GEMHOLDS ETHIOPIA LIMITED

• ⚠

  Material uncertainty over going concern

  The potential covenant breach combined with the risk of overdraft facilities becoming unavailable in an uncertain trading environment in the downside scenario of reduced revenues and increased costs indicate a material uncertainty exists that may cast significant doubt over the Group's ability to continue as a Going Concern. As a result, a material uncertainty also exists related to events or conditions that may cast significant doubt on the Company's ability to continue as going concern given the Company's reliance on Group support.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The potential covenant breach combined with the risk of overdraft facilities becoming unavailable in an uncertain trading environment in the downside scenario of reduced revenues and increased costs indicate a material uncertainty exists that may cast significant doubt over the Group's ability to continue as a Going Concern. As a result, a material uncertainty also exists related to events or conditions that may cast significant doubt on the Company's ability to continue as going concern given the Company's reliance on Group support.”

Group structure

1. GEMHOLDS ETHIOPIA LIMITED · parent
   1. Web Gemstone Mining plc 80% · Ethiopia · exploring and mining coloured gemstones

Significant events

• “The Group completed a fully underwritten USD 30.0 million Rights Issue on 13 June 2025 through the issuance of 556,203,396 new shares.”
• “On 8 August 2025, the Group signed an agreement to sell its entire interest in wholly-owned subsidiary Fabergé Limited ('Fabergé') for USD 50.0 million. The transaction completed on 29 August 2025.”
• “The licence area of Web Gemstone was evacuated after it was overrun by an armed mob in June 2018. All operations were suspended at the site due to the ongoing security risks.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  -0.4%

  -£4,887,324 → -£4,906,597

• Employees

  —

  Not reported

• Operating profit

  +91.4%

  -£225,352 → -£19,274

• Profit before tax

  +70.1%

  -£64,492 → -£19,274

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers