Gemfields grants significant performance share awards to executives

Gemfields Group Limited has awarded a total of 48,853,247 performance shares to two executive directors and several senior employees, including persons discharging managerial responsibilities (PDMRs). These nominal cost options, granted under the Long Term Incentive Plan 2023 ("LTIP"), represent 2.83% of the company's issued share capital.

The vesting of these performance shares is conditional on meeting specific performance targets over a three-year period, from July 1, 2025, to June 30, 2028. Awards will vest on the third anniversary of the grant, subject to a two-year post-vesting holding period and conventional malus and clawback provisions.

Performance conditions are split between Cumulative Adjusted Earnings Per Share ("AEPS") and Total Shareholder Return ("TSR") targets, each accounting for up to 50% of the total performance shares. For AEPS, 25% vesting occurs at $0.048, with 100% vesting at $0.06 or higher. For TSR, 25% vesting occurs at 8% compound annual growth, with 100% vesting at 12% or higher. The base share price for TSR calculation is $0.0721 cents.