FOR IMMEDIATE RELEASE

07 March 2021

LSE: PDL

Petra Diamonds Limited

("Petra" or the "Company")

Sales Results for Tender 4 of FY 2022

Petra Diamonds Limited announces the results of Tender 4 of FY 2022, at which 735,222 carats were sold for a total of US$140.6 million. The Company has now completed its fourth sales cycle for FY 2022, having announced the initial results for the first 80% of goods sold for this cycle on 25 February 2022.

Tender 4 FY 2022 Results	FY 2022 Tender 4	FY 2022 Tender 3	FY 2022 Year to Date
Diamonds sold (carats)	735,222	885,136	2,331,069
Sales (US$ million)	140.6	128.4	405.3

Like-for-like rough diamond prices increased by 46.5% on the six months to December 2021 and 37.6% on Tender 3 which closed around 15 December 2021, with the balance of price movement attributable to product mix. Strong demand with resultant price increases were evident across all size and quality categories.

This tender cycle included one Exceptional Stone from the Cullinan mine which was a 157.8ct white stone sold for US$5.5 million. Petra classifies ‘exceptional’ stones as rough diamonds that sell for US$5 million or more each.

Mine by mine prices for Tender 4, H1 FY 2022 and Year-to-Date FY 2022 are set out in the table below:

Mine	Tender 4  FY 2022 (US$/ct)	H1 FY 2022 6 months to 31-Dec-21 (US$/ct)	YTD FY 2022 (US$/ct)
Cullinan1	180	192	188
Finsch	151	97	112
Koffiefontein	856	538	612
Williamson1	369	760	488

Note 1: Prices for both Cullinan and Williamson mines include proceeds from the sale of Exceptional Stones, noting that there were a number of high value Exceptional Stones from the Cullinan mine and a high value Exceptional Stone at the Williamson mine in H1 FY 2022.

The Company intends to hold two further tenders during FY 2022, in April and June.

Richard Duffy, Chief Executive of Petra, commented:

“The tender of the Group’s South African operations was hosted in South Africa for the first time since the Covid-19 pandemic took hold and was extremely well attended. Demand spanned the entire spectrum of rough assortments and sizes, with a notable increase in the price of larger stones – particularly the white D-colours, for which Cullinan is renowned, as well as fancy coloured diamonds.  

These strong sales results support the robust health across the diamond value chain that has been evident since mid-2021. Current pricing in the rough market is being driven by strong sales of polished and increased demand from the manufacturing centres, bolstered by record sales during the festive season that have continued into the new year. Whilst we believe this market reflects the structural change in underlying supply and demand dynamics, which we expect to continue in the medium term, it is too soon to determine what impact the current conflict in Ukraine will have on the global economy and the diamond market specifically.”

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is being released on behalf of Petra by the Company Secretary.

~ Ends ~

For further information, please contact:

Petra Diamonds, London                 Telephone: +44 20 7494 8203

Jill Sherratt                                          [email protected]         

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 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 ca. 230 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 US$336.7 million notes due in 2026 are listed (subject to temporary suspension) on the Irish Stock Exchange and admitted to trading on the Global Exchange Market. For more information, visit www.petradiamonds.com.