Grizzly Mining Limited, one of the world's largest producers of emeralds, is pleased to announce the results of latest international emerald auction held in Dubai in August 2023. The auction saw the Company offer its latest mid-high grade rough emeralds from its flagship Grizzly emerald mine in Zambia.

Highlights

• Auction generates record sales of US$48.63 million
• Auction underpins strong demand for high quality rough emeralds from Zambia
• 128 clients in attendance from Europe, Asia, and Africa
• 106 emerald lots were offered for sale, all of which were sold
• Proceeds to be reinvested into Zambian operations as part of ongoing production expansion

Abdoulaye Ndiaye, Chairman of Grizzly, commented:

"Grizzly has been championing Zambian emeralds for over 25 years and I am pleased to report another successful emerald auction which has seen new records broken.

"The market for emeralds remains extremely strong and continues to grow in size each year with Zambian rough accounting for 70% of global supply. I would like to thank all our international partners who participated in the auction.

"We continue to invest in our flagship Grizzly mine in Zambia and this auction will allow us to deliver our ongoing expansion."

Auction Results

The auction lots were made available in Dubai for in-person viewings by customers from 1-7 August 2023. Following the viewings, the auctions took place via an online auction platform specifically adapted for Grizzly, allowing customers to participate in a sealed-bid process.

The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand.