08 aug 25   petra diamonds ltd - q4 and fy 2025 operating update & tender 7 sale results petra diamonds limited | pdl | 12.0 0 0.0% | mkt cap: 23.4m          this announcement contains inside information.   for immediate release.         08 august 2025   lse: pdl     petra diamonds limited ( petra or the company )   q4 and fy 2025 operating update & tender 7 sale results   vivek gadodia and juan kemp, interim joint chief executive officers of petra diamonds, commented:   “we have taken significant steps this year to deliver a simpler and streamlined business, capable of delivering long term value, through the implementation of our internal business restructuring plan. the updated business plan, with a lower cost profile resulting in a saving of c. $18-20 million in cost reductions against prior guidance and a further optimised capital profile, has formed the basis of engagement with our lenders on refinancing our debt maturing in q1 cy26.     we are pleased to have announced an update on our refinancing efforts today in a separate market release. the focus of the refinancing discussions has been to preserve cash in the business, while solving for the need to complete our extension projects, both at the cullinan mine and finsch, to unlock long-term value. our focus remains on closing out the refinancing over the next few months, while ensuring delivery of our updated business plan.   both cullinan mine and finsch are performing well, and despite multiple internal restructuring and cost reduction initiatives over the year, we have delivered overall annual production within guidance for fy 2025.   finsch is now operating in line with expectations on the 2-shift system that was implemented at the beginning of fy25. the change from continuous operations to a 3-shift configuration has been completed at cullinan mine which also concludes our internal business restructuring plan announced in january 2025.     during q4 fy25, petra achieved a significant milestone of 8 million fatality-free shifts, a commendable accomplishment in a year marked by substantial changes in shift configurations, team structures, and reporting lines. while we have experienced an uptick in our lost time injury frequency rate (ltifr), we remain focused on reducing our ltifr to ensure our operations continue to reflect a strong “health and safety first” culture.   today we also announce the results of our tender 7 (fy25) sale, which delivered us$21 million in revenue from 283,970 carats sold. we did see some positive momentum in the market with like-for-like rough diamond prices improving by 3% on tender 5/6 fy 2025 across mostly coarser product categories. our product mix at cullinan mine also saw an improvement in tender 7, with notable improvements of gem quality stones across all size fractions.   we have continued to see an improved product mix, especially at cullinan mine. this is reflected in our first tender of fy26, where we achieved revenue of c. $25 million through the sale of 245 kcts, with the cullinan mine achieving $109/ct and finsch achieving $92/ct. we expect this product mix recovery to continue as we mine higher amounts of fresh ore over fy26.   we end the year with revenue down 33% compared to fy 2024 at us$206 million, with net debt increasing to us$264 million as at 30 june 2025.   we would once again like to acknowledge the resilience shown by our employees in navigating a very difficult period for the company and the diamond sector as whole.”   highlights vs q3 fy 2025   ltifr and ltis increased to 0.48 and 4 respectively (q3 fy 2025: 0.26 and 3 respectively) ore processed increased 3% to 1.77mt at the cullinan and finsch mines, showing steady state of production while the company went through the labour restructures total revenue amounted to us$50 million (q3 fy 2025: us$42 million) the south african rand strengthened during the quarter, averaging zar18.29:us$1 (q3 fy 2025: zar18.48:us$1) the zar1.75 billion (us$99 million) revolving credit facility with absa bank was fully drawn at 30 june 2025 (31 march 2025: us$66 million) consolidated net debt increased to us$264 million as at 30 june 2025 (31 march 2025: us$258 million) tender 7 sales results delivered $21 million in revenue from 283,970 carats sold, with an average price of $73 per carat, bringing year to date sales revenues to $206 million from the sale of 2,359,904 carats sold.   like-for-like rough diamond prices for goods sold slightly improved by 3% on tender 5/6 fy 2025 mainly from coarser goods.   product mix, especially at cullinan mine, normalising and expected to improve further as we access additional ore from new mining areas in fy26   completion of the sale of williamson was announced during may 2025   the s189 at cullinan mine was completed, and the operations transitioned from continuous operations to a 3-shift operation   the internal business restructuring plan announced in january 2025 was concluded during the period         operating summary       three months twelve months     q4 fy 2025 q3 fy 2025   var. q4 fy 2024 restated 2 fy 2025   fy 2024   var. safety 3                 ltifr rate 0.48 0.26 +84% 0.13 0.28 0.16 +75% ltis number 4 3 +25% 2 13 10 +30%                   sales                 diamonds sold carats 687,870 558,651 +23% 935,089 2,359,904 2,860,865 -18% revenue 1 us$m 50 42 +19% 98 206 309 -33%                   production                 rom tonnes mt 1,691,762 1,585,838 +7% 1,563,603 6,485,074 6,594,174 -2% tailings and other tonnes mt 74,249 124,703 -40% 107,203 407,579 369,546 +10% total tonnes treated mt 1,766,011 1,710,541 +3% 1,670,806 6,892,653 6,963,720 -1%                   rom diamonds carats 599,104 563,875 +6% 521,688 2,248,645 2,270,037 -1% tailings and other diamonds carats 20,270 45,920 -56% 33,526 180,190 136,389 +32% total diamonds carats 619,374 609,795 +2% 555,214 2,428,835 2,406,427 +1% 1 revenue reflects proceeds from the sale of rough diamonds and excludes revenue from profit share arrangements 2 restated to remove williamson which is classified as a discontinued operation   3 includes williamson   ltis and ltifr   the group reached 8 million fatality-free shifts during the quarter, but overall saw an increase in ltifr and ltis. petra has reinforced its commitment to health and safety through various initiatives, including:   increased management visibility through visual felt leadership interventions peer reviews conducted by safety officers and safety representatives in areas outside their usual scope enhanced on-the-job coaching for risk assessments targeted safety blitzes to address specific operational risks   these efforts are aimed at strengthening our safety culture and ensuring that every team member remains vigilant and empowered to work safely.   the ltifr figures currently include data from williamson mine, which has a significantly lower ltifr compared to the underground mines of cullinan mine and finsch. going forward, williamson will be excluded from group-level reporting. in future, in addition to the williamson exclusion, the group’s ltifr will also be based on a workforce composition with a higher proportion of employees in core production roles, given the reduction of non-production roles both at mine and group level, and may hence result in a higher reported ltifr.   q4 and tender 7 fy 2025 sales results   our seventh tender cycle yielded us$21 million, bringing revenue for fy 2025 to us$206 million, which is 33% lower than the revenue for fy 2024. while like-for-like prices for fy 2025 compared to fy 2024 declined by 17%, tender 7 fy 2025 were up 3% compared to combined tenders 5 and 6, showing signs of some market recovery, especially in coarse goods.     overall product mix for tender 7 fy 2025, which included production to mid-may 2025, was 3% lower than combined tenders 5 and 6, but cullinan mine showing a product mix improvement of 7%.   total revenue for fy 2025 from rough diamond sales is us$206 million compared to us$309 million in fy 2024. fy 2024 benefited from c. us$50 million of revenue from unsold diamonds in fy 2023 carried over to h1 fy 2024.     tender 7 fy 2025 june 25 tender 5/6 fy 2025 apr/june 25 variance tender 7 fy 2024 june 24 fy 2025 fy 2024 diamonds sold (carats) 283,970 529,202 -46% 284,289 2,359,904 2,860,865 sales (us$ million) 21 39 -46% 29 206 309 average price (us$/ct) 73 73 -% 101 87 108   revenue for q4 fy2025 totalled us$50 million, representing a 19% increase from q3 fy2025.     q4 fy25 q3 fy25 variance q4 fy24 variance diamonds sold (carats) 687,870 558,651 +23% 935,089 -26% sales (us$ million) 50 42 +19% 98 -49% average price (us$/ct) 72 74 -3% 104 -31%   mine by mine average prices for the respective periods are set out in the table below:   us$/carat tender 7 fy2025 june 25 tender 5/6 fy 2025 apr / jun-25 q4 fy25 q3 fy25 q4 fy24 fy2025 fy 2024 cullinan 77 72 73 77 113 96 116 finsch 68 75 70 72 93 74 98   pricing assumptions for fy 2026 to fy 2030 are as follows:     fy 2026 fy 2027 fy 2028 fy 2029 fy 2030 cullinan mine 85 – 105 95 – 115 105 – 125 105 – 125 105 – 125 finsch 75 – 95 80 – 100 80 – 100 80 – 100 80 – 100   group guidance for fy 2026 to 2030     unit fy 2026 fy 2027 fy 2028 fy 2029 fy 2030 total carats recovered mcts 2.4-2.8 2.7-3.1 3.0-3.5 2.9-3.3 2.7-3.1 cash on-mine costs and g&a us$m 161-174 158-171 156-169 152-163 150-163 extension capex us$m 71-76 91-98 71-76 28-31 5-7 sustaining capex us$m 12-14 10-12 10-12 14-16 14-16 notes: guidance for fy 2026 to 2030 is subject to the board’s approval of future budgets real amounts stated in fy 2026 money terms using 6% sa cpi & 2.0% us cpi. us$ equivalent for sa operations converted at an exchange rate of usd1:zar19.00 detailed mine-by-mine guidance for fy 2025 to 2030 can be found in the guidance section of our website: https://www.petradiamonds.com/investors/shareholder-centre/analysts/       the information communicated in this announcement is inside information for the purposes of article 7 of the market abuse regulation (eu) 596/2014 as it forms part of uk domestic law by virtue of the european union (withdrawal) act 2018 ("mar"), and is disclosed in accordance with the company's obligations under article 17 of mar. upon the publication of this announcement via a regulatory information service, this inside information will be considered to be in the public domain. the person responsible for arranging for the release of this announcement on behalf of the company is robin storey, general counsel & company secretary.   for further information please contact   investor relations, london               julia stone         telephone: +44 (0)7495470187 kelsey traynor investorrelations@petradiamonds.com     notes: the following definitions have been used in this announcement: cpht: carats per hundred tonnes ltis: lost time injuries ltifr: lost time injury frequency rate, calculated as the number of ltis multiplied by 200,000 and divided by the number of hours worked fy: financial year ending 30 june cy: calendar year ending 31 december q: quarter of the financial year rom: run-of-mine (i.e. production from the primary orebody) m: million mt: million tonnes mcts: million carats period: the fourth quarter of fy 2024     about petra diamonds     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 two underground mines in   south africa   (cullinan and finsch mines).   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 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 on the main market of the   london stock exchange   under the ticker 'pdl'. the company's loan notes, due in 2026, are listed on euronext dublin (irish stock exchange). for more information, visit   www.petradiamonds.com .     important information   this announcement contains statements about petra that are or may be forward looking statements. all statements other than statements of historical facts included in this announcement may be forward looking statements. without limitation, any statements preceded or followed by or that include the words "targets", "goals", "should", "would", "could", "continue", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "hopes", "projects" or words or terms of similar substance or the negative thereof, are forward looking statements. such forward looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. many factors could cause actual results to differ materially from those projected or implied in any forward looking statements. in light of these known and unknown risks, uncertainties, contingencies, estimates and assumptions, the events in the forward-looking statements may not occur or may cause actual results, performance or achievements to differ materially from those expressed by or implied from such forward-looking statements, whether as a result of new information, future events or otherwise. due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof. petra disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law or regulation. past performance of the company cannot be relied on as a guide to, or a guarantee or an indication of, future performance. no statement in the announcement is intended to be, nor should be construed as, a profit forecast.   corporate and financial summary as at 30 june 2025     unit as at 30 june 2025 as at 31 march 2025 as at 31 december 2024 as at 30 september 2024 as at 30 june 2024   total cash at bank 1   us$m 49 36 52 47 47 diamond debtors us$m 12 2 - - 31 diamond inventories 2 us$m carats 30 328,689 31 397,182 27 346,037 84 826,857 28 259,755 2026 loan notes 3 us$m 226 231 225 245 246 bank loans and borrowings 4 us$m 99 66 43 76 25 consolidated net debt 5 us$m 264 258 215 273 193 bank facilities undrawn and available 4 us$m - 30 50 26 72   note:   the following exchange rates have been used for this announcement: average for fy 2025 us$1: zar18.15 (fy 2024: us$1: zar18.71); closing rate as at 30 june 2025 us$1: zar17.75 (31 march 2025: us$1: zar18.30; 31 december 2024: us$1: zar18.85; and 30 june 2024: us$1: zar18.19).   notes: the group’s cash balances comprise unrestricted balances of us$31 million, and restricted balances of us$18 million. recorded at the lower of cost and net realisable value. the 2026 loan notes, originally issued following the capital restructuring (the “restructuring”) completed during march 2021, have a carrying value of us$226 million which represents the outstanding principal amount of us$186 million plus us$42 million of capitalised accrued interest (pik) and is net of unamortised transaction costs capitalised of us$2 million. bank loans and borrowings represent the group’s zar1.75 billion (us$99 million) revolving credit facility. as at 30 june 2025, the whole facility was drawn. consolidated net debt is bank loans and borrowings plus loan notes, less cash and diamond debtors.   mine-by-mine tables:     cullinan mine – south africa       unit three months twelve months q4 fy 2025 q3 fy 2025   var. q4 fy 2024   fy 2025   fy 2024   var. sales                 revenue us$m 35 23 +52% 61   135 189   -29% diamonds sold carats 481,690 294,592 +64% 534,767 1,416,351 1,633,456 -13% average price per carat us$ 73 77 -5% 113   96 116 -17%                   rom production                 tonnes treated tonnes 1,094,268 1,000,455 +9% 1,117,591 4,292,080 4,497,444 -5% diamonds produced carats 333,393 294,220 +13% 299,301 1,272,818 1,268,402 - grade 1 cpht 30.5 29.4 +4%   26.8 29.7   28.2 +5%                   tailings production                 tonnes treated tonnes 74,249 124,703 -40% 107,203 407,579 369,546 +10% diamonds produced carats 20,270 45,920 -56% 33,526 180,190 136,389 +32% grade 1 cpht 27.3 36.8 -26%   31.3 44.2 36.9 +20%                   total production                 tonnes treated tonnes 1,168,517 1,125,158 +4% 1,224,795 4,699,659 4,866,990 -3% diamonds produced carats 353,663 340,140 +4%   332,828 1,453,008 1,404,791 +3%   note 1 : petra is not able to precisely measure the rom / tailings grade split because ore from both sources is processed through the same plant; the company therefore back-calculates the grade with reference to resource grades.     finsch – south africa       unit three months twelve months q4 fy 2025 q3 fy 2025   var. q4 fy 2024   fy 2025   fy 2024   var. sales                 revenue us$m 14 19 -26% 37 70 120 -42% diamonds sold carats 206,180 264,059 -22% 400,322 943,554 1,227,409 -23% average price per carat us$ 70 72 -3% 93 74 98 -25%                   rom production                 tonnes treated tonnes 597,495 585,383 +2% 446,012 2,192,994 2,096,730 +5% diamonds produced carats 265,712 269,656 -1% 222,387 975,828 1,001,636 -3% grade cpht 44.5 46.1 -3% 49.9 44.5 47.8 -7%                        4215774_0.jpeg return to news summary

Label: Gestiegen