Petra Diamonds Ltd - Q3 FY 2025 Operating & Business Update
22 May 2025 LSE: PDL
Q3 FY 2025 Operating & Business Update
Petra is today providing the following operating and business update for Q3 FY 2025. The quarter marked another period of steady operational delivery across the Group. The Group continued to execute on its short-term priorities, including labour restructuring, general cost control and disciplined capital management. Both Cullinan and Finsch Mines maintained their solid performances, supported by the ongoing focus on safe, stable operations and a revised cost discipline approach. The Group remains on track to deliver production guidance for FY 2025 of 2.4 - 2.7 Mcts for the SA Operations.
Operationally, Finsch began mining from the 81L block, which should result in improved quality and higher overall recovered value. As mentioned in the recent update on 9 April, while production volumes were largely maintained at
The partial sale of Tender 5 for Finsch and Williamson was completed in early April, resulting in total sales of 176kcts sold for
The labour restructuring in support services that was initiated in
Petra also announced the completion of the sale of
"Alongside the broader diamond sector, Petra has been navigating a very difficult diamond market. Despite this, Petra has shown considerable resilience by delivering on its production and cost targets, while undergoing unprecedented changes in the Business, including the regrettable loss of jobs. We fully appreciate all the sacrifices, commitment, and hard work of our employees.
We believe the steps we have taken over the past 12 months position Petra well for a successful refinancing. We will now look to commence engagements with our lenders on the refinancing of our debt maturing in early 2026.”
Highlights vs Q2 FY 2025 (excludes Williamson as a discontinued operation)
-- LTIFR and LTIs are 3 and 0.42 respectively (Q2 FY 2025: 2 and 0.26
respectively)
-- Ore processed reduced marginally to 1.7Mt from 1.8Mt with the continued
ramp-up of production at Finsch offset by lower output from Cullinan
mine. ROM grade performance across both operations is similar to the
previous quarter
-- Revenue amounted to US$42 million (Q2 FY 2024: US$106 million ) with Q2
FY 2025 benefiting from the deferral of Tender 1 FY 2025 to Q2 FY 2025
-- The South African Rand weakened following a period of strength, with the
Rand averaging ZAR18 .48:US$1 (Q2 FY 2025: ZAR17 .89:US$1 )
-- Capital expenditure for Q3 FY 2025 totalled US$15 million , in-line with
guidance announced following the smoother capital profile implemented in
FY 2024
-- Bank loans and borrowings represent the Group’s ZAR1.75 billion (US$93
million ) revolving credit facility (RCF). As at 31 March 2025 , ZAR 1.2
billion (US$66 million ) was drawn, following a drawdown of US$22 million
from the RCF for working capital purposes in February 2025
-- Consolidated net debt increased to US$258 million as at 31 March 2025
(31 December 2024 : US$225 million ) due to working capital requirements
-- Balance of Tender 5 and Tender 6 results expected to be announced in
June 2025
Operating Summary (excludes Williamson as a discontinued operation)
Three months Nine months YTD
Safety,
sales and Unit Q3 Q2
production2 Var. Q3 FY 2024 FY 2025 FY 2024 Var.
FY 2025 FY 2025
Safety
LTIFR - 0.42 0.26 +62% 0.30 0.38 0.24 +58%
LTIs Number 3 2 +50% 3 9 8 +13%
Sales
Diamonds Carats 558,651 1,113,364 -50% 386,444 1,672,034 1,925,777 -13%
sold
Revenue1 US$m 41.6 105.9 -61% 47.7 156.0 211.3 -26%
Production
ROM tonnes Tonnes 1,585,838 1,640,637 -3% 1,634,715 4,793,312 5,030,571 -5%
Tailings and Tonnes 124,703 110,625 +13% 75,100 333,330 262,343 +27%
other tonnes
Total tonnes Tonnes 1,710,541 1,751,262 -2% 1,709,815 5,126,642 5,292,914 -3%
treated
ROM diamonds Carats 563,875 567,301 -1% 562,033 1,649,541 1,748,349 -6%
Tailings and
other Carats 45,920 65,143 -30% 22,227 159,920 102,863 +55%
diamonds
Total Carats 609,795 632,444 -4% 584,260 1,809,461 1,851,212 -2%
diamonds
1 Revenue reflects proceeds from the sale of rough diamonds and excludes revenue from profit share arrangements
2 Re-presented to exclude Williamson which is classified as a discontinued operation
INVESTOR WEBCASTS
There will be no investor webcasts for the Q3 FY 2025 Operating Update.
FURTHER INFORMATION
For further information, please contact:
Investor Relations,
Telephone: +44 (0)7495470187
About
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 on the Main Market of the
Corporate and financial summary
_____________________________________________________________________________ | | | |As at 31| |As at 30 June||| | |Unit |As at 31 March|December|As at 30 | ||| | | |2025 | |September2024|2024 ||| | | | |2024 | | ||| |________________|______|______________|________|_____________|_____________||| |Total cash at |US$m |36 | |47 |47 ||| |bank¹ | | |52 | | ||| |________________|______|______________|________|_____________|_____________||| |Diamond debtors |US$m |2 |— |— |31 ||| |________________|______|______________|________|_____________|_____________||| |Diamond |US$m |31 |27 |84 |28 ||| |inventories2 | | | | | ||| | |Carats|397,182 |346,037 |826,957 |259,755 ||| |________________|______|______________|________|_____________|_____________||| |2026 Loan Notes3|US$m |231 |225 |245 |246 ||| |________________|______|______________|________|_____________|_____________||| |Bank loans and |US$m |66 |43 |76 |25 ||| |borrowings4 | | | | | ||| |________________|______|______________|________|_____________|_____________||| |Consolidated Net|US$m |258 |215 |273 |193 ||| |Debt5 | | | | | ||| |________________|______|______________|________|_____________|_____________||| |Bank facilities | | | | | ||| |undrawn and |US$m |30 |50 |26 |72 ||| |available4 | | | | | ||| |________________|______|______________|________|_____________|_____________|||
Note:
The following exchange rates have been used for this announcement: average for 9M FY 2025 US$1:
Notes:
1. The Group’s cash balances excluding Williamson comprise unrestricted
balances of US$18 million , and restricted balances of US$18 million .
2. Recorded at the lower of cost and net realisable value.
3. The 2026 Loan Notes, originally issued following the capital restructuring
(the “Restructuring”) completed during March 2021 , have a carrying value of
US$231 million which represents the outstanding principal amount of US$186
million (after the repurchases concluded during H1 FY 2025) plus US$48
million of accrued interest and is stated net of unamortised transaction
costs capitalised of US$3 million . During H1 FY 2025, Petra purchased and
cancelled 2026 Loan Notes with a nominal value of US$24 million through an
open market repurchase programme.
4. Bank loans and borrowings represent the Group’s ZAR1.75 billion (US$96
million ) revolving credit facility (RCF). In August and September 2024 , the
Group drew down ZAR855 million (c. US$48 million ) from the RCF as a result
of the deferral of South African goods from Tender 1 FY 2025. ZAR500
million (c. US$28 million ) was repaid during November and December 2024 . In
January 2025 , the Group drew down a further ZAR400 million (US$22 million )
from the RCF for working capital requirements. As at 31 March 2025 , a total
of ZAR1.205 billion (US$66 million ) was drawn leaving a further balance of
ZAR545 million (US$30 million ) available for drawdown.
5. Consolidated Net Debt is bank loans and borrowings plus loan notes, less
cash and diamond debtors.
Mine-by-mine tables:
Three months Nine months YTD
Unit
Q3 FY 2025 Q2 FY 2025 Var. Q3 FY 2024 FY 2025 FY 2024 Var.
Sales
Revenue US$m 22.7 69.0 -67% 31.9 100.2 128.5 -22%
Diamonds Carats 294,592 640,050 -54% 233,460 934,661 1,098,689 -15%
sold
Average
price per US$ 77 108 -29% 137 107 117 -8%
carat
ROM
Production
Tonnes Tonnes 1,000,455 1,107,787 -10% 1,164,009 3,197,812 3,379,853 -5%
treated
Diamonds Carats 294,220 331,079 -11% 319,490 939,425 969,100 -3%
produced
Grade1 Cpht 29.4 29.9 -2% 27.4 29.4 28.7 +2%
Tailings
Production
Tonnes Tonnes 124,703 110,625 +13% 75,100 333,330 262,343 +27%
treated
Diamonds Carats 45,920 65,143 -30% 22,227 159,920 102,863 +55%
produced
Grade1 Cpht 36.8 58.9 -37% 29.6 48.0 39.2 +22%
Total
Production
Tonnes Tonnes 1,125,158 1,218,412 -8% 1,239,109 3,531,142 3,642,196 -3%
treated
Diamonds Carats 340,140 396,222 -14% 341,717 1,099,345 1,071,963 +3%
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 –
Three months Nine months YTD
Unit
Q3 FY 2025 Q2 FY 2025 Var. Q3 FY 2024 FY 2025 FY 2024 Var.
Sales
Revenue US$m 18.9 36.9 -49% 15.9 55.8 82.9 -33%
Diamonds Carats 264,059 473,314 -44% 152,984 737,373 827,088 -11%
sold
Average
price per US$ 72 78 -8% 104 76 100 -24%
carat
ROM
Production
Tonnes Tonnes 585,383 532,849 +10% 470,706 1,595,499 1,650,718 -3%
treated
Diamonds Carats 269,656 236,222 +14% 242,543 710,116 779,249 -9%
produced
Grade Cpht 46.1 44.3 +4% 51.5 44.5 47.2 -6%
Williamson –
Three months Nine months YTD
Unit
Q3 FY 2025 Q2 FY 2025 Var. Q3 FY 2024 FY 2025 FY 2024 Var.
Sales
Revenue US$m 15.7 17.8 -12% 17.9 47.5 42.2 +13%
Diamonds Carats 93,441 102,151 -9% 90,285 281,022 210,574 +33%
sold
Average
price per US$ 168 174 -4% 198 169 200 -16%
carat
ROM
Production
Tonnes Tonnes 1,228,755 1,201,668 +2% 1,216,754 3,976,231 3,413,794 +16%
treated
Diamonds Carats 80,834 88,469 -9% 81,317 281,706 241,905 +16%
produced
Grade1 Cpht 6.6 7.4 -11% 6.7 7.1 7.1 -
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. ktcs: thousand carats
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