Petra Diamonds Limited – Sales results for Q3 FY 2026 and Sale of 41.82 carat Type IIb blue diamond

FOR IMMEDIATE RELEASE.

01 April 2026 LSE: PDL

Petra Diamonds Limited

(«Petra», «the Company» or «the Group»)

Sales results for Q3 FY 2026

Sale of 41.82 carat Type IIb blue diamond

Petra Diamonds Limited today provides an update on its Q3 FY 2026 sales results
and the sale of the 41.82 carat Type IIb blue diamond, announced on 13 January
2026.

During Q3 FY 2026, Petra sold 781,797 carats which resulted in higher revenue at
US$68 million, compared with US$49 million in Q2 FY 2026. The average Group
price achieved in Q3 FY 2026 was US$87 per carat, 11% lower than the US$98 per
carat achieved in Q2 FY 2026. This pricing was affected by a 15% reduction in
like-for-like1 prices across all product sizes, partly offset by an improved
product mix that contributed to an increase of 4%. The smaller size categories
have continued to see weaker prices, offset by improving demand in the coarser
higher valued diamonds.

We are also pleased to announce that following a competitive tender process, an
agreement has been entered into for the sale of the 41.82 carat Type IIb blue
diamond of exceptional colour and clarity that was recovered at Cullinan Mine in
December 2025.

Under the terms of the agreement, the Company receives an initial consideration
linked to the value of the rough diamond and retains a significant economic
interest in the profit realised from the sale of the polished stone, which could
take c. 12 months to materialise. This, we believe, provides Petra the best
chance of maximising value from this stone. The initial consideration has been
booked as revenue for Q3 FY 2026 and is included in the total revenue numbers
and average realised price for this quarter. Further updates will be made as and
when appropriate.

Certain commercial terms of the transaction, including the initial consideration
and the identity of the counterparty, remain confidential at this stage, as per
the terms of the agreement. We are, however, pleased to confirm that this blue
stone will be cut and polished in South Africa, which was a key consideration
for us in order to continue supporting the South African beneficiation sector.
The company will provide further updates as appropriate.

Vivek Gadodia and Juan Kemp, Joint CEOs of Petra Diamonds commented:

«While the overall market remains challenging, especially in the smaller sized
segments, recovering a sizeable, exceptional quality diamond demonstrates the
quality of Cullinan Mine’s significant resource. The agreement we have reached
on this blue stone will enable leveraging considerable experience in the
manufacturing and sale of polished diamonds to extract maximum value for Petra
while also allowing for the cutting and polishing of this stone in South Africa
and we look forward to seeing the ultimate outcome of this magnificent gem.»

Turning back to our normal sales, the quarter experienced further price weakness
in the diamond market, particularly in the smaller size segments. This has
impacted both the mines, but unlike the Cullinan Mine, whose product mix was
able to partly mitigate the overall reduced prices achieved, Finsch did not have
that benefit and experienced a significant overall reduction of 22% on average
prices received quarter on quarter. In comparison, the Cullinan Mine experienced
an overall reduction of 9% quarter on quarter, largely due to the reduced prices
for the smaller goods, as well as the inventory release held at the end of H1 FY
2026, which had a larger proportion of smaller goods within the Cullinan Mine
inventory.

While Finsch continues to ramp-up production from the new project area, which
should lead to an improved product mix, we don’t anticipate the improvement from
this product mix to fully mitigate the much weaker prices across the smaller
size ranges currently being experienced in the market, which as noted above,
impacts Finsch a lot more than Cullinan owing to the lack of high value +10.8
carat stones at Finsch. The recent Middle East tensions have also dampened
sentiment, with travel disruptions through the Middle East directly impacting
tender participation for our goods. Consequently, we are revising our pricing
assumptions for Finsch to achieve between US$60 – US$70 for the full FY 2026. We
retain our pricing assumptions for the Cullinan Mine, despite the year-to-date
average being US$118/ct, due to the continuing global uncertainties, as well as
the continued market weakness in the smaller size diamonds.

Group rough diamond sales results for the respective periods, including the sale
of the 41.82 carat Type IIb blue diamond, are set out in the table below:

+———————-+——-+——-+—-+——-+—-+———+
| |FY 2026 |FY 2025 |FY 2025 |
+———————-+——-+——-+—-+——-+—-+———+
| |Q3 |Q2 |Var.|Q3 |Var.| |
+———————-+——-+——-+—-+——-+—-+———+
|Diamonds sold (carats)|781,797|494,237|58% |558,651|40% |2,359,904|
+———————-+——-+——-+—-+——-+—-+———+
|Sales (US$m) |68 |49 |39% |42 |64% |206 |
+———————-+——-+——-+—-+——-+—-+———+
|Average price (US$/Ct)|87 |98 |-11%|74 |17% |87 |
+———————-+——-+——-+—-+——-+—-+———+

On a year-to-date March 2026 vs year-to-date March 2025 basis:

+———————-+————–+————–+—-+
| |YTD Q3 FY 2026|YTD Q3 FY 2025|Var.|
+———————-+————–+————–+—-+
|Diamonds sold (carats)|1,745,320 |1,672,034 |4% |
+———————-+————–+————–+—-+
|Sales (US$ million) |168 |156 |8% |
+———————-+————–+————–+—-+
|Average price (US$/Ct)|96 |93 |4% |
+———————-+————–+————–+—-+

Price comparison by operation

Mine by mine average prices for the respective periods are set out in the table
below:

+————-+——+——-+——-+—+——-+—-+
|Cullinan Mine|Unit |FY 2026 |FY 2025 |
+————-+——+——-+——-+—+——-+—-+
|Q3 |Q2 |Var |Q3 |Var|
+————-+——+——-+——-+—+——-+—-+
|Revenue, US$m|US$m |50 |33 |52%|23 |117%|
+————-+——+——-+——-+—+——-+—-+
|Diamonds Sold|cts |453,518|271,983|67%|294,592|53% |
+————-+——+——-+——-+—+——-+—-+
|Average $/ct |US$/ct|109 |120 |-9%|77 |43% |
+————-+——+——-+——-+—+——-+—-+

+————-+——+——-+——-+—-+——-+—-+
|Finsch Mine |Unit |FY 2026 |FY 2025 |
+————-+——+——-+——-+—-+——-+—-+
|Q3 |Q2 |Var |Q3 |Var |
+————-+——+——-+——-+—-+——-+—-+
|Revenue, US$m|US$m |18 |16 |13% |19 |-5% |
+————-+——+——-+——-+—-+——-+—-+
|Diamonds Sold|cts |328,279|222,254|48% |264,059|-24%|
+————-+——+——-+——-+—-+——-+—-+
|Average $/ct |US$/ct|56 |72 |-22%|72 |-22%|
+————-+——+——-+——-+—-+——-+—-+

+————-+————–+————–+—-+
|US$/carat |YTD Q3 FY 2026|YTD Q3 FY 2025|Var.|
+————-+————–+————–+—-+
|Cullinan Mine|118 |107 |10% |
+————-+————–+————–+—-+
|Finsch |67 |76 |-12%|
+————-+————–+————–+—-+

Pricing assumptions for FY 2026 updated for Finsch as noted above.

+————-+—————+—————-+
|US$/carat |FY 2026 revised|FY 2026 previous|
+————-+—————+—————-+
|Cullinan Mine|85 – 105 |85 – 105 |
+————-+—————+—————-+
|Finsch |60 – 70 |75 – 85 |
+————-+—————+—————-+

[1] (https://polaris.brighterir.com/public/petra_diamonds/news/rns/story/xjd3vgx#
_ftnref1) Like-for-like refers to the change in realised prices between tenders
and excludes revenue from all single stones and Exceptional Stones, being rough
diamonds that sell for US$15 million or more each, while normalising for the
product mix impact

For further information, please contact:

Petra Diamonds, London

Julia Stone

Kelsey Traynor

Telephone: +44 (0)7495470187

[email protected]

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.

About Petra Diamonds Limited

Petra Diamondsis 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 inSouth Africa(Cullinan Mine and
Finsch).

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’s Ordinary Shares are admitted to the equity shares (commercial companies)
category of the FCA’s Official List and are admitted to trading on the Main
Market of theLondon Stock Exchangeunder the ticker «PDL». The Company’s loan
notes, due in 2030, are listed on Euronext Dublin (Irish Stock Exchange). For
more information, visitwww.petradiamonds.com.

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