Strategic Review and Directorate Change

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

1 October 2026

LSE: PDL

Petra Diamonds Limited

(the "Company")

Strategic Review and Directorate Change

The Board of the Company announces that, following consultation with certain key stakeholders including its first and second lien creditors, it has decided to undertake a strategic review, which will include the consideration of all potential paths to address liquidity needs of the business, in the near term, including but not limited to a potential sales process in relation to the Company's assets (the "Strategic Review").

The Board is finalising the appointment of a financial adviser in connection with the Strategic Review, and further announcements will be made in this regard, as appropriate.

The Board of the Company also announces that with effect from today, José Manuel Vargas has decided to step down as Chair of the Board and as Director of the Company. Lerato Molebatsi will take up the position of Chair of the Board, with effect from today, on an interim basis.

The Board would like to thank José Manuel for his considerable contribution to the Company, notably the successful conclusion of the Company's re-financing in 2025 and the clear direction provided in helping the Company navigate through unprecedented times in the natural diamond sector over the past few years.

FURTHER INFORMATION

There is no certainty as to the outcome of the Strategic Review. The Board will make further announcements in due course.

The person responsible for releasing this announcement is Tumi Dakada, Acting General Counsel and Company Secretary of the Company.

For further information, please contact:

Investor Relations, London

       Telephone: [phone]

Julia Stone and Kelsey Traynor   [e-mail]

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

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 two underground mines in South Africa (Cullinan Mine and Finsch). The Group's principal operating asset is Cullinan Mine. Finsch entered business rescue on 29 May 2026.

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 2030, are listed on EuroNext Dublin (Irish Stock Exchange). For more information, visit www.petradiamonds.com.

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