Petra Diamonds Regulatory News (PDL)

Petra Diamonds Limited

Q3 FY 2025 Operating & Business Update

Petra is today providing the following operating and business update for Q3 FY 2025. The quarter marked another period of steady operational delivery across the Group. The Group continued to execute on its short-term priorities, including labour restructuring, general cost control and disciplined capital management. Both Cullinan and Finsch Mines maintained their solid performances, supported by the ongoing focus on safe, stable operations and a revised cost discipline approach. The Group remains on track to deliver production guidance for FY 2025 of 2.4 - 2.7 Mcts for the SA Operations.

Operationally, Finsch began mining from the 81L block, which should result in improved quality and higher overall recovered value. As mentioned in the recent update on 9 April, while production volumes were largely maintained at Cullinan Mine, it continued to experience weaker product mix. Recovery is expected to improve as tonnage from the new CC1E sub-level cave ramps up and extensions to the C-Cut progress, but short-term volatility in product mix is likely to continue.

The partial sale of Tender 5 for Finsch and Williamson was completed in early April, resulting in total sales of 176kcts sold for US$18 million. Due to the uncertainty caused by the US tariff announcement, a decision was made to delay the sale of Tender 5 goods from Cullinan Mine, which we expect to complete in early June 2025, along with our Tender 6 cycle.  

The labour restructuring in support services that was initiated in December 2024 was successfully concluded during the quarter. As an outcome of our Life of Mine plan reviews, the Cullinan Mine will transition from a Continuous Operation (Contops) to a 3-shift operation in FY26. Consequently, a Section 189A (retrenchment) consultation process was initiated at the beginning of May 2025. This process is expected to be completed by mid-July 2025, and marks the final element of the internal Business Restructuring Plan that was launched in December 2024.

Petra also announced the completion of the sale of Williamson Diamond Mine to Pink Diamonds. This is in line with streamlining Petra to our two core South African assets, which present significant value over the long term.

Vivek Gadodia and Juan Kemp, interim joint Chief Executive Officers of Petra, commented:

"Alongside the broader diamond sector, Petra has been navigating a very difficult diamond market. Despite this, Petra has shown considerable resilience by delivering on its production and cost targets, while undergoing unprecedented changes in the Business, including the regrettable loss of jobs. We fully appreciate all the sacrifices, commitment, and hard work of our employees.

We believe the steps we have taken over the past 12 months position Petra well for a successful refinancing. We will now look to commence engagements with our lenders on the refinancing of our debt maturing in early 2026.”

Highlights vs Q2 FY 2025 (excludes Williamson as a discontinued operation)

Operating Summary (excludes Williamson as a discontinued operation)

1 Revenue reflects proceeds from the sale of rough diamonds and excludes revenue from profit share arrangements

2 Re-presented to exclude Williamson which is classified as a discontinued operation

INVESTOR WEBCASTS

There will be no investor webcasts for the Q3 FY 2025 Operating Update.

FURTHER INFORMATION

For further information, please contact:

Investor Relations, London

       Telephone: +44 (0)7495470187

Kelsey Traynor     investorrelations@petradiamonds.com

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and a supplier of gem quality rough diamonds to the international market. The Company’s portfolio incorporates interests in two underground mines in South Africa (Cullinan and Finsch Mines).

Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base which supports the potential for long-life operations.

Petra strives to conduct all operations according to the highest ethical standards and only operates in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities.

Petra is quoted on the Main Market of the London Stock Exchange under the ticker 'PDL'. The Company’s loan notes, due in 2026, are listed on EuroNext Dublin (Irish Stock Exchange). For more information, visit www.petradiamonds.com.

Corporate and financial summary 31 March 2025 (excludes Williamson as a discontinued operation)

Note: The following exchange rates have been used for this announcement: average for 9M FY 2025 US$1: ZAR18.12 (H1 FY 2025 US$1: ZAR17.93; 3M FY 2025: US$1: ZAR17.96; FY 2024: US$1: ZAR18.71); closing rate as at 31 March 2025 US$1: ZAR18.30 (31 December 2024 US$1: ZAR18.85; 30 September 2024: ZAR17.26 and 30 June 2024: ZAR18.19).

Notes:

Mine-by-mine tables:

Cullinan Mine – South Africa

Note: 1. Petra is not able to precisely measure the ROM / tailings grade split because ore from both sources is processed through the same plant; the Company therefore back-calculates the grade with reference to resource grades.

Finsch – South Africa

Williamson – Tanzania

Notes: