REG-Petra Diamonds: Sales results for Tender 1 FY 2023

Petra DiamondsAnnouncement

13/09/2022 07:15

FOR IMMEDIATE RELEASE

 13 September 2022   LSE: PDL 

Sales results for Tender 1 FY 2023

Petra achieves US$ 102.9 million in sales in first tender for FY 2023

Richard Duffy, Chief Executive Officer of Petra Diamonds (Petra), said:

“We have achieved strong sales in the first tender of FY 2023, realising
US$102.9 million due to a high proportion of high-value gem-quality single
stones particularly from the Cullinan Mine. This has resulted in a 21%
increase in our average realised price against Tender 6 in FY 2022, more than
offsetting the 4.5% softening of like-for-like prices i .

“We have seen strong support in fancy-coloured and large white stones while
pricing of smaller stones has continued its recent upward trend. Subdued
demand in China has led to relative pricing pressure on 0.75ct up to 5ct size
ranges.. 

“While we expect some volatility in pricing in the short-term given the
ongoing macro-economic situation, we remain encouraged by the supportive
diamond market resulting from the projected supply deficit in the medium to
longer term.”

Petra announces the results of Tender 1 of FY 2023, at which 520,011 carats
were sold for a total of US$102.9 million across Petra’s mining operations.
  There were no Exceptional Stones sold in the Tender 1.

                                                   Tender 1 FY23 September 2022  Tender 6 FY22 June 2022  Variance T1 FY23 vs T6 FY22  Tender 1 FY22 September 2021  FY 2022 12 months to 30 June 2022  
 Diamonds sold (carats)                                       520,011                    569,496                      -9%                         578,186                        3,536,371              
 Sales (US$ million)                                           102.9                       93.0                       +11%                         114.9                           584.5                
 Average price (US$/ct)                                         198                        163                        +21%                          199                             165                 
 Revenue from Exceptional Stones (1)(US$ million)                –                          –                          –                           50.2                             89.0                

Note 1: Petra classifies “Exceptional Stones” as rough diamonds which sell
for US$5 million or more each

Mine by mine prices for Tender 1 are set out in the table below:

 US$/carat      Tender 1 FY23 September 2022  Tender 6 FY22 June 2022  Variance T1 FY23 vs T6 FY22  Tender 1 FY22 September 2021  FY 2022 12 months to 30 June 2022  
 Cullinan Mine               212                        151                        +41%                        249 (1)                         169 (1)               
 Finsch                      132                        140                        -6%                           96                               77                 
 Koffiefontein               383                        614                        -38%                          664                             581                 
 Williamson                  297                        272                        +9%                           n/a                           384 (1)               

Note 1: Prices for both Cullinan Mine and Williamson include proceeds from the
sale of a number of Exceptional Stones.

Petra provides further details of operating results in its preliminary results
for FY 2022, also released today.

For further information, please contact:

Petra Diamonds, London                 Telephone: +44 20 7494
8203

Jill Sherratt                             
            investorrelations@petradiamonds.com         

Patrick Pittaway

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 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.

 i  Like-for-like refers to the change in realised prices between tenders and
excludes revenue from all single stones and Exceptional Stones, while
normalising for the product mix impact



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