THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
FOR IMMEDIATE RELEASE.
[image]
28 July 2026 LSE: PDL
Petra Diamonds Limited
(Petra or the Company)
Q4 and FY 2026 Operating & Business Update
Vivek Gadodia, Chief Executive Officer of Petra Diamonds, commented:
"Against a backdrop of ongoing global geopolitical tensions, a structural change
in the smaller-sized diamond price segment, and the continued strength of the
Rand, Q4 FY 2026 saw a shift in production and a reassessment of our business
profile to mitigate the impact of these continued headwinds.
We continue our short-term shift of focus at Cullinan Mine to maximise
production from the C-Cut, which yields a higher proportion of large and fancy
coloured diamonds, and we anticipate this will provide some mitigation against
the broader weaker market. While Q4 FY 2026 averaged US$77/ct at Cullinan Mine,
due to both a continuing weaker market and a poorer product mix in Q4 relative
to Q3, which included the sale of the 41.82ct exceptional blue stone, the higher
value diamonds from the C-Cut over the year remain robust and achieved premium
prices. This has been reflected by the increase in average price for Cullinan
Mine for FY 2026 at US$106 per carat, up from US$96 per carat in FY 2025,
affirming that Cullinan Mine's unique product mix can maintain margins
notwithstanding the challenging current market conditions.
Going forward, we will continue the optimisation of the appropriate capital
profile for the Cullinan Mine, ensuring that we continue to open additional
production areas in the C-Cut. As part of our ongoing business optimisation
efforts at the Cullinan Mine and the rest of the Company, the Section 189A
process initiated in May 2026 remains ongoing. We anticipate the completion of
the Section 189A process and the finalisation of our ongoing business and
production improvement initiatives in time to inform the updated Company
business plan due in September 2026, as previously stated. Given these factors,
guidance for now remains suspended.
Throughout these turbulent times, safety and the wellbeing of our employees and
contractors remains front and centre. We were pleased to celebrate 9 million
fatality-free shifts and remain vigilant to the impact that recent business
shifts have made on our employees and continue to focus on initiatives to ensure
a strong "health and safety first" culture.
It is with great regret that during Q4 FY 2026, Finsch was placed into Business
Rescue. Despite its strong operating performance, its large proportion of
smaller goods, compounded by the strength of the Rand, made the mine untenable
in these unprecedented market conditions. As announced on 10 June 2026,
operations at the Finsch mine were suspended. The Business Rescue Practitioners
continue to finalise their Business Plan and have secured an extension from the
Finsch creditors for the submission of their proposed Business Plan. We want to
thank all employees and contractors for their continued understanding as we work
through this process and will continue to provide updates as appropriate.
We end the year with revenue flat year-on-year, with net debt increasing to
US$322 million as at 30 June 2026 (31 March 2026: US$298 million), due largely
to losses sustained at Finsch mine. Cash on hand remains tight both as a result
of the weaker prices achieved during Q4 FY 2026, as well as the ring-fencing of
retained cash attributable to Finsch as part of the Business Rescue process.
The Company has been engaging with its Senior Lender to facilitate liquidity in
the short term, in order to allow the Company time to complete various capital
and cost reduction initiatives, improve its business plan, and ensure a more
resilient and sustainable Company going forward. As a result, the Senior Lender
has agreed to defer the payment of approximately US$6 million of cash interest
that was due to be paid in July 2026, to January 2027, and in addition has also
provided an additional short-term working capital facility of R300 million
(approximately US$18 million), which is now available to the Company. In
parallel to the finalisation of the updated Business Plan, the Company will be
progressing conversations related to a potential refinancing of the Company with
the relevant stakeholders.
We will continue our focus on ensuring the continued safe operating environment
and delivering on our short-term targets. I would like to again thank our
employees, our investors and creditors for their ongoing support and
understanding during these unprecedentedly difficult times."
Highlights vs Q3 FY 2026
All results for the Finsch mine are included in the reported numbers, throughout
this operating update, up to 31 May 2026, after which the entity went into
Business Rescue.
· LTIFR and LTIs increased to 0.56 and 4 respectively (Q3 FY 2026: 0.42 and 3
respectively). This has been associated with the recent organisational
restructuring programmes, with approximately 57% of Lost Time Injuries (LTIs)
attributed to behavioural factors
· Ore processed decreased by 18% to 1.39Mt at the Cullinan Mine and Finsch,
mainly due to the suspension of production at Finsch, with Cullinan Mine
remaining largely on track
· Total revenue amounted to US$38 million (Q3 FY 2026: US$68 million)
· The South African Rand weakened slightly during the quarter, averaging
ZAR16.68:US$1 (Q3 FY 2026: ZAR16.34:US$1)
· Bank loans and borrowings, including accrued interest and deferred
transaction costs, represent the Company's ZAR1.75 billion (US$107 million)
revolving credit facility (RCF). As at 30 June 2026, ZAR1.75 billion (US$107
million) had been drawn, unchanged from Q3 FY 2026
· Consolidated net debt increased to US$322 million as at 30 June 2026 (31
March 2026: US$298 million)
· Q4 FY 2026 tender results delivered US$38 million in revenue from 547,220
carats sold, with an average price of US$69 per carat, bringing year-to-date
sales revenues to US$206 million from the sale of 2,292,540 carats
· Business Rescue process announced on 29 May 2026 at Finsch Diamond Mine
remains ongoing following the appointment of Business Rescue Practitioners on 10
June 2026, extension secured to present plan for voting, which is expected in
mid-August
· Launch of Section 189A labour restructure at Company and Cullinan Mine and
business and production improvement opportunities underway to identify further
optimisation of cash generation across the business
· Updated business plan, considering the outcomes of the Section 189A process,
as well as updated capital and production profiles to be completed by the end of
September 2026; guidance remains suspended until this new business plan is
finalised
Working Capital Support from Senior Lender
Given the tight cash position of the Company as a result of weaker Q4 FY 2026
tender prices and the ring-fencing of Finsch cash as part of the Business Rescue
process, the Company has engaged with its Senior Lender for short-term working
capital support. This has resulted in the Senior Lender supporting the Company
as follows:
1. Deferral of c. US$6m cash interest due to be paid in July 2026 to January
2027, including a waiver that this will not result in any event of default
related to the non-payment of this cash interest.
2. An additional facility under the Company's existing General Banking Facility
of R300 million (c. US$18 million), utilising permitted debt incurrence baskets
and other permissions under the existing Finance agreements (including the
Company's outstanding senior secured notes), with the following salient
features:
a. Tenure of 18 months (up to January 2028).
b. Interest margin of 750 bps (consistent with this type of facility).
c. Repayment to be made through the Company's on-going cash generation
activities.
d. Other customary conditions consistent with this type of facility and as per
the existing Finance agreements.
e. Appointment of a Board Observer nominated by the Senior Lender (as per
rights in the existing Finance agreements).
f. Commence discussions for a refinancing of the Company by the second half of
September 2026, with a view to agreeing on non-binding commercial terms by the
end of October 2026, failing which, the Senior Lender has an option to initiate
a sales process and request the Company to appoint a Chief Restructuring Officer
and form an independent Restructuring Committee reporting to the Board on
potential restructuring options.
The Company has initiated preliminary conversations with certain shareholders
and note holders and is confident in getting to a consensual refinancing
solution by the end of October 2026.
Business Rescue process at Finsch
The Business Rescue process at Finsch is proceeding, with the Business Rescue
Practitioners in consultation with Finsch creditors and stakeholders on
finalising the way forward. The Business Rescue Practitioners have secured an
extension to submit their recommended business plan for voting, which is now
expected to happen during the first half of August. Production remains suspended
at Finsch, and we will continue to provide updates as appropriate.
Operating Summary
Safety, Unit Three Twelve
sales months months
and
production
Q4 Q3 Var. Q4 FY FY 2025 Var.
2026
FY 2026 FY FY 2025
2026
Safety
LTIFR Rate 0.56 0.42 33% 0.58 0.35 0.42
(17%)
LTIs Number 4 3 33% 4 10 13
(23%)
Sales
Diamonds Carats 547,220 781,797 -30% 687,870 2,292,540 2,359,904
-3%
sold
Revenue1 US$m 38 68 -45% 50 206 206
-
Production
ROM tonnes Tonnes 1,165,165 1,498,034 -22% 1,691,762 5,815,687 6,485,074
-10%
Tailings Tonnes 227,535 202,315 +12% 74,249 778,455 407,579
+91%
and
other
tonnes
Total Tonnes 1,392,700 1,700,349 -18% 1,766,011 6,594,142 6,892,653
-4%
tonnes
treated
ROM Carats 417,108 549,433 -24% 599,104 2,111,378 2,248,645
-6%
diamonds
Tailings Carats 67,622 57,963 +17% 20,270 224,171 180,190
+24%
and
other
diamonds
Total Carats 484,730 607,396 -20% 619,374 2,335,549 2,428,835
-4%
diamonds
1 Revenue reflects proceeds from the sale of rough diamonds and excludes revenue
from profit share arrangements
In April 2026, Petra celebrated the significant milestone of nine consecutive
fatality-free years, followed by an extraordinary achievement of nine million
fatality-free shifts in June 2026. These milestones are a testament to the
unwavering commitment, vigilance, and safety-first mindset demonstrated by our
employees and business partners across the Company.
Our strong safety performance is further reflected in the FY 2026 Lost Time
Injury Frequency Rate (LTIFR), which improved by 17% compared to FY 2025. This
positive result was driven by an increased focus on Visible Felt Leadership
(VFL), with greater involvement of line managers in safety leadership, as well
as the continued empowerment of Health and Safety Representatives to proactively
identify and mitigate workplace risks.
Despite this overall improvement, a comparison of Q3 and Q4 FY 2026 LTIFR
indicates a slight deterioration during the fourth quarter. This trend is
believed to be associated with the recent organisational restructuring
programmes, with approximately 57% of Lost Time Injuries (LTIs) attributed to
behavioural factors. During periods of organisational change, maintaining a
strong safety culture becomes even more critical. As we enter FY 2027, we remain
committed to strengthening our health and safety culture through targeted
interventions, behavioural safety initiatives, and proactive prevention
programmes. Our focus will continue to be on embedding safe behaviours,
enhancing leadership visibility, and ensuring every employee returns home safely
every day.
Production at Cullinan Mine during the quarter was steady as we continue to
maximise production from the eastern parts of the C-Cut where we yield larger,
higher-value stones that are less affected by the weakened diamond market. As
detailed in our Q3 FY 2026 Operating Update, this has resulted in an overall
reduction in carats recovered but ensured that we offset the value loss
associated with suppressed smaller fraction size prices - affirming that
Cullinan Mine's product mix is able to outperform the current market
environment.
Up until the point of its production suspension, Finsch continued to produce to
plan. However, given what is now believed to be a structural shift in the
smaller segment of the diamond market, its product mix was unable to balance the
impacts of reduced prices, which were down 14% YoY. This, compounded by the
continued strength of the Rand, meant that it entered Business Rescue during the
Period, with suspension of production announced on 10 June.
The operation is now under the custodianship of Business Rescue Practitioners,
and we await the outcome of their assessment of the Business Rescue and the
resulting Finsch-specific business plan. We will provide updates on this process
as appropriate.
In the final days of the quarter, Petra experienced a ransomware incident
affecting parts of its IT environment. Management took immediate steps to
protect Petra's employees, safeguard Petra's operational technology environment
and maintain safe mining operations. This included isolating affected systems,
engaging external incident response specialists, notifying the relevant
authorities and moving into a controlled recovery process. The investigation and
recovery work remain ongoing, with systems being restored only where the
necessary security controls have been confirmed. While the incident has affected
certain administrative processes, including aspects of procurement and finance
processing, Petra's teams have implemented workarounds and continue to
prioritise safe production, data protection and disciplined restoration of
business services.
Mine-by-mine tables:
Cullinan Mine - South Africa
Unit Three Twelve
months months
Q4 Q3 Var. Q4 FY FY FY 2025 Var.
2025 2026
FY 2026 FY
2026
Sales
Revenue US$m 30 50 -40% 35 149 135
+11%
Diamonds Carats 396,398 453,518 -13% 481,690 1,399,474 1,416,351
-2%
sold
Average US$ 77 109 -30% 73 106 96
+11%
price per
carat
ROM
Production
Tonnes Tonnes 894,762 953,801 -6% 1,094,268 3,814,819 4,292,080
-11%
treated
Diamonds Carats 271,628 294,344 -8% 333,393 1,174,433 1,272,818
-8%
produced
Grade1 Cpht 30.4 30.9 -2% 30.5 30.8 29.7
+4%
Tailings
Production
Tonnes Tonnes 227,535 202,315 +12% 74,249 778,455 407,579
+91%
treated
Diamonds Carats 67,622 57,963 +17% 20,270 224,171 180,190
+24%
produced
Grade1 Cpht 29.7 28.7 +4% 27.3 28.8 44.2
-35%
Total
Production
Tonnes Tonnes 1,122,297 1,156,116 -3% 1,168,517 4,593,274 4,699,659
-2%
treated
Diamonds Carats 339,250 352,307 -4% 353,663 1,398,604 1,453,008
-4%
produced
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 Twelve
months months
Q4 Q3 Var. Q4 FY FY 2025 Var.
2026
FY 2026 FY FY 2025
2026
Sales
Revenue US$m 7 18 -61% 14 57 70 -19%
Diamonds Carats 150,822 328,279 -54% 206,180 893,066 943,554 -5%
sold
Average US$ 49 56 -13% 70 64 74 -14%
price per
carat
ROM
Production
Tonnes Tonnes 270,402 544,233 -50% 597,495 2,000,867 2,192,994 -9%
treated
Diamonds Carats 145,480 255,089 -43% 265,712 936,945 975,828 -4%
produced
Grade Cpht 53.8 46.9 +15% 44.5 46.8 44.5 +5%
Notes:
1. The following definitions have been used in this announcement:
a. cpht: carats per hundred tonnes
b. LTIs: lost time injuries
c. LTIFR: lost time injury frequency rate, calculated as the number of LTIs
multiplied by 200,000 and divided by the number of hours worked
d. FY: financial year ending 30 June
e. CY: calendar year ending 31 December
f. H: half of the financial year
g. ROM: run-of-mine (i.e. production from the primary orebody)
h. m: million
i. Mt: million tonnes
j. Mcts: million carats
k. kcts: thousand carats
Corporate and financial summary as at 30 June 2026
+-----------------+------+-----+--------+--------+---------+--------+
| |Unit |As at|As at 31|As at 31|As at 30 |As at 30|
| | |30 |March |December|September|June |
| | |June |2026 | | | |
| | | | |2025 |2025 |2025 |
| | |2026 | | | | |
+-----------------+------+-----+--------+--------+---------+--------+
|Total cash at |US$m |28 |34 |55 |46 |52 |
|bank1,2,7 | | | | | | |
+-----------------+------+-----+--------+--------+---------+--------+
|Diamond debtors 7|US$m |3 |21 |- |2 |12 |
+-----------------+------+-----+--------+--------+---------+--------+
|Diamond |US$m |14 |29 |46 |44 |26 |
|inventories3,7 | | | | | | |
| |Carats|207 |434,182 |608,217 |468,733 |328,689 |
| | |646 | | | | |
+-----------------+------+-----+--------+--------+---------+--------+
|2030 Loan Notes4 |US$m |243 |251 |246 |n/a |n/a |
+-----------------+------+-----+--------+--------+---------+--------+
|2026 Loan Notes4 |US$m |n/a |n/a |n/a |233 |226 |
+-----------------+------+-----+--------+--------+---------+--------+
|Bank loans and |US$m |109 |102 |92 |102 |99 |
|borrowings5 | | | | | | |
+-----------------+------+-----+--------+--------+---------+--------+
|Consolidated net |US$m |322 |298 |284 |287 |261 |
|debt6 | | | | | | |
+-----------------+------+-----+--------+--------+---------+--------+
|Bank facilities |US$m |- |- |11 |- |- |
|undrawn and | | | | | | |
|available5 | | | | | | |
+-----------------+------+-----+--------+--------+---------+--------+
Notes:
1. The following exchange rates have been used for this announcement: average
for FY 2026 US$1:ZAR16.91 (FY 2025: US$1:ZAR18.15); closing rate as at 30 June
2026 US$1:ZAR16.39 (31 March 2026 US$1:ZAR16.93; 31 December 2025
US$1:ZAR16.56; 30 September 2025: ZAR17.25; 30 June 2025: ZAR17.75 and 31 March
2025 ZAR18.30).
2. The Company's cash balances comprise unrestricted balances of US$9 million,
and restricted cash balances of US$19 million.
3. Recorded at the lower of cost and net realisable value.
4. The 2030 Loan Notes have a carrying value of US$243 million
which represents the nominal value of US$228 million, plus fair value
adjustments at modification date in terms of IFRS 9 and net of any unamortised
transaction costs capitalised which were incurred during the Refinancing
completed during November 2025.
The 2026 Loan Notes represent the gross capital of US$228 million (including
PIK), plus accrued and unpaid interest for the relevant periods, up to the
refinancing date.
5. Bank loans and borrowings represent amounts drawn under the
Company's refinanced ZAR1.75 billion (US$107 million) Revolving Credit Facility
(RCF) and comprise capital draw-down of ZAR1,750 million (US$107 million), net
of unamortised transaction costs capitalised of ZAR51 million (US$3 million) and
includes accrued interest of ZAR86 million (US$5 million). As at 30 June
2026, the full facility was drawn.
6. Consolidated net debt is bank loans and borrowings plus loan notes,
less total cash and diamond debtors.
7. Amounts attributable to Finsch mine at 30 June 2026 have been excluded.
8. Finsch unrestricted cash balance of US$6m and diamond inventory of 95 kcts
as at 30 June 2026.
Q4 and FY 2026 sales results
The diamond market remained under pressure with the prices of smaller-sized
diamonds continuing to see price pressure during Q4 FY 2026 and into June 2026.
As previously reported, the Cullinan Mine achieved c. US$81/ct for April & May
2026. For June, the Cullinan Mine averaged US$67/ct, bringing the Q4 average
$/ct realised for the Cullinan Mine to US$77/ct. The drop in realised prices is
largely due to the difference in product mix, quarter on quarter, partially
offset by some like-for- like price improvements, especially in the 2-10 cts
range.
Our tender cycles in the final quarter of the year yielded US$38 million,
bringing revenue for FY 2026 to US$206 million, flat on FY 2025. Given the
challenges we have faced with the smaller goods from Finsch, and prolonged
weakness in diamond pricing, this reflects the strength of the higher value
goods and exceptionals from Cullinan Mine, which continues to be a world-class
asset.
Company rough diamondsales results forthe respective periodsare set outin the
tablebelow:
+----------------------+-------+-------+----+-------+----+---------+---------+--
--+
| |FY 2026 |FY 2025 |FY 2026 |FY 2025
|Var.|
+----------------------+-------+-------+----+-------+----+---------+---------+--
--+
| |Q4 |Q3 |Var.|Q4 |Var.| | |
|
+----------------------+-------+-------+----+-------+----+---------+---------+--
--+
|Diamonds sold (carats)|547,220|781,797|-30%|687,870|-21%|2,292,540|2,359,904|
-3% |
+----------------------+-------+-------+----+-------+----+---------+---------+--
--+
|Sales (US$m) |38 |68 |-45%|50 |-26%|206 |206 |0%
|
+----------------------+-------+-------+----+-------+----+---------+---------+--
--+
|Average price (US$/Ct)|69 |87 |-21%|72 |-5% |90 |87
|+3% |
+----------------------+-------+-------+----+-------+----+---------+---------+--
--+
Price comparison by operation
Mine-by-mineaverage prices for the respective periods are set out in the table
below:
+------------+-----+-------+-------+----+-------+-------+---------+---------+---
-+
|Cullinan |Unit |FY 2026 |FY 2025 | | |
|
|Mine | | | | | |
|
+------------+-----+-------+-------+----+-------+-------+---------+---------+---
-+
|Q4 |Q3 |Var |Q4 |Var |FY 2026|FY 2025|Var |
+------------+-----+-------+-------+----+-------+-------+---------+---------+---
-+
|Revenue,US$m|US$m |30 |50 |-40%|35 |-14% |149 |135
|+11%|
| | | | | | | | | |
|
+------------+-----+-------+-------+----+-------+-------+---------+---------+---
-+
|Diamonds |cts |396,398|453,518|-13%|481,690|-18% |1,399,474|1,416,351|-2%
|
|Sold | | | | | | | | |
|
+------------+-----+-------+-------+----+-------+-------+---------+---------+---
-+
|Average |US$/c|77 |109 |-30%|73 |+6% |106 |96
|+11%|
|US$/ct |t | | | | | | | |
|
+------------+-----+-------+-------+----+-------+-------+---------+---------+---
-+
+--------------+------+-------+-------+----+-------+-------+-------+-------+---
-+
|Finsch Mine |Unit |FY 2026 |FY 2025 | | |
|
+--------------+------+-------+-------+----+-------+-------+-------+-------+---
-+
|Q4 |Q3 |Var |Q4 |Var |FY 2026|FY 2025|Var |
+--------------+------+-------+-------+----+-------+-------+-------+-------+---
-+
|Revenue,US$m |US$m |7 |18 |-61%|14 |-50% |57 |70 |
-19%|
+--------------+------+-------+-------+----+-------+-------+-------+-------+---
-+
|Diamonds Sold |cts |150,822|328,279|-54%|206,180|-27% |893,066|943,554|-6%
|
+--------------+------+-------+-------+----+-------+-------+-------+-------+---
-+
|Average US$/ct|US$/ct|49 |56 |-13%|70 |-30% |64 |74 |
-14%|
+--------------+------+-------+-------+----+-------+-------+-------+-------+---
-+
US$/carat FY 2026 FY 2025 Var.
Cullinan Mine 106 96 +11%
Finsch 64 74 -14%
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
Julia Stone Telephone: +44 (0)7495470187
Kelsey Traynor
investorrelations@petradiamonds.com
Notes:
The following definitions have been used in this announcement:
a. cpht: carats per hundred tonnes
b. LTIs: lost time injuries
c. LTIFR: lost time injury frequency rate, calculated as the number of LTIs
multiplied by 200,000 and divided by the number of hours worked
d. FY: financial year ending 30 June
e. CY: calendar year ending 31 December
f. Q: quarter of the financial year
g. ROM: run-of-mine (i.e. production from the primary orebody)
h. m: million
i. Mt: million tonnes
j. Mcts: million carats
k. period: the fourth quarter of FY 2026
l. Like-for-like refers to the change in realised prices between tenders and
excludes revenue from all single stones, while normalising for product mix
impact
ABOUT PETRA DIAMONDS
Petra Diamondsis a leading independent diamond mining company and a supplier of
gem-quality rough diamonds to the international market. The Company's portfolio
incorporates interests in the Cullinan Mine and Finsch inSouth Africa. Finsch is
currently under Business Rescue.
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 Company 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 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.
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.
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