Slides
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FY 2026 – 2030 Analyst Guidance and Supplementary Information August 2025
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FY 2026-2030 Group guidance 2026 2027 2028 2029 2030 Total carats Mcts 2.4 - 2.8 2.7 - 3.1 3.0 - 3.5 2.9 - 3.3 2.7 – 3.1 Total cash cost (excluding royalties) US$m 161-174 158-171 156-169 152-163 150-163 Cash on-mine cost US$m 146-157 143-154 141-152 138-148 137-149 Central Costs & Corp Expenditure US$m 15-17 15-17 15-17 14-15 13-14 Total capital expenditure US$m 83 – 90 101-110 81-88 42-47 19-23 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 2 Real amounts stated in FY 2026 money terms using 5.5% SA CPI and 2.0% US CPI. US$ equivalent converted at exchange rate of USD1: ZAR19.00. Generally, all diamonds produced in a period are sold in the same period, unless specific circumstances result in a planned delay in tender timings
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FY 2026-30 detailed analyst guidance – Cullinan Mine 3 Guidance notes 1. Real amounts stated in FY 2026 money terms using 5.5% SA CPI 2. US$ amounts converted at exchange rate of USD1:ZAR19.00 3. Remaining unredeemed capital expenditure available for tax deductions @ 30 June 2025 = c. US$216m 4. Environmental closure liability = c. US$22m 5. Extension capital includes provision for CC1East, C-Cut Ext 1 & Ext 2 and associated infrastructure Description Unit FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 ROM Tonnes Treated Mt 3.7 - 4.2 3.3 - 3.8 3.3 - 3.8 3.3 - 3.8 3.3 - 3.8 ROM Carats Kcts 1308 - 1449 1301 - 1441 1387 - 1536 1455 - 1612 1306 - 1447 Tailings Tonnes Treated Mt 0.6 - 0.8 0.5 - 0.7 0.5 - 0.7 0.0 - 0.0 0.0 - 0.0 Tailings Carats Kcts 189 - 210 169 - 187 149 - 165 0 - 0 0 - 0 Total Carats Recovered Kcts 1497 - 1659 1470 - 1628 1536 - 1701 1455 - 1612 1306 - 1447 Cash on-mine cost (REAL) US$m 83 – 89 80 – 86 78 – 84 77 – 83 78 – 84 Extension Capital (REAL) US$m 38 – 41 52 – 56 41 – 44 13 – 14 4 – 5 Sustaining Capital (REAL) US$m 8 – 9 6 - 7 6 - 7 8 – 9 8 – 9 Total Capital (REAL) US$m 46 – 50 58 – 63 47 – 51 21 – 23 12 - 14
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FY 2026-30 detailed analyst guidance - Finsch 4 Guidance notes 1. Real amounts stated in FY 2026 money terms using 5.5% SA CPI 2. US$ amounts converted at exchange rate of USD1:ZAR19.00 3. Remaining unredeemed capital expenditure available for tax deductions @ 30 June 2025 = c. US$72m 4. Environmental closure liability = c. US$28 million 5. Extension capital includes provision for 81L, 86 – 90L SLC Description Unit FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 ROM Tonnes Treated Mt 2.1 – 2.3 2.1 - 2.3 2.1 - 2.3 2.0 - 2.3 2.0 - 2.3 ROM Carats Kcts 986 – 1093 1317 – 1460 1536 – 1703 1477 -1604 1434 – 1589 Cash on-mine cost (REAL) US$m 63 – 68 63 – 68 63 – 68 61 – 65 61 – 65 Extension Capital (REAL) US$m 33 – 35 39 - 42 30 - 32 15 - 17 1 - 2 Sustaining Capital (REAL) US$m 4 - 5 4 - 5 4 - 5 6 - 7 6 - 7 Total Capital (REAL) US$m 37 - 40 43 – 47 34 - 37 21 - 24 7 - 9
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Life of Mine profiles The 39.34 carat blue diamond from the Cullinan mine sold for US$40.2m (US$1m per carat) in July 2021 – believed to be the highest price per carat on record for a rough diamond
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Cullinan Diamond Mine (CDM) – Orebody layout ShaftPlantDumps 934m Level shaft bottom 885m Level Shaft bottom 630m Level Rock shaft Men and material shaft 1084m Level, base of Indicated Resource 1508m Level, deepest borehole kimberlite intersection New Production Shaft (depending on D-Cut development) AUC South BAWBA5 1023m Level 855m Level 960m Level C – Cut Phase 1 C – Cut Phase 2 D – Cut CC1E Ph II CC1E Ph I 1 2 a 3 45 CC1E Phase 2 SLC Indicative Tons: 7.8 Mt. Indicative Carats: 4.4 Mcts CC1E Phase 1 SLC (in development) Indicative Tons: 9.9 Mt. Indicative Carats: 5.5 Mcts C-Cut Phase 2 Block Cave (Ext. 1&2) Indicative Tons: 14.5 Mt. Indicative Carats: 4.2 Mcts C-Cut Phase 1 Block Cave (in production) Indicative Tons: 8.7 Mt. Indicative Carats: 2.2 Mcts D -Cut Indicative Tons: 47 Mt. Indicative Carats: 17 Mcts 1 2 a 3 4 5 Current LOM LOM - future extensions to be evaluated C-Cut Phase 2 Block Cave (Ext. 3) Indicative Tons: 13.7 Mt. Indicative Carats: 4.1 Mcts 2 b 2 b 6
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7 0.0 0.5 1.0 1.5 2.0 0.0 1.0 2.0 3.0 4.0 5.0 Total Carats (millions) ROM Tonnes (million) C-Cut CC1E Ph1 C-Cut Ext 1 & Ext 2 C-Cut Ext3 CC1E Ph 2 Total carats Recovered (RHS) Cullinan Mine Life of Mine Profile Cullinan Mine extended LOM profile to FY 2045 showing approved life of mine plan and future extension potential Approved life of mine Future extension Note: C-Cut Ext 3 and CC1E Ph 2 shown as future potential are not approved and not included in the 5-year guidance.
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8 82 Level Current shaft bottom SWPC Current loading 75 level to 81 level 100 Level (base of Inferred Resource) 97 Level, deepest borehole kimberlite intersection (South West Precursor) 86 Level 88 Level 90 Level 78 Level ShaftPlant Dumps Lower Block 5 Block 6 109 Level, deepest kimberlite intersection (main pipe) 81 Level South West Pre-cursor Indicative Tons: 12 Mt. Indicative Carats: 6 Mcts Block 6 Indicative Tons: 9 Mt. Indicative Carats: 5.8 Mcts Lower Block 5 (86-90L) Indicative Tons: 13.2 Mt. Indicative Carats: 8.9 Mcts Upper Block 5 (75-81L) (in production) Indicative Tons: 2.6 Mt. Indicative Carats: 1.1 Mcts 1 2 3 41 2 3 4 LOM - current LOM - future extensions to be evaluated Finsch Mine (FDM) – Orebody layout
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Finsch Life of Mine Profile Finsch extended LOM profile to FY 2037 showing approved life of mine plan and future extension potential 9 Approved life of mine Future extension 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034 FY2035 FY2036 FY2037 FY2038 Million Carats Million Tonnes Upper Block 5 (upto 78L) 3L-SLC (86-90L) 81L 92L - 100L Total Carats recovered (RHS) Approved life of mine Future extension Note: 92L – 100L shown as future potential is not approved and not included in the 5-year guidance.
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Other Information The 39.34 carat blue diamond from the Cullinan mine sold for US$40.2m (US$1m per carat) in July 2021 – believed to be the highest price per carat on record for a rough diamond
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Cash on-mine cost - Fixed / Variable Split 11 Comments: • Fixed / Variable split in line with previous estimations
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Group View Exchange rate Exchange rate volatility: • Continued ZAR weakness in FY 2025 due to weak macroeconomic sentiment and inflationary fears • FY 2025 average exchange rate (USD:ZAR 18:15) c. 3% stronger than average FY 2024 exchange rate (USD:ZAR 18.71) Increase / decrease of ZAR1 equates to: • c. US$8 – 10 million on EBITDA • c. US$12 – 15 million on operational FCF Closing USD:ZAR exchange rate – Sept 2019 to May 2025 Impact of ZAR:USD movement on Petra 12
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Capital structure – equity 13 Major shareholders1 (as at 23.07.2025) % of voting rights The Terris Fund, SPC 29.37 Azvalor Asset Management SGIIC SA 18.78 JOSIVAR Sarl2 11.56 MECAMUR S.L.3 5.12 Franklin Templeton Investment Management Limited 5.03 Listing LSE: PDL Shares in issue 194,201,785 Note 1: Based on shareholder disclosures and share register analysis conducted by Orient Capital, the following shareholders have holdings of more than 3% in Petra’s issued share capital, 7/07/25 Note 2: JOSIVAR Sarl is an entity that is wholly-owned by José Manuel Vargas, Petra’s Chair. In addition to the 11.39% interest held by Mr Vargas through JOSIVAR, Mr Vargas also owns 0.17% of Petra’s issued share capital in his personal capacity. Note3: MECAMUR S.L. is a family-owned company focused on financial investments, led and managed by Mr. Santiago Bergareche
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Broad-Based Black Economic Empowerment (BEE) and the Group’s BEE Partnerships 14 Broad-Based Black Economic Empowerment (BEE) is a key policy of the South African government designed to redress historical economic inequalities, promote inclusive growth, and support job creation. In the mining sector, BEE is implemented through the Mineral and Petroleum Resources Development Act (MPRDA) and the Mining Charter. The third iteration of the Mining Charter, issued in 2018, introduced extended requirements for new mining rights, including a 26% ownership threshold for historically disadvantaged South Africans (HDSAs), and additional transformation targets across management, procurement, skills development, and socio-economic initiatives. The Group is committed to driving transformation through a proactive, Group-wide BEE strategy that encompasses equity ownership, employment equity, preferential procurement, rural development, and skills training. This is achieved in partnership with both commercial and community-based BEE partners. The Group’s South African mining operations are 26% BEE-owned, comprising: • Kago Diamonds (14% ownership): A commercial BEE consortium. Kago’s structure includes economic participation by Petra Diamonds Holdings SA via special Class B shares. • IPDET (12% ownership): A broad-based community development trust focused on socio-economic upliftment. In 2009, the South African government published the Mining Codes, which outlined guidelines for implementing mining legislation and ownership structures. While not currently applied by the Department of Mineral Resources and Energy (DMRE), the Mining Codes support a modified flow-through principle for measuring HDSA ownership, offering flexibility in structuring empowerment transactions. The Group continues to align with South African transformation goals while maintaining operational efficiency and long-term value creation. Cullinan Mine and Finsch are required to distribute annual dividends to their shareholders, to the extent permitted by law, an amount equal to 20% of their consolidated free cash flow, limited to amounts defined in the Accounts Agreement.
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15 Analyst Guidance explanatory notes Diamond Royalties Diamond royalties in South Africa · Royalty payable = gross sales x royalty rate · Royalty rate = 0.5% + EBIT / (gross sales x 9) · Minimum royalty payable = 0.5% / Maximum royalty payable = 7% of gross sales · Tailings production (and all associated cost and revenue) are exempt from royalty Example: Revenue ZARm 3 000 Operating costs ZARm (1 000) Operating profit ZARm 2 000 Unredeemed Capex b/forward ZARm (1 000) Capex this year ZARm (500) Adjusted EBIT (as defined in Royalty Act) ZARm 500 Royalty rate = 0.5% + EBIT / (gross sales x 9) 2.4% Royalty payable = royalty rate x revenue ZARm 71 Diamond royalties in Tanzania (Williamson) 6% of Gross Revenue · Unredeemed capex may be off-set against a positive EBIT balance and any unused balances can be carried forward for future calculations The royalty payable is derived from a formula based on the profitability of an operation, as follows:
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16 Important information The information in this presentation (the “Information”) may include forward-looking statements, which are based on management’s current expectations and projections about future events and financial and operational performance. These statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Forward-looking statements may include, without limitation, any statements preceded by, followed by or including words such as "target", "believe", "expect", "aim", "intend", "may", "anticipate", "estimate", "plan", "project", "will", "can have", "likely", "should", "would", "could", "forecast" and any other words and terms of similar meaning or the negative thereof. Others can be identified from the context in which they are made. These forward-looking statements are subject to known and unknown risks, uncertainties, contingencies, estimates and assumptions about the Company and its subsidiaries and its investments, including, among other things, the development of its business, strategy, trends in its operating environment, and future capital expenditures and acquisitions. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company's ability to continue to obtain financing to meet its liquidity needs and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions. 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. 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 Information is intended to be, nor should be construed as, a profit forecast. The Company expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of the presentation. No representation or warranty is made that any forward-looking statement will come to pass. Except where otherwise indicated, the Information and the opinions contained therein are provided as at the date of the presentation and are subject to change without notice. Accordingly, you should not place undue reliance on forward- looking statements due to the inherent uncertainty therein and which speak only as of the date of this presentation. Certain data in this presentation, including financial, statistical, and operating information have been subject to rounding adjustments. Accordingly, amounts and percentages may vary or may not be an arithmetic aggregation of the figures that precede them. The merit and suitability of an investment in the Group should be independently evaluated and any person considering such an investment in the Group is advised to obtain independent advice as to the legal, tax, accounting, financial, credit and other related advice prior to making an investment. Attendees of the presentation should seek their own independent, legal and tax advice as they see fit.