Petra Diamonds Limited

(Petra or the Company)

Director Share Awards

In accordance with and as contemplated by the Directors' Annual Remuneration Report ("Report") for the year ended 30 June 2023 (as contained in the FY 2023 Annual Report) which was approved by shareholders (by way of advisory vote) at the Company's Annual General Meeting in November 2023, the Company announces the grant of performance-based share awards under the Company's 2021 Performance Share Plan ("2021 PSP") over ordinary shares in the Company. 

These outperformance share awards represent 50% of the Executive Directors' salaries and allow Executive Directors to earn an increased award for achieving very stretching share price targets, as outlined in greater detail on pages 148 and 149 of the Report.  They are in addition to the FY 2024 PSP 'core' awards of 150% of salary ("Core Award"), the granting of which was announced on 19 October 2023. 

Note that in order for the outperformance shares to start vesting, absolute TSR performance must exceed a Compound Annual Growth Rate of 25% over the three-year performance period.  This involves an approximate doubling of the share price, using a base share price of 66.9 pence per share.  No outperformance shares will vest at or below this level, which is the maximum absolute TSR target for the Core Award.

The awards made are as follows, with full vesting of the maximum awards requiring performance conditions to be met in full:

Notes:

1.      The 30-day VWAP to 17 October 2023 for these FY 2024 PSP outperformance awards is 66.9 pence per share.  This is the same VWAP as for the Core Award.

2.      All awards under the 2021 PSP are granted as conditional awards over ordinary shares in Petra of 0.05 pence each.

3.      These FY 2024 outperformance awards under the 2021 PSP are subject to performance conditions that are based solely on achieving 'super stretch' absolute total shareholder return growth targets over the three year period (with reference to 30-day VWAP at date of the final award), as outlined on pages 148 and 149 of the Report.  The same base share price of 66.9 pence per share used for the Core Award will be used to determine whether these 'super stretch' absolute total shareholder return growth targets have been met for these outperformance awards.

4.      No consideration was payable for the grant of these awards.

5.      The grant of these awards does not affect Petra's Total Voting Rights.

 This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation.

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For further information, please contact:

Investor Relations, London             Telephone: +44 20 7494 8203                                               

Patrick Pittaway                                  investorrelations@petradiamonds.com

Julia Stone

Kelsey Traynor

Financial PR (Camarco)

Gordon Poole                                      Telephone: +44 20 3757 4980

Owen Roberts                                     petradiamonds@camarco.co.uk

Elfie Kent

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 mines in South Africa (Cullinan Mine, Finsch and Koffiefontein) and one open pit mine in Tanzania (Williamson).  The Koffiefontein mine is currently on care and maintenance in preparation for sale or closure.

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 with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL'. The Company's loan notes due in 2026 are listed on the Irish Stock Exchange and admitted to trading on the Global Exchange Market. For more information, visit www.petradiamonds.com.