3 May 2022

LSE: PDL

Petra Diamonds Limited

Sales results for Tender 5 of FY 2022

Petra Diamonds Limited ("Petra" or the "Company") announces the results of Tender 5 of FY 2022, at which 635,806 carats were sold for a total of US$86.1 million.

Tender 5 FY 2022 Results	FY 2022 Tender 5	FY 2022 Tender 4	FY 2022 Tender 3	FY 2022 Year to Date
Diamonds sold (carats)	635,806	735,222	885,136	2,966,875
Sales (US$ million)	86.1	140.6	128.4	491.4

Like-for-like rough diamond prices decreased by 23.7% on Tender 4 (March 2022), but were up 3.2% on Tender 3 (December 2021), with the balance of price movement attributable to product mix. Strong demand was again evident across all size and quality categories.  The reduction in prices compared to the highs seen in March was in line with other market commentary and as anticipated in our Q3 FY 2022 Trading Updated earlier this month.

The fifth tender cycle included one Exceptional Stone from the Cullinan mine, a 13.74ct blue stone.  This was sold for US$5.7 million into a partnership with Stargems (Pty) Ltd (“Stargems”), with Petra retaining a 50% interest in the profits of the resultant polished stone(s), net of costs. Petra classifies an ‘Exceptional Stone as a rough diamond that sells for US$5 million or more.

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 5  FY 2022 (US$/ct)	Tender 4  FY 2022 (US$/ct)	H1 FY 2022 6 months to 31-Dec-21 (US$/ct)	YTD FY 2022 (US$/ct)
Cullinan1	111	180	192	172
Finsch	122	151	97	114
Koffiefontein	431	856	538	578
Williamson1	341	369	760	437

Note 1: Prices for both Cullinan and Williamson mines include proceeds from thesale of Exceptional Stones.  At Cullinan the product mix was negatively impacted by fewer Type IIa (white) stones in this sales cycle over the preceding FY2022 tenders. We expect this to improve back towards the average in future tenders.

Petra intends to hold one further tender during FY 2022, in June.

Richard Duffy, Chief Executive of Petra, commented:

“As anticipated, these prices were below the significant increase we saw in our March sales, reflecting the seasonally quieter period and the ongoing uncertainty around the impact of the conflict in Ukraine. Prices nevertheless remain above our December tender levels, providing for some consolidation in a diamond market that continues to be supportive.

“We are pleased to have entered into a third partnership arrangement with Stargems for this financial year on the 13.74ct blue diamond from Cullinan. We previously announced partnership arrangements, also with Stargems, on the 342.92 carat Type IIa white diamond (that sold for US$10 million and an 18.30 carat Type IIb blue diamond (that sold for US$3.5 million), both from Cullinan. Further details on the sale of the resultant polished diamonds will be provided as this process evolves.”

~ 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.