PDL Petra Diamonds Limited

Petra Diamonds Limited

("Petra" or the "Company")

Initial Sales Results for 80% of Fourth Tender cycle for FY 2022

Petra has closed sales for approximately 80% of the volume of its Fourth Tender cycle for FY 2022.  In these initial tender results, 589,168 carats have been sold for a total of US$110.5 million, at an average price of US$188 per carat. No Exceptional Stones were sold as part of these initial sales.

Like-for-like rough diamond price increases on the six months to December 2021 are still being determined and will be announced when they become available.  As a result, it is not yet possible to determine how much of the increase in US$ price per carat is attributable to market movement versus product mix.

The sale of the remaining 20% of the volume of the Fourth Tender cycle, which is of comparable product mix, is scheduled to close on or around 7 March 2022 and the full sales results of the Fourth Tender cycle will be released shortly thereafter.

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is being released on behalf of Petra by the Company Secretary.

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For further information, please contact:

Petra Diamonds, London                                         Telephone: +44 20 7494 8203

Jill Sherratt                                                                  investorrelations@petradiamonds.com

Julia Stone

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 producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit mine in Tanzania (Williamson).

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 of ca. 230 million carats, 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 US$336.7 million notes due in 2026 are listed (subject to temporary suspension) on the Irish Stock Exchange and admitted to trading on the Global Exchange Market. For more information, visit www.petradiamonds.com.