Member Info for glenmorangie

I would say that is a very good start to the year,

Q1 results: Total revenue for the period is $32.1 m (Q4 2025 was $27.3m)

Average price per carat achieved up from $1,288 in Q4 2025 to $1,501 in Q1 2026

If avaerage price p/c is trending in upward direction then that is a massive plus for the Company and

we shall see how much net debt has been reduce after H1 results are published but I am

guessing we should see a marked reduction.

Good set of results.

Am I right in saying, that the more the Company dilutes the O/S the less the already Abhorrent offer from RAM equates

to, for the PIs ?

Depending on where we end up with the O/S, the $125 m offer will equate to less pence per share for PIs and any annual

% payout from the project when we are in production mode, will be the same.

Don't remember reading or hearing that in our managament teams presentation.

Q1 trading update out 20.05

Sorry hit wrong button and posted before finnishing my statement - should have read

Wonder if the 319 carat diamond discovered in early Q4 2025 (as stated in October Q3 update) is up for

sale in Q1 ? Didnt state the quality of the diamond on the update but if high quality must be worth

a few million.

Wonder if the 319 carat diamond discovered in Q4 (as stated in October ( is up for

I think what people are failing to realise, is how significant $1.5 m saving per month or $18 m per year is to the

profitability of the company. $18 m in savings could have same impact on profits as generating an additional $50 m in revenue, depending on what profit margins the company is running with.

If revenue for 2026 comes in at $100 m (similar to 2025) which is $54 m down on 2024 revenue, when share

was sitting between 10 - 15p per share, then that might be comparable regards profit, with the new reduced cost base.

The BR programme didn't kick into Q4 of last year and the company was able to reduce net debt by $8.1 m in the

2nd half of the year.

Just my thoughts.

As stated, I believe GEM is well positioned to take advantage of the changing market conditions in the natural diamond

sector, based on 2026 outlook below.

With Global output projected to remain low during 2026, quality stones married with ethical mining is going to see premium prices.

Natural Diamond Outlook for 2026

*The outlook for natural diamonds in 2026 is promising, with several key trends shaping the market:

Price Pressure: Natural diamonds are expected to see continued upward price pressure, particularly for high-quality, investment-grade stones. This is driven by constrained supply and the ethical imperative for provenance and sustainability.

*Market Segmentation:

The diamond market is projected to split into two distinct segments: the Luxury Rarity of natural diamonds and the Accessible Aspiration of high-quality lab-grown diamonds (LGDs).

*Ethical Premium:

The natural diamond sector is leveraging blockchain technology to provide satellite-verified proof of origin, reinforcing the value proposition of a rare, ancient, and responsibly-sourced product.

*Investment Niche:

Large, flawless stones (especially 4.00–5.99 carats, D-G color, VVS clarity or better) will remain highly sought after by institutional investors and collectors.

These trends indicate a shift towards a more sustainable and ethical approach in the diamond industry, with natural diamonds maintaining their value and appeal in the market.

These trends indicate a shift towards a more sustainable and ethical approach in the diamond industry, with natural diamonds maintaining their value and appeal in the market.

My take on 2025 financials, we always new they were going to be bad and impairment costs make it look even worse.

The diamond industry is obviousley under signficant pressure from Lab grown diamonds but has demand

for those type of diamonds peaked ? if so and with the constraints in supply on natural diamonds,

the companies that will benefit the most from any upturn in prices/demand are those that have taken the

necessary steps to reduce operational costs to maximise profits going forward.

I think GEM has done that over the last few years, especially in 2025.

Impairment costs are now nearly fully written down, so should be no significant write downs going forward.

Net debt reduced from $28.2 by $8.1 millon in 2nd half of the year due to implementation of BR programme (net savings operating savings of $1.5 per month), which didn't fully kick in till end of Septemeber. If they run at similar level through 2026 then net debt should be reduced significantly through 2026.

Loans and borrowings

The Group-wide debt facilities for Letšeng (LSL450.0 million (US$27.2 million) and ZAR300.0 million (US$18.1 million)) and Gem Diamonds (US$30.0 million), will expire on 21 December 2026. In line with normal processes, the Group will commence the formal renewal of its facilities in Q2 2026. The Board has a reasonable expectation that the refinancing will be successfully concluded.

Hopefully GEM is in a position now to take advantage of any upturn in the industry.

2025 results 18th March

So Feeks,

you 'would more readily believe the market has always priced ZIOC on the basis of normal risk and reward'.

So using your logic, the market has decided that the SP should be lower now, than it has been in the last 12 months.

Directly after the Company has proposed a deal to get the project to FID / production. One of the greatest valued

projects in AIM History unlocked and the SP falls ?

Then the market obviousley believes, either it was a horrendous deal or it will not take place at all, that management are

talking through a hole in their --se.

Correct, based on your logic ?

G_G_G I would also add that it is highly probable, in my opinion, that the share price has been manipulated

fo many months now.

The deal that has been offered, they have openly tied to the SP moving avarage, not the value of the project.

If the SP moving avaerage was sitting at 15-20p range, then the current deal presented to the PIs would

look even more rediculous.

I believe a certain significant investor and other tactics, has been used to keep the share price with in the current trading

range, to allow this deal to be offered.

My opinion, based on what I have witnessed over the last 12 months.

Hi G_G_G

Was it myself you wanted to say Hi on ADVFN board ?

People

If this was such a fair or even remotely good deal they have offered, then why has the market not reacted

in accordance ?

Large investors would have been all over this and the share price would have went up significantly

not down by over 25%.

This was suppose to be the key announcement from our managaemnt team showing the true value

of our project to the investment community and look what the reaction was. Forget the people on this

board for a moment, think about the reaction from the market. If the deal on offer was such a good

short term, medium term or long term investment without any potential pitfalls built in, then why are

signifcant/serious investors not all over this. It is a project worth in the multiple billion of $S and this is what

they think of managements investor presentation and the deal they are puttin together with RAM.

Hi G_G_G

Have you set-up the Discord group yet ?

Never used that signt before, is their an admin gate keeper to allow you to join the group ?

Cheers

G_G_G

Can I suggest that a close network is set-up for discussions and strategy formation, not sure letting

everyone know exactly what our tactics are going to be is best for the cause.

G_G_G

With ref to your request - ' If anyone has experience on legal challenges from the past, or a viewpoint on who should be engaged - firm and counsel names'

Unfortunately I have no past experience on legal challenges regards stock market activities.

Have been in many stocks where the Company has wiped out the PIs investment and the PIs

just walk away without challenge, but not this time.

Its amazing how much we have been conditioned to accept our fait, when our investment has been

wiped out or diminished significantly by unscrupulous management.

Keyed the following into google search - 'litigation lawyers uk stock markets' and it came up with a few.

The below firm could be suitable.

https://thelondoncitylaw.co.uk/our_services/stock-market-defence-prosecution/

I see that there is millions of shares being traded under the 'unknown banner' again.

I bet you our management team new exactly what the SP was going to do today, on that news

release.

G_G_G

In the event that this deal is as grossly unfair as we believe it is, I say option 3 & 4 are our best recourse.

* We pay for a legal firm (dont know if it has to be a BVI registered company) to assess the case

and give us their conclusions on wither our management team and significant investors have

breached market rules/regs.

Also their consideration on chances of winning case, actions they would take to prevent deal from going through,

cost structure on engagement of services and potential financial oitcome if we win.

* We contact every relevent media outlet that is willing to investigate and report on what has unfolded.

Don't know if it would be wise to wait till after Legal advice has been given.

Have been a sharholder in many stocks where management act in a dispicable manner and nothing is

ever done by the industry watchdogs. They walk into the sunset with millions and leave the PIs with an

empty shell / nothing.

These people (if you can call them that) never expect to be challenged by the PI base and thus carryout

their devious actions with contempt & expected impunity.

Anyways there my thoughts on the matter if we go down this route.

Anyways thats my tupp

To all the guys on here that stated that the board wouldn't want to ruin their reputations by doing something

underhand and shaft the PIs. How do yo feel now ?

Do you really think these guys give a flying --ck about preceived respect or reputation offered the PI community?

Right about now they are probably high fiving themeselves and getting the same from the industry for a

job well done.

The whole investment market is designed to allow these type of people to screw over PIs. From market makers,

brokers, industry regulations and regulators.

They will find new ways of screwing over the PIs between now and the Tranche 2 option taking place.

Did they even open up the project to receive offers from the industry ?