REG-Petra Diamonds: Sales Results for Tender 4 of FY 2022

Petra DiamondsAnnouncement

07/03/2022 13:15

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)  
 Cullinan (1)                 180                                  192                                188            
 Finsch                       151                                   97                                112            
 Koffiefontein                856                                  538                                612            
 Williamson (1)               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                             
            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 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.



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