Petra Diamonds Regulatory News (PDL)

Petra Diamonds Ltd - Shareholder Consultations on Enhanced PSP Award

PR Newswire

London, November 10

FOR IMMEDIATE RELEASE

Petra Diamonds Limited(“Petra”) or the (“Company”)

Shareholder Consultations on Enhanced PSP Award

Ahead of Petra’s Annual General Meeting for the year ended 30 June 2022 which is to be held at 9am GMT on 16 November 2022 (AGM), Petra announces that it has completed consultations with its largest shareholders in relation to the making of a proposed enhanced Performance Share Plan (PSP) award to its Executive Directors for FY 2023 only. 

As set out in the Directors’ Remuneration Report that was published as part of the Company’s FY 2022 Annual Report, it is proposed that the enhanced PSP award be 300% of salary for the CEO and 225% of salary for the CFO. This enhanced award level will apply for FY 2023 only and compares to PSP awards last year that were 150% of salary for both the CEO and CFO, out of a maximum of 200% that is permitted under the Directors’ Remuneration Policy. The Board considers these enhanced award levels to be appropriate to retain Petra’s high-calibre Executive Directors, to recognise their exceptional performance and to align them with delivering Petra’s long-term strategic ambitions and in the interests of Petra’s shareholders and wider stakeholders.

The making of such enhanced PSP award requires an amendment to Petra’s Directors’ Remuneration Policy and PSP rules to be approved by shareholders at the AGM, as set out in resolution 4 of the Notice of AGM that was published on 11 October 2022.

Shareholders representing two-thirds of the issued share capital of the Company were consulted and Petra is pleased to confirm that there has been overwhelming support from shareholders indicating their intention to vote in favour of these amendments.

For further information, please contact:

Petra Diamonds, London Telephone: +44 20 7494 8203

Patrick Pittaway investorrelations@petradiamonds.com

Julia Stone

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 three underground producing mines in South Africa (Finsch, Cullinan Mine and Koffiefontein) and one open pit mine in Tanzania (Williamson).

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 of 226.6 million carats, 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 with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL'. The Company’s notes due in 2026 are listed on the Irish Stock Exchange and admitted to trading on the Global Exchange Market. For more information, visit www.petradiamonds.com.