of the secured revolving credit facility at Let\u0161eng, ZAR100.0 million
(US$6.0 million) (31 December 2024: ZAR100.0 million (US$5.3 million )) of the Let\u0161eng general banking facility, and US$20.0
million (31 December 2024: US$24.0 million) of the Company\u2019s secured revolving credit facility. For further details on these
facilities, refer to Note 18, Interest-bearing loans and borrowings.
The general banking facility at Let\u0161eng is held with Nedbank Limited (acting through its Nedbank Corporate and Investment
Banking division). This facility is reviewed annually. During the year, the facility was utilised from time to time based on cash flow
requirements, but repaid in full by year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-253": { "value": "DISCONTINUED OPERATION
The Ghaghoo diamond mine, part of the Group\u2019s Botswana operations, was placed on care and maintenance in 2017 due to
operational and market-related challenges.
Following a strategic review and several unsuccessful attempts to sell the asset, the Group initiated discussions with the
Department of Mines, dating back to February 2023, to address safety and remediation activities, including the removal of the
processing plant and associated civil infrastructure, with the objective of surrendering its mining licence.
The mine site was formally handed over to the Botswana Ministry of Minerals and Energy through the Department of Mines
during the current year. Formal confirmation of the acceptance of the mining licence surrender was received from the
Department of Mines on 28 April 2025. Effective 1 June 2025, the Department of Mines assumed full responsibility for the site,
and the Company no longer holds any obligations or commitments related to the mine or its associated licence.
In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the subsidiary was classified as a
discontinued operation which was abandoned during the year, following the relinquishment (for no consideration) of the
underlying mining licence which represented the subsidiary\u2019s principal business activity. All impacted prior year figures in the
consolidated statement of profit or loss and relevant notes have been re-presented to reflect Gem Diamonds Botswana as part
of a discontinued operation. There are no balances in the statement of financial position relating to the abandoned operation.
The results of Gem Diamonds Botswana (Ghaghoo Diamond Mine) for the year and the comparative period are presented below:
2025
2024
US$\u2019000
US$\u2019000
Revenue
\u2013
\u2013
Gross profit
\u2013
\u2013
Care and maintenance costs
(277)
(1\u00a0575)
Profit on sale of property, plant and equipment
47
152
Rehabilitation provision released
2\u00a0309
562
Proceeds from insurance claim
\u2013
65
Foreign exchange differences
(5)
(1)
Impairment of asset
(224)
\u2013
Operating profit/(loss)
1\u00a0850
(797)
Net finance costs
(57)
(160)
\u2013 Finance income
1
\u2013
\u2013 Finance costs
(58)
(160)
Profit/(loss) before tax from discontinued operation
1\u00a0793
(957)
Income tax expense
\u2013
\u2013
16.\u00a0 DISCONTINUED OPERATION (continued)
The net cash flows attributable to the discontinued operation are as follows:
Operating
(165)
(1\u00a0251)
Investing
47
153
Financing
(5)
(11)
Foreign exchange differences
2
\u2013
Net cash outflow
(121)
(1\u00a0109)
The table below represents the prior year re-presentation for all amounts in the consolidated statement of profit or loss and
notes thereto which were re-presented.
As previously
reported
Re-
presentation
Re-presented
figures
2024
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Other operating (expense)/income
(999)
(796)
(203)
Foreign exchange gain
1\u00a0086
(1)
1\u00a0087
Operating profit
17\u00a0992
(797)
18\u00a0789
Net finance costs
(6\u00a0531)
(160)
(6\u00a0371)
\u2013 Finance income
875
\u2013
875
\u2013 Finance costs
(7\u00a0406)
(160)
(7\u00a0246)
Profit before tax
11\u00a0461
(957)
12\u00a0418
Profit for the year
8\u00a0086
(957)
9\u00a0043
\u2013 Basic (loss)/earnings per share
2.1
(0.7)
2.8
\u2013 Diluted (loss)/earnings per share
2.0
(0.7)
2.7
3.
OTHER OPERATING INCOME/(EXPENSE)
Ghaghoo reduction in rehabilitation provision
562
562
\u2013
Proceeds from insurance claim
65
65
\u2013
Ghaghoo care and maintenance costs
(1\u00a0572)
(1\u00a0572)
\u2013
Profit/(loss) on disposal and scrapping of property, plant and equipment
152
152
\u2013
4.
OPERATING (LOSS)/PROFIT
Depreciation and mining asset amortisation excluding waste stripping cost
(9\u00a0238)
(57)
(9\u00a0181)
Depreciation right-of-use asset
(2\u00a0129)
(11)
(2\u00a0118)
Foreign exchange gain
1\u00a0086
(1)
1\u00a0087
Auditor's remuneration \u2013 RSM
Statutory
(167)
(14)
(153)
Other non-audit fees \u2013 other audit firms
Tax service advisory and consultancy
(18)
(1)
(17)
Employee benefits expense
Salaries and wages
(20\u00a0353)
(392)
(19\u00a0961)
Underlying earnings before interest, tax, depreciation and mining asset
amortisation (underlying EBITDA)
Operating profit
17\u00a0992
(797)
18\u00a0789
Other operating expenses/(income)
930
728
203
Foreign exchange gain/loss
(1\u00a0087)
1
(1\u00a0088)
Depreciation and amortisation (excluding waste stripping cost amortised)
11\u00a0366
68
11\u00a0298
5.
NET FINANCE COSTS
Finance costs
Finance costs on lease liabilities
(372)
(1)
(371)
Finance costs on unwinding of rehabilitation and decommissioning provision
(1\u00a0464)
(159)
(1\u00a0305)
Total finance costs
(7\u00a0406)
(160)
(7\u00a0246)
6.
INCOME TAX EXPENSE
Profit before tax
11\u00a0461
(957)
12\u00a0418
7.
EARNINGS PER SHARE
Profit for the year
8\u00a0086
(957)
9\u00a0043
Net profit attributable to ordinary equity holders of the parent for basic and diluted
earnings
2\u00a0894
(957)
3\u00a0851
Basic earnings per share attributable to ordinary equity holders of the parent (cents)
2.1
(0.7)
2.8
Diluted earnings per share attributable to ordinary equity holders of the parent (cents)
2.0
(0.7)
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-254": { "value": "
17. ISSUED SHARE CAPITAL AND RESERVES
Share capital
31 December 2025
31 December 2024
Number
of shares
\u2019000
US$\u2019000
Number
of shares
\u2018000
US$\u2019000
Authorised \u2013 ordinary shares of US$0.01 each
As at year end
200\u00a0000
2\u00a0000
200\u00a0000
2\u00a0000
Issued and fully paid balance at beginning of year
141\u00a0236
1\u00a0413
141\u00a0210
1\u00a0413
Allotments during the year
207
2
26
\u2013
Number of ordinary shares outstanding at end of year
141\u00a0443
1\u00a0415
141\u00a0236
1\u00a0413
Treasury shares
31 December 2025
31 December 2024
Number
of shares
\u2019000
US$\u2019000
Number
of shares
\u2018000
US$\u2019000
Number of treasury shares outstanding at end of year
(1\u00a0520)
(1\u00a0157)
(1\u00a0520)
(1\u00a0157)
Share premium
Share premium comprises the excess value recognised from the issue of ordinary shares above their par value.
Other reserves
Foreign
currency
translation
reserve
Share-
based
equity
reserve
Total
US$\u2019000
US$\u2019000
US$\u2019000
As at 1 January 2025
(262\u00a0977)
7\u00a0643
(255\u00a0334)
Other comprehensive income
71\u00a0035
\u2013
71\u00a0035
Total comprehensive income
71\u00a0035
\u2013
71\u00a0035
Share capital issue
\u2013
(2)
(2)
Share-based payment expense
\u2013
266
266
Transfer between reserves1
408
(5\u00a0628)
(5\u00a0220)
As at 31 December 2025
(191\u00a0534)
2\u00a0279
(189\u00a0255)
As at 1 January 2024
(257\u00a0924)
7\u00a0127
(250\u00a0797)
Other comprehensive loss
(5\u00a0053)
\u2013
(5\u00a0053)
Total comprehensive loss
(5\u00a0053)
\u2013
(5\u00a0053)
Share-based payment expense
\u2013
516
516
As at 31 December 2024
(262\u00a0977)
7\u00a0643
(255\u00a0334)
1\u00a0 \u00a0 \u00a0 The Company elected to release share-based equity reserve relating to lapsed and exercised options to accumulated (losses)/retained earnings.
Foreign currency translation reserve
The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of foreign
entities. The South African, Lesotho and Botswana subsidiaries\u2019 functional currencies are different to the Group\u2019s presentation
currency of US dollar. The rates used to convert the operating functional currency into US dollar are as follows:
2025
2024
Currency
US$\u2019000
US$\u2019000
Average rate
ZAR/LSL to US$1
17.88
18.34
Year end
ZAR/LSL to US$1
16.57
18.87
Average rate
Pula to US$1
13.59
13.56
Year end
Pula to US$1
13.57
13.93
Share-based equity reserves
For details on the share-based equity reserve, refer to Note 28, Share-based payments.
17.\u00a0 ISSUED SHARE CAPITAL AND RESERVES (continued)
Capital management
In order to maintain or adjust the capital structure, the Group may adjust the amounts of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets to reduce debt. The Group is subject to certain loan covenants, and
meeting these is given priority in all capital risk management decisions. There have been no events of default on the loans
during the financial year. For details on capital management, refer to Note 27, Financial risk management.
Treasury shares
In 2022, the Board of Directors approved a share buyback programme to purchase up to US$2.0 million of the Company\u2019s
ordinary shares. The sole purpose of the programme was to reduce the capital of the Company, and the Company intends to
hold those ordinary shares purchased under the programme in treasury. Such treasury shares are not entitled to dividends and
have no voting rights. The share buyback programme was initiated on 12 April 2022. At 31 December 2022, 1\u00a0520\u00a0170 shares
had been bought back at the market value on the date of each buyback, equating to a weighted average price of 60.05 GB
pence (78.07 US cents) per share, totalling US$1.2\u00a0million (including transaction costs). This reduction in shares issued has been
taken into account in calculating the earnings per share. No further share buybacks have taken place since 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-255": { "value": "INTEREST-BEARING LOANS AND BORROWINGS
Gem Diamonds Limited provides security for both the Let\u0161eng Diamonds and Gem Diamonds Limited revolving credit facilities
over its bank accounts domiciled in the United Kingdom (US$0.7 million) (31 December 2024: US$2.3 million) and over its 70%
shareholding in Let\u0161eng Diamonds, refer to Note 31, Material partly owned subsidiary.
The transition from the South African JIBAR rates to the South African Rand Overnight Index Average (ZARONIA) is expected to
be completed by 2026. The interest-bearing loans and borrowings that remain subject to the South African JIBAR rate include the
ZAR132.0 million unsecured project debt facility and the ZAR300.0 million revolving credit facility.
The Group will continue to assess the impact of the interest rate benchmark reform on the Group's JIBAR interest-bearing loans
and borrowings as the revised benchmark rates are published or negotiated with the funders.
The Group\u2019s revolving credit facilities mature on 21 December 2026, and it is management\u2019s intention to engage with the
lenders to renew these facilities before this date.
The developments on these facilities from 1 January 2025 and their carrying amounts and maturities as at 31 December 2025 are
disclosed in the note below.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-256": { "value": "INTEREST-BEARING LOANS AND BORROWINGS (continued)
Effective interest
rate
Maturity
2025
2024
US$\u2019000
US$\u2019000
Non-current
LSL450.0 million ( US$27.2 million) and
ZAR300.0 million (US$18.1 million ) bank loan
facility
Central Bank of
Lesotho rate (6.50%)
+ 3.25% and South
African JIBAR (7.00%)
+ 3.00%
\u2013
\u2013
Credit underwriting fees
21 December 2026
\u2013
(78)
US$30.0 million bank loan facility
Term SOFR (4.00%) +
5.21%
21 December 2026
\u2013
6\u00a0000
Credit underwriting fees
\u2013
(60)
ZAR132.0 million\u00a0(US$8.0 million) project debt
facility
South African JIBAR
(7.00%) + 2.50%
31 May 2027
1\u00a0138
2\u00a0999
LSL200.0 million ( US$12.1 million) term loan
facility
Lesotho prime rate
(10.00%) minus 1.50%
28 February 2029
5\u00a0090
7\u00a0772
6\u00a0228
16\u00a0633
Current
LSL450.0 million ( US$27.2 million) and
ZAR300.0 million (US$18.1 million ) bank loan
facility
Central Bank of
Lesotho rate (6.50%)
+ 3.25% and South
African JIBAR (7.00%)
+ 3.00%
3\u00a0010
\u2013
Credit underwriting fees
21 December 2026
(36)
\u2013
US$30.0 million bank loan facility
Term SOFR (4.00%) +
5.21%
10\u00a0000
\u2013
Credit underwriting fees
21 December 2026
(30)
\u2013
ZAR132.0 million\u00a0(US$8.0 million) project debt
facility
South African JIBAR
(7.00%) + 2.50%
31 May 2027
2\u00a0276
1\u00a0999
LSL200.0 million ( US$12.1 million) term loan
facility
Lesotho prime rate
(10.00%)
minus 1.50%
28 February 2029
2\u00a0414
1\u00a0413
LSL30.0 million (US$1.8 million) insurance
premium finance
3.70%
1 April 2026
739
\u2013
LSL12.4 million (US$0.7 million) insurance
premium finance
3.70%
1 April 2026
275
\u2013
LSL30.0 million (US$1.6 million) insurance
premium finance
4.20%
Repaid 1 April 2025
\u2013
650
ZAR0.9 million (US$48 thousand) insurance
premium finance
4.20%
Repaid 1 April 2025
\u2013
20
LSL14.6 million (US$0.8 million) insurance
premium finance
4.20%
Repaid 1 April 2025
\u2013
315
18\u00a0648
4\u00a0397
Total
24\u00a0876
21\u00a0030
18.INTEREST-BEARING LOANS AND BORROWINGS (continued)
LSL450.0 million and ZAR300.0 million (US$45.3 million) bank loan facility at Let\u0161eng Diamonds
The Group, through its subsidiary Let\u0161eng Diamonds, has a secured LSL450.0 million and ZAR300.0 million (US$45.3 million)
revolving credit facility (maturing on 21 December 2026) jointly with Nedbank Lesotho Limited, Standard Lesotho Bank
Limited, First National Bank of Lesotho Limited, Firstrand Bank Limited (acting through its Rand Merchant Bank division)
and Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division).
At the end of the current year, LSL30.0 million (US$1.8 million) and ZAR20.0 million (US$1.2 million) were drawn down on these
facilities respectively, resulting in LSL420.0 million (US$25.4 million) and ZAR280.0 million (US$16.9 million) remaining available.
The remaining balance of the credit underwriting fees capitalised is US$36.0 thousand (31 December 2024: US$78.0
thousand). The capitalised fees are amortised and accounted for as finance costs within profit or loss over the term of the
facility.
The LSL450.0 million facility is subject to interest of 9.75% (31 December 2024: 11.00%) representing the Central Bank of
Lesotho rate plus 3.25%, and the ZAR300.0 million facility is subject to interest of 10.00% (31 December 2024: 11.35%)
comprising South African JIBAR plus 3.00%. Total interest expense for the year on this interest-bearing RCF was US$1.6
million (31 December 2024: US$1.9 million).
US$30.0 million bank loan facility at Gem Diamonds Limited
This facility is a secured five-year revolving credit facility with Nedbank Limited (acting through its London branch), Standard
Bank of South Africa Limited (acting through its Isle of Man branch) and Firstrand Bank Limited (acting through its Rand
Merchant Bank division) for US$13.5 million, US$9.0 million and US$7.5 million, respectively. All draw downs are made in these
ratios.
At year end, US$10.0 million (31 December 2024: US$6.0 million ) of this facility had been drawn down, resulting in US$20.0
million (31 December 2024: US$24.0 million) remaining available. The remaining balance of the credit underwriting fees
capitalised is US$30.0 thousand (31 December 2024: US$60.0 thousand) at year end. The capitalised fees are amortised and
accounted for as finance costs within profit or loss over the period of the facility.
The US$-based interest rate for this facility at 31 December 2025 was 9.21% (31 December 2024: 9.54%), which comprises term
SOFR plus a 0.21% credit adjustment spread and 5.00% margin. Total interest expense for the year on this interest-bearing
RCF was US$1.2 million (31 December 2024: US$1.3 million).
The facility includes an additional US$20.0 million accordion option, the utilisation of which is subject to all necessary credit
and other approvals from the lenders. There was no utilisation of this facility in the current or prior years.
ZAR132.0 million (US$8.0 million) project debt facility at Let\u0161eng Diamonds
This loan is an unsecured project debt facility with Nedbank Limited, underwritten by the Export Credit Insurance Corporation
(ECIC), which was entered into on 29 November 2022 to fund the replacement of the primary crushing area (PCA) at Let\u0161eng.
The loan is repayable in equal quarterly payments which commenced in March 2024. The outstanding balance at year end was
ZAR56.6 million (US$3.4 million) (31 December 2024: ZAR94.3 million (US$5.0 million)). This loan expires on 31 May 2027.
The South African rand-based interest rate for the facility at 31 December 2025 was 9.50% (31 December 2024: 10.85%), which
comprises South African JIBAR plus 2.50%. Total interest for the year on this interest-bearing loan was US$0.4 million (31
December 2024: US$0.7 million).
LSL200.0 million (US$12.1 million) secured term loan facility at Let\u0161eng Diamonds
This loan is a five-year secured term loan facility signed jointly with Standard Lesotho Bank and Nedbank Lesotho on 15 May 2024.
The loan is secured by a special notarial bond over the fleet and equipment acquired as part of the insourcing of the mining
activities at the end of 2023.
The loan is repayable in equal monthly instalments which commenced in May 2024. The outstanding balance at the end of the
year was LSL124.3 million (US$7.5 million). An additional capital repayment of LSL9.0 million (US$0.5 million) was made during
the year following the sale of certain fleet and equipment that has brought the expiry date of the facility forward from
30\u00a0April\u00a02029 to 28 February 2029.
The interest rate on the loan was 8.50% at 31 December 2025 (31 December 2024: 9.75%), representing the Central Bank of
Lesotho prime rate minus 1.50%. Total interest for the year on this interest-bearing loan was US$0.8 million (31 December
2024: US$0.6 million).
Loan covenants
The Group\u2019s revolving credit facilities, together with Let\u0161eng Diamonds\u2019 ZAR132.0 million (US$8.0 million) project debt facility
and LSL200.0 million (US$12.1 million) secured term loan facility, are subject to certain financial covenants and these are
assessed at the end of each quarter. The loans will be repayable immediately if these covenants are breached. The Group is
not aware of any facts or circumstances that indicate that it may have difficulty complying with the covenants within 12 months
after the reporting period.
Insurance premium finance for Multi-aggregate and Asset All Risk Insurance policies
The Group, through its subsidiary Let\u0161eng Diamonds, enters into financing agreements for insurance premiums for the Multi-
aggregate Insurance Policy and its Asset All Risk Policy. All respective insurance premiums prepaid are ceded in favour of
Premium Finance Partners (Proprietary) Limited. The funding is payable monthly in advance. Refer to Note 13, Receivables
and other assets.
18.INTEREST-BEARING LOANS AND BORROWINGS (continued)
During the year, all prior year outstanding insurance premium finance balances for the Multi-aggregate Insurance Policy and
its Asset All Risk Policy were fully repaid by 1 April 2025. The total interest paid during the current year relating to these
liabilities was LSL0.3 million (US$19.3 thousand).
In July, the Group, through its subsidiary Let\u0161eng Diamonds, entered into a LSL30.0 million (US$1.8 million) 10-month funding
agreement with Premium Finance Partners (Proprietary) Limited to finance the fifth and final premium of LSL30.0 million on
the Multi-aggregate Insurance Policy. At year end, LSL12.2 million (US$0.7 million) remains outstanding. The funding is
repayable in 10 monthly instalments, payable in advance. Total interest on this funding is LSL1.1 million (US$66.9 thousand),
of which LSL0.9 million (US$50.6 million) was paid during the year.
In July, the Group, through its subsidiary Let\u0161eng Diamonds, also entered into a LSL10.6 million (US$0.6 million) 10-month
funding agreement with Premium Finance Partners (Proprietary) Limited for insurance premium finance for its annual Asset
All Risk insurance premium. At year end, LSL4.6 million (US$0.3 million) remains outstanding. The funding is repayable in
10 monthly instalments, payable in advance. Total interest on this funding is LSL0.3 million (US$20.4 thousand), of which
LSL0.3 million (US$16.3 thousand) was paid during the year.
Other facilities
Let\u0161eng Diamonds has a ZAR100.0\u00a0million (US$6.0 million) general banking facility with Nedbank Limited (acting through its
Nedbank Corporate and Investment Banking division) which is reviewed annually. During the year, the facility was utilised from
time to time based on cash flow requirements, but repaid in full at year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-257": { "value": "
2025
2024
US$\u2019000
US$\u2019000
19.
LEASE LIABILITIES
Non-current
1\u00a0256
2\u00a0246
Current
1\u00a0640
2\u00a0517
Total lease liabilities
2\u00a0896
4\u00a0763
Reconciliation of movement in lease liabilities
As at 1 January
4\u00a0763
5\u00a0950
Additions
569
1\u00a0935
Interest expense
303
372
Lease payments
(2\u00a0140)
(3\u00a0062)
Derecognition of lease
(937)
(318)
Foreign exchange differences
338
(114)
As at 31 December
2\u00a0896
4\u00a0763
Lease payments comprise payments in principle of US$1.8 million ( 31 December 2024 : US$2.7 million) and repayments of
interest of US$0.3 million ( 31 December 2024 : US$0.4 million).
Refer to Note 10 , Right-of-use assets for details on new leases entered into and leases derecognised during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-258": { "value": "
2025
2024
US$\u2019000
US$\u2019000
20.
TRADE AND OTHER PAYABLES
Current
Trade payables1
3\u00a0485
3\u00a0862
Accrued expenses1
1\u00a0261
4\u00a0864
Leave benefits
786
687
Royalties1
\u2013
2\u00a0000
Withholding taxes1
67
76
Other
91
176
5\u00a0690
11\u00a0665
1\u00a0 \u00a0 \u00a0 \u00a0 These amounts are both interest and non-interest bearing and are settled in accordance with terms agreed between the parties.
Royalties consist of a levy payable to the Government of the Kingdom of Lesotho on the value of rough diamonds sold by
Let\u0161eng. No royalties were outstanding at year end due to a 6-month royalty suspension which had been received in August
2025. Withholding taxes mainly consist of taxes payable on dividends and other services to the Revenue Services Lesotho.
The carrying amounts above approximate fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-259": { "value": "
2025
2024
US$\u2019000
US$\u2019000
21.
INCOME TAX (RECEIVABLE)/PAYABLE
Reconciliation of movement in income tax (receivable)/payable
As at 1 January
6\u00a0824
(3\u00a0713)
Payments made during the year
(12\u00a0428)
(339)
Refunds received during the year
17
4\u00a0620
Current income tax charge
3\u00a0599
6\u00a0443
Foreign exchange differences
252
(187)
As at 31 December
(1\u00a0736)
6\u00a0824
Split as follows
Income tax receivable
(1\u00a0736)
(24)
Income tax payable
\u2013
6\u00a0848
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-260": { "value": "2025", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-261": { "value": "2024", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-262": { "value": "US$\u2019000", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-263": { "value": "US$\u2019000", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-264": { "value": "21.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-265": { "value": "INCOME TAX (RECEIVABLE)/PAYABLE", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-266": { "value": "Reconciliation of movement in income tax (receivable)/payable", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-267": { "value": "As at 1 January", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-268": { "value": "
6\u00a0824
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-269": { "value": "
(3\u00a0713)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-270": { "value": "Payments made during the year", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-271": { "value": "
(12\u00a0428)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-272": { "value": "
(339)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-273": { "value": "Refunds received during the year", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-274": { "value": "
17
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-275": { "value": "
4\u00a0620
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-276": { "value": "Current income tax charge", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-277": { "value": "
3\u00a0599
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-278": { "value": "
6\u00a0443
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-279": { "value": "Foreign exchange differences", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-280": { "value": "
252
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-281": { "value": "
(187)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-282": { "value": "As at 31 December", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-283": { "value": "
(1\u00a0736)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-284": { "value": "
6\u00a0824
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-285": { "value": "Split as follows", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-286": { "value": "Income tax receivable", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-287": { "value": "
(1\u00a0736)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-288": { "value": "
(24)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-289": { "value": "Income tax payable", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-290": { "value": "
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-291": { "value": "
6\u00a0848
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-292": { "value": "
2025
2024
US$\u2019000
US$\u2019000
22.
PROVISIONS
Severance pay benefits1
2\u00a0092
1\u00a0621
Rehabilitation provisions
11\u00a0930
10\u00a0993
Total provisions
14\u00a0022
12\u00a0614
Reconciliation of movement in rehabilitation provisions
As at 1 January
10\u00a0993
14\u00a0170
Decrease in provision \u2013 Ghaghoo
(2\u00a0309)
(563)
Increase/(decrease) in provision \u2013 Let\u0161eng
899
(3\u00a0698)
Unwinding of discount rate
931
1\u00a0464
Foreign exchange differences
1\u00a0416
(380)
As at 31 December
11\u00a0930
10\u00a0993
1\u00a0 \u00a0 \u00a0 The severance pay benefits arise due to legislation within the Lesotho jurisdiction, requiring that two weeks of severance pay be provided for every completed year of\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 service, payable on retirement.
Rehabilitation provisions
During the year, the rehabilitation provision for Ghaghoo was decreased to zero as a consequence of the mining licence
relinquishment, which absolved the Group from any further environmental rehabilitation obligation with regard to the Ghaghoo
mine. The provision at Let\u0161eng has been recognised, as the Group has an obligation for rehabilitation of the Let\u0161eng mining
area. The provision has been calculated based on total estimated rehabilitation costs, discounted back to their present values
over the estimated rehabilitation period at the mine. The pre-tax discount rates are adjusted annually and reflect current market
assessments.
In determining the amount attributable to the rehabilitation provision of US$11.9 million (31 December 2024: US$8.8 million)
at Let\u0161eng, management used a discount rate of 8.30% (31 December 2024: 9.41%), estimated rehabilitation timing of 11 years
(31 December 2024: 15 years) and an inflation rate of 3.6% (31 December 2024: 4.5%). The Let\u0161eng rehabilitation quantum
increased from the prior year, mainly driven by the annual reassessment of the estimated closure costs performed at the
operation, the effect of the revised timing of the rehabilitation, the discount rate and interest rate used to present-value the
provision, and the weakening of the US dollar against the Lesotho loti.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-293": { "value": "22.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-294": { "value": "PROVISIONS", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-295": { "value": "
2\u00a0092
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-296": { "value": "
1\u00a0621
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-297": { "value": "Rehabilitation provisions", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-298": { "value": "
11\u00a0930
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-299": { "value": "
10\u00a0993
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-300": { "value": "Total provisions", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-301": { "value": "
14\u00a0022
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-302": { "value": "
12\u00a0614
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-303": { "value": "Reconciliation of movement in rehabilitation provisions", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-304": { "value": "As at 1 January", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-305": { "value": "
10\u00a0993
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-306": { "value": "
14\u00a0170
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-307": { "value": "Decrease in provision \u2013 Ghaghoo", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-308": { "value": "
(2\u00a0309)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-309": { "value": "
(563)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-310": { "value": "Increase/(decrease) in provision \u2013 Let\u0161eng", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-311": { "value": "
899
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-312": { "value": "
(3\u00a0698)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-313": { "value": "Unwinding of discount rate", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-314": { "value": "
931
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-315": { "value": "
1\u00a0464
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-316": { "value": "Foreign exchange differences", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-317": { "value": "
1\u00a0416
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-318": { "value": "
(380)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-319": { "value": "As at 31 December", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-320": { "value": "
11\u00a0930
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-321": { "value": "
10\u00a0993
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-322": { "value": "
Rehabilitation provisions
During the year, the rehabilitation provision for Ghaghoo was decreased to zero as a consequence of the mining licence
relinquishment, which absolved the Group from any further environmental rehabilitation obligation with regard to the Ghaghoo
mine. The provision at Let\u0161eng has been recognised, as the Group has an obligation for rehabilitation of the Let\u0161eng mining
area. The provision has been calculated based on total estimated rehabilitation costs, discounted back to their present values
over the estimated rehabilitation period at the mine. The pre-tax discount rates are adjusted annually and reflect current market
assessments.
In determining the amount attributable to the rehabilitation provision of US$11.9 million (31 December 2024: US$8.8 million)
at Let\u0161eng, management used a discount rate of 8.30% (31 December 2024: 9.41%), estimated rehabilitation timing of 11 years
(31 December 2024: 15 years) and an inflation rate of 3.6% (31 December 2024: 4.5%). The Let\u0161eng rehabilitation quantum
increased from the prior year, mainly driven by the annual reassessment of the estimated closure costs performed at the
operation, the effect of the revised timing of the rehabilitation, the discount rate and interest rate used to present-value the
provision, and the weakening of the US dollar against the Lesotho loti.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-323": { "value": "11.9 million", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-324": { "value": "
2025
2024
US$\u2019000
US$\u2019000
23.
DEFERRED TAXATION
Deferred tax assets
Lease liabilities
471
850
Accrued leave
190
159
Provisions
3\u00a0557
3\u00a0304
Tax losses
76
\u2013
4\u00a0294
4\u00a0313
Deferred tax liabilities
Property, plant and equipment
(52\u00a0279)
(67\u00a0549)
Right-of-use assets
(532)
(779)
Prepayments
16
19
Unremitted earnings
(972)
(972)
(53\u00a0767)
(69\u00a0281)
Net deferred tax liability
(49\u00a0473)
(64\u00a0968)
Reconciliation of net deferred tax liability
As at 1 January
(64\u00a0968)
(70\u00a0437)
Movement in current period:
- Accelerated depreciation and impairment\u00a0 for tax purposes
23\u00a0367
5\u00a0082
- Accrued leave
3
52
- Unremitted earnings
\u2013
606
- Prepayments
2
73
- Provisions
(190)
(348)
- Deferred tax asset raised/(reversed) on tax losses
74
(1\u00a0817)
- Lease liabilities
(513)
(224)
- Right-of-use assets
358
151
- Foreign exchange differences
(7\u00a0606)
1\u00a0894
As at 31 December
(49\u00a0473)
(64\u00a0968)
The Group has not recognised a deferred tax liability for all taxable temporary differences associated with investments in
subsidiaries because it is able to control the timing of dividends and only part of the temporary difference is expected to
reverse in the foreseeable future. The gross temporary difference in respect of the undistributed reserves of the Group\u2019s
subsidiaries for which a deferred tax liability has not been recognised is US$124.2 million (31 December 2024 : US$127.1 million ).
The deferred tax asset mainly relates to those recognised on the provision for rehabilitation at Let\u0161eng, as management will
implement appropriate tax planning strategies to ensure sufficient taxable income is available to utilise all deductions in the
future.
The deferred tax liability on unremitted earnings is based on the timing of expected dividends from the Group\u2019s subsidiaries
over the next three years. There are no income tax consequences attached to the payment of dividends by Gem Diamonds
Limited to its shareholders.
The Group has estimated tax losses of US$63.5 million (excluding US$157.6 million relating to Gem Diamonds Botswana which
was abandoned during the year) of which US$56.4 million relates to Gem Diamonds Limited (31 December 2024: US$214.7
million of which US$155.7 million related to Gem Diamonds Botswana and US$50.8 million to Gem Diamonds Limited) for which
no deferred tax assets have been recognised, as management does not foresee any taxable profits or taxable temporary
differences against which to utilise these.
The majority of tax losses are generated in jurisdictions where tax losses do not expire, except for tax losses incurred by Gem
Diamonds Innovation Solutions CY Limited, within the Cyprus jurisdiction, which has unrecognised tax losses of US$1.0 million
(31 December 2024: US$2.2 million) and if not utilised, will expire as indicated in the table below:
2025
2024
US$\u2019000
US$\u2019000
Utilisation required within one year
441
317
Utilisation required between one and two years
506
376
Utilisation required between two and five years
90
1\u00a0317
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-325": { "value": "
2025
2024
Notes
US$\u2019000
US$\u2019000
24.
CASH FLOW NOTES
24.1
Cash generated by operations
(Loss)/profit before tax for the period \u2013 continuing operations
(92\u00a0053)
12\u00a0418
Profit/(loss) before tax for the period \u2013 discontinued operation
1\u00a0793
(957)
Adjustments for:
Depreciation and amortisation excluding waste stripping
10\u00a0281
9\u00a0238
Depreciation on right-of-use assets
4, 10
1\u00a0761
2\u00a0129
Waste stripping cost amortised
4, 9
29\u00a0366
35\u00a0627
Finance income
6
(1\u00a0080)
(875)
Finance costs
6
5\u00a0839
7\u00a0406
Unrealised foreign exchange differences
(1\u00a0148)
(946)
Profit on disposal and scrapping of property, plant and equipment
3
(233)
(152)
(Gain)/loss on derecognition of leases
9
(514)
286
Environmental rehabilitation adjustment
3
(2\u00a0309)
(562)
Write-down of inventories to net realisable value
4\u00a0415
150
Bonus, leave and severance provisions raised
1\u00a0068
4\u00a0028
Share-based payments
266
516
Impairment of non-current financial assets
4
77\u00a0691
\u2013
Other
(7)
\u2013
35\u00a0136
68\u00a0306
24.2
Working capital adjustment
(Increase)/decrease in inventory
(10\u00a0219)
3\u00a0482
Decrease/(increase) in receivables
4\u00a0846
(4\u00a0377)
Decrease in payables
(6\u00a0483)
(15\u00a0442)
(11\u00a0856)
(16\u00a0337)
24.3
Cash flows from financing activities (excluding lease liabilities)
As at 1 January
21\u00a0030
38\u00a0567
Net cash used in financing activities
(424)
(19\u00a0755)
\u2013 Financial liabilities repaid
(29\u00a0596)
(42\u00a0117)
\u2013 Financial liabilities raised
29\u00a0172
22\u00a0362
Interest paid
(4\u00a0532)
(4\u00a0934)
Non-cash movements
8\u00a0802
7\u00a0152
\u2013 Interest accrued
4\u00a0532
4\u00a0934
\u2013 Amortisation of credit underwriting fees
72
264
\u2013 Financial liabilities raised1
2\u00a0270
2\u00a0480
\u2013 Foreign exchange differences
1\u00a0928
(526)
As at 31 December
18
24\u00a0876
21\u00a0030
1\u00a0 \u00a0 \u00a0 This amount mainly relates to funding obtained for insurance premium finance. The funding was paid directly by the lender to the third party and is being repaid by
\u00a0 \u00a0 \u00a0 the Group in monthly instalments to the lender. Refer to Note 18, Interest-bearing loans and borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-326": { "value": "
2025
2024
US$\u2019000
US$\u2019000
25.
COMMITMENTS AND CONTINGENCIES
Commitments
Mining leases
Mining lease commitments represent the Group\u2019s future obligation arising from agreements
entered into with local authorities in the mining areas that the Group operates.
The period of these commitments is determined as the lesser of the term of the agreements,
excluding renewable periods, or the LoM. The estimated lease obligation regarding the future
lease period, accepting stable inflation and exchange rates, is as follows:
\u2013 Within one year
282
252
\u2013 After one year but not more than five years
715
855
\u2013 More than five years
\u2013
\u2013
997
1\u00a0107
Multi-aggregate protection policy
The Group, through its subsidiary Let\u0161eng, entered into a LSL140.0 million (US$8.5 million) Multi-
aggregate Protection Insurance Policy with the Lesotho National General Insurance Company
(LNGIC) in October 2021. The policy has a tenure of four years and nine months, ending in July
2026, and consists of five premium payments each payable annually in advance.
The final premium payment was settled during the year and therefore there are no future cash
flow commitments. Refer to Note 13, Receivables and other assets for further detail on the
policy.
\u2013 Within one year
\u2013
1\u00a0590
\u2013 After one year but not more than five years
\u2013
\u2013
\u2013
1\u00a0590
Let\u0161eng Diamonds Educational Fund
In terms of the mining agreement entered into between the Group and the Government of the
Kingdom of Lesotho, the Group has an obligation to provide funding for education and training
scholarships. The quantum of such funding is at the discretion of the Let\u0161eng Diamonds
Education Fund Committee.
\u2013 Within one year
41
54
\u2013 After one year but not more than five years
\u2013
77
41
131
Capital expenditure
Approved but not contracted for
1\u00a0230
1\u00a0621
Approved and contracted for
18
1\u00a0924
1\u00a0248
3\u00a0545
Capital expenditure approved mainly relates to the cost for the commencement of the lateral support and potential rockfall
mitigation measure above the SC6W cutback in the Satellite pit.
Contingencies
The Group has conducted its operations in the ordinary course of business in accordance with its understanding and interpretation
of commercial arrangements and applicable legislation in the countries where the Group operates. In certain specific transactions,
however, the relevant third party or authorities could have a different interpretation of those laws and regulations that could lead
to contingencies or additional liabilities for the Group. Having consulted professional advisers, the Group has identified possible
costs approximating US$1.0 million (December 2024: US$0.6\u00a0million), mainly relating to disputes on an insurance claim and a
contract termination.
The Group monitors possible tax claims within the various jurisdictions in which the Group operates. It is noted that tax
legislation is highly complex and subject to interpretation of the application of the law. It is common for tax authorities to review
tax returns, and in some instances, disputes may arise over the interpretation and application of the prevailing tax legislation.
Due to the complexity of the legislation, significant judgement is required to determine any effects of uncertainties in
accounting for and disclosure of income taxes. When uncertain tax positions have been determined as being probable, they
have been provided for and disclosed. There were no uncertain tax positions in 2025. Refer to Note 1.2.27, Critical accounting
estimates and judgements. While it is difficult to predict the ultimate outcome in some cases, the Group does not anticipate
that there will be any material impact on the Group\u2019s results, financial position or liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-327": { "value": "
26.
RELATED PARTIES
Related party
Relationship
Jemax Management (Proprietary) Limited
Common director
Government of the Kingdom of Lesotho
Non-controlling interest
Refer to Note 1.1.2 , Operational information, for information regarding shareholding in subsidiaries.
2025
2024
US$\u2019000
US$\u2019000
Compensation to key management personnel (including Directors)
Share-based equity transactions
252
481
Short-term employee benefits
3\u00a0868
3\u00a0973
Post-employment benefits (including severance pay and pension)
197
157
4\u00a0317
4\u00a0611
Fees paid to related parties
Jemax Management (Proprietary) Limited
(83)
(75)
Royalties paid to related parties
Government of the Kingdom of Lesotho
(4\u00a0545)
(14\u00a0902)
Lease and licence payments to related parties
Government of the Kingdom of Lesotho
(61)
(61)
Sales to/(purchases from) related parties
Jemax Management (Proprietary) Limited
(4)
(4)
Amount included in trade payables owing to related parties
Jemax Management (Proprietary) Limited
(7)
(6)
Amounts owing to related party
Government of the Kingdom of Lesotho
(67)
(2\u00a0076)
Dividends declared and paid
Government of the Kingdom of Lesotho
\u2013
(4\u00a0289)
Jemax Management (Proprietary) Limited provided administrative services with regard to the mining activities undertaken by
the Group. A controlling interest is held by an Executive Director of the Company.
The above transactions were made on terms agreed between the parties. The amounts included in trade payables are non-
interest bearing and have no repayment terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-328": { "value": "
27.\u00a0 FINANCIAL RISK MANAGEMENT
Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks:
\u2022 market risk (including commodity price risk, foreign exchange risk and interest rate risk);
\u2022 credit risk; and
\u2022 liquidity risk.
The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential
adverse effects on the Group\u2019s financial performance.
Risk management is carried out under policies approved by the Board of Directors. The Board provides principles for overall risk
management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative
financial instruments and non-derivative financial instruments, and investing excess liquidity.
There have been no changes to the financial risk management policy since the prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-329": { "value": "
Capital management
For the purpose of the Group\u2019s capital management, capital includes the issued share capital, share premium and liabilities on the Group\u2019s
statement of financial position. The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating
and healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure, and
makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may issue new
shares, buy back its shares, or restructure its debt facilities. The management of the Group\u2019s capital is performed by the Board.
The Group\u2019s capital management, among other things, aims to ensure that it meets financial covenants attached to its interest-bearing
loans and borrowings. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings.
There have been no breaches of the financial covenants in the current or any previous years.
At 31 December 2025, the Group had US$68.3 million (31 December 2024: US$69.0 million) of undrawn debt facilities and continues to
have the flexibility to manage the capital structure more efficiently with the use of these debt facilities, thus ensuring that an appropriate
gearing ratio is achieved.
Refer to Note 18, Interest-bearing loans and borrowings for detail on the debt facilities within the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-330": { "value": "a)Market risk
(i)Commodity price risk
The Group is subject to diamond price risk. Diamonds are not homogeneous products and the price of rough diamonds is not
monitored on a public index system. The fluctuation of prices is related to certain features of diamonds such as quality and size,
together with diamond market fundamentals. Diamond prices are marketed in US dollar, and long-term US dollar per carat prices are
based on external market consensus forecasts. The Group does not have any financial instruments that may fluctuate as a result of
commodity price movements.
(ii)Foreign exchange rate risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with
respect to the Lesotho loti and South African rand. Foreign exchange risk arises when future commercial transactions and recognised
assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency.
The Group\u2019s sales are denominated in US dollar, which is the functional currency of the Company, but not the functional currency of all
its operations.
The currency sensitivity analysis below is based on the following assumptions:
\u2022 Differences resulting from the translation of the financial statements of the subsidiaries into the Group\u2019s presentation currency
of US dollar are not taken into consideration;
\u2022 The major currency exposures for the Group relate to the US dollar and local currencies of subsidiaries. Foreign currency exposures
between two currencies where one is not the US dollar are deemed insignificant to the Group and have therefore been excluded
from the sensitivity analysis; and
\u2022 The analysis of the currency risk arises because of financial instruments which are denominated in a currency that is not the functional
currency of the relevant Group entity. The sensitivity has been based on financial assets and liabilities at 31 December 2025 and
31 December 2024.
There has been no change in the assumptions or method applied from the prior year.
Sensitivity analysis
At year end, Let\u0161eng had US$5.4 thousand cash on hand held in US$ (2024: US$ 37.8 thousand). If the US dollar had appreciated/
(depreciated) by 10% against the LSL, the Group\u2019s profit before tax and equity at 31 December 2025 would have been US$0.6 thousand
higher/(lower) (31 December 2024: US$3.9 thousand).
(iii)Forward exchange contracts
From time to time, the Group enters into forward exchange contracts to hedge the exposure to changes in foreign currency of future
sales of diamonds at Let\u0161eng Diamonds. The Group performs no hedge accounting. At 31 December 2025, the Group had no forward
exchange contracts outstanding (31 December 2024: nil).
(iv)Interest rate risk
The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s cash flow
interest rate risk arises from borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. At the time
of taking new loans or borrowings, management uses its judgement to decide whether it believes that a fixed or variable rate borrowing
would be more favourable to the Group over the expected period until maturity.
Sensitivity analysis
If the interest rates on the interest-bearing loans and borrowings had (increased)/decreased by 100 basis points (2024: 100 basis points)
during the year, profit before tax and equity would have been US$0.2 million (lower)/higher (31 December 2024: US$60.0 thousand).
(b)Credit risk
The Group\u2019s potential concentration of credit risk consists mainly of cash deposits with banks, trade receivables, the insurance asset and
other receivables. The Group\u2019s short-term cash surpluses are placed with banks that have investment grade ratings, to minimise the
exposure to credit risk to the lowest level possible from the perspective of the Group\u2019s cash and cash equivalents. The maximum credit
risk exposure relating to financial assets is represented by their carrying values as at the reporting dates.
The Group considers the credit standing of counterparties when making deposits to manage the credit risk.
Considering the nature of the Group\u2019s ultimate customers and the relevant terms and conditions entered into with such customers, the
Group believes that credit risk is limited as the customers pay and settle their accounts on the date of receipt of goods.
The Group\u2019s insurance premiums are placed with insurers and underwriters that have high-quality credit standings, to minimise the
exposure to credit risk to the lowest level possible from the perspective of the Group\u2019s insurance asset.
An ECL assessment was considered on the current other receivable, refer to Note 13, Receivables and other assets. This receivable is
not considered to be impaired, neither is it past its due date. The credit risk associated with this receivable has therefore been assessed
as low. If an ECL of 8% had been applied, profit before tax would have been US$0.1 million lower in the current year.
No material other financial assets are impaired or past due and accordingly, no additional ECL or credit risk analysis has been provided.
27.FINANCIAL RISK MANAGEMENT (continued)
Capital management (continued)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-331": { "value": "b)Credit risk (continued)
The Group did not hold any form of collateral or credit enhancements for its credit exposures during the 31 December 2025
and 31 December 2024 financial reporting periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-332": { "value": "
(c)Liquidity risk
Liquidity risk arises from the Group\u2019s inability to obtain the funds it requires to comply with its commitments, including the
inability to realise a financial asset in a short period of time at a price close to its fair value. Management manages the risk by
maintaining sufficient cash and marketable securities and ensuring access to financial institutions and shareholding funding.
This ensures flexibility in maintaining business operations and maximises opportunities. The Group has available undrawn
debt facilities of US$68.3 million at year end (2024: US$69.0 million). The Group\u2019s facilities expire in December 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-333": { "value": "
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December based on contractual
undiscounted payments.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2024
US$\u2019000
US$\u2019000
Floating interest rates
Interest-bearing loans and borrowings
\u2013 Within one year
22\u00a0646
5\u00a0104
\u2013 After one year but not more than three years
6\u00a0736
15\u00a0985
\u2013 After three years but not more than five years
\u2013
2\u00a0826
Total
29\u00a0382
23\u00a0915
Lease liabilities
\u2013 Within one year
1\u00a0761
2\u00a0776
\u2013 After one year but not more than three years
882
1\u00a0750
\u2013 After three years but not more than five years
416
384
\u2013 After five years
67
256
Total
3\u00a0126
5\u00a0166
Trade and other payables
\u2013 Within one year
5\u00a0690
11\u00a0588
\u2013 After one year but not more than three years
\u2013
\u2013
Total
5\u00a0690
11\u00a0588
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-334": { "value": "
28.SHARE-BASED PAYMENTS
2025
2024
US$\u2019000
US$\u2019000
The expense recognised for employee services received during the year is shown in the
following table:
Equity-settled share-based payment transactions charged to the statement of profit or loss
266
516
The long-term incentive plans are described below:
Long-term incentive plan (LTIP)
Certain key employees are entitled to a grant of options under the LTIP of the Company. The vesting of the options is dependent
on employees remaining in service for a prescribed period (normally three years) from the date of grant. Prior to the April 2022
award, the fair value of share options granted was estimated at the date of the grant using an appropriate simulation model, taking
into account the terms and conditions upon which the options were granted. It took into account projected dividends and share
price fluctuation co-variances of the Company. Since 2022, the fair value of the share options granted has been based on the
observable Gem Diamonds Limited share price on the date of the award with no adjustments made to the price.
There is a nil exercise price for the options granted. The contractual life of the options is 10 years and there are no cash
settlement alternatives. The Company has no past practice of cash settlement.
The Company's LTIP policy is reviewed every 10 years.
28.SHARE-BASED PAYMENTS (continued)
LTIP 2007 Award
Under the 2007 LTIP rules, there is one award where options are still outstanding.
This award was awarded on the following basis:
To key employees (excluding Executive Directors):
\u2022 the award vests over a three-year period in tranches of one-third of the award each year;
\u2022 the vesting of the award is dependent on service conditions and certain performance targets being met for the same three-year
period (classified as non-market conditions). These non-market condition awards are referred to as nil value options in the tables
below;
\u2022 if the performance or service conditions are not met, the options lapse;
\u2022 the performance conditions relating to the non-market conditions are not reflected in the fair value of the award at grant\u00a0date;
\u2022 once the award vests, it is exercisable for seven years (i.e. contractual term is 10 years); and
\u2022 the vested award is equity settled.
To Executive Directors:
\u2022 the award vests over a three-year period;
\u2022 the vesting of the award is dependent on service conditions and both market and non-market performance conditions;
\u2022 75% of the award granted is subject to non-market conditions (referred to as nil value options in the tables below) and 25% to market
conditions (referred to as Market Value options in the tables below) by reference to the Company\u2019s total shareholder return (TSR) as
compared to a group of principal competitors;
\u2022 if the performance or service conditions are not met, the options lapse;
\u2022 the performance conditions relating to the non-market conditions are not reflected in the fair value of the award at grant\u00a0date;
\u2022 once the award vests, it is exercisable for seven years (i.e. contractual term is 10 years); and
\u2022 the vested award is equity settled.
The fair value of the nil value award is based on the observable Gem Diamonds Limited share price on the date of award, with no
adjustments to the price made.
28.SHARE-BASED PAYMENTS (continued)
The following table reflects details of the award within the 2007 LTIP that remains outstanding:
LTIP
March
2016
Number of options granted \u2013 Nil value
1\u00a0215\u00a0000
Number of options granted \u2013 Market value
185\u00a0000
Date exercisable
15 March 2019
Options outstanding
26\u00a0037
Dividend yield (%)
2.00
Expected volatility (%)1
39.71
Risk-free interest rate (%)2
0.97
Expected life of option (years)
3.00
Exercise price (US$)
nil
Exercise price (GBP)
nil
Weighted average share price (US$)
1.56
Fair value of nil value options (US$)
1.40
Fair value of nil value options (GBP)
0.99
Fair value of market value options (US$)
0.69
Fair value of market value options (GBP)
0.49
Model used
Monte Carlo
1\u00a0 \u00a0 \u00a0 Expected volatility was based on the average annual historic volatility of the Company\u2019s share price over the previous three years.
2\u00a0 \u00a0 \u00a0 \u00a0 The relevant risk-free interest rate is taken from a UK Treasury Bond issued which closely matches the lifetime of the option.
LTIP 2017 Award
Under the 2017 LTIP rules, there are eight awards where options are still outstanding.
Employee Share Option Plan 2017 Award (ESOP) \u2013 10 April 2025 award
On 10 April 2025,\u202f375 970 nil-cost options were granted to certain key employees under the ESOP of the Company. In addition,
2\u00a0226\u00a0929 nil-cost options were granted to certain Executive employees and the Executive Directors on a similar basis as the 2007 LTIP.
These options were granted in line with the introduction of the Gem Diamonds Incentive Plan (GDIP) in 2021, which integrated annual
bonus awards with awards under the ESOP. The options vest in tranches of one-third per annum commencing on 10 April 2026 and
ending on 10 April 2028. The options are exercisable between the respective vesting dates and 10 April 2035.
This award was made under predominantly the same basis as the 2007 LTIP, with the following differences:
To key employees (excluding Executive Directors):
\u2022 the number of awards granted is determined on the Group\u2019s performance in the preceding financial year in terms of the Gem
Diamonds Incentive Plan (GDIP) introduced in 2021;
\u2022 the vesting of the award is dependent only on service conditions. There are no future performance conditions attached to the award;
\u2022 if the service conditions are not met, the options lapse;
\u2022 the fair value of the awards is based on the observable Gem Diamonds Limited share price on the date of award, with no adjustments
to the price made;
\u2022 the awards are exercisable for 10 years from the award date; and
\u2022 the awards are subject to malus and clawback.
To Executive Directors and the Chief Operating Officer as a bonus share award, with the only additional criteria to the ones above
being:
\u2022 the awards have a two-year holding period from the respective vesting dates.
28.SHARE-BASED PAYMENTS (continued)
The following table reflects details of all the awards within the 2017 LTIP that remain outstanding:
LTIP
LTIP
LTIP
LTIP
LTIP
LTIP
LTIP
LTIP
April
April
April
April
June
March
March
July
2025
2024
2023
2022
2020
2019
2018
2017
Number of
options
granted \u2013 Nil
value
2\u00a0602\u00a0899
1\u00a0996\u00a0047
1\u00a0060\u00a0055
1\u00a0007\u00a0098
1\u00a0069\u00a0000
1\u00a0160\u00a0500
1\u00a0265\u00a0000
1\u00a0150\u00a0000
Number of
options
granted \u2013
Market value
\u2013
\u2013
\u2013
\u2013
180\u00a0000
142\u00a0500
185\u00a0000
185\u00a0000
Date
exercisable
10 April
2026
17 April 2025
21 April 2024
4 April 2023
9 June 2023
20 March
2022
20 March
2021
4 July 2020
Options
outstanding
2\u00a0584\u00a0119
1\u00a0946\u00a0561
983\u00a0039
858\u00a0140
327\u00a0205
244\u00a0035
226\u00a0072
45\u00a0185
Dividend
yield (%)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.00
Expected
volatility (%)1
n/a
n/a
n/a
n/a
47.00
43.00
40.00
40.21
Risk-free
interest rate
(%)2
n/a
n/a
n/a
n/a
0.34
1.20
1.20
0.67
Expected life
of option
(years)
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
Exercise price
(US$)
nil
nil
nil
nil
nil
nil
nil
nil
Exercise price
(GBP)
nil
nil
nil
nil
nil
nil
nil
nil
Weighted
average share
price (US$)
0.10
0.11
0.34
0.74
0.39
1.20
1.35
1.24
Fair value of
nil value
options (US$)
0.10
0.11
0.34
0.74
0.39
1.20
1.35
1.11
Fair value of
nil value
options (GBP)
0.08
0.09
0.27
0.58
0.31
0.90
0.96
0.86
Fair value of
market value
options (US$)
\u2013
\u2013
\u2013
\u2013
0.19
0.58
0.74
0.72
Fair value of
market value
options (GBP)
\u2013
\u2013
\u2013
\u2013
0.15
0.44
0.53
0.56
Model used
n/a
n/a
n/a
n/a
Monte Carlo
Monte Carlo
Monte Carlo
Monte Carlo
1\u00a0 \u00a0 \u00a0 Expected volatility was based on the average annual historic volatility of the Company\u2019s share price over the previous three years.
2\u00a0 \u00a0 \u00a0 \u00a0 The relevant risk-free interest rate is taken from a UK Treasury Bond issued which closely matches the lifetime of the option.
28.SHARE-BASED PAYMENTS (continued)
The following table illustrates the number (\u2019000) and movement in the outstanding share options during the year:
2025
2024
\u2019000
\u2019000
Outstanding as at 1 January
4\u00a0846
2\u00a0825
Granted during the year
2\u00a0603
1\u00a0996
Exercised during the year1
(207)
(26)
Forfeited during the year
(67)
(71)
Dividends allocated to vested options
64
122
Outstanding as at 31 December
7\u00a0239
4\u00a0846
Exercisable as at 31 December
1\u00a0122
1\u00a0908
1\u00a0 Options were exercised regularly throughout the year. The weighted average share price during the year was \u00a30.06 (US$0.09) (2024: \u00a30.11 (US$0.14)).
The weighted average remaining contractual life for the share options outstanding as at 31 December 2025 was 7.7 years
(2024:\u00a07.4\u00a0years).
The weighted average fair value of the share options outstanding as at 31 December 2025 was US$0.18 (2024: US$0.26).
ESOP
In September 2017, 47 200 shares which were previously held in the Company Employee Share Trust were granted to certain key
employees involved in the Business Transformation of the Group. The Company Employee Share Trust was deregistered in 2017
following the grant of these shares. The fair value of the award was valued at the share price of the Company at the date of the award of
\u00a30.71 (US$0.96). These shares vested on 18 March 2019 and became immediately exercisable. The fair value of these outstanding
awards at 31 December 2025 was \u00a30.03 (US$0.04) (2024: \u00a30.11 (US$0.14)).
The shares outstanding at the end of the year are as follows:
2025
2024
US$\u2019000
US$\u2019000
Outstanding as at 1 January
10
10
Exercised during the year
\u2013
\u2013
As at 31 December
10
10
Exercisable as at 31 December
10
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "
29.FINANCIAL INSTRUMENTS
Set out below is an overview of financial instruments, other than the current portions of the prepayment disclosed in Note 13,
Receivables and other assets , which do not meet the criteria of a financial asset.
2025
2024
Notes
US$\u2019000
US$\u2019000
Financial assets at amortised cost
Cash
15
3\u00a0773
12\u00a0878
Receivables and other assets
13
12\u00a0035
11\u00a0917
Total
15\u00a0808
24\u00a0795
Total non-current
908
7\u00a0341
Total current
14\u00a0900
17\u00a0454
Financial liabilities at amortised cost
Interest-bearing loans and borrowings
18
24\u00a0876
21\u00a0030
Trade and other payables
20
5\u00a0690
11\u00a0589
Total
30\u00a0566
32\u00a0619
Total non-current
6\u00a0228
16\u00a0633
Total current
24\u00a0338
15\u00a0986
The carrying amounts of the Group\u2019s financial instruments held approximate their fair value.
There were no open hedges at year end ( 2024: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "EVENTS AFTER THE REPORTING PERIOD
No\u00a0other fact or circumstance has taken place between the end of the reporting period and the approval of the financial statements
which, in our opinion, is of significance in assessing the state of the Group\u2019s affairs or requires adjustments or disclosures", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800RC2PGGMZQG8L67", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-337": { "value": "MATERIAL PARTLY OWNED SUBSIDIARY
Financial information of Let\u0161eng Diamonds, a 70% held subsidiary which has a material non-controlling interest, with the remaining 30%
being held by the Government of the Kingdom of Lesotho, is provided below. This information is based on amounts before
intercompany eliminations and other consolidation adjustments.
2025
2024
US$\u2019000
US$\u2019000
Name
Country of
incorporation
and operation
Let\u0161eng Diamonds (Proprietary) Limited
Lesotho
Accumulated balances of material non-controlling interest
55\u00a0654
68\u00a0087
(Loss)/profit allocated to material non-controlling interest
(3\u00a0527)
4\u00a0306
Summarised statement of profit or loss for the year ended 31 December
Revenue
96\u00a0799
149\u00a0196
Cost of sales
(95\u00a0381)
(111\u00a0400)
Gross profit
1\u00a0418
37\u00a0796
Royalties and selling costs
(4\u00a0953)
(15\u00a0368)
Other operating (loss)/income
(9\u00a0502)
809
Operating (loss)/profit
(13\u00a0037)
23\u00a0237
Net finance costs
(3\u00a0549)
(4\u00a0710)
(Loss)/profit before tax
(16\u00a0586)
18\u00a0527
Income tax benefit/(expense)
4\u00a0832
(4\u00a0173)
(Loss)/profit for the year
(11\u00a0754)
14\u00a0354
Total comprehensive income
(11\u00a0754)
14\u00a0354
Attributable to non-controlling interest
(3\u00a0527)
4\u00a0306
Dividends paid to non-controlling interest
\u2013
(4\u00a0289)
Summarised statement of financial position as at 31 December
Assets
Non-current assets
Property, plant and equipment, deferred tax assets, intangible assets and
receivables and other assets
224\u00a0853
291\u00a0506
Current assets
Inventories, receivables and other assets, and cash and short-term deposits
48\u00a0826
48\u00a0888
Total assets
273\u00a0679
340\u00a0394
Non-current liabilities
Interest-bearing loans and borrowings, trade and other payables, provisions, lease
liabilities and deferred tax liabilities
73\u00a0355
90\u00a0605
Current liabilities
Interest-bearing loans and borrowings, trade and other payables and lease liabilities
14\u00a0810
22\u00a0830
Total liabilities
88\u00a0165
113\u00a0435
Total equity
185\u00a0514
226\u00a0959
Attributable to:
Equity holders of parent
129\u00a0860
158\u00a0872
Non-controlling interest
55\u00a0654
68\u00a0087
Summarised cash flow information for the year ended 31 December
Operating cash inflows
10\u00a0053
55\u00a0313
Investing cash outflows
(13\u00a0897)
(26\u00a0921)
Financing cash outflows
(5\u00a0838)
(35\u00a0542)
Foreign exchange differences
2\u00a0543
2\u00a0523
Net decrease in cash and cash equivalents
(7\u00a0139)
(4\u00a0627)
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