Annual Report (ESEF) • Oct 23, 2025
Preview not available for this file type.
Download Source File213800X4QZIAVSA128602024-07-012025-06-30iso4217:USD213800X4QZIAVSA128602023-07-012024-06-30iso4217:USDxbrli:shares213800X4QZIAVSA128602025-06-30213800X4QZIAVSA128602024-06-30213800X4QZIAVSA128602023-06-30213800X4QZIAVSA128602024-06-30ifrs-full:IssuedCapitalMember213800X4QZIAVSA128602024-06-30ifrs-full:SharePremiumMember213800X4QZIAVSA128602024-06-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800X4QZIAVSA128602024-06-30ifrs-full:ReserveOfSharebasedPaymentsMember213800X4QZIAVSA128602024-06-30ifrs-full:OtherReservesMember213800X4QZIAVSA128602024-06-30ifrs-full:RetainedEarningsMember213800X4QZIAVSA128602024-06-30ifrs-full:EquityAttributableToOwnersOfParentMember213800X4QZIAVSA128602024-06-30ifrs-full:NoncontrollingInterestsMember213800X4QZIAVSA128602024-07-012025-06-30ifrs-full:IssuedCapitalMember213800X4QZIAVSA128602024-07-012025-06-30ifrs-full:SharePremiumMember213800X4QZIAVSA128602024-07-012025-06-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800X4QZIAVSA128602024-07-012025-06-30ifrs-full:ReserveOfSharebasedPaymentsMember213800X4QZIAVSA128602024-07-012025-06-30ifrs-full:OtherReservesMember213800X4QZIAVSA128602024-07-012025-06-30ifrs-full:RetainedEarningsMember213800X4QZIAVSA128602024-07-012025-06-30ifrs-full:EquityAttributableToOwnersOfParentMember213800X4QZIAVSA128602024-07-012025-06-30ifrs-full:NoncontrollingInterestsMember213800X4QZIAVSA128602025-06-30ifrs-full:IssuedCapitalMember213800X4QZIAVSA128602025-06-30ifrs-full:SharePremiumMember213800X4QZIAVSA128602025-06-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800X4QZIAVSA128602025-06-30ifrs-full:ReserveOfSharebasedPaymentsMember213800X4QZIAVSA128602025-06-30ifrs-full:OtherReservesMember213800X4QZIAVSA128602025-06-30ifrs-full:RetainedEarningsMember213800X4QZIAVSA128602025-06-30ifrs-full:EquityAttributableToOwnersOfParentMember213800X4QZIAVSA128602025-06-30ifrs-full:NoncontrollingInterestsMember213800X4QZIAVSA128602023-06-30ifrs-full:IssuedCapitalMemberifrs-full:PreviouslyStatedMember213800X4QZIAVSA128602023-06-30ifrs-full:SharePremiumMemberifrs-full:PreviouslyStatedMember213800X4QZIAVSA128602023-06-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMemberifrs-full:PreviouslyStatedMember213800X4QZIAVSA128602023-06-30ifrs-full:ReserveOfSharebasedPaymentsMemberifrs-full:PreviouslyStatedMember213800X4QZIAVSA128602023-06-30ifrs-full:OtherReservesMemberifrs-full:PreviouslyStatedMember213800X4QZIAVSA128602023-06-30ifrs-full:RetainedEarningsMemberifrs-full:PreviouslyStatedMember213800X4QZIAVSA128602023-06-30ifrs-full:EquityAttributableToOwnersOfParentMemberifrs-full:PreviouslyStatedMember213800X4QZIAVSA128602023-06-30ifrs-full:NoncontrollingInterestsMemberifrs-full:PreviouslyStatedMember213800X4QZIAVSA128602023-06-30ifrs-full:PreviouslyStatedMember213800X4QZIAVSA128602023-06-30ifrs-full:RetainedEarningsMemberifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember213800X4QZIAVSA128602023-06-30ifrs-full:EquityAttributableToOwnersOfParentMemberifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember213800X4QZIAVSA128602023-06-30ifrs-full:NoncontrollingInterestsMemberifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember213800X4QZIAVSA128602023-06-30ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember213800X4QZIAVSA128602023-06-30ifrs-full:IssuedCapitalMember213800X4QZIAVSA128602023-06-30ifrs-full:SharePremiumMember213800X4QZIAVSA128602023-06-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800X4QZIAVSA128602023-06-30ifrs-full:ReserveOfSharebasedPaymentsMember213800X4QZIAVSA128602023-06-30ifrs-full:OtherReservesMember213800X4QZIAVSA128602023-06-30ifrs-full:RetainedEarningsMember213800X4QZIAVSA128602023-06-30ifrs-full:EquityAttributableToOwnersOfParentMember213800X4QZIAVSA128602023-06-30ifrs-full:NoncontrollingInterestsMember213800X4QZIAVSA128602023-07-012024-06-30ifrs-full:IssuedCapitalMember213800X4QZIAVSA128602023-07-012024-06-30ifrs-full:SharePremiumMember213800X4QZIAVSA128602023-07-012024-06-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800X4QZIAVSA128602023-07-012024-06-30ifrs-full:ReserveOfSharebasedPaymentsMember213800X4QZIAVSA128602023-07-012024-06-30ifrs-full:OtherReservesMember213800X4QZIAVSA128602023-07-012024-06-30ifrs-full:RetainedEarningsMember213800X4QZIAVSA128602023-07-012024-06-30ifrs-full:EquityAttributableToOwnersOfParentMember213800X4QZIAVSA128602023-07-012024-06-30ifrs-full:NoncontrollingInterestsMember PETRA DIAMONDS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Contents Strategic Report 1 FY 2025 performance highlights 2 At a glance 3 Investment case 4 Sustainability framework 5 Business model 6 Chair’s statement 8 Joint CEO (corporate) statement 10 Refinancing 12 Joint CEO (operations) statement 18 Financial review 24 Sustainability review 33 Market review 38 Strategy in action 40 Key Performance Indicators 42 Resources and reserves statement 44 Non-financial and sustainability information disclosures 45 Section 172 statement 47 TCFD disclosures 54 Risk management and Principal risks 62 Viability statement Corporate Governance 66 Chair’s Introduction to Governance 68 Board of Directors 70 Executive Committee (Exco) 71 Corporate Governance Statement 81 Governance Framework 82 Report of the Audit and Risk Committee 91 Report of the Nomination Committee 94 Report of the Safety, Health andSustainability Committee 97 Report of the Investment Committee 99 Letter from the Remuneration Committee Chair 101 Directors’ Remuneration Report 112 Directors’ Remuneration Policy Financial Statements 119 Directors’ Responsibilities Statement 120 Independent Auditor’s Report 127 Consolidated Income Statement 128 Consolidated Statement of Other Comprehensive Income 129 Consolidated Statement of Financial Position 130 Consolidated Statement of Cashflows 131 Consolidated Statement of Changes in Equity 132 Notes to the Annual Financial Statements Supplementary Information 170 Alternative Performance Measures 171 Five-year Summary of Consolidated Figures 172 FY2025 Summary of Results andNon-GAAP Disclosures 173 Annexure 1 174 Shareholder and Corporate Information 178 Glossary ABOUT US Petra Diamonds Limited is a leading independent diamond mining group, supplying gem-quality rough diamonds to the international market from its world renowned portfolio of mines in South Africa, safely and to the highest ethical standards. Petra is quoted on the Main Market of the LondonStock Exchange under the ticker PDL. This Annual Report covers our business holistically, considering both the financial and non-financial aspects of our performance. In addition we provide asupplementary sustainability documentwhich can be found on our website: www.petradiamonds.com Navigation (reading and web) Sustainability supplementary informationonline Annual Report page driver Website driver Front cover image: A249 Type II D colour gem quality diamond recovered at Cullinan Mine in May 2025 A note on the treatment of numbers in our FY 2025 Annual Report During FY 2025 Williamson and Koffiefontein were sold, and have been classified as discontinued operation. As a result: • All financial and production figures exclude Williamson and Koffiefontein for FY 2025, with all figures up to and including FY2024 restated to exclude Williamson and Koffiefontein for comparative purposes unless otherwise stated. • All ESG figures for FY 2025 exclude Williamson and Koffiefontein, bar the safety figures that include these two assets up totheir point of sale (October 2024 and May 2025 respectively). All ESG figures up to and including FY 2024 include Williamson and Koffiefontein. • Reserves and Resources exclude Williamson and Koffiefontein for FY 2025, with FY 2024 figures including Williamson andKoffiefontein. Delivering safely and efficiently SAFETY 1 (LTIFR) 0.28 FY24: 0.16 PRODUCTION 3 (MCTS) 2.43 FY24: 2.41 REVENUE 3 (US$M) 207 FY24: 310 ADJUSTED EBITDA 2, 3 (US$M) 27 FY24: 70 ADJUSTED EBITDA MARGIN 2, 3 (%) 13 FY24: 23 BASIC LOSS PER SHARE FROM CONTINUING OPERATIONS 3 (CENTS) 64 FY24: 43 Notes to financial measures 1. All Safety figures include Koffiefontein and Williamson up to the point of sale (October2024 and May 2025 respectively). 2. For all non-GAAP measures refer to the Summary of Results table within the FinancialResults section. 3. Results for FY 2024 have been adjusted for discontinued operations. 4. Consolidated net debt includes cash and cash equivalent and all environmental rehabilitation funds held by the cell captive. 5. FY 2025 figures exclude Williamson and Koffiefontein; FY 2024 include Williamson andKoffiefontein. Petra’s sustainability credentials Diamonds are a consumer product and Petra recognises its ethical and social responsibilities Petra adheres to the strict standards of industry bodies that we are affiliated to Continued investing in operations with afocus on debt reduction CAPITAL EXPENDITURE 3 (US$M) 63 FY24: 73 CONSOLIDATED NET DEBT 2, 3, 4 (US$M) 261 FY24: 193 CONSOLIDATED NET DEBT: ADJUSTED EBITDA 2, 3, 4 9.7x FY24: 2.8x GROSS DEBT 3 (US$M) 325 FY24: 271 Operating sustainably CARBON EMISSIONS 5 (KTCO 2 E) 370 FY24: 423 WOMEN IN THE WORKFORCE 5 (%) 20 FY24: 22 WATER INTENSITY 5 (M 3 /T) 0.52 FY24: 0.70 TRAINING SPEND ON EMPLOYEES 5 (US$M) 3.16 FY24: 4.22 B- Climate Change B Water Security Rating from CDP 2024 21 Amongst 105or 7th outof 24 insub-industry, lowerthan average risk rating Rated by Sustainalytics November 2024 K S Y 2025 PERFORMANCE HIGHLIGHTS A leaner business delivering onitsobjectives This year has seen the continued focus on streamlining our business profile as we navigate persistent challenging market conditions. Our operations have performed in line with guidance, and although product mix did impact cashflows, we have delivered several key milestones as we position the Company for the successful refinancing of our debt and sustainable long term value generation. C+ Rated by ISS-Corporate 2025 1 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT 1 2 SOUTH AFRICA AT A GLANCE We produce some of the world’s most rare, precious and valuable diamonds Where we operate REVENUE BY MINE (%) US$207m TOTAL ROUGH DIAMOND PRODUCTION BY MINE (%) 2.4MCTS Cullinan Mine Renowned for Type IIa white, Type IIb blue diamonds and a varied product mix. Finsch A consistent producer of sought- after octahedral diamonds. A value-led growth strategy A resilient business with aproactive approach to managing market volatility Strategy pages 38-39 Sustainability pages 24-32 The diamond market pages 33-37 Our operations pages 12-17 FY2025 Resource and Reserves Statement pages 42-43 TOTAL PRODUCTION (MCTS) 1.45 FY24: 1.40 REVENUE (US$M) 137 FY24: 190 GROSS GROUP RESOURCES (MCTS) 1 173.83 FY24: 218.97 GROSS GROUP RESERVES (MCTS) 1 23.25 FY24: 27.78 POTENTIAL MINE-LIFE: 2 POTENTIAL MINE-LIFE: 2050 2037 TOTAL PRODUCTION (MCTS) 0.98 FY24: 1.00 REVENUE (US$M) 70 FY24: 120 Focused on delivering Our Purpose: Creating abundance from rarity Abundance for ourpeople in realising their full potential to deliver extraordinary outcomes Abundance for ourcommunities through partnering to provide enduring benefit for future generations Abundancefor ourinvestors in generating sustainablereturns Abundance for ourcustomers in celebrating love, friendship and life’s achievements See more on our website www.petradiamonds.com/about-us/our-purpose-values/ Cullinan Mine 66% Finsch 34% Cullinan Mine 60% Finsch 40% Our portfolio incorporates interests in two underground mines in South Africa 1 2 1. Williamson and Koffiefontein excluded for FY 2025 data, included for FY 2024 data. 2. Includes production from the D-Cut, a project at Cullinan mine not included in the current detailed LOM planning andsubject to further feasibility work and approval. 2 Petra Diamonds Limited Annual Report and Financial Statements 2025 INVESTMENT CASE A resilient business with a compellingvalue proposition Supportive natural diamondmarket • CY 2025 has seen a visible increase in investment and advertising efforts with global marketing campaigns tomarket natural diamonds • Traceability and provenance increasingly important to consumers and has potential to empower new wave of demand with knowledge of origin of natural diamonds • Demand from growing middle classes in emerging markets expected to increase, supporting market dynamics World-renowned, long-lifeassetbase • Petra’s diamonds are mined from orebodies that regularly yield high quality goods that have a strong brand reputation • Significant resource base supports extension opportunities well beyond current mine plans, withfurther potential to mine ore at depth • Well positioned to benefit from market recovery Disciplined capital allocation tomaximise stakeholder value • Focused strategy to optimise value, grow the business and return value to investors • Debt and interest payment optimisation is a priority • Post-Period Refinancing supports capex programme through FY 2026 and FY 2027, with cash generation anticipated thereafter Proactive approach to managing market andcapital cycles • Delivered a leaner business with capex savings and deferrals for a sustained smoother capital profile • Reduced mining and processing costs through rebasing of assets while still delivering on production targets • Tender sale flexibility to maximise price opportunity Embedding sustainability • Sustainability framework is at the heart of our business objectives • Safety is the number one priority and we have delivered eight years of no fatality • 2030 GHG reduction target on track Read more about our operations on pages 12-17 Read more about our capital allocation on page 22 Read more about our business model on page 5 Read more about our sustainability on pages 24-32 Read more about the diamond market on pages 33-37 Value-driven strategy • Our effort during FY 2025 has been inwardly focused, streamlining operations at Cullinan Mine and Finsch, while also exiting from Koffiefontein and Williamson • We have also further optimised our capital development profiles, in line with our strategy to maximise value from our existing assets. The successful execution ofthis, along with stable operations will remain the focus areas for Petra in the near-medium term. Read more about our strategy on pages 38-39 3 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT SUSTAINABILITY FRAMEWORK Integrating Sustainability We aim to generate tangible value for each of our stakeholders, thereby contributing to thesocio-economic development of South Africa, as our host country, and supporting long-term sustainable operations to the benefit of our employees, partners and communities. Built on the Petra Culture Code, ethical conduct, strong governance, and open, transparentstakeholder engagement our Sustainability Framework is seamlessly integratedinto our business strategy and fully embedded in our operations. Valuing our people Driving shared value partnerships Delivering reliable production Respecting our planet Safety Health, hygiene andwellness Diversity and inclusion Training, development and upskilling Stakeholder relations Community and socialinvestment Responsible sourcing Climate change Water management Circular economy Biodiversity Mining to plan Processing to plan Asset reliability Capex and Opex efficiency Read more on pages 26-27 [ Read more on pages 28-29 • Read more on page 30 Read more on page 31 This year our sustainability updates are provided in ourAnnual Report with all supplementary information provided in a supporting document online as well as a separate GRI Document: www.petradiamonds.com/ sustainability/policies-important-information/ Sustainability pages 24-32 TCFD pages 47-53 Risk management pages 52-60 We have adopted and aligned our reporting with the following: • Global Reporting Initiative (GRI) Standards: 2021. • Sustainability Accounting Standards Board (SASB) Metals &Mining Sustainability Accounting Standard (now part oftheIFRS Foundation) • The Task Force on Climate-related Financial Disclosures (TCFD). Our Values Let’s do no harm Let’s make a difference Let’s do it right Let’s take control Let’s do it better Supported by our Culture Code Read more on our Culture Code page 29 See more on our website www.petradiamonds.com/petra-diamonds-culture-code- creating-abudance-from-rarety-industrial-theatre-2023/ 4 Petra Diamonds Limited Annual Report and Financial Statements 2025 BUSINESS MODEL Our Capitals People & skills Petra Culture Code Value-led growth strategy Productive workforce Specialist skills High-quality assets Significant resources Diverse product range Financial Responsible Capital allocation Access to diversified sources of Capital Relationships Mutually beneficial partnerships Effective internal and external stakeholder engagement Natural capital Access to and responsible use of natural resources Technology and equipment Extension of mine lives Optimisation Trialling traceability technologies Investors Post-Period refinancing initiated: maturity of debt proposed to be extended by c.4 years; Rights Issue toprovide US$25m cash injection. Sustainable cost reductions & smoothed capex profile offers long term stability. No dividends paid toshareholders. Creating value through responsible use of our Capitals Our purpose Creating abundance from rarity Outputs and outcomes Planet 2.4 Mcts of diamonds mined in FY2025, producing 0.14 tCO 2 e/ ct and consuming 0.5M 3 /t of water. We expect similar diamond production and water consumption/ tonne in FY2026 with lower CO 2 e/ct expected once we start receiving green electrons through our wheeling Power Purchase Agreement. Customers Quality and consistent product offering. Confirmed provenance and heritage. Our aim is to deploy technologies that will enable traceability and provenance for gem and near gem quality diamonds above 0.5carats once trials are complete. Employees US$87m paid in salaries and other benefits in FY2025. This is expected to reduce in FY2026 as a consequence of reduced headcount following the Business Restructure carried out during the Year. Wage agreements inplace until 30 June 2029. Host governments/ communities US$12.2m paid in taxes and royalties. c.40,000 1 dependants on our operations. US$0.8m social expenditure spent inFY 2025, used to contribute to community development initiatives near our operations. Suppliers US$169.9m discretionary procurement expenditure with95%of total procurement spend with local suppliers. Operations Our mines are bulk tonnage operations which use sophisticated mining and processing technologies to mine efficiently and safely Reinvest Our mines have significant diamond resources. Through investing in extension projects our portfolio hasdecades of potential Sales We maximise the value of our product through our competitive tender process with further value uplift from sharing cutting and polishing profits Managing Risk & Opportunity Optimal Resource Allocation Outlook Prediction 1. Using the accepted x10 multiplier effect for South Africa. 5 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT CHAIR’S STATEMENT Capital optimisation for a stronger future It is my privilege to write to you for the first time as the Non- Executive Chair of Petra Diamonds. I was appointed to this role atthe Annual General Meeting in November 2024, and I am committed to the responsibility this role requires. My background spans several decades of executive leadership and board roles across multiple industries, including leading major companies through restructurings and growth phases, which lends itself tothecurrent chapter in Petra’s journey. I am also a significant shareholder of Petra, currently holding roughly 11% of the Company’s shares. In this letter, I will address our performance and key developments in the past year, and, most importantly, how we are positioning the business for building value for our stakeholders. Streamlining and restructuring to preserve value FY2025 was a year of significant operational effort at Petra andIam pleased to report that we delivered steady operational performance and met the lower end of our production guidance of c. 2.4–2.7 million carats for the Year. With a prevailing weak diamond market, emphasis was placed oncost performance and cash preservation. Under a group- wideBusiness Restructuring Plan initiated in late FY 2024, whichcompleted in July 2025, every aspect of Petra’s cost basewas scrutinised. US$10 million one-off operating and Groupcash savings were implemented during FY 2024, followedby a re-based operating cost profile addressed inFY2025 thatresulted in US$18-20 million in sustainable costreductions against prior guidance and a further optimised capital profile forFY 2025 and beyond. This was accomplished through a series of measures, including reducing corporate overheads, optimising procurement, and a labour restructuring programme, which included multiple labour restructurings at Group level, Finsch and Cullinan Mine, including moving Cullinan Mine from a continuous operation to a 3-shift operation. I want to acknowledge that job losses are always regrettable; the Board and Management did not undertake thesedecisions lightly. We are deeply appreciative of the contributions of all those employees who left Petra as part ofthisprocess, andwe extend our sincere thanks to them. Inaddition to our employees, we also evaluated our Board, reducing the number of directors and cutting fees, yielding a25%reduction in Board costs on an annualised basis. In simplifying our portfolio, we completed the sale of the Koffiefontein mine, which has resulted in US$23 million of avoided closure costs, as well as the sale of our entire interest inthe Williamson Diamond Mine in Tanzania to Pink Diamonds Investments Limited, for up to US$16 million in deferred consideration. We also readdressed our capital expenditure programme to ensure that Petra invests in its mines as efficiently as possible. This meant deferring non-essential spend and re-phasing projects to align with expected cash flows. By resizing the organisation and actively managing its capital discipline, Petra has significantly lowered its fixed-cost base, improving cash flow stability and the Company’s ability to weather market volatility. We are committed to building value for all stakeholders, aswe streamline the portfolio, reduce costs and ensure we are well positioned to benefit from market recovery. José Manuel Vargas, Non-Executive Chair 6 Petra Diamonds Limited Annual Report and Financial Statements 2025 Board and leadership changes In February 2025, Chief Executive Officer Richard Duffy resigned by mutual agreement after nearly six years at the helm. On behalf of the Board, I want to again extend our gratitude to Richard for his service and dedication through some very demanding years. Given the timing of Richard’s departure, the Board decided to putin place an interim leadership structure that could drive our ongoing restructuring and operations. We appointed Mr. Vivek Gadodia and Mr. Juan Kemp as Joint Interim Chief Executive Officers. Vivek, previously our Chief Restructuring Officer, nowoversees all corporate and financial matters, while Juan, previously Operations Executive at Cullinan, is responsible for alloperational and technical matters. Both individuals are long-serving Petra executives with deep knowledge of the business. This unique arrangement is working well, and I want tocommend both Juan and Vivek for stepping up and providing steady guidance at a critical time. It is important to note that our interim CEOs have not been appointed to the Board of Directors. This was a conscious decision by the Board, taken to maintain governance continuity and flexibility during the debt restructuring process. We expect to revisit the leadership structure once the refinancing is implemented and Petra moves into the next phase. In the meantime, Vivek and Juan report directly into the Board and lead Petra’s Executive Committee, ensuring that there is clear accountability despite not formally holding Board seats during this interim period. This approach has provided stability and allowed the Non-Executive Directors and myself to closely oversee the execution of our near-term objectives (with debt refinancing atthe top of that list). Further to these changes, our Chief Financial Officer since 2018, Jacques Breytenbach, stepped down at the end of September 2024 for personal reasons. As part of a smooth succession, Mr.Johan Snyman was appointed as Petra’s new Chief Financial Officer effective 1 October 2024. Johan joined Petra earlier in 2024 as Group Financial Controller and has extensive finance experience in the mining sector, having spent 17 years at a major gold mining company. Finally, at Board level, my own appointment as Non-Executive Chair was part of broader Board renewal and governance enhancements following our 2024 AGM. We have consolidated Board committees and reduced Board size (now four directors, from seven a year ago) to improve agility and cut costs. The Board is united in its resolve to see Petra through this turnaround and onto a path of being a sustainable cash generating business. Diamond market conditions Before concluding, I want to address the external context in which Petra is operating, and why we feel confident about the road ahead. The past year has been extraordinarily challenging for the diamond sector globally. Rough diamond prices experienced significant pressure in FY 2025, driven by a combination of factors: high pipeline inventories, weaker demand from key markets, and competition from lab-grown diamonds in certain segments. This was further exacerbated by the unstable geopolitical backdrop. While there have been periods of stability, and major producers taking steps to curtail rough supply during the downturn, unfortunately, the backdrop still faces uncertainties. Post-Period there were still uncertainties regarding US tariffs on India, and mixed reports from China. At Petra, we are well positioned with our mines, Cullinan Mine and Finsch, that produce some of the world’s most desirable diamonds. Confidence in Petra’s future In closing, I want to emphasise why I believe Petra Diamonds represents a compelling investment case as we move forward. We have world-class assets with long lives and significant resource potential; a strategy centred on value; and a leaner operation that can deliver healthy margins. We have shown thatwe are willing to take bold decisions, whether it’s selling a non-core asset, cutting costs, or restructuring our debt, to create and preserve shareholder value. As a result of the actions over the past year, Petra today has a stronger foundation: a simplified portfolio; a lower cost structure; and a supportive capital structure with our refinancing underway. We are leveraged tooutperform if the diamond market continues to recover. I would like to thank all shareholders for your continued support and patience. The journey has not been easy, but the direction is clear. Petra Diamonds has emerged from this challenging year as a more focused and resilient company. The immediate focus is the refinancing of our 2026 1L and 2L debt, of which we successfully reached an agreement in principle in August 2025 for the refinancing of the Group. This agreement, achieved after extensive negotiations, signals astrong commitment by all our capital providers to Petra’s future. The refinancing plan provides Petra with a stable, long-term capital structure and includes an injection of new capital that willensure we have ample liquidity to fund our critical mine extension projects and working capital needs. I have been impressed at the collaboration we have achieved with both our creditors and equity investors recognising the fundamental value in Petra’s assets and the sector. In addition, our priorities for FY 2026 will be to deliver on our production and cost targets and advance our mine extension projects on schedule and budget. Yours sincerely, José Manuel Vargas Non-Executive Chair, Petra Diamonds Limited 16October 2025 7 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT JOINT CEO (CORPORATE) STATEMENT Delivering a lower cost, streamlined business with a clear path forward Having managed the multi-stream internal restructuring of thebusiness as Chief Restructuring Officer, in February 2025, Itookthe role of Joint Interim CEO alongside Juan Kemp atapivotal time for the Company. This has been a privilege andaresponsibility I take very seriously. Our shared leadership approach reflects the current needs of the business, with my focus on Group-level corporate matters, the most pressing item being the refinancing of our debt, due to mature in Q1 CY 2026, while Juan ensures stable operations and continued execution ofour capital development projects, which are crucial to the long-term sustainability of our business. FY 2025 has been one of the most challenging years for Petra, asthe business navigated a weaker diamond market forthe third consecutive year, product mix weaknesses were encountered atour mines, and multiple labour restructurings were carried out.This has certainly not been easy, for our peopleand for the business, and I would like to start this reflection by stating how incredibly proud I am of how the team has responded, and to thank everyone for their commitment to driving the business forward. We made tough but necessary decisions that position Petra as a leaner, more focused, and ultimately a more resilient company. We have had to say goodbye to colleagues, and friends, which has been upsetting – we wish them well and thankthem for their contributions to Petra. Through this difficult period, Petra has also reduced its portfolio by completing the sale of Koffiefontein and its entire stake in Williamson. This resulted in a simpler, streamlined business focused on our two remaining assets, Cullinan Mine and Finsch. We have a clear and compelling value proposition and have been resolute in delivering the Business Restructuring Plan before engaging with our various financial stakeholders to address our debt obligations. We believe that our actions this Year have demonstrated to all stakeholders our ability to manage the business decisively and responsibly, laying the strong foundation for a successful refinancing of our maturing debt. Safety, culture and values Above all, safety remains our top priority. Particularly in a year where we have gone through multiple labour restructurings and changes to shift patterns at both our remaining mines, we have shown tremendous resilience and willingness to ensure we don’t compromise on our safety culture. Juan Kemp, Joint Interim CEO for Operations, reflects in more detail on our safety KPIs and strategy in the operations review on pages 12-17. I do, however, want to reflect on the Section 189 processes inSouth Africa that were extremely difficult, and we did nottakeany decision lightly. This has now been completed, andourworkforce is significantly reduced to 4043 from 5461 inFY2024, including reductions as a result of completing thesalesof Koffiefontein and Williamson during FY 2025. Ourculture, which is built on resilience, team work and accountability, is what has held us together through this toughperiod of transition. Delivering through agility We have delivered against several key milestones this year. Thecompletion of the sale of Koffiefontein, and our exit from Williamson were strategic decisions that allow us to focus ourattention on the strongest parts of our portfolio, Cullinan Mine and Finsch. Alongside this, we completed a significant restructuring of the business, including a reduction in corporate overhead costs and further optimisation of our ‘smoother capitalprofile’ strategy announced at the Investor Day last year. We removed US$18-$20 million of costs, when compared to previous guidance, from the business as a result of our Business Restructuring Plan, which included transitioning Cullinan Mine from a continuous operation to a three-shift configuration and Finschfrom a continuous operation to two-shift configuration. Against the backdrop of another challenging year, wehaveachieved some significant milestones and are on track to deliver the refinancing that will secure our future. Vivek Gadodia, Joint Interim CEO 8 Petra Diamonds Limited Annual Report and Financial Statements 2025 In FY 2025, the Cullinan Mine and Finsch in South Africa maintained solid performance, thanks to our commitment tosafe,steady operations and disciplined cost management. Wedelivered on our carat production targets, albeit closer to thelower end of guidance, and kept costs under tight control tomitigate the challenging market environment. This operational resilience is fundamental to our value proposition. Post-Period refinancing Having delivered on our Business Restructuring Plan, we werepleased, post-Period, to announce the agreed in principle long-term solution for the refinancing (the Refinancing) of the Group with key financial stakeholders to refinance Petra’s senior secured bank debt facilities and 9.75% senior secured second lien notes, due to mature in Q1 CY 2026, as well as a US$25 million rights issue. The primary objective of the Refinancing was to preserve cash in the business, while also enabling the continued execution of our extension projects at both Cullinan Mine and Finsch. This was achieved through an innovative agreement and demonstrates collaboration between all financial stakeholders. The major components of the Refinancing include: 1. an extension to the maturity date of the Senior Secured Bank Debt to December 2029; 2. an extension to the maturity date of the Notes to March 2030, including a novel Payment in Cash or Equity (PICE) construct; and 3. a fully underwritten US$25 million rights issue at 16.5 pence per share. The above agreement reflects the flexibility for the Company tonavigate continued volatility in the market, while continuing toexecute on the capital projects to unlock value in the short- medium term. I am pleased to confirm that we have secured a binding term- sheet with our Senior Secured Bank Lender, while locking up the majority of bondholders to do a consensual amend and extend of the 2L Notes. Additionally, the Company has also secured c.74% of the shareholder votes to vote in favour of the Rights Issue and other Refinancing terms. I would like to thank all of our financial stakeholders that worked together to reach a balanced and fit-for-purpose refinancing solution for the Company. We remain confident of completing the Refinancing in Q4 CY 2025, with more detail provided on pages 10 and 11. Market & product mix The diamond market has remained subdued over the past year, with macroeconomic pressures continuing to weigh on demand. The imposition of US tariffs added further complexity. That said, we are encouraged by the determination of industry players to protect and promote the long-term health of the sector. Against this backdrop, we have continued to take active steps tomanage our sales process and inventory in line with our value-focused approach. By maintaining flexibility with our tenders, we have been able to effectively respond to short- termvolatility, even as challenges such as a temporary weaker product mix at Cullinan Mine have impacted revenues. I am pleased to say that, while the market has continued toexperience volatility throughout the Year, we have seen product mix recovery, specifically at Cullinan Mine, as expected. This improvement was evident in the final tender of FY 2025, which has continued into the first two tenders of FY 2026. We continue to be a member of the Natural Diamond Council (NDC) and have been pleased to see the NDC, amongst other industry players, drive marketing campaigns globally to de- mystify the industry and encourage more demand for natural diamonds. We anticipate that natural diamond demand will recover, particularly as supply wanes in the medium- long term and demand from developing middle classes is expected to grow at the same time as the bifurcation of lab grown diamonds’ purchase proposition as a separate product category manifests. Outlook With Petra’s world-class assets, we are well positioned to benefit from any market recovery, with our leaner business set to drive shareholder value. Our near-term focus is to complete the Refinancing to strengthen our balance sheet; focus on delivery ofour execution projects; and ensure we have the financial flexibility to navigate ongoing market volatility. We expect to generate incremental value in the short-medium term as we open new mining areas that will deliver an increased amount ofcarats, while also improving our product mix over time. Weremain focused on delivering meaningful value to our stakeholders which is underpinned by our disciplined capital allocation and operational excellence. While market conditions remain uncertain, our strategic execution ensures we are positioned today to weather the storm and, in the future, to capitalise on opportunities. Vivek Gadodia Joint Interim CEO 16October 2025 9 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT REFINANCING Proposed Refinancing with keyfinancialstakeholders Over the past 18 months, Petra has been focused on delivering its Business Restructuring Plan, resulting in a simpler and more streamlined business and operating model, as referenced across this Annual Report. This has included the sale of the Koffiefontein and Williamson mines, multiple labour restructuring initiatives and an optimisation and smoothing of the Group’s capital development profiles. On the back of this, the Company engaged with certain of its key financial stakeholders to refinance the Group’s senior secured bank debt facilities (Senior Secured Bank Debt) and 9.75% seniorsecured second lien notes (ISINs XS2289895927 and XS2289899242) (the Notes). The Senior Secured Bank Debt andNotes are currently set to mature in January 2026 and March2026, respectively. As a result of these discussions, the Company has agreed in principle a long-term solution for the refinancing of the Group, subject to shareholder approval, comprising: 1. an extension to the maturity date of the Senior Secured Bank Debt to December 2029 and certain other changes tothe terms of the Senior Secured Bank Debt; 2. an extension to the maturity date of the Notes to March 2030 alongside concurrent amendments to the Notes; and 3. a US$25 million rights issue at 16.5 pence per share that isto be underwritten by certain existing shareholders (theRights Issue), (together, the Refinancing). In connection with the Refinancing, the Company also announced that it has executed a lock-up agreement (the Lock-Up Agreement) with aworking group of holders of the Notes, representing more than99% of the Notes, and a backstop agreement (the Equity Backstop Agreement) with certain shareholders of the Company as well as Vivek Gadodia andJuanKemp, Interim Joint Chief Executive Officers of theCompany, who have both acceded to the terms of the EquityBackstop Agreement in their personal capacities. The extension of the maturity date of the Notes and certain otherchanges to the terms of the Notes described below as partof the Refinancing are intended to be implemented by way of a voluntary consent solicitation process (Consent Solicitation). The execution of the Lock-Up Agreement and the Equity Backstop Agreement marked a positive step forward in the implementation of the Refinancing. Pursuant and subject to theterms of the Lock-Up Agreement, the parties thereto have undertaken to take all actions reasonably necessary in order to implement the Refinancing on the terms set out in the Lock-Up Agreement and to not delay or prevent the implementation of theRefinancing. Key terms of the Refinancing • the maturity date of the Notes will be extended to March 2030 • interest on the amended Notes will be payable in cash, issuance of new ordinary shares in the share capital of Petra (New Shares) or a combination of cash and New Shares, which will be at the Company’s discretion; • the coupon of the Notes will accrue at a rate of 10.5% per annum if paid in cash, and 11.5% per annum if paid in New Shares (the PICE Mechanism). Where the PICE Mechanism isexercised, the number of New Shares to be issued by the Company and allotted to the Noteholders shall be calculated by dividing the relevant coupon amount by the following share prices: (i) in Year 1/FY 2026, 50 pence per ordinary share; (ii)inYear 2/FY 2027, an amount equal to the 12-month volume weighted average price of the ordinary shares in the Company; and (iii) in Year 3/FY 2028 onwards, an amount equal to 50% of the 120-day volume weighted average price of the ordinary shares in the Company; • interest due on 31 December 2025 will be paid based on a blended coupon calculation, such that accrued interest from the last interest payment up to the date on which the Lock-Up Agreement becomes fully effective in accordance with its terms shall be paid in cash at 9.75%, with the balance of the coupon paid in accordance with the terms of the new Notes; • the covenants of the Notes will be amended to allow the Group to incur shareholder funding that is contractually subordinated to the Notes for the purpose of funding up totwoyears’ worth of coupon payments on the Notes; • Petra will undertake the Rights Issue to raise gross proceeds of approximately US$25 million through the issuance of New Shares at a price of 16.5 pence per ordinary share. The Rights Issue will be underwritten by Backstop Providers; and • Petra will also implement an incentivisation plan for the benefit of the management, the Chairman and other senior managers of the Company (the Incentivisation Plan) of up to 16 million warrants in total, with up to 3.75 million of warrants for the benefit of the Chairman and up to 12.25 million of warrants for the benefit of management and senior managers, at a strike price of 35 pence, with one-third vesting on completion of the Refinancing, one third on the first anniversary of the Refinancing and the last third on the second anniversary with an exercise period of four years from completion of the Refinancing, subject to customary provisions regarding good and bad leaver terms. Post-Period Event: Refinancing of the Company Post-Period end, on 8 August 2025, the Company announced a proposed refinancing for the Company with key financial stakeholders. 10 Petra Diamonds Limited Annual Report and Financial Statements 2025 Discussions with our senior lender The Company has been in advanced discussions with the provider of the Senior Secured Bank Debt (the Senior Secured Bank Lender) in relation to the terms of the Refinancing as they apply to the Senior Secured Bank Debt and has entered into a commitment letter and binding term sheet covering amendments to the existing facilities. The terms of the new senior secured bank facilities will substantially adhere to the existing terms, savefor any enhancements that the Senior Secured Bank Lendermay require. The key commercial terms include (among other things): • an extension of the maturity of the R1,750 million revolving credit facility to December 2029; • a revised margin, anticipated to be JIBAR plus up to 500 basispoints (from the current JIBAR plus 415 basis points); • an agreed amortisation profile that will result in a reduction ofthe R1,750m facility to R1,000m by end of June 2029; • an updated financial covenant package to reflect prevailing market standards for facilities of this nature and consistent withthe Group’s anticipated capital structure following implementation of the Refinancing, including adjustments tothe leverage ratio test, the interest cover ratio test, and theminimum liquidity covenant (among other things); • updated cashflow protocols and basket limits; and • an upfront fee of 75 basis points to be paid over the term ofthe facility, with the commitment fee of 125 basis points remaining unchanged. Further details of the Refinancing, including an overview of theterms of the Lock-Up Agreement and the Equity Backstop Agreement can be found on the Company’s website here: www.petradiamonds.com/investors/news-alerts/ In August, we were pleased to confirm the signing of a Lock-Up Agreement and a Backstop Agreement with key financial stakeholders, marking a significant milestone in securing the Company’s financial future. The proposed Refinancing will preserve existing shareholder ownership and demonstrates the support of all of Petra’s financial stakeholders for its updated business plan, which, with its lower cost and further optimised capital profile, is more resilient even in the current market dynamics. As part of the transaction, Petra will raise US$25million through a fully underwritten rightsissue by certain key shareholders to fund ongoing capital programmes. In addition, the introduction ofthe PICE mechanism is positive for the Company’s liquidity position, allowing bond coupon payments tobe made in shares, if required, without increasing debt. The maturity of both the Company’s senior debt and bonds will be extended by four years, offeringlong-term financial stability and the headroom to focus on delivering its business plan. The Refinancing is anticipated to be completed on a consensual basis, which will result inmaterial cash savings compared to the implementation of the 2021 financial restructuring. Vivek Gadodia Joint Interim CEO 11 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT JOINT CEO (OPERATIONAL) STATEMENT With nearly 18 years at Petra and over three decades of experience in the mining industry, I have consistently championed safe, efficient, and high-impact operational delivery, always driven by a commitment to excellence and forward momentum. As we navigate one of the most challenging periods in the history of the diamond industry, I have drawn on this extensive experience to lead our team, now in my role as Joint Interim CEO overseeing operations, to deliver stable and sustainable production in the near term, while positioning the business for long-term value creation. Our focus remains on driving continuous improvement through the disciplined execution of comprehensive project plans across all key operational areas. This Year, our performance was tested by a persistently low diamond price environment, compounded by a temporary dip in the product mix at Cullinan Mine. While these factors impacted revenue, our team successfully maintained consistent operational delivery, achieving the lower end of our production guidance of 2.4 to 2.7 million carats. This was a significant accomplishment, particularly as we advanced our streamlining initiatives to optimise capital allocation and further reduce costs, ensuring Petra remains resilient and well-positioned for future growth. Production At Group level, total tonnes treated remained stable at 6.9 million tonnes (Mt) in FY2025, broadly in line with the 7.0 Mt processed in FY2024. This consistency is a commendable outcome, particularly considering the internal replanning efforts underway across our operations. Notably, both Finsch and Cullinan Mine have now transitioned from continuous operations to two- andthree-shift systems, respectively – with this having been completed at Finsch in the first half of FY 2025, and at Cullinan Mine post-Period in Q1 FY 2026. Following the implementation of the shift change at Finsch, performance steadily improved as the team adaptedtothe new operating model and team structure. However, dilution remained a challenge throughout the year, resulting in a 7% YoY reduction in grade. We expect this to improve as mining progresses into 81L (the lowest level of Upper Block 5) and the Lower Block 5, where ore quality is significantly higher. At Cullinan Mine, overall diamond production increased 3%, withproduction tonnes decreasing 3%, offset by a 7% YoY improvement in total grade. This was driven bythe processing ofhigher-grade tailings material, improved plant efficiencies, and our continued focus on a value-over-volume strategy. Towards the end of the Year, we began to slowly ramp up tonnage from the eastern side of the C-Cut block and the CC1 East Sub-Level Cave, which contributed to a notable improvement in product mix. Rough diamond production Group diamond production for FY2025 totalled 2.4 million carats (Mcts), aligning with the lower end of our guidance and reflecting solid operational performance across both mines during a volatile period for the industry. Challenges with product mix were encountered at both operations, primarily due to the maturity of the current mining areas. At Finsch, product mix showed signs of improvement as fresh ore was accessed from new zones in line with the mine plan. Cullinan Mine, however, experienced a prolonged period of weaker product mix. Encouragingly, as material from the CC1 East and the eastern side of the C-Cut block slowly became part of the mining mix, we saw a marked improvement in product mix. This positive trend was evident post-Period in the first tender of FY2026, which included carats recovered during Q4 of FY2025. The tender featured a notable recovery of gem-quality stones across all size fractions, underscoring the improving quality of production and the potential for enhanced revenue generation going forward. Focused on safe, reliable production We have streamlined the portfolio and optimisedoperations while delivering withinproduction guidance. Juan Kemp, Joint Interim CEO 12 Petra Diamonds Limited Annual Report and Financial Statements 2025 Operational summary Unit FY2025 FY2024 Restated 1 Var. Production ROM diamonds Carats 2,248,645 2,270,037 -1% Tailings and other diamonds Carats 180,190 136,389 +32% Total diamonds Carats 2,428,835 2,406,426 +1% Tonnages treated ROM tonnes Mt 6,485,074 6,59 4,174 -2% Tailings and other tonnes Mt 407,579 369,546 +10% Total tonnes treated Mt 6,892,653 6,963,720 -1% 1. Restated to remove Williamson and Koffiefontein which are classified as discontinued operations Safety Safety remains central to Petra’s success. Our people are the foundation of our operations, and their health, safety, and wellbeing are our highest priority. We continue to embed a proactive risk management approach to prevent harm to our workforce, visitors, and the broader environment. Across all areas of the business, we strive to apply best-practice standards as we work toward our goal of zero harm. In FY2025, we proudly marked eight consecutive years without afatality, an achievement that reflects our deep commitment tomaintaining a safe operating environment. However, we experienced fluctuations in our safety performance, with Lost Time Injuries (LTIs) increasing to 13 and our Lost Time Injury Frequency Rate (LTIFR) rising to 0.28 (FY2024: 10 LTIs and LTIFR of 0.16). These movements were largely behavioural and correlated withthe implementation of new shift patterns across operations. To address this, we have implemented targeted remedial action plans. A key focus for FY2026 will be restoring workforce stability and fostering a positive, engaged mindset. We believe these efforts, alongside the continued rollout of our Petra Culture Code, will support improved safety performance at both Cullinan Mine and Finsch, contributing to the safe, reliable, and consistent running of our operations. It is important to note that Williamson has been retained in these safety figures, reflecting our responsibility for its workforce and operations until May 2025. From FY 2026 Williamson will be excluded from our safety reporting. Future disclosures will reflect a business focused solely on underground operations, with a higher proportion of employees engaged in core production activities. Post-Period revised life-of-mine planning Following the sale of Koffiefontein and Williamson, Petra is a two-mine portfolio focused on our core South African assets, completely streamlined to maximise value as we embark on therefinancing of our debt. Regrettably this has also meant a loss of a significant number of employees, some of whom had contributed to Petra for many years. I have been profoundly sad to have to say goodbye to many colleagues and friends. I am alsovery grateful to those that have stayed with the Company, navigating new shift patterns and positions of responsibility aswe rebase the business. Post the reporting Period, we announced the outcomes of our life-of-mine reviews—marking the final phase of our comprehensive Business Restructuring Plan. These reviews wereundertaken to align Petra’s cost base with its streamlined production profile and to ensure long-term operational and financial sustainability. At Cullinan Mine, the mining layout for C-Cut Phase 2 (Extensions 1 and 2) was redesigned and rescheduled. This new configuration improved the stability of C-Cut Phase 2 and allows for improved access to Extension 3 when an investment decision is made to develop that part of the ore body At Finsch, the redesign of the 81 Level (81L), along with the rescheduling of both 81L and the Lower Block 5 Sub-Level Cave (86L–90L), will support a robust transition from the current sub- level cave to the new Lower Block 5 SLC over the next two years. These updates reflect our commitment to disciplined capital allocation, operational efficiency, and long-term value creation across our assets. Focus for FY2026 As we move into FY2026, we expect the improved quality and higher overall recovered value recovered from both Cullinan Mine and Finsch to continue as we ramp up our operations in linewith our mine plans. Safe and reliable production remains a key focus. This also means a focus on stability, not just for the operations themselves, but our people. Given this year’s significant shifts to the internal structures of the Company, we want to reinstate a sense of stability, ensuring for a confident, engaged workforce with a supported wellbeing. The recent review of capital allocation means that ROM at Cullinan Mine will be reduced from FY2027, with the recent replanning having factored this in so as to avoid any further internal upheaval. We will continue our extension projects in line with our revised mine plans, consistently monitoring our costs and ensuring we retain our efficiencies as far as possible. Juan Kemp Joint Interim CEO 16October 2025 13 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT Revenue was down 28% YoY at US$136 million (FY2024: US$189million). This was the result of a continued weakness in the diamond market, exacerbated by a longer than expected volatility in Cullinan Mine’s product mix. That said, we saw some high value Type II stones as well as several significant blues recovered during the Period, with an improvement of product mix noted in the final tender of the year. We anticipate this trajectory to continue as we increase the input of fresh ore from the CC1E project and the re-opening of Tunnel 41 on the Eastern side of the C-Cut progresses. Total production came in above guidance of 4.3-4.5Mt for FY2025 at 4.7Mt. Total grade improved 7% driven by the mining of higher-grade tailings material, enhanced processing efficiencies, and fresh ore from CC1E, all of which mitigated the waste ingress experienced at the C-Cut during FY2024. We remain on track with our development projects. Over the Year we made good progress with the CC1 East development project with the first meaningful contribution of higher-grade ore expected in Q2 FY2026 whereafter we expect a ramp up over the next 12-18 months. We have also made good progress as we work towards the C-Cut extension 1, which is made up of two production tunnels to the east of the current C-Cut block. FY 2026 guidance and beyond On 8 August 2025 the Company published updated mine bymine guidance for FY 2026 – FY 2030, which can be found on our website: www.petradiamonds.com/investors/ shareholder-centre/analysts. The graph on page 15 shows Cullinan Mine’s extended life-of-mine profile to FY 2045, comprising the approved mine plan and future extension potential. Production steps down to 3.5–3.7Mtpa from FY 2027 onwards with carat production being maintained at 1.4Mcts as higher grade and fresher orebodies are accessed in the eastern part of the mine. The approved mine plan comprises completing the development of CC1E, C-Cut Extension 1 & 2 and ventilation mitigation plans which will also enable future life extensions without the need for a new ventilation shaft. Total extension capital for FY 2026 – FY 2030 is expected to be US$148-160 million. This includes provision for CC1 East, C-Cut Extension 1 & Extension 2 and associated infrastructure Beyond FY 2030, Cullinan Mine has significant potential, with a further c. 8.5 Mcts that can be mined from the CC1E Phase II and C-Cut Extension 3 orebodies. Cullinan Mine Renowned for many famous diamonds, andproducing very rare and highly valuableTypeIIb blue diamonds, large high-quality Type IIa white diamonds. Mining Method Underground block cave andsub-level cave Mine Plan Approved LOM to 2035 withfurther LOM extensionopportunities GROSS RESOURCES (MCTS) 140.51 FY24: 142.25 CARBON EMISSIONS (TCO 2 E/CT) 0.16 FY24: 0.16 LTIFR 0.43 FY24: 0.27 EMPLOYEES AND CONTRACTORS 2,235 FY24: 2,375 1 WATER EFFICIENCY (M 3 /T) 0.15 FY24: 0.04 OPERATIONAL REVIEW 1. Contractor figures have been recalculated at Cullinan Mine for FY 24 resultingin updated figures on prior reporting. 14 Petra Diamonds Limited Annual Report and Financial Statements 2025 Cullinan Mine performance FY 2025 Unit FY2025 FY2024 Var. Sales Revenue 1 US$m 136 189 -28% Diamonds sold Carats 1,416,351 1,633,456 -13% Average price per carat US$ 96 116 -17% Total Production Tonnes treated Tonnes 4,699,659 4,866,990 -3% Diamonds produced Carats 1,453,008 1,404,791 +3% Grade 2 ROM Cpht 29.7 28.2 +5% Tailings Cpht 44.2 36.9 +20% 1. Revenue reflects proceeds from the sale of rough diamonds and excludes revenue from profit share arrangements 2. 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. CULLINAN MINE EXTENDED LOM PROFILE TO FY 2045 SHOWING APPROVED LIFE MINE PLAN AND FUTURE EXTENSION POTENTIAL 0 ROM Tonnes (million) 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Carats (million) FY 2045 FY 2044 FY 2043 FY 2042 FY 2041 FY 2040 FY 2039 FY 2038 FY 2037 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 Future extensionApproved life-of-mine C-Cut CC1E Ph1 C-Cut Ext 1 & Ext 2 C-Cut Ext 3 CC1E Ph2 Total carats recovered (RHS) Note: C-Cut Ext 3 and CC1E Ph 2 shown as future potential are not approved and not included in the 5-year guidance. 15 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT During the first half of the Year, Finsch underwent a significant operational shift from a continuous operations model to a two-shift system configuration. This transition initially impacted performance, with output falling below expectations. However, by the latter part of H1, the team had adapted to the new structure, resulting in a marked improvement in operational performance, with full year production results coming in within the lower band of guidance. Revenue was down 42% YoY, a result of the market performance and issues experienced with product mix associated with Upper Block 5. A key focus this Year was to limit dilution to optimise ROM grades and whilst grade was down 7% YoY, ore feed quality improved as the Year progressed and we entered Lower Block 5 level 86 and 88. We expect this to stabilise further as we ramp up production from this area where the ore is less diluted and coarser stones are expected to be recovered. Our development projects have experienced minor delays owingto adverse ground conditions intersected on the 86L which necessitated a slower development rate as the area was equipped with additional ground support. We do not expectthis to impact the mine’s overall performance for FY2026. FY 2026 guidance and beyond On 8 August 2025 the Company published updated mine bymine guidance for FY 2026 – FY 2030 on our website: www.petradiamonds.com/investors/shareholder-centre/analysts. The graph on page 17 illustrates the extended life-of-mine profile for Finsch to FY 2037, showing the approved mine plan as well asfuture extension opportunities. With a smaller orebody than Cullinan Mine, Finsch’s mine life is more limited, although no account is currently made for the potential of the South-West Precursor. The approved mine plan includes provision for the development of 81L (new level added) as well as completing the deferred 86-90L 3L-SLC project, with remaining capital for FY 2026 – FY2030 expected to be between US$118-128 million. Future extension potential could see Finsch continue mining tothe late 2030s to the 100 level, though this requires further sampling and resource work. Finsch Mine Renowned for highly commercial diamonds of+5 carats and rich gem-quality smaller diamonds together with large and very rarefancy yellow diamonds. Mining Method Underground sub-level cave Mine Plan Approved LOM to 2033, withfurther LOM extensionopportunities GROSS RESOURCES (MCTS) 33.32 FY24: 34.32 CARBON EMISSIONS (TCO 2 E/CT) 0.13 FY24: 0.13 LTIFR 0.47 FY24: 0.22 EMPLOYEES AND CONTRACTORS 1,723 FY24: 1,813 WATER EFFICIENCY (M 3 /T) 1.34 FY24: 1.21 OPERATIONAL REVIEW / CONTINUED 16 Petra Diamonds Limited Annual Report and Financial Statements 2025 Finsch performance FY2025 Unit Twelve months FY2025 FY2024 Var. Sales Revenue US$m 70 120 -42% Diamonds sold Carats 943,554 1,227,40 9 -23% Average price per carat US$ 74 98 -25% ROM Production Tonnes treated Tonnes 2,192,994 2,096,730 +5% Diamonds produced Carats 975,828 1,001,636 -3% Grade Cpht 44.5 47.8 -7% FINSCH EXTENDED LOM PROFILE TO FY 2037 SHOWING APPROVED LIFE OF MINE PLAN AND FUTURE EXTENSION POTENTIAL 0 Tonnes (million) 0.5 1.0 1.5 2.0 2.5 3.0 Carats (million) FY 2038 FY 2037 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 Approved life-of-mine Future extension 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Upper Block 5 (up to 78L) 3L-SLC (86-90L) 81L 92L-100L Total carats recovered (RHS) Note: 92L – 100L shown as future potential is not approved and not included in the 5-year guidance. 17 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT FINANCIAL REVIEW Positioning Petra for stability FY 2025 was about reducing costs, rationalising capital, and securing the refinancing thatsafeguards our balance sheet. Johan Snyman, Chief Financial Officer My first year as CFO was about resilience: reducing costs, rationalising capital, and securing the refinancing that safeguards our balance sheet. It was marked by decisive action to stabilise the business against a backdrop of persistent market weakness and a decline in product mix, although this was resolved as we moved into fresher ore post-Period end. It was also a year of heightened refinancing requirements. Our focus has been on protecting liquidity, implementing further cost discipline, and ensuring that Petra is positioned to refinance its debt facilities ahead of the 2026 maturities. During the Period, a strategic decision was taken to sell the remaining shareholding of Williamson Diamond Mine, and therefore all financial numbers exclude the results of Williamson, including restated prior yearnumbers. While our FY 2025 results reflect the impact of weaker diamond pricing, the measures undertaken during the Year place Petra onfirmer footing as we enter FY 2026, with the Company’s newstreamlined cost profile now US$18-20 million lower thanprior guidance. We have protected our balance sheet via capitaldeferrals, strict working capital management, and early engagement with financiers resulting, post-Period, in the agreement of a proposed refinancing of our borrowing facilities, including both the first- and second-lien structures (see pages 10&11). Tofurther support the proposed refinancing, the Company willlaunch a US$25 million rights issue, fully backstopped by keyshareholders. This cash injection, together with our ability tosettle bond interest obligations through the issuance of shares, will significantly enhance short-term liquidity and support the continued execution of our critical capital programmes. Having significantly streamlined the business, we are satisfied that the Group will be able to continue to operate and meet its liabilities as they fall due over the next going concern period. However, this assessment hinges primarily on the successful execution of the agreed proposed Refinancing ahead of the January and March 2026 maturities which remains our key focusin the near-term. In closing, I want to thank the Board for the opportunity to serve, my fellow Executive Committee colleagues for their support, and the teams across Petra who have stood alongside me through a challenging year. I would also like to acknowledge, with respect, those employees who unfortunately left the business as part of the labour restructuring. Finally, I am deeply grateful to my own teams for their unwavering commitment and resilience in helping me navigate demanding and difficult times. Together, we remain focused on leading with purpose and working towards sustainable long-term value creation. Johan Snyman Chief Financial Officer 16October 2025 18 Petra Diamonds Limited Annual Report and Financial Statements 2025 Revenue (KPI) Revenue from rough diamond sales for FY 2025 amounted to US$206 million (FY 2024: US$309 million), with US$1 million in both FY2025 and FY 2024 for polished diamonds, with FY 2024 benefiting from approximately US$50 million in revenue from unsold diamonds in FY 2023 carried over to the first half of FY 2024. Pricing across the year reflected ongoing global macroeconomic pressures, including subdued consumer demand in key markets, higher interest rates, continued competition from lab-grown diamonds, and uncertainty related to recent US tariffs, with like-for-like prices softening at both operations. No exceptional stones (≥US$15 million) were recovered or sold during the Year. We actively manage diamond price risk by maximising realised value through the timing and competitive nature of our tenders. Thisflexible approach allows us to defer parcels to later tenders when we believe demand will be stronger, or to enter into profit sharing arrangements that capture additional value from the cutting and polishing of selected stones. Pricing FY 2025 US$/carat FY 2024 US$/carat Cullinan Mine 96 116 Finsch 74 98 Mining and processing costs Mining and processing costs comprise on-mine cash costs and other operational expenses. On-mine cash costs 1 US$m Diamond royalties US$m Diamond inventory and stockpile movement US$m Group technical, support andmarketing costs 2 US$m Adjusted mining and processing costs US$m Group restructure costs 3 US$m Depreciation and amortisation US$m Total mining and processing costs (IFRS) US$m FY 2025 158 1 (1) 17 175 5 75 255 FY 2024 173 2 39 20 234 4 75 313 % movement -8% -50% -15% -25% 0% -18% 1. Includes all direct cash operating expenditure at operational level, i.e. labour, contractors, consumables, utilities and on-mine overheads. 2. Certain technical, support and marketing activities are conducted on a centralised basis. 3. Restructure costs include retrenchment payments made to employees as part of Cullinan mine and Finsch’s change from continuous operations and a reduction of corporatecosts. On-mine cash costs reduced 8% to US$158 million in FY 2025 from US$173 million in FY 2024. This happened even though wages, electricity, and other supplies got more expensive and the exchange rate was stronger. Group technical, support, and marketing costs also went down to US$17 million from US$20 million, a 15% decrease compared to last year. These savings came from a company-wide restructuring plan, which included completing the sale of Koffiefontein and Williamson, changing staff structures, improving how we buy supplies, and moving some head-office functions to the operations. Adjusted profit from mining activities Adjusted profit from mining activities declined 58% to US$33 million (FY 2024: US$78 million). The decrease was partly driven bythedecision to postpone the sale of diamonds mined in FY 2023 in order to benefit from what were anticipated to be better pricesinFY 2024 (gross profit impact of approximately US$13 million), lower sales volumes of around US$3 million, an unfavourable productmix of about US$22 million, and weaker market prices of roughly US$29 million. While these factors were largely outside management’s control, they were actively mitigated by improvements in on-mine cash costs of about US$15 million, lower group costs of approximately US$3 million, and a one-off royalty tax refund at Finsch, underscoring management’s focus on controllable levers to protect profitability. FY 2025 FY 2024 Cullinan Mine US$m Finsch US$m Total US$m Cullinan Mine US$m Finsch US$m Total US$m Revenue 137 70 207 190 120 310 Adjusted mining and processing costs 1 (98) (77) (175) (123) (111) (234) Other direct mining income 1 – 1 1 1 2 Adjusted profit (loss) from mining activities 40 (7) 33 68 10 78 Adjusted profit margin 29% (10%) 16% 36% 8% 25% Adjusted Group G&A Not allocated per mine (6) Not allocated per mine (8) Adjusted EBITDA 27 70 1. Adjusted mining and processing costs include certain technical and support activities which are conducted on a centralised basis. These include sales & marketing, human resources, finance & supply chain, technical and other functions. For the purposes of the above, these costs have been allocated 60% to Cullinan Mine and 40% to Finsch. For more information, refer to the operational cost reconciliation available on the analyst guidance pages on our website. 19 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT FINANCIAL REVIEW / CONTINUED Adjusted EBITDA (KPI) Adjusted EBITDA, defined as adjusted profit from mining activities less adjusted Group G&A, decreased to US$27 million (FY 2024: US$70 million), resulting in a margin of 13% (FY 2024: 23%). The decline was primarily driven by lower revenue. However, disciplined cost management and the use of controllable levers partially offset this impact, highlighting management’s continued focus on efficiency and resilience in a challenging market environment. Impairment charge Management is required to review indicators of impairment and potential impairments at each reporting period. In FY 2025, impairments were recognised for both Cullinan Mine (US$70 million) and Finsch (US$37 million). This review was driven largely by revised forward- looking diamond pricing assumptions and other macroeconomic factors. Importantly, these are non-cash accounting adjustments thatdo not impact the Group’s liquidity, cash generation, or ability to fund operations and capital programmes. Further detail of the underlying impairments is provided in Note 6 of the financial statements. The group also booked expected credit losses on the BEE loans receivable of US$23 million. Net financial expense The net financial expense of US$9 million (FY 2024: US$18 million) comprises: FY 2025 US$m FY 2024 US$m Gross interest on Notes, bank loans and overdrafts 34 33 Other debt finance costs, including facility fees and IFRS 16 charges 2 2 Unwinding of the present value adjustment for Group rehabilitation costs 5 5 Notes redemption premium and acceleration of unamortised bank facility and Notes costs 1 – Offset by: Interest received on bank deposits (2) (3) Interest receivable on loans and other receivables (6) (6) Foreign exchange gains on settlement of forward exchange contracts (6) (5) Interest received from Revenue Authorities (SARS) (6) – Net unrealised foreign exchange gains (8) (7) Gain on extinguishment of 2026 Loan Notes (5) (1) Net financial expense 9 18 Overall, while gross interest and other financing charges remained broadly stable year-on-year, the Group benefited from meaningful foreign exchange gains and the gain on the extinguishment of the 2026 Loan Notes. As a result, net financial expense decreased compared to FY 2024, underscoring the positive impact of treasury actions, interest received from revenue authorities and balance sheet management despite ongoing debt service obligations. Sale of the Koffiefontein mine The disposal of the Koffiefontein asset concluded during the Year with the granting of unconditional Section 11 consent under the Mineral and Petroleum Resources Development Act for the sale of Blue Diamond Mines (Pty) Ltd to Koffiefontein Holdings (Pty) Ltd, anaffiliate of the Stargems Group. Petra completed the transaction and handover before the end of October 2024. The transaction allowed Petra to avoid incurring closure-related costs of US$22 million, which had been included in the 30 June 2024 balance sheet provisions. This outcome reflects management’s previous commitment to achieving a responsible exit from Koffiefontein, avoiding material closure liabilities and ensuring the continuation of economic activity under new ownership. The Group realised a profit of US$12 million on the sale of Koffiefontein mine. Sale of the Williamson mine Petra also completed the sale of its entire shareholding in the entity holding its interest in Williamson Diamonds Limited (WDL), together with all related shareholder loans, to Pink Diamonds Investments Limited (Pink Diamonds) for a headline consideration ofupto US$16million. The transaction was finalised following approval from the Tanzanian Fair Competition Commission. The consideration will be paid from Williamson’s distributable cash, with 20% of annual distributable cash payable to Petra until the full amount is settled. Proceeds received will be applied to general corporate purposes. This transaction reflects Petra’s strategic decision to exit Williamson and focus its financial and management resources on its core South African operations. There is inherent uncertainty associated with deferred consideration, particularly where receipt is contingent on future operating performance or regulatory approvals, and management agreed that recognition of the receivable should only be made where recovery is considered highly probable. Based on this assessment, management recognised no deferred consideration as the fairvalue, subject to an appropriate risk adjustment, was immaterial. The Group realised a profit of US$26 million on the sale of Williamson mine. 20 Petra Diamonds Limited Annual Report and Financial Statements 2025 Earnings per share A basic loss per share of 64 cents (FY 2024: 43 cents loss) was recorded from continuing operations. On an adjusted basis, which excludes restructure costs, impairment charges, transaction costs, accelerated unamortised costs, fees related to human rights settlement claims, and the impact of unrealised foreign exchange movements, the loss per share was 29 cents (FY 2024: 21 cents). This adjusted measure provides a clearer view of the underlying performance by stripping out non-recurring and non-cash items. Operational free cashflow (KPI) Operational free cashflow, defined as cash generated from continuing operations less capital expenditure, was negative US$27 million in FY 2025 (FY 2024: negative US$17 million), representing an US$11 million year-on-year decline. Cash generated from operations before working capital changes was US$23 million, supported by positive working capital inflows of US$23 million. Cash capital expenditure totalled US$73 million, reflecting Petra’s continued investment in its asset base. Capital expenditure (KPI) FY 2025 FY 2024 Cullinan Mine US$m Finsch US$m Total US$m Cullinan Mine US$m Finsch US$m Total US$m Extension 31 23 54 36 19 55 Stay in Business 5 4 9 12 6 18 Total 36 27 63 48 25 73 Total capital expenditure decreased to US$63 million in FY 2025 (FY 2024: US$73 million), reflecting the planned rationalisation of stay in business projects during the latter part of the year. Looking ahead, capital expenditure is expected to increase to between US$83 million and US$90 million in FY 2026 as investment levels normalise. This disciplined approach ensures that Petra maintains flexibility in allocating capital, while continuing to prioritise essential projects that underpin operational stability and long term value creation. Total shareholder return (KPI) No dividend was paid in FY 2025. Petra’s share price declined by 63%, from 40 pence per share at 30 June 2024 to 14.75 pence pershare at 30 June 2025, reflecting investor concerns around refinancing progress and weaker revenue performance. Following the announcement of the agreed refinancing terms in August 2025, the share price recovered somewhat and traded in a range of 16pence to 24 pence per share, highlighting improved market confidence in the Group’s capital structure. Balance sheet snapshot Unit As at 30 June 2025 As at 30 June 2024 Cash at bank US$m 37 29 Financial assets held for environmental rehabilitation US$m 15 19 Diamond debtors US$m 12 30 Diamond inventories US$m 26 28 Diamond inventories Cts 328,689 259,755 2026 2L Notes US$m 226 246 Bank loans and borrowings US$m 99 25 Consolidated net debt US$m 261 193 Bank facilities undrawn and available US$m – 72 Consolidated net debt: Adjusted EBITDA times 9.7x 2.8x Cash and diamond debtors As at 30 June 2025, Petra had cash and cash equivalents of US$37 million (FY 2024: US$29 million). Included in this cash balance is US$34 million held as unrestricted cash (FY 2024: US$28 million), and US$3 million (FY 2024: US$1 million) held in security deposits and bonds to fund environmental rehabilitation obligations (classified as restricted cash). Amounts of US$14 million is also invested inshort-term financial assets to fund environmental closure. Diamond debtors as at 30 June 2025 were US$12 million (FY 2024: US$30 million), arising from revenue in the last tender of FY 2025, all of which was received in July 2025. 21 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT FINANCIAL REVIEW / CONTINUED Loans and borrowings During the Year, the Group repurchased and cancelled 2026 2L Notes with a nominal value of US$24 million (FY 2024: US$5 million) in an Open Market Repurchase programme for a cash consideration of US$19 million (FY 2024: US$4 million). At 30 June 2025, the full amount of US$99 million was drawn on the Revolving Credit Facility (FY 2024: US$25 million) and US$226million was outstanding on the 2L Notes (FY 2024: US$246 million) (including accrued interest and unamortised transactioncosts). Consolidated net debt as at 30 June 2025 increased to US$261 million (FY 2024: US$193 million), mainly as a result of lower revenue and the repurchase of the 2L Notes. The Group had no undrawn bank debt facilities as at 30 June 2025 (FY 2024: US$72 million). Subsequent to Year-end, Petra announced the agreement of terms for the refinancing of its debt structure, including both the Revolving Credit Facility and the 2L Notes. The refinancing package, supported by the US$25 million Rights Issue backstopped bykey shareholders, provides improved certainty over the Group’s capital structure and enhances liquidity. Consolidated net debt: Adjusted EBITDA (KPI) Consolidated net debt:Adjusted EBITDA increased to 9.7x (FY 2024: 2.8x) due to an increase in consolidated net debt to US$261million (FY 2024: US$193 million) and a reduction in Adjusted EBITDA to US$27 million (FY 2024: US$70 million). At the half year, the Group breached certain financial covenants under its Revolving Credit Facility. Absa, the facility provider, granteda waiver of these breaches. At Year-end, the Group was again in breach of its financial covenants, and Absa similarly provided a waiver. These waivers ensured continued access to facilities and avoided default, pending completion of the broader refinancing package. Disciplined capital allocation During FY 2025, the Group deployed its capital in a disciplined and responsible manner, guided by its established capital allocation framework. Investment continued in our life extension projects, which were delivered below guidance, reflecting our focus on capital efficiency. We also allocated capital towards strengthening the balance sheet through the open market repurchase of US$24 million of our Second Lien Notes. No dividends were paid during the Year, consistent with our priority to preserve cash and support long-term financial sustainability. The Group remains committed to applying its capital allocation framework to guide future investment and funding decisions. Priority 1 • Operational and social licence to operate • Optimise stay in business capital • Service debt obligations Priority 2 • Execute approved mine extension projects Priority 3 • Further brownfield extension • Growth projects • Early debt redemption • Dividends to shareholders Discretionary allocation • Special dividends • Share buybacks • Opportunistic growth opportunities Capital allocation framework Objective: Ensure business sustainability Objective: Generate value through mine-life extensions Objective: Optimise debt, grow the business and return capital to investors Objective: Excess cash returned toshareholders or reinvested in the business 22 Petra Diamonds Limited Annual Report and Financial Statements 2025 FY 2026-2030 Group guidance 2026 2027 2028 2029 2030 Total carats Mcts 2.4-2.8 2.7-3.1 3.0-3.5 2.9-3.3 2.7-3.1 Total cash cost (excluding royalties) US$m 161-174 158-171 156-169 152-163 150-163 Cash on-mine cost US$m 146-157 143-154 141-152 138-148 137-149 Central Costs & Corp Expenditure US$m 15-17 15-17 15 -17 14-15 13-14 Total capital expenditure US$m 83-90 101-110 81-88 42-47 19-23 Extension capex US$m 71-76 91-98 71-76 28-31 5 -7 Sustaining capex US$m 12-14 10 -12 10-12 14-16 14-16 Real amounts stated in FY 2026 money terms using 5.5% SA CPI and 2.0% US CPI. US$ equivalent converted at exchange rate ofUSD1: ZAR19.00. Generally, all diamonds produced in a period are sold in the same period, unless specific circumstances result in a planned delay intender timings. Summary of results Year ended 30June 2025 (FY 2025) US$ million Year ended 30June 2024 re-presented (FY 2024) US$ million Revenue 207 310 Adjusted mining and processing costs (175) (234) Other net direct mining income 1 2 Adjusted profit from mining activity 33 78 Other corporate income 1 – Adjusted corporate overhead (7) (8) Adjusted EBITDA 27 70 Depreciation and amortisation (75) (77) Share-based expense (1) (1) Net finance expense (28) (26) Adjusted loss before taxation (77) (34) Taxation, excluding taxation credit on impairment of operational assets and unrealised foreign exchange movements 9 14 Adjusted net loss after tax (68) (20) Impairment charge – operations and other receivables, net of taxation (23) (3) Impairment charge – operations and non-financial receivables, net of taxation (79) (59) Accelerated depreciation (1) – Gain on extinguishment of Loan Notes 5 1 Mineral royalty refund (including interest) 12 – Restructure costs (6) (5) Human rights IGM claims provision and transaction costs (2) (2) Net unrealised foreign exchange gain, net of taxation 8 6 Profit/Loss from continuing operations (154) (82) Profit/Loss from discontinued operations, net of tax 38 (25) Net loss from continuing and discontinued operations, after tax (116) (107) Earnings per share attributable to equity holders of the Company – US cents Basic loss per share – from continuing and discontinued operations (45) (44) Basic loss per share – from continuing operations (64) (43) Adjusted loss per share – from continuing operations (29) (21) 23 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT SUSTAINABILITY REVIEW Ensuring sustainability remains attheheart of our business It is during challenging times that commitment to sustainability is tested. Our framework has enabled us to remain focused on our pillars to create and sustain value for our stakeholders. Thashmi Doorasamy, Group HR and Sustainability Executive Our Sustainability Framework Sustainability is embedded into every aspect of our business andis an integral part of our business strategy. Through this approach we are able to create and sustain value for the Company and our stakeholders. We are guided by our Sustainability Framework (see page 4), which is underpinned by our Petra Culture Code, ethical conduct policies, robust governance practices, and constructive and transparent stakeholder engagement processes. Due to resource and budget constraints this year, we have notproduced a standalone Sustainability Report for FY 2025. Sustainability remains a core focus for our Company, and we are committed to resuming dedicated reporting in the coming year. Our metrics All ESG figures for FY 2025 exclude Williamson and Koffiefontein, bar the safety figures that include these two assets up to their point of sale (November 2024 and May 2025 respectively). AllESG figures up to and including FY 2024 include Williamson and Koffiefontein. Petra supports the pursuit of the UN Sustainable Development Goals (SDGs). We focus on the following five SDGs which we believe we can contribute to the most: Read more on our website and last year’s Sustainability Report for FY 2024 24 Petra Diamonds Limited Annual Report and Financial Statements 2025 Our materiality assessment helps us to gather a detailed understanding of the sustainability topics (including both risksand opportunities) that are most material to our business. We are interested not only in how these topics affect our business but also how our business efforts affect our stakeholders. We conducted a double materiality assessment in FY2024. Since this process is conducted every three years, we will undertake our next assessment in FY2027. Nevertheless, duringFY2025, we considered developments in sustainability disclosure standards and norms, and our executive and senior management teams reviewed the material topics identified in FY2024. They determined that these issues remain the same and are as follows: Sustainability pillar Material topics Impact or financial materiality Risk or opportunity Valuing our people Occupational health, safety and wellbeing • Financial • Impact • Risk • Opportunity Valuing employees (retaining employees, diversity and inclusion, constructive labour relations, training and development) • Impact • Opportunity Respecting human rights (including security practices) • Financial • Impact • Risk • Opportunity Respecting ourplanet Responsible tailings management • Financial • Impact • Risk Energy security, decarbonisation and climate change resilience • Financial • Risk • Opportunity Water security and quality • Financial • Impact • Risk Biodiversity management, closure and rehabilitation • Financial • Impact • Risk • Opportunity Waste management • Impact • Opportunity Driving shared valuepartnerships Ethics and integrity (including compliance, risk management and anti-corruption practices) • Financial • Impact • Risk Socio-economic development of and engagement withcommunities • Impact • Risk • Opportunity Managing geopolitical risks • Financial • Risk • Opportunity Delivering reliable production Economic sustainability of the business (including marketing and capital allocation) • Financial • Risk • Opportunity Traceability of our product (including responsible sourcing) • Financial • Impact • Risk • Opportunity Material issues 25 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT SUSTAINABILITY REVIEW / CONTINUED Valuing our people We prioritise employee safety, health, and wellbeing while building a culture that attracts and retains talent. Our focus includes advancing diversity and inclusion, placing the right people in the right roles, and providing development opportunities that help employees reach their potential. Material topics: • Occupational health, safety and wellbeing • Valuing employees (retaining employees, diversity and inclusion, constructive labour relations, training and development) • Respecting human rights (including security practices) Priority SDGs: Tracking our performance We track the following four non-financial KPIs as part of our People pillar within our sustainability performance. SAFETY (GROUP LTIFR) 1 Lost time injury rate per 200,000hours worked 0.24 0.1 6 0.28 23 24 25 WOMEN IN THE WORKFORCE (%) 2 The percentage of women in the workplace, excludingcontractors 21 22 20 23 24 25 TOTAL TRAINING EXPENDITURE (US$M) 2 Investment in training and development ofpermanentemployees 5.03 4.22 3.16 23 24 25 STAFF TURNOVER (%) 2 Staff and fixed term contractors’ voluntary turnover 3.7 2.4 3.9 23 24 25 1. Results of Williamson are included up to 30 April 2025. 2. Data for FY2025 excludes Williamson. Safety, health and wellbeing The safety, health and wellbeing of our employees is our most important priority. Our ongoing emphasis on remedial actions and behaviour-based intervention programmes continues to bear fruit and there were once again no fatalities in FY2025. This marked eight consecutive years without a fatality and a remarkable 15 million fatality-free shifts across our operations. This milestone is a powerful reflection of the dedication, vigilance and shared values that define Petra. While we celebrate our successes, we also acknowledge the challenges we faced during FY2025. During the Year, we recorded: • 34 total injuries, an increase from 31 in FY2024 (33 without Williamson), making the total injury frequency rate (TIFR) 0.74 per 200,000 hours worked (FY2024: 0.48) • 13 lost time injuries (LTI), an increase from 10 in FY2024 (13without Williamson), and a lost time injury frequency rate (LTIFR) of 0.28 (FY2024: 0.16) per 200,000 hours worked This performance occurred during a period of significant changeand restructuring in the business, resulting in new shift configurations and team make-up, while we also continue to ramp up on our life extension capital projects. The changes had an impact on the morale of employees and a significant amount of work is being done to stabilise the business and improve employee morale. Our commitment to safety and health remains resolute. 26 Petra Diamonds Limited Annual Report and Financial Statements 2025 Our Finsch operations had a TB outbreak in January 2025, withthe first case identified on the 13th. After screening, contacttracing and testing, a total of 17 cases were reported tothe Department of Mineral and Petroleum Resources (DMPR) and theMedical Bureau for Occupational Diseases (MBOD). Themanagement team managed to control the outbreak, and bymid-February 2025 there were no new cases. TB awareness campaigns continue to be held at both operations. Petra Culture Code Co-created by our employees in FY2022, Petra’s unique Culture Code helps to ensure that our objectives are delivered successfully. It works as a measurable index that reflects the relationship between enabling and disabling organisational factors. These factors are surveyed on a biannual basis and provide granularity by operation and by function. The results provide important quantitative and qualitative information on cultural performance, identify high-priority focus areas, and help us to develop actions for improvement. An evaluation of our culture, as measured by the Petra Culture Code model across our permanent employee base, was conducted in July 2025. The engagement, in which 70% of the organisation participated, revealed a 5.5% reduction in overall cultural wellness, when compared with the FY2024 results. The qualitative analysis identified the primary cause of this reduction to be due to the impact of the recent Section 189 interventions. Key high-priority insights for management include: • The need for timely communications, consultations and transparency • Mitigation of health and safety risks • The need for improved fairness and objectivity to ensure everyone is treated with equal consideration. In-depth analyses and action implementation requirements are due to be conducted across the operations and Group functions in Q1 of FY2026. Attracting, developing and retaining talent We pride ourselves in nurturing a diverse workforce. This approach not only drives better performance, but also helps to attract top talent, increase employee satisfaction, and strengthens our relationships with our stakeholders and communities. At the end of FY2025, we employed 4,043 people, 1,911 of whom were permanent employees and 2,132 of whom were contractors. This compares with 5,461 employees, made up of 3,006 permanent employees and 2,455 contractors in FY2024 1, including Williamson and Koffiefontein. The significant difference YoY being a result ofthe multiple labour restructuring that occurred as part of the Business Restructuring Plan and the sale of Williamson. We also had a higher voluntary staff turnover rate this Year, at 3.9% in FY2025, up 63% from FY 2024 (2.4%) , which we believe to be caused by the continued volatility in the diamond market and theimpact that this has had across the Company as a whole. In FY2025, women represented 50% of our Board, 17% of our Senior Management and 35% of Management (FY2024: 43% ofour Board, 21% of Senior Management and 32% of our Management). We continued to invest in training and development, which helps our employees to meet their personal objectives and fuels our business growth. We also view it as a critical driver of loyalty. In FY2025, we spent US$3.2 million on our employees, includingKoffiefontein. This was a 24% decrease from FY2024’s US$4.2million and was largely attributed to financial constraints related to the restructuring process. Restructuring process Regrettably, Petra undertook two Section 189 restructuring processes during FY2025. The first took place in Q2 among the Support Services functions, and the second in Q4 at Cullinan Mine. The Support function restructure was the result of a cost base and structure resetting, designed to establish a fit-for-purpose operating model that could support a two-mine operation. Intotal, 149 people were affected, 71 of whom opted for voluntaryretrenchment. Our restructuring at Cullinan Mine followed a comprehensive operational and strategic review of our life-of-mine plan. According to this review, we amended our production profile from 4.6Mtpa to 3.3-3.7Mtpa on a sustainable basis. This, unfortunately, led to us issuing Section 189 notice letters to employees in our Mining, Plant, Engineering and Technical Services functions. A total of 74employees were affected, including those who opted for voluntary retrenchment. Labour relations We continue to maintain strong and positive labour relations within Petra, which supported the Company and our employees during the recent restructuring. We uphold our employees’ rights to freedom of association, anddo not support child or forced labour. Around 84% of our employees in South Africa are represented by recognised unions(FY2024: 79%). Our five-year wage agreement will conclude on 30 June 2029. We did not experience any operational disruptions as a result oflabour action in FY2025 (FY2024: 0). 1. Contractor figures have been recalculated at Cullinan Mine for FY 24 resulting in updated figures on prior reporting. 27 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT SUSTAINABILITY REVIEW / CONTINUED Respecting our planet We manage environmental impacts throughout the entire mining life cycle, integrating responsible consumption and production into our operational planning and execution. We also optimise energy and water use, manage waste responsibly, protect biodiversity, conduct concurrent rehabilitation, and ensure responsible mine closure practices. Material topics: • Responsible tailings management • Energy security, decarbonisation and climate change resilience • Water security and quality • Biodiversity management, closure and rehabilitation • Waste management Priority SDGs: Tracking our performance We track the following non-financial KPIs as part of ourPlanet pillar within our sustainability performance: WATER EFFICIENCY (M 3 /T) 1 The total volume of fresh water used in production (ROMplus tailings) per tonne treated 0.61 0.70 0.52 23 24 25 ENERGY EFFICIENCY (KWH/T) 1 Total electricity consumption as a function ofproduction 37.89 34.73 51.14 23 24 25 CARBON EMISSIONS (TCO 2 E/CT) 1 Carbon emission intensity (Scope 1 and 2) 0.1 6 0.1 6 0.1 4 23 24 25 1. Data for FY2025 excludes Williamson We had no significant environmental incidents in FY2025 (FY2024:0). 28 Petra Diamonds Limited Annual Report and Financial Statements 2025 Progress towards GISTM compliance Our goal is to safely and effectively plan, operate and maintain allour mineral waste deposits, including our Tailings Storage Facilities in accordance with our Tailings Management Policy, which includes the adoption of the Global Industry Standard onTailings Management (GISTM). At Finsch, there are five fine residue deposits (FRDs). Four of thefacilities are located on the eastern side of the mining area. Three are active and one has been decommissioned as current deposition rates do not require it to be used. A further facility is located on the western side of the mining area and is also active. AtCullinan Mine, there is only one FRD, referred to as the No.7 dam. For a table summarising key features of each of our tailings storage facilities, please visit: wp-petra-diamonds-2023.s3. eu-west-2.amazonaws.com/media/2025/08/GISTM-Petras- tailings-storage-facilities-FY2025-final.pdf. For tailings facilities with “extreme” or “very high” GISTM consequence classifications, we have published detailed disclosures that comply with Principle 15 of the standard. Thesedisclosures provide information on the implementation status and summaries of our tailings management processes. For the Tailings Facility Disclosures related to: • The No.7 Dam at the Cullinan Mine: wp-petra-diamonds-2023. s3.eu-west-2.amazonaws.com/media/2025/08/GISTM-CDM- FY2025.pdf • The No.1 FRD at Finsch: wp-petra-diamonds-2023.s3. eu-west-2.amazonaws.com/media/2025/08/GISTM-FDM- FY2025.pdf For our remaining tailings facilities (those with a “low”, “significant” or “high” consequence classification), we intend publishing similar disclosures by August 2026. Climate change, energy efficiency andcarbonemissions We are mindful of the impact of climate change on our business, whether these are physical risks (such as drought or floods) or transition risks (including investor or market drivers). For further detail on our TCFD-aligned disclosure, see pages 47-53. We seek to optimise our energy efficiency and have started ameaningful process of transitioning to renewable energy. Total energy consumption decreased to 1,417,000Gj in FY2025 (FY2024: 1,906,000Gj). We intend to reduce our non-renewable energy reliance significantly, and are on track to deliver on our2030 GHG reduction targets of 35-40% as a result of the renewable energy power purchase agreements announced in2024. We are committed to achieving net zero Scope 1 and 2 emissions by 2050, though we aspire to reach this by 2040. This aligns with the Paris Agreement. In FY2025, our Scope 1 and 2 and emissions decreased by 12%, driven largely by the sale of Williamson. Scope 2 emissions account for 96% of our footprint, with Scope 1 and 3 making up 3% and 0.4% respectively. In FY2024, our Scope 1, 2 and 3 emissions were 9%, 91% and 0.5% respectively. We report according to the GHG Protocol and the IPCC Guidelines for National Greenhouse Gas Inventories 2001. Water stewardship Water is a scarce, shared natural resource and one of the resources most likely to be affected by climate change. In FY2025, we recycled 87% (FY2024: 86%) of the water used at our operations, in line with our commitment to reducing our freshwater usage. Water efficiency was 0.52 m3/t compared to 0.70 m3/t. The slight decrease in efficiencies are as a result of Williamson information not being included in FY 2025 information. 29 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT SUSTAINABILITY REVIEW / CONTINUED Social expenditure Our social expenditure target amounts to an investment of 1% ofnet profit after tax at asset level. This investment includes contributing to community development initiatives near our operations, which ensures regulatory compliance and maintains our social licence to operate. Social expenditure decreased in FY2025 to US$0.8 million (FY2024: US$1.5 million). This was largely due to delays regarding the approval of our Cullinan Mine Social and Labour Plan (SLP). Wewill continue working with the regulator to obtain this approval and ensure the SLP’s execution. Our community investment budget for this period (2023 – 2028) amounts to US$1.65 million. Since its inception in 2015, our Enterprise and Supplier Development (ESD) community fund, which helps local businesses gain access to financing and markets, has approved 498 SMME loans valued at US$3.2 million. Thishascreated 2,805 jobs and supported 202 local businesses. At Cullinan Mine in FY 2025 US$139, 959 was disbursed to local projects, creating 71 jobs. Overall 4 female entrepreneurs were supported and 12 youth entrepreneurs. 24 loans were approved. Community training and development Our community training and development programmes build skills within host communities that benefit both local residents and our operations. The programmes provide us with accessible talent while driving social and economic development in these communities. InFY2025, we invested US$0.2 million (FY2024:US$0.2 million). We also supported seven students through bursaries (FY2024: 13). Among these bursary holders, 43% are women and 86% are HDSAs. Two of the bursars studied social welfare and one was subsequently employed by the Department of Social Welfare inKoffiefontein. Driving shared valuepartnerships We create shared value through our activities, proactively contributing to the socio-economic development of the communities we operate in. Material topics: • Ethics and integrity (including compliance, risk management and anti-corruption practices) • Socio-economic development of and engagement withcommunities • Managing geopolitical risks Priority SDGs: Tracking our performance We track the following non-financial KPIs as part of our Partners pillar within our sustainability performance: SOCIAL EXPENDITURE (US$M) 1 Total social expenditure (compulsory and discretionary) on local communities 2.77 1.47 0.78 23 24 25 COMMUNITY TRAINING AND DEVELOPMENT EXPENDITURE (US$M) 1 Total community training spend 0.43 0.20 0.1 8 23 24 25 DISCRETIONARY PROCUREMENT (US$M) 1 Total Group discretionary procurement spend 233.55 215.25 169.90 23 24 25 1. Data for FY2025 excludes Williamson Procurement In addition, our integrated supply chain ensures reliable, cost-effective procurement while supporting local economies through community-based purchasing. In FY2025, our Group discretionary procurement spend was US$169.9 million (FY2024:US$215.3 million) and 95% of our total procurement inSouth Africa went towards local supplier procurement. Transparency We support the principles of the Extractive Industries Transparency Initiative (EITI) and Publish What You Pay. InFY2025, the Group paid a total of US$12.2 million (FY2024:US$48 million) in taxes and royalties. We also paid US$0.6 million as part of the responsible sale of Koffiefontein, which the new owners will use to execute outstanding projects that will contribute to job creation in thecommunity. Independent Grievance Mechanism In August 2020, the Company received correspondence fromtheUK-based NGO RAID regarding allegations of human rights violations raised by local residents and others relating toactions by the Group’s security contractor, Williamson Diamonds Limited (WDL), and others linked to WDL. Thisresulted 30 Petra Diamonds Limited Annual Report and Financial Statements 2025 in negative publicity for the Group, as well as theestablishment of an Independent Grievance Mechanism (IGM) that will determine remedies to be funded by the Group, notwithstanding the completion of the sale by the Company to Pink Diamonds Investments Limited (Pink Diamonds) on 14 May 2025 of itsstake in WDL, which owns the Williamson Mine. The Company has implemented remedial programmes and initiatives and has established the IGM to address historical allegations of human rights abuses at the Williamson Mine. TheIGM is a non-judicial process that has the capacity to investigate and resolve complaints alleging severe human rights impacts in connection with security operations at the Williamson Mine. It is being overseen by an Independent Panel (the IP) of Tanzanian experts taking an approach informed by principles of Tanzanian law, and with complainants having access to free and independent advice from local lawyers. The overall aim of the IGM is to promote reconciliation between the Williamson Mine, directly affected parties and the broader community by providing remedy to those individuals who have suffered severe human rights impacts. The Company has agreed to fund the remedies determined by the IGM and, notwithstanding the completion of the sale by the Company to Pink Diamonds on 14 May 2025 of itsstake in WDL, which owns the Williamson Mine, the Company will continue to fund the remedies determined by the IGM as wellasvarious restorative justice projects (RJPs) that provide sustainable benefits to the communities located close to the mine. Under the terms of the share purchase agreement between the Company and Pink Diamonds, Pink Diamonds has provided various warranties and undertakings that support the Company meeting its ongoing commitments in relation to the IGM and RJPs. On 28 November 2022, the IGM became operational with the commencement of the IGM’s pilot phase. The pilot phase, which was completed in May 2023, has allowed the IGM’s systems and procedures to be further developed and adjusted to take into account learnings. Since the pilot phase, the IP has started making decisions on the merits of the cases considered during the pilot phase and the associated remedies for successful grievances. Registration of new grievances closed on 31 January 2024 and first remedy payments to claimants were made on 14 June 2024. Judgement has been applied by management in assessing the estimated future cost of remedies for successful grievances based on the outcome of claims investigated during the pilot phase. Management has assessed the results of these investigated claims and performed its own estimate based on calculations received from consultants. The estimate makes a number of different assumptions, including, amongst others, the categories of the grievances, the number of non-returning claimants, the success rates of the grievances and the remedies that have been paid tosuccessful complainants. These estimates also do not make anyallowance for non-financial remedies that the IP may award. Theoutcome of the concluded cases, spread across all categories, have been extrapolated across the grievance population, based onthe average claim settlement per category and the various categories of the grievances (nature of claims). Management’s assessment resulted in an estimated aggregate provision of US$6million at 30 June 2025 (30 June 2024: US$8 million). Shared Value Partnerships Case Study: RJPs continue to makeameaningful difference At Williamson, our work on the Restorative Justice Projects (RJPs) continued during FY2025, and we are proud of the progress we have made. Medical services project Between the project’s inception in January 2022 and its official closure in December 2024, the Medical Services Project saw the following critical outcomes: • 5,204 physiotherapy sessions conducted • 78 clients received assisted devices • 36 clients assessed for surgical interventions, withseven surgeries performed • 1,927 psychosocial sessions conducted • 448 clients received psychosocial support The government has signed a Memorandum of Understanding to continue physiotherapy services when it takes over management of Mwadui Hospital in July 2025. Artisanal and small-scale mining (ASM) project In FY2025, an ASM engagement plan was launched, whichincluded meetings with local and regional government, extensive community meetings, interviews and focus groups, and consultation sessions with other ASM stakeholders. Thedata from these engagements was compiled into a report and shared with management. It provides useful risks, mitigations, and recommendations for Williamson to consider regarding its ongoing engagement with the ASM community. Agribusiness development initiative A participatory project design process resulted in two keyfocus areas: • Improving water availability through three dams and deep wells: Three charco dams were constructed, one deep well was completed and extended, and over 21,000 people now have access to water within 1.5km. • Strengthening household incomes through local and mixed-breed poultry farming: 324 farmers were trained, 85farmers accessed loans via the revolving fund, and approximately 100,000 chicks were sold to regional buyers in Mwanza and Shinyanga. In closing of the RJPs as at the end of June 25, Petra spent approximately US$1.5m over and above the initial commitment. Thank you to Synergy, our implementing partner, for their support resulting in the above outcomes and impact in the surrounding communities. 31 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT Delivering reliable production Reliable production is imperative in our efforts to generate value for our business and stakeholders. It not only ensures that we can achieve our business objectives, but also creates stability for our employees, contractors and unions, customers, financial stakeholders and suppliers. Material topics: • Economic sustainability of the business (including marketing and capital allocation) • Traceability of our product (including responsible sourcing) Priority SDGs: SUSTAINABILITY REVIEW / CONTINUED Tracking our performance We track the following non-financial KPIs as part of our Production pillar within our sustainability performance: CAPITAL EXPENDITURE (US$M) 1 Capital expenditure incurred by the operations, comprising expansion andsustaining Capex 97.8 73.0 23 24 25 63.0 ROUGH DIAMOND PRODUCTION (MCTS) 1 The number ofdiamonds produced from Group operations 2.5 2.4 2.4 23 24 25 REVENUE (US$M) 1 Income earned from rough diamond sales and partnership stones 325 310 207 23 24 25 1. Data for all years excludes Williamson We make use of the Diamond Value Management Framework, which optimises value creation at every stage in the production, recovery and sales process. It also aims to create abundance through reliable economic extraction. Capital Expenditure Our capital expenditure helps to maintain our operations andenables the growth of our business. During the year we streamlined the business significantly for capital optimisation and reduced costs by 17%. As a result, capital expenditure comprised US$63 million in FY 2025 (FY 2024: US$73 million). This included sustaining capex of US$9 million, and extension capex of US$54million. Rough diamond production Our rough diamond production targets are in line with our strategy and growth ambitions. Group diamond production for FY2025 totalled 2.4 million carats (Mcts) excluding Williamson. We delivered asolid operational performance across our Cullinan Mine and Finsch mine despite the challenging backdrop. You can read more in our operational update on page12. Revenue Average carat prices fell 19% to US$87/ct during the year. Our revenue reflects our production performance and internal sales and marketing capabilities, representing proceeds from rough diamond sales and excluding any contributions from profit share arrangements. Given the backdrop of weak pricing and unexpected headwinds such as the US tariffs announcement, our team has worked hard to leverage the best of our product mix. Part of this has been flexibility around tenders, and hosting more tenders in Antwerp where we feel there is a stronger client base for the moment. Revenue for FY 2025 is down 33% compared to FY 2024, reflecting the continued weaker market in FY 2025, as well asthe US$50 million of additional revenue in FY 2024 carried over from FY 2023. 32 Petra Diamonds Limited Annual Report and Financial Statements 2025 MARKET REVIEW Overview It is disappointing that the recovery of the diamond market is taking longer than anticipated but unsurprising given this year’s continued economic weakness in China, and unexpected headwinds such as the US tariff changes which caused further global uncertainty. The natural diamond market, like many sectors, is fundamentally driven by consumer demand. Unfortunately, most of the world has faced challenges economically, and as a result, consumer confidence over the year has decreased generally across US, Europe, UK and some parts of Asia 1 . This naturally has an impact on not just our sector, but others where the end customer is the consumer. One thing is clear, Provenance has emerged even more as the main defining differentiator in the diamond market, particularly given the growing segment of lab grown diamonds which, whilst expanding the diamond market to those that had never been able to consider purchasing a diamond, now accounts for an estimated 20% of global diamond jewellery demand. The Year started in a similar vein to FY 2024, with ongoing diamond price weakness continuing but started to turn more positive at the end of the calendar year. Over the festive season in the US, and India, there were signs of stronger online jewellery demand, which aligned with industry-wide efforts to rebalance inventories and rebalance the market. This continued into March and April where green shoots were growing, particularly with polished demand showing pick up. Nevertheless, the market was once again shaken with the application of US tariffs and subsequent lack of clarity by the US President in March. The US placed tariffs of 10% on imports from all countries and higher duty of 27% on India, and 20% on the European Union. Post-Period end, uncertainty remains, with tariffs on India currently at 50%, although the Antwerp World Diamond Centre successfully negotiated 0% import tariff on polished diamonds of European origin from 1 September 2025. While the diamond market has faced unprecedented headwinds, and geopolitical pressures that are out of its control, the industry leaders have been committed to driving new consumer campaigns and have made strides in once again defining the difference between natural diamonds and lab grown diamonds, as well as targeting a new generation of consumers. Of note has been the campaign “Worth the Wait” by De Beers and Signet Jewelers which was launched in October 2024, and the more recent campaign from De Beers in March 2025 that specifically targeted Indian teens ‘Love, from Dad’. It is no surprise they have dedicated campaigns in India, given the continued growth in this market. FY 2025 saw another year of growth in India, building on the theme we explored in detail in our annual report for FY 2024: wp-petra-diamonds-2023.s3.eu-west-2.amazonaws.com/ media/2024/09/Petra-Diamonds_Annual-Report-2024.pdf. For Petra, through its flexible approach to sales, and well-known product, the Company has navigated the market to the best of its ability. It has also continued to future proof its product with continued trials of provenance technology, with the aim of enabling generations to come the ability to trace their polished diamonds from mine to finger. Diamond market We have remained vigilant to our external operating environment, managing our sales to thebest of ourability as we navigate significant headwinds. Petra’s diamonds are abrand to themselves and we have no doubt that, when themarket returns, our assets will deliver significant returns. 1. www.ipsos.com/en/ipsos-consumer-confidence-may-2025. Petra’s produce on display at Sky Park, South Africa. 33 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT Pricing trends and product mix Part of Petra’s stronger position in the market, is its product mix that continues to be highly sought-after and attracts a wide range of clients which stimulates bidding. Although we had some issues with product mix from Cullinan Mine during the Year, initially referenced in April 2025, we saw in Tender 7 that these were resolved by Year-end. Finsch remains known for its sawable products. From vivid yellows to blue diamonds, and renowned high-quality Type IIa white diamonds, Petra is known for its world-class resource. ROUGH DIAMOND PRICE INDEX 1 (US$, REBASED TO 100) 0 50 100 150 200 250 140.5 Q1 2008 Q4 2008 Q3 2009 Q2 2010 Q3 2012 Q2 2013 Q1 2011 Q4 2011 Q3 2015 Q2 2016 Q1 2014 Q4 2014 Q3 2018 Q2 2019 Q1 2017 Q4 2017 Q3 2021 Q2 2022 Q1 2020 Q4 2020 Q3 2024 Q2 2025 Q1 2023 Q4 2023 During the financial year, YTD like-for-like prices for Petra goods were down 19% compared to FY 2024, mainly from smaller size categories. While disappointing to see prices continue to fall over the Year, the story is more complex, with green shoots showing in March and April, before the US tariffs were announced. In March, natural diamond prices surged 10%, driven by consumer interest across all key markets from US, Europe, China, West Asia and India. We hope that once the uncertainty regarding these geopolitical headwinds calm down, there will be some positive momentum again. In the meantime, we have provided pricing assumptions for FY2026 to FY 2030, as provided in our FY 2025 Operating Update: polaris.brighterir.com/public/petra_diamonds/news/ rns/story/w1061er PETRA’S AV. PRICE SPLIT BY RUN-OF-MINE (ROM) AND EXCEPTIONAL STONES (US$15 MILLION OR HIGHER) 4 80 104 24 165 113 113 119 117 162 166 141 25 85 0 20 40 60 80 100 140 160 120 180 H1 FY21 H2 FY21 H1 FY22 H2 FY22 H1 FY23 H2 FY23 H1 FY24 H2 FY24 H1 FY25 H2 FY25 102 ROM Exceptional Stones Petra’s Product Mix We are a consistent producer of some of the world’smost valuable diamonds. Petra’s product mixincludes rough diamonds that range from commercial to rare and unique collectable diamonds. Despite a challenging product mix thisYear, by Period-end, we had a notable recovery, with our mines delivering gem-quality stones across all size fractions. 18.85ct blue from Cullinan, announced in October 2024 MARKET REVIEW / CONTINUED 1. The Zimnisky Global Rough Diamond Price Index. Starting Index value 100 as of end-2007. More information can be found at www.paulzimnisky.com/roughdiamondindex 2. Average carat prices impacted by deferred sale of higher valued diamonds from FY2023 to FY2024. 3. There were no exceptional stones in FY 2025. 4. ROM prices are US$/ct achieved without the contribution from Exceptional Stones. 34 Petra Diamonds Limited Annual Report and Financial Statements 2025 Demand – where and what? The real driver for the change in the diamond market has been shifts in where demand is coming from. As well as economic challenges, lab-grown diamonds (LGDs) have also led to a changing landscape for natural diamonds. Whilst the lab-grown diamond segment of the market has continued to grow, broadening the entry point to diamond purchases, the divergence between lab-grown and natural diamonds has also been further defined. From De Beers endingits lab-grown business, Lightbox, to GIA ending the 4cs grading for lab-grown – the distinction is very clear. Oversupply and industry consolidation has slashed prices, and in the last 10years, prices for lab-grown diamonds have dropped by 85%. 1 As a result, natural diamonds have once again found their sparkle in high-end jewellery or high-end jewellery watches, with luxury brands such as Tiffany’s declaring that they will only ever sell natural diamonds. This supports the study by McKinsey late last year, in which it was stated that the price of LGDs could drop so low they effectively become “fashion accessories” that no longer compete with natural diamonds. LGD DISPLACEMENT OF NATURAL DIAMONDS IN THE US EXPECTED TO REDUCE (US$BN REAL) 2 43 54 9 64 7 1 56 6 1 0 10 20 30 40 50 60 70 2018 2023 2030 44 Natural diamond jewellery demand LGD as separate category LGD displacement of natural Source: De Beers Group – Spotlight on Diamonds presentation, November 2024 RETAILER INCENTIVES AGAIN FAVOUR NATURAL DIAMONDS 3 RETAILER INCENTIVES AGAIN FAVOUR NATURAL DIAMONDS 0 CAGR -18% CAGR -1% 1,000 2,000 3,000 4,000 5,000 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Oct 24Dec 23 Av. annual absolute gross margin (US$) – loose stones1 1ct Natural 2ct LGD Source: De Beers Group – Spotlight on Diamonds presentation, November 2024 MARKET PRICE DIVERGENCE BETWEEN 1CT LGD AND NATURAL DIAMONDS 1 Q3’16 $ US Dollars Q3’19 $ US Dollars Q3’22 $ US Dollars Q3’25 $ US Dollars YoY Change % 0.5-carat LGD 1,315 650 600 395 -13% Natural 1,515 1,260 1,275 990 11% 1.0-carat LGD 5,272 3,000 1,560 755 -21% Natural 6,275 5,550 5,910 4,130 3% 1.5-carat LGD 10,450 5,380 2,840 1,385 -22% Natural 12,500 12,125 14,350 12,900 19% 3.0-carat LGD N/A N/A 11,725 3,805 -32% Natural N/A N/A 71,500 63,315 28% 1. Paul Zimnisky – www.paulzimnisky.com. 2. Natural diamond demand of $44bn, $43bn and $54bn respectively for 2018, 2023 and 2030. $7bn represents the impact on the natural diamond market – of which, the value ofLGDs sold was $4.5bn. Absent LGDs, natural diamond jewellery demand would otherwise have been $50bn in 2023 and $55bn in 2030. 3. Loose stone sales. Sales with unknown diamond properties (carat, colour, clarity) excluded from denominators in respective charts; all calculations based on the following specifications: LGD – Round, D-I, FL-SI. ND – Round, D-I, FL-SI. Data up to 15Oct-24. EDGE data restated in August 2024. 81ct diamond from Cullinan Mine 35 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT As for where demand is coming from, the Indian market, and growing global middle class are seen as the next big drivers ofnatural diamond demand. Currently the market stands under US$10bn annually and is poised for double-digit growth. 1 Natural diamond demand year-on-year is up 12% in India as it continues its growth to be a high demand market. While China has remained muted this year, there has been some recent signs that the decline of demand in China appears to be slowing. 2 There have been some innovative retailer campaigns in China with the potential to grow interest. The US remains the number one market 3 for natural diamond demand, and while it is true that lab-grown has certainly taken some of the market, it has also broadened the market with natural diamonds still prevailing as the main choice for consumers. Further to this, demographic and behavioural changes are shifting consumer demand in luxury goods, including natural diamond jewellery. Gen Z spends more on luxury apparel and accessories than previous generations, 4 however Gen Z are also the demographic showing more commitment to brand conscious offerings. Therefore, the efforts made by industry players to de-mystify the sector are so important. Throughout the value chain we are seeing improved traceability efforts, communication of the positive ESG impacts involved in the diamond mining industry, and updated marketing campaigns providing new consumers a better understanding of the natural diamond industry. Optimising our sales In FY 2025 Petra continued to leverage its flexible sales approach to adapt to the changing market conditions. While we typically have 7 tenders during the year, we no longer follow regular tender cycles and therefore can postpone portions oftenders or sell goods as run-of-mine to capture the optimal market environment. We demonstrated this ability in April, takingthe decision to delay the sale of part of the Tender 5 goods because of the uncertainty caused by the US tariffs. These goods were sold alongside Tender 6 in May 2025, withanaverage price increase of 4% compared with Tender 4 inFebruary 2025. This year we have also tried different approaches to achieve the most exposure to our sales. Previously it was just the Williamson goods that we would sell in Antwerp, but this Year we tested selling Cullinan Mine and Finsch goods in Antwerp, with these sales resulting in increased tender participation and higher number of bids for our goods. We will continue to maintain flexibility in selling our goods, including outside of South Africa inorder to maximise participation in our tenders. NATURAL DIAMOND ANNUAL DEMAND GROWTH OF 3% TO 2030 5 NATURAL DIAMOND ANNUAL DEMAND GROWTH OF 3% TO 20301 RoW CAGR +1% India CAGR +10% China CAGR +3% US CAGR +2% ChinaUS2023 2030Rest of WorldIndia2022 Source: De Beers Group (May 2024), www.debeersgroup.com. 1. Natural diamond jewellery demand, converted to polished wholesale price (PWP) at 2023 prices. 2022 demand of US$28.9bn equates to nominal US$27.6bn. Numbers may not add up due to rounding. (0.2) 2.7 0.5 28.9 25.2 2.4 7 2.8 13.0 2.3 31.1 7.3 5.5 15.5 2.8 Diamond demand by region, PWP real (US$bn) Source: De Beers Group (May 2024), www.debeersgroup.com. 1. De Beers – gjepc.org/solitaire/de-beers-ceo-al-cook-indias-natural-diamond-market-set-to-double-by-2030/ 2. De Beers interim results 31st July 2025 – www.debeersgroup.com/news-insights/latest-group-news/2025/interim-financial-results-for-2025. 3. en.wikipedia.org/wiki/Synthetic_diamond 4. www.mckinsey.com/industries/metals-and-mining/our-insights/the-diamond-industry-is-at-an-inflection-point 5. Natural diamond jewellery demand, converted to polished wholesale price (PWP) at 2023 prices. 2022 demand of US$28.9bn equates to nominal US$27.6bn. Numbers may not add up due to rounding. MARKET REVIEW / CONTINUED 36 Petra Diamonds Limited Annual Report and Financial Statements 2025 Provenance and traceability One benefit at Petra is the transparency we have with clear provenance for purchasers. Given the conflict of some other diamond mining jurisdictions, we are well placed as a South African mining company that practices responsible mining, with sustainability at our core. Further to this, we continue to promote the GIA Origin programme with clients for use on single stones and +2 carat gem/near gem diamonds, which enables customers to know a diamond’s origin, and in our case that it was mined responsibly and positively impacted the local community. The importance of provenance to consumers is expected to grow, particularly given the G7 sanctions that were brought in last year and we have continued to progress our implementation/pilot scheme of traceability technologies with the aim of enabling generations tocome the ability to trace their polished diamond from mine tofinger. This is the clear differentiator for natural diamond businesses inthe future. Outlook Petra still has one of the most significant resources, a world-class asset, and the benefit of a strong brand reputation in the sector. Long-term, the natural diamond supply is expected to fall and we are seeing positive signs of demand recovery. CY 2026, we will most likely see the full impact of the commitment by industry players and governments to the diamond market with the Luanda accord and refreshed marketing campaigns. Recent commitments for increased marketing spend by large producers, retailers, and industry bodies, continued growth of key markets like India, increased provenance and traceability, and hopefully a sensible resolution to the US-India tariff situation should support price recovery over FY 2026. Industry players and governments committothe future of the market From refreshed marketing approaches to public commitment through global campaigns, industry players and governments have come out strongly toensure the diamond market re-engages with consumers. Post-Period end, the governments of Angola, Botswana, Namibia, Sierra Leone, and the DRC 1 pledged to contribute 1% ofthe value of their annual rough diamond sales to the marketing of diamonds. This will be led by the Natural Diamond Council, of which Petra Diamonds is afounding member. The Natural Diamond Council has also been proactive in educating the market, and released aseries of reports this year that outlined natural diamond origins, key insights, partnering with governments, communities, analysts and researchers across the supply chain to broaden their messaging. More can beread here: www. naturaldiamonds.com/trade/industry-reports- research/ Alongside this De Beers has been proactive in pushing out fresh marketing campaigns, announcing it will partner with leading jewellery retailers to amplify their efforts in reaching new generations of consumers. Worth the Wait, in partnership with Signet Jewelers, was launched in June 2025 and aims to connect millennial and Gen Z couples with natural diamonds, highlighting the parallels between the journey of love and the formation of these rare and precious stones. Reports by Natural Diamond Council to increase educationand awareness in the sector 1. www.idexonline.com/FullArticle?Id=50678 37 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT STRATEGY IN ACTION Delivering on our strategic objectives Our Strategic Objectives FY2025 progress on focus areas Risk & Opportunities Focus for FY2026 Short-term strategic drivers Unlock value through corporate activities Optimise efficiency and business resilience Active engagement with capital markets to refinance debt Sale of Williamson Complete sale of Koffiefontein Continue with supply chain transformation project Deploy traceability technologies for gem and near gemqualitydiamonds above 0.5 carats in FY 2025 • Group liquidity, managed through disciplined capital allocation and optimising costand asset base • Complete debt refinancing and Rights Issue • Continue with supply chain transformation project • Continue traceability initiatives to lever Petra’s heritage • Continue to pursue further cash generation and margin improvement initiatives Maximise value from current operations Continuous improvement culture to optimise value from existing operations Reduce operating costs sustainably, targeting US$44m per annum from FY2025 Limit dilution to optimise ROM grades Maintain flexibility at tenders Ongoing optimisation of currency movements through hedging Completion of internal Business Restructuring Plan, resultinginfurther $18-20m savings against prior guidance Maintain strong labour relations • Rough diamond prices – managed through reduced cost & capex profiles, tender flexibility, focus on opening new mining areas for improving product mix • Currency fluctuations, managed through ZAR hedging • Country and political, managed through monitoring and ongoing engagement with Government • Ensure safe and reliable production • Deliver production and cost targets • Delivery of capital projects to ensure access to higher quality and higher grade parts of the ore body as planned • Continue focus on GHG reduction target • Maintain flexibility at tenders • Managing adverse impacts of currency fluctuations through hedging • Maintain strong labour relations Longer-term strategic drivers Life-of-mine extension projects Unlock value from existing asset base Life-of-mine plan review to further extend capex cycle Progress CC1E & C-Cut Ext 1 projects at Cullinan Mine Progress Lower Block 5 3L-SLC project at Finsch Develop further projects to extend life beyond current mine plan • Prioritise high return projects such as CC1E at Cullinan Mine • Need to continually re-invest in assets and maintain social licence to operate • Ramp up in activity in new mining areas and mitigate ROM grade and product mix risk • Progress extension projects at Cullinan Mine and Finsch in line with updated life-of-mine plan • Continue to look at opportunities for accelerating and optimising the existing capital plans Growing externally Consolidate Petra’s position as the leadingindependentdiamondminer Assess orebodies either in or near production Pursue value-accretive corporate opportunities Continuously improve balance sheet to provide optionality for the future • Few orebodies available • Cash generation needed prior to considering further growth opportunities • Petra’s market position and skill-set are advantages • Complete Refinancing resulting inastronger balance sheet 38 Petra Diamonds Limited Annual Report and Financial Statements 2025 Our Strategic Objectives FY2025 progress on focus areas Risk & Opportunities Focus for FY2026 Short-term strategic drivers Unlock value through corporate activities Optimise efficiency and business resilience Active engagement with capital markets to refinance debt Sale of Williamson Complete sale of Koffiefontein Continue with supply chain transformation project Deploy traceability technologies for gem and near gemqualitydiamonds above 0.5 carats in FY 2025 • Group liquidity, managed through disciplined capital allocation and optimising costand asset base • Complete debt refinancing and Rights Issue • Continue with supply chain transformation project • Continue traceability initiatives to lever Petra’s heritage • Continue to pursue further cash generation and margin improvement initiatives Maximise value from current operations Continuous improvement culture to optimise value from existing operations Reduce operating costs sustainably, targeting US$44m per annum from FY2025 Limit dilution to optimise ROM grades Maintain flexibility at tenders Ongoing optimisation of currency movements through hedging Completion of internal Business Restructuring Plan, resultinginfurther $18-20m savings against prior guidance Maintain strong labour relations • Rough diamond prices – managed through reduced cost & capex profiles, tender flexibility, focus on opening new mining areas for improving product mix • Currency fluctuations, managed through ZAR hedging • Country and political, managed through monitoring and ongoing engagement with Government • Ensure safe and reliable production • Deliver production and cost targets • Delivery of capital projects to ensure access to higher quality and higher grade parts of the ore body as planned • Continue focus on GHG reduction target • Maintain flexibility at tenders • Managing adverse impacts of currency fluctuations through hedging • Maintain strong labour relations Longer-term strategic drivers Life-of-mine extension projects Unlock value from existing asset base Life-of-mine plan review to further extend capex cycle Progress CC1E & C-Cut Ext 1 projects at Cullinan Mine Progress Lower Block 5 3L-SLC project at Finsch Develop further projects to extend life beyond current mine plan • Prioritise high return projects such as CC1E at Cullinan Mine • Need to continually re-invest in assets and maintain social licence to operate • Ramp up in activity in new mining areas and mitigate ROM grade and product mix risk • Progress extension projects at Cullinan Mine and Finsch in line with updated life-of-mine plan • Continue to look at opportunities for accelerating and optimising the existing capital plans Growing externally Consolidate Petra’s position as the leadingindependentdiamondminer Assess orebodies either in or near production Pursue value-accretive corporate opportunities Continuously improve balance sheet to provide optionality for the future • Few orebodies available • Cash generation needed prior to considering further growth opportunities • Petra’s market position and skill-set are advantages • Complete Refinancing resulting inastronger balance sheet Our value-led strategy Optimise Maximise value from existing operations Develop Further extension projects toextendlifeof existing assets tounlockresourcepotential Grow In the future, assess accretiveopportunities Supported by: Operating model Sustainability Framework Read more on page 4 Governance Read more on pages 65-100 Achieved In progress/On-going Not achieved 39 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT KEY PERFORMANCE INDICATORS Petra uses a wide range of financial and non-financial metrics that are linked to our strategic objectives to help evaluate the performance of the business. The following KPIsare considered by management to be the most important. How we measure success Production and development Rough diamond production 2 (Mcts) The number of diamonds recovered from Group operations. Value drivers Reliable production Link to remuneration pages 103-107 Link to governance (risks) pages 59-61 Read more on page 30 2.42.4 2.5 3.1 3.2 2221 23 24 25 0% Generating free cashflow Revenue 2 (US$m) Revenue from rough diamond and partnership sales. Value drivers Free cashflow generation Link to remuneration pages 103-107 Link to governance (risks) pages 57-61 Read more on page 19 207 310 325 564 407 2221 23 24 25 -33% Adjusted EBITDA 1,2 (US$m) Earnings before interest, tax, depreciation and amortisation. Value drivers Free cashflow generation Link to governance (risks) pages 59-60 Read more on page 20 27 70 113 278 130 2221 23 24 25 -61% Operational free cashflow 1,2 (US$m) Cash generated from operations less acquisition of property, plant and equipment. Value drivers Free cashflow generation Link to remuneration pages 103-107 Link to governance (risks) pages 57-61 Read more on page 21 -27 -17 -66 230 120 2221 23 24 25 -59% Capital expenditure 1,2,3 (US$m) Capital expenditure incurred by the operations, comprising extension and sustaining Capex. Value drivers Investment in future cashflow Link to remuneration pages 103-107 Link to governance (risks) page 57-61 Read more on pages 21 63 73 98 48 22 2221 23 24 25 -14% Delivering returns to shareholders Total shareholder return (% change) Share price performance. Value drivers Lower cost of capital Link to remuneration pages 103 and 107 Link to governance (risks) pages 58, 60, 63 Read more on page 21 -63 -40.0 -25.1 21.8 -21 2221 23 24 25 -58% 1. All Alternative Performance Measures (APMs) used are defined on page 170. 2. Figures exclude Koffiefontein and Williamson 3. Excluding capitalised borrowing costs 4. FY2025 ESG figures exclude Williamson and Koffiefontein; figures up to and including FY 2024 include Williamson and Koffiefontein 5. All Safety figures include Koffiefontein and Williamson up to the point of sale (October 2024 and May 2025 respectively) 40 Petra Diamonds Limited Annual Report and Financial Statements 2025 Creating a safe working environment LTIFR 5 Lost time injury frequency rate. Value drivers Productivity Link to remuneration pages 103-106 Link to governance (risks) page 59 Read more on pages 13 and 26 0.28 0.1 6 0.24 0.22 0.44 2221 23 24 25 +75% LTI 5 Lost time injuries. Value drivers Productivity Link to governance (risks) page 59 Read more on pages 13 and 26 13 10 17 15 25 2221 23 24 25 +30% Embedding sustainability Consolidated net debt: AdjustedEBITDA 1,2 (x) Ratio of consolidated net debt to Adjusted EBITDA for the relevant 12-month period. Value drivers Embedding sustainability Read more on page 21 9.70 2.80 1.60 0.1 5 1.75 2221 23 24 25 246% Carbon emissions 4 (TCO 2 E/CT) Carbon emissions intensity for Scope 1 and 2. Value drivers Embedding sustainability Link to remuneration pages 103-107 Link to governance (risks) page 60 Read more on pages 17 and 24 0.140 0.160 0.164 0.139 0.126 2221 23 24 25 -13% Water efficiency 4 (M 3 /T) Total fresh water used in production (ROMplus tailings) per tonne treated. Value drivers Embedding sustainability Link to remuneration pages 103-107 Link to governance (risks) page 60 Read more on pages 17 and 24 0.52 0.70 0.69 1.00 0.55 2221 23 24 25 -25% Staff turnover 4 (%) Staff and fixed term contractors’ voluntaryturnover. Value drivers Embedding sustainability Link to governance (risks) page 95 Read more on pages 17 and 24 3.9 2.4 3.7 3.5 3.8 2221 23 24 25 +63% Training expenditure 4 (US$m) Investment in employee training and development. Value drivers Embedding sustainability Link to governance (risks) page 95 Read more on pages 17 and 24 3.2 4.2 5.0 6.1 5.8 2221 23 24 25 -24% Social expenditure 4 (US$m) Total social expenditure on local community development programmes. Value drivers Embedding sustainability Link to governance (risks) page 58 Read more on pages 17 and 24 0.78 1.47 2.77 0.94 0.66 2221 23 24 25 -47% 41 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT Petra Diamonds Limited (Petra or the Company or the Group) manages diamond resources ofca. 174 million carats (Mcts). This major resource implies that the potential mine lives of Petra’s core assets could be considerably longer than the current mine plans in place at each operation, or could support higher production rates. Gross resources As at 30 June 2025, the Group’s gross diamond resources (inclusive of reserves) decreased 20.6% to 173.83 Mcts (30 June 2024: 218.97 Mcts), due to depletions at all mining assets further to ore mined in FY 2025, and the sale of its interests in the Koffiefontein and Williamson operations. Gross reserves The Group’s gross diamond reserves decreased 16.3% to 23.25 Mcts (30 June 2024: 27.78 Mcts) due to depletions at all mining assets and the sale of its interest in the Williamson operation. The following table summarises the gross reserves and resources status of the combined Petra Group operations as at 30 June 2025. The FY 2025 diamond resources and reserves update is based on mining depletions and sale of interest in assets only. Acomprehensive update of resources and reserves will be carried out during FY 2026, taking into account a revision ofresourcesmodels and life-of-mine planning for the Cullinan Mine and Finsch operations. Category Gross Tonnes (millions) Grade (cpht) Contained diamonds (Mcts) Reserves Proved – – – Probable 54.9 42.3 23.25 Sub-total 54.9 42.3 23.25 Resources Measured – – – Indicated 226.4 60.8 137.59 Inferred 209.4 17.3 36.24 Sub-total 435.8 39.9 173.83 Cullinan Gross Category Tonnes (millions) Grade (cpht) Contained diamonds (Mcts) Reserves Proved – – – Probable 38.6 32.9 12.70 Sub-total 38.6 32.9 12.70 Resources Measured – – – Indicated 206.0 59.9 123,32 Inferred 169.5 10.1 17.19 Sub-total 375.5 37.4 140.51 1. Resource bottom cut-off: 1.0mm. 2. Reserve bottom cut-off: 1.0mm. 3. B-Cut Resource tonnes and grade are based on block cave depletion modelling using Geovia PCBC software and include external waste. A portion of the Resources in these remnant blocks report into the current caving operations as low-grade dilution. 4. C-Cut Resource stated as in-situ. 5. Reserves are based on scheduling using Geovia PCBC software on the C-Cut phase 1 and C Cut phase 2 block caves, and Geovia PCSLC software for the CC1E sub-level cave. 6. Factorised grades and carats are derived from a calculated Plant Recovery Factor (PRF). These factors account for the efficiency of sieving (bottom cut-off), diamond liberation andrecovery in the ore treatment process. 7. The PRFs currently applied for the new mill plant per rock type are: Brown kimberlite = 73.8%, Grey kimberlite = 67.9%, Black kimberlite = 70.6% and Coherent kimberlite = 68.0%. 8. US$/ct values of 100 - 125 for ROM and US$/ct 40 -50 for tailings (with reference to FY 2025 sales, diamond price modelling and production size frequency distributions). Resources and reserves statement 42 Petra Diamonds Limited Annual Report and Financial Statements 2025 Finsch Gross Category Tonnes (millions) Grade (cpht) Contained diamonds (Mcts) Reserves Proved – – – Probable 16.4 64.4 10.54 Sub-total 16.4 64.4 10.54 Resources Measured Indicated 20.5 69.7 14.27 Inferred 39.9 47.8 19.05 Sub-total 60.3 55.2 33.32 1. Resource bottom cut-off: 1.0mm. 2. Reserve bottom cut-off: 1.0mm. 3. Block 4 Resource tonnes and grade are based on block cave depletion modelling and include external waste. A portion of this remnant Resource reports into the current caving operations as low -grade dilution. 4. Pit scaling and waste ingress have been included in the Reserve models. 5. Block 5 and Block 6 Resource stated as in-situ. 6. Reserves are based on sub-level cave scheduling using Geovia PCSLC software. 7. US$/ct values of 85 - 96 for ROM (with reference to FY 2024 and FY 2025 sales, diamond price modelling and production size frequency distributions). General notes on reporting criteria 1. Resources are reported inclusive of reserves. 2. Tonnes are reported as millions; contained diamonds are reported per million carats (Mcts). 3. Tonnes are metric tonnes and are rounded to the nearest 100,000 tonnes; carats are rounded to the nearest 10,000 carats; rounding off of numbers may result in minor computational discrepancies. 4. Resource tonnages and grades are reported exclusive of external waste, unless where otherwise stated. 5. Reserve tonnages and grades are reported inclusive of external waste, mining and geological losses and plant modifying factors; reserve carats will generally be less than resource carats on conversion and this has been taken into account in the applicable statements. 6. Reserves and Resources have been reported in accordance with the South African code for the reporting of mineral reserves and mineral resources (SAMREC 2016). 7. The Petra 2025 annual Resource Statement as shown above is based on information compiled internally within the Group under the guidance and supervision of Andrew Rogers, Pr. Sci. Nat. (reg. No.120664). Andrew Rogers has 25 years’ relevant experience in the diamond industry and is a full-time employee of Petra. 8. All Reserves and Resources have been independently reviewed and verified by John Kilham, Pr. Sci. Nat. (reg. No. 400018/07), acompetent person with 45 years’ relevant experience in the diamond mining industry, who was appointed as an independent consultant by the Company for this purpose. 43 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT Petra’s commitment As a Bermuda incorporated company, Petra is not subject to the UK Companies Act, and to the non-financial reporting requirements contained in sections 414CA and 414CB. However, in light of our listing on the Main Market of the London Stock Exchange, and recognising the importance of good governance and a high standard of disclosure, we set out our non-financial and sustainability information disclosures statement below. The table below outlines our principal policies, risks and KPIs in relation to key non-financial and sustainability matters. The location of further relevant information and outcomes is provided on the pages highlighted below and is incorporated into this statement by cross reference. Matter and policies Principal risks Non-financial KPIs Outcomes Environment • Environmental Policy Statement: sets out Petra’s commitments to a sustainable environment through the effective management of strategic environmental risks and opportunities • Climate change Position Statement: sets out Petra’s climate change commitments, including our GHG emission reduction targets, and the steps we are taking to mitigate theimpact of climate change risks on our business • Tailings Management Policy: sets out Petra’s commitment to continually improving the safety and environmental performance of its tailings storage facilities and how it achieves its performance objectives for its tailing storage facilities in alignment with the GISTM • Environment (page 60) • Climate change (page 60) • Licence to operate – regulatory and social impact and community relations (page 58) • Embedding sustainability See pages 3, 25, 28-29, 40-41 Climate related financial disclosures • Climate Change Position Statement: see the description set out above • TCFD Statement: as an issuer on the Main Market of the LSE, Petra is required to annually prepare a TCFD statement. The content of this statement is substantially aligned to the requirements of section 414CB of the UK Companies Act. • Climate change (page 60) • Embedding sustainability See pages 25, 47–53 (TCFD Statement) People • Code of Ethical Conduct: sets out the conduct and behaviours that are expected from all of our staff and business partners • Diversity and Inclusion Policy: sets out Petra’s commitments to promoting an organisational culture that values a diverse and inclusive workforce • Whistleblowing Policy: sets out processes for reporting any concerns and ensures those that raise good faith concerns are protected from reprisal or victimisation • Safety (page 59) • Labour relations (page 59) • Licence to operate – regulatory and social impact and community relations (page 58) • Creating a safe working environment • Embedding sustainability See pages 3, 25-27, 40-41 Social and community • Code of Ethical Conduct: see the description set out above • Social and Labour Plans for the Cullinan Mine and Finsch: set out our commitments for each of our South African mines on a range of social, labour and community issues over afive-year cycle, as required by the MPRDA • Stakeholder Engagement and Management Policy: sets out who our stakeholder categories are and a framework for how we interact and manage our relationships with them • Licence to operate – regulatory and social impact and community relations (page 58). • Embedding sustainability See pages 3, 25-27, 30-31, 40-41 Respect for Human Rights • Human Rights Policy Statement: sets out Petra’s commitment to conduct its business inamanner which respects the human rights and dignity of all people and in a way which ishonest, fair and lawful • Code of Ethical Conduct: see the description set out above • Modern Slavery Transparency Statement: outlines the steps which Petra has taken toaddress modern slavery and human trafficking risks throughout its supply chain • Licence to operate – regulatory and social impact and community relations (page 58) • Embedding sustainability See pages 3, 25, 30-31, 40-41 Anti-corruption and anti-bribery • Code of Ethical Conduct: see the description set out above • Public Officials Expenditure Policy: ensures that all expenditure related to Public Officials complies with applicable laws and is for a legitimate business purpose • Gifts and Hospitality Policy • Declaration of Interest Policy: identifies and mitigates actual and potential conflicts ofinterest across Petra • Whistleblowing Policy: see the description set out above • Licence to operate – regulatory and social impact and community relations (page 58) • Embedding sustainability See pages 3, 25, 30-31, 40-41 Our business model is set out on page 5 The non-financial KPIs highlighted above, that are used to monitor our progress, are detailed on page 41 and pages 24-32. Further information, including the key policies and documents set out above, is available on our website at www.petradiamonds.com/sustainability/policies-important-information/ Non-financial and sustainability information disclosures 44 Petra Diamonds Limited Annual Report and Financial Statements 2025 Section 172 statement Petra is incorporated in Bermuda and is not subject to the UK Companies Act 2006. However, as a company listed on the MainMarket of the London Stock Exchange, it is subject to the UK Corporate Governance Code 2018 (the Code). The Code requires Petra to describe how the interests of stakeholders and the matters set out in Section 172 of the UK Companies Act 2006 have been considered in both Board discussions and decision- making. We believe that considering our stakeholders in keybusiness decisions is not only the right thing to do but isfundamental to our ability to drive value creation in the long-term. It should be noted that in some situations, and despite engagements by Petra, our stakeholders’ interests may not be aligned with Petra’s and interests between different stakeholders may conflict with one another. In these situations, the Board will still seek to understand and consider stakeholders’ interests in its discussions and decisions, even if alignment cannot be achieved. Stakeholder considerations continue to be embedded throughout Petra’s business, with our Executive and Senior Management actively involved in initiatives to engage and communicate with our stakeholders, including through stakeholder engagement forums. Some examples of how the Board considered the various elements contained in Section 172(1) of the UK Companies Act 2006 in its discussions and decisions in FY2025 are set out below. Section 172(1)(a): the likely consequences of any decision in the long-term The Board regularly considers the steps needed to provide investors and stakeholders with a compelling value proposition and resilient business in the medium to long-term, recognising the evolving environment in which Petra operates. In FY2025, the Board approved a number of steps to improve Petra’s ability to withstand weaker-for-longer diamond market conditions. Labour retrenchment and other cost savings were targeted for FY2025. In addition to the long-term interests of the Company, the Board also considered the interests of employees and the impact on suppliers and the communities surrounding the mines in approving these cost savings. Section 172(1)(b): the interests of the Company’s employees Without a safe, healthy, skilled and productive workforce, Petra isunable to implement its strategy and create shared value for allits stakeholders. Recognising that Petra’s employees are at the heart of its business, and that Petra’s success is dependent on attracting, retaining, and motivating talented employees, the Board considered and assessed the impact of its decisions on employees throughout FY2025. For further detail on how the Board engages with employees, see page 76. An example illustrating the Board’s inclusion of employee-related issues in their discussions and decisions in FY2025 included: • Organisational restructuring and Section 189 processes: inresponse to weaker-for-longer diamond market conditions and the need for Petra to reset its cost base, management continued an organisational restructuring that led to Section 189 retrenchment consultation processes being undertaken across group functional departments and the operations (Cullinan Mine and Finsch) and Cullinan Mine operations (mining, plant, engineering, technical services). This resulted ina number of employee retrenchments and voluntary separations. These decisions and the Section 189 processes were overseen and supported by the Board, involving regular updates, with the Board having to consider the Company’s financial resilience and organisational efficiency, whilst also taking into account the interests of Petra’s employees. Section 172(1)(c): the need to foster the Company’s business relationships with suppliers, customers and others The delivery of Petra’s strategy requires strong and mutually beneficial relationships with suppliers, customers and host governments. Petra’s suppliers are critical to the development and safe running of our operations, while its customers are the source of Petra’s revenue. In FY2025, Petra continued to make use of partnership agreements with key customers for the sale of certain high-value stones recovered from the Cullinan Mine. These agreements enable Petra to retain an interest in the profit uplift of the proceeds of polished stones, after taking into account all costs. The Board considered the impact such partnerships have in strengthening Petra’s relationships with key customers, as well as the ongoing potential for Petra to retain more value from its higher value stones. 45 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT SECTION 172 STATEMENT / CONTINUED Section 172(1)(d): the impact of the Company’s operations on the community and the environment The sustainability of Petra’s business in the medium to long-term requires that the interests of the environment in which Petra operates (including communities and host governments) be aligned, as far as possible, with Petra’s interests, and that we operate in a way which minimises the adverse impact on these stakeholders. The support of local communities, host governments and NGOs are critical components of Petra’s licence to operate. Petra seeks to ensure that it complies in all material aspects with relevant legislation in the countries in which it operates. The Board, and in particular, the Safety, Health and Sustainability Committee, regularly assesses the impact of Petra’s operations on the community and the environment. Whilst the Company sold all of its interest in Williamson to Pink Diamonds in May 2025, it remains committed to supporting theIGM and RJP processes. In FY2025, the Board and Safety, Health and Sustainability Committee continued to oversee progress on the IGM and RJPs required under the terms of the settlement agreement with Leigh Day. During FY2025, the IGM continued to make remedy payments to complainants and is targeting to process all grievances around the middle of FY2026, following improvements to the process aimed at reducing bottlenecks. The IGM is a key step to promote reconciliation between Williamson, directly affected parties and the broader community by providing remedy to those individuals who have suffered severe human rights impacts. FY 2025 saw the implementation of the two remaining restorative justice projects, namely, income generating and medical services projects and therefore the successful conclusion of the RJPs. For more detailson the IGM and the RJPs, see pages 30-31. Section 172(1)(e): the desirability of the Company maintaining a reputation for high standards of business conduct The Board periodically reviews and approves material policies and standards which apply to Petra and which embed high standards of business conduct across the Petra Group. InFY2025: • The SHS Committee reviewed and approved updated versions of the Workplace Harassment, Bullying, Victimisation and GBVF policy. • The ARC considered and approved the Company’s revised Internal Audit Charter and Internal Audit Manual based on the new Global Internal Audit Standards. These Standards were implemented prior to 1 January 2025 by Petra’s outsourced internal audit partner, PwC. • The ARC continued to consider the measures Petra has been implementing to ensure compliance with the UK Economic Crime and Corporate Transparency Act 2023. These measures include, but are not limited to, assessments of Petra’s fraud risk profile, enhanced due diligence on entities which perform or may perform services for Petra, mapping of senior manager roles to identify those potentially in-scope for knowledge attribution and providing further targeted training in H2 CY25 to Exco members and to these individuals. Section 172(1)(f): the need to act fairly as between members of the Company The Board has considered the financial structure of the Company on an ongoing basis and has engaged with its bank, bondholders and shareholders to provide a suitable long-term solution for all parties. After weighing up all relevant factors, the Board considers the course of action which best positions Petra to deliver its strategy in the long-term, taking into consideration the effect on key stakeholders. Pertinent examples of the factors and engagements taken into account by the Board are set out above. In doing so, our Directors act fairly as between the Company’s members, but are not necessarily required to balance the Company’s interests with those of other stakeholders. This can sometimes mean that certain stakeholder interests may not be fully aligned and in some situations, may conflict. In relation to the broader issue of stakeholder engagement, see page 3 of the GRI report hosted on our website. 46 Petra Diamonds Limited Annual Report and Financial Statements 2025 Petra has prepared its climate change-related disclosures in accordance with the UK Listing Rules. Petra considers that its climate change-related disclosures are consistent with the four recommendations and 11 recommended disclosures of the Task Force on Climate-related Financial Disclosures (TCFD). We report in accordance with the Global Reporting Initiative (GRI) Standards: 2021, theSustainability Accounting Standards Board (SASB) Metals & Mining Sustainability Accounting Standard (now part of the IFRS Foundation) which are found on our website, and the Task Force on Climate-related Financial Disclosures (TCFD). As a member oftheNatural Diamond Council, we adhere to its membership requirements and sustainability pledges. We support the principles oftheExtractive Industries Transparency Initiative and report accordingly. We also support the United Nations Sustainable Development Goals (SDGs) and report on our contribution to these throughout this report. We continuously seek to improve the robustness of our disclosures. In addition to this report below, you can refer to the sustainability section on pages 24-32 and the supplementary data on our website. Key achievements in FY 2025 included the following: • Continuing to transparently disclose climate-related information, consistent with global benchmarks and standards including the TCFD recommendations • Completing the sale of Koffiefontein and Williamson during FY 2025. • Transitioning to new operating profiles at Cullinan Mine and Finsch (shifting from continuous 24/7 operations at both the Cullinan Mine and Finsch to scheduled 2- or 3-shift operations) The contents of this report have been reviewed by Petra’s Exco, the Safety, Health and Sustainability Committee, and was approved by the Board on 16 October 2025 Petra engaged an independent third-party Eco Elementum to verify its carbon footprint and GHG emissions. We reaffirm our commitment to our long-term target of achieving net zero Scope 1 and 2 GHG emissions by 2050, though we aspire to reach this goal by 2040 or earlier. We are also still committed to our target of reducing our Scope 1 and 2 emissions by 35% to 40% by 2030, compared to our 2019 baseline of 474,868,13 tCO 2 e. FY 2025 has been a year of change, with the sale of both Koffiefontein and Williamson, which will result in a reduction against our 2019 baseline, as well as a shift away from our continuous operations at both the Cullinan Mine and Finsch to scheduled 2 or 3 shift operations, which will also change the energy consumption profiles at both these mines. We will continue to look for further opportunities to reduce our GHG emissions over and above the renewable energy agreements we have in place. We will also continue to refine the disclosure of our Scope 3 emissions. Petra’s response to climate change: TCFD recommended disclosures 47 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT TCFD / CONTINUED The table below sets out where Petra has made climate disclosures consistent with the TCFD. Recommended disclosures Discussions/ or key developments in FY2025 Reference Governance 1. Describe the Board’s oversight of climate- related risks and opportunities The Board, supported by the Audit and Risk, Safety, Health and Sustainability, and Remuneration Committees, has ultimate accountability for the Group strategy, risk and governance of climate-related risks and opportunities. Adopting this approach ensures that the Board sets the risk appetite and tolerances, strategic objectives and accountability for climate-related risks and opportunities. The Board monitors progress against Petra’s Climate Change Mitigation and Adaptation Strategy and, GHG Roadmap while providing oversight of climate change risk processes and related controls, ensuring that management implement appropriate governance processes and controls that are effective in managing climate change risks and opportunities. The Board is kept apprised of material developments in relation to climate change (and significant environmental events) as and when they occur. To ensure effective oversight, the Board and relevant Committees receive regular updates on climate-related matters, including climate-change-related data and performance information. Previously the Safety, Health and Environment and Sustainability Committees operated independently, however these committees were consolidated in FY 2024, to establish the new Safety, Health and Sustainability Committee, adopting new Terms of Reference, approved by the Board. The new SHS’ broader scope and integrated approach results in an enhanced and more effective oversight and monitoring role in relation to Group-wide environmental matters, including climate-change. The SHS Committee meets formally at least quarterly and oversees implementation and compliance with the Group’s climate- related policies and monitors performance. The Chair of Petra’s Safety, Health and Sustainability Committee, Lerato Molebatsi, was also formally designated as the iNED with primary responsibility for ESG matters (which includes climate change). Climate change is classified as one of Petra’s principal risks, monitored monthly by Petra’s Exco while the Audit and Risk Committee (ARC) receives quarterly updates on movements inprincipal risks (including climate change). Additional Group governance developments during FY2025 that are related to our climate-related risks and opportunities maybe found in the Governance section of our Annual Report 2025: Report of the Safety, Health and Sustainability Committee (pages94-96). For the Terms of Reference of the Safety,Health andSustainability Committee, see www. petradiamonds.com/ about-us/corporate- governance/ 2. Describe management’s role inassessing and managing climate related risks and opportunities The Joint Interim CEOs have overall executive accountability for climate-related risks andopportunities, which includes decarbonisation and energy-related matters. They areinformed by the Group Head Risk, Assurance & Compliance, and then report to the Board. The CEOs, assisted by Exco, act upon the most material risks and opportunities toimplement Petra’s strategy and unlock maximum stakeholder benefit. The Group CFO holds overall executive accountability for integrating climate-related risks and opportunities into annual budgets, business plans and financial disclosures. Management is responsible for identifying climate related risks and opportunities including the implementation of adequate processes to enhance the control environment to effectively manage climate change risks and opportunities. Exco meets at least once a month and includes representation from key internal functions. Each Exco member is responsible and accountable for integrating consideration of climate-related risks and opportunities as they relate to their respective functions and overseeing the management of climate-related risks and opportunities that fall within their remit. Petra’s performance management system also involves the setting of KPIs which include requiring all managers to effectively identify, assess and manage risks (including climate-related) within their remit and performance against these KPIs is assessed at least biannually. Additional Group governance developments during FY2025 that are related to our climate-related risks and opportunities may be found in the Governance section ofour Annual Report 2025. 48 Petra Diamonds Limited Annual Report and Financial Statements 2025 Recommended disclosures Discussions/ or key developments in FY2025 Reference Strategy 3. Describe the climate-related risks and opportunities theorganisation has identified over the short, medium and long-term The Group has identified several physical and transition risks that our operations are exposed to over varying time horizons. We define our horizons as short-term (next 3-5 years), medium term (5-15 years), and long-term (15-30 years). This allows us to focus on implementing initiatives in the short term to achieve our medium- and long-term targets. Petra enlisted the use of the EY Climate Analytics Platform (EY CAP) to assess the exposure of their main assets and operations to climate related risk in line with United Nations Intergovernmental Panel on Climate Change (IPCC) scenarios. This assessment considers a 2C (IPCC RCP 2.6) and an increase of 4.3 C (IPCC RCP 8.5) scenario. You can see the Climate Change Scenario on page 52. Petra uses a robust Enterprise Risk Management (ERM) framework to identify, assess and manage current and emerging risks and uncertainties and the material financial impact on the organisation. More can be read on Material issues on page 25. The key risks and opportunities across the operations in South Africa were identified as: • Physical risks: increased precipitation (acute) and temperature and droughts/water stress (chronic) (all medium to long-term risks) • Transition risks: access to capital, carbon tax and market risk owing to change in consumer behaviour (all short- to medium-term risks) • Physical opportunities to be investigated: improved water use strategies and innovative water remediation and recycling technologies. Innovative use of new technologies focussed on the health and safety of employees and the reduction ofexcessive evaporation (to be explored over the short to medium term) • Transition opportunities realised: reduce the Group’s exposure to carbon tax andincreases in electricity cost by securing renewable energy supply (short tomediumterm) • Risks are identified on page 54 of the Principal Risks and Uncertainties section From a financial planning perspective, see note 18 to our Financial Statements. Petra is progressing its risk analysis in relation to theimpact which climate change will have on its financial environmental liabilities. 4. Describe the impacts of climate-related risks and opportunities onthe organisation’s business, strategy andfinancial planning Sustainability and climate change is embedded in our strategy and supports our ambition to create value for our stakeholders and build a sustainable business. Petra prioritises theeffective management of climate-related matters as it contributes to the Group’s performance and ability to deliver its strategic objectives over the long-term. They are managed via the Enterprise Risk management and Risk Appetite and Tolerance Frameworks, with mitigation plans implemented, as required. Plans including GHG emissions reduction and mitigating actions are seen in Principal Risks and Uncertainties section on page 54. The impacts of climate change risks are classified into four main categories. i) higher than normal precipitation and potential flooding – could lead to operational disruptions such as pit flooding, mud pushes, impact on infrastructure and ultimately operational down time, and associated cost of repairs. Furthermore, there could be additional costs or fines if heavy precipitation and flooding leads to unintended discharges out of our operational boundary limits. ii) rising temperatures – could require higher Air/cooling Ventilation Air Conditioning requirements, specifically when working underground. Both of Petra’s mines are blessed with inherently low temperatures in their underground operations, which would form the basis of increased heat stresses underground as a result of climate change. Petra will be able to manage underground heat stresses through cooling & ventilation, and will also continue to look for opportunities to incorporate energy efficiency technologies and cheaper sources ofpower to offset any increase in energy use for higher cooling and/or ventilation. iii) drought hazard and water stress – lack of water to support operations could result in operational downtime. However, it should be noted that operational disruptions were not experienced during previous droughts at Petra’s South African mines. Petra also continues to recycle its water to reduce reliance on fresh water sources as much as possible. and iv) transitional risks. We have included climate change related risks and opportunities into ourfinancial planning, as applicable, and will continue to update forfurther risks and opportunities as our life of mine plans get extended in the future. 49 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT TCFD / CONTINUED Recommended disclosures Discussions/ or key developments in FY2025 Reference 4. Describe the impacts of climate-related risks and opportunities onthe organisation’s business, strategy andfinancial planning (continued) Heightened concerns about climate change and pollution makes it essential to use environmentally sound and sustainable solutions for extracting the diamonds. As customers look to reduce their environmental and carbon footprint, less sustainable diamond mining companies could face further scrutiny and loss of clients if they do not shift towards more sustainable practices. Carbon taxes are increasingly being implemented across different jurisdictions, ascountries work towards meeting national level GHG emission reduction targets associated with their Nationally Determined Contributions and the global Paris Agreement. Petra is subject to the carbon taxes levied in South Africa on its Scope 1 emissions. The key climate change priority risks across these categories relate to increased cost and capital investments, potential production stoppages, employee health and safety including socio-economic impacts on our surrounding communities resulting from potential climate change risks materialising. As a mitigation to some of these risks, Petra has entered into Power Purchase Agreements to supply c. 36-72% of its energy through renewable sources, which will reduce its GHG footprint, and we continue to assess opportunities in further reducing its Scope 1 emissions as we continue our journey towards our ambition of net zero by 2040. 5. Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a 2degree orlower scenario We have bolstered our resilience against identified climate-related risks through our operational health, safety, environmental and risk management processes, monitoring and continuous review through our climate change performance indicators supplemented by our continuous monitoring of key risk indicators. Based on the nature of the risks identified, the appropriate remediation to address these risks is being considered in Petra’s business strategy and financial planning process. We have committed to decarbonisation targets and secured renewable energy supply for our operations to deliver on our 2030 GHG reduction targets of 35-40%, as a result of the renewable energy power purchase agreements announced in 2024. Our decarbonisation targets and renewable energy supply will assist us in reducing our carbon emissions and potential future carbon tax liabilities. Our history of climate and sustainability reporting will enable us to proactively address any further reporting requirements. We will continue to report transparently against appropriate ESG disclosure standards (including climate- related requirements) and engage with stakeholders on ESG related matters. Petra currently considers itself, through its scenario analysis output below, resilient to the risks climate change which it currently faces. Risk Management 6. Describe the organisation’s processes for identifying and assessing climate- relatedrisks The Group has implemented a robust Enterprise Risk Management (ERM) framework to identify, assess and manage current and emerging risks and uncertainties. This can be referred to in the Principal Risks and Uncertainties section on page 54. To ensure that climate-related risks and opportunities are adequately identified and assessed, a multi-pronged approach (detailed below) has been implemented. The risk identification process considers external and internal climate risks including strategic and operational risks and climate risks identified through review of climate change publications, professional and regulatory bodies, globally. The Group conducts climate change scenario analysis with guidance and support from external independent climate change specialists to inform current, medium and long-term climate risks. These risks are processed through the Group’s ERM processes focussing on controls in place to mitigate climate risks to acceptable levels and consequent quantification of climate risks to determine the potential impact of these risks on the Group and its operations, and stakeholders. Climate change scenario analysis Climate change scenario analysis uses a standard set of Representative Concentration Pathways (RCP) scenarios (published by the United Nations Intergovernmental Panel on Climate Change) to identify climate-related risks and opportunities based on projected future greenhouse gas concentrations. The scenario can be seen on page 53. Please also refer to Principal Risks and Uncertainties section on page 54. Additional Group riskmanagement developments during FY2025 that are related to our climate- related risks and opportunities may be found in the Principal Risks and Uncertainties section of our Annual Report 2025. 50 Petra Diamonds Limited Annual Report and Financial Statements 2025 Recommended disclosures Discussions/ or key developments in FY2025 Reference 7. Describe the organisation’s processes for managing climate-related risks We recognise that the potential materialisation of climate related risks has widespread consequences throughout the Group, its operations, employees and broader stakeholders. The Group’s ERM Framework clearly sets out acceptable risk management practices for managing climate risks. In most instances the Group treats climate risks through remediation by implementing governance processes and controls that either prevent, detect or minimise the impact of climate related risks. The Group also insures potential losses it may incur against damage to property and liability claims arising out ofcertain catastrophic climate incidents. The purpose of insurance cover is to reduce thefinancial impact of these catastrophic incidents should they materialise, which would ordinarily be funded by the Group. The outputs from the scenario analysis indicate how hazards and risks could potentially change over the respective timescale to provide a view of the resilience of our operations and will be reviewed every three to five years to adjust scenario projections, extended timescales and strategy as needed (due to care and maintenance, mine closure and life of mine extensions). The output of the climate scenario analyses is used to supplement our ERM process asitis critical to the analysis, management and control of risks and informs analysis techniques and risk control mechanisms for implementation to mitigate the impacts ofclimate-related risks on operations and stakeholders, including: • Ensuring that identified risks of climate change continue to inform business strategy and decision making; • Scaling up the development and implementation of appropriate adaptation response measures to the identified risks and opportunities; and • Increasing our support to building community resilience through engagement on shared climate change risks and opportunities. Refer to the Principal Risks and Uncertainties section on page 54 where the risk matrix and information related to the material assessment performed in FY 2024 have been disclosed. 8. Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organisation’s overall risk management. The identification of climate risk is set out in point 6 above. The assessment of climate related risks and opportunities is conducted in accordance with the Group’s Enterprise Risk Management (ERM) and Risk Appetite and Tolerance (RAT) Frameworks. The ERM hasdefined qualitative and quantitative criteria in evaluating likelihood and consequence of climate risks, while the RAT framework proactively measures management’s performance against risk mitigation actions through established Key Risk Indicators (risk appetite and tolerance thresholds), providing an early warning indicator of risks breaching acceptable appetite and tolerance thresholds, prompting immediate management action. The identification and assessment of climate risks forms the focal point and underpins strategic and operational decision-making, further including standardised, uniform and appropriate internal controls in our policies and procedures to strengthen the Group’s control environment relating to climate risks. The Group’s integrated risk management process highlights climate risk impacts across multiple functions and assists management in drawing inferences and correlation between various climate risks and its impact, enabling management to implement remediation steps in an integrated and holistic manner. 51 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT Recommended disclosures Discussions/ or key developments in FY2025 Reference Metrics and Targets 9. Disclose the metricsused by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management processes Petra discloses an array of climate-related metrics including energy usage, water management, waste management, energy, material Management and Ozone depleting gases – Scope 1 and 2 intensity indicators, etc. These metrics correlate to risk and opportunities identified for climate related risks and opportunities. Water consumption metric will be impacted by the physical risks identified such as water scarcity, drought, flooding, heat stress and precipitation variability. Whereas energy consumption metric correlates with Transitional risks identified such ascarbon tax and pricing where there is a risk of increased costs due to evolving carbon tax regimes and reporting requirements. Monitoring and managing these metrics will ensure we have mitigation action plans in place. Mine waste metric is measured regularly to manage transitional risks such asexposure to environmental incidents due to dam failure or non-compliance and the physical risk of increased precipitation on the dams that could result in dam wall failure. Notwithstanding ozone depleting substances are also part of the metric monitored to ensure that our operations operate in an environmentally responsible mining environment that is conscious of environmental damage and have remedies in place to reduce impact of our activities on the environment. All these metrics are monitored at set intervals and allows us to manage and mitigate the physical and transitional risks associated with climate change. When renewable energy becomes a significant part of our energy mix, its percentage willbe disclosed. The key metrics linked to the assessment of our GHG emissions include: • Absolute gross GHG emissions generated during the reporting period, measured in accordance with the Greenhouse Gas Protocol Corporate Standard, and Corporate Value Chain Standard expressed as metric tonnes of CO 2 equivalent, classified as Scope 1, 2 and 3 emissions • GHG emissions intensity for each scope, expressed as metric tonnes of CO 2 equivalent per unit of physical or economic output, classified as Scope 1, 2 and 3 emissions • The extent to which these metrics rely on measured vs. estimated data • Remuneration targets are also considered as part of our strategy which is explored inmore detail in number 11 and the Remuneration Report on page 99. Additional Group performance metrics during FY 2025 that are related to our climate-related risks and opportunities maybe found in theSustainability section of our Annual Report 2025 and Supplementary Dataon the website. 10. Disclose Scope 1, Scope 2 and if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks The majority of Petra’s currently disclosed GHG emissions (greater than 90%) are related to electricity consumption (Scope 2) and therefore represents our biggest focus in relation to emission reduction activities. With respect to our Scope 3 GHG emissions, we are identifying appropriate steps and reporting boundaries of the GHG Protocol’s Corporate Value Chain (Scope 3) Accounting and Reporting Standard to calculate and measure our baseline and report on Scope 3 emissions. We recognise the challenge in reporting accurate and reliable Scope 3 emissions data. While we do this, we have set ourselves GHG emissions reduction targets for our Scope 1 & 2 emissions, and will consider reduction targets for our Scope 3 emissions at the appropriate time. Petra Diamonds has selected a 100% operational control approach to consolidate its GHGemissions as it has full authority to introduce and implement operating policies atthefollowing organisations and offices that have been included in its GHG inventory boundary. For details on how Petra has defined its boundaries, what elements are included in the determination of Petra’s Scope 1, 2 & 3 emissions, please refer to the Supplementary Data published on our website. • Scope 1 emissions for FY 2025 were 12,460.27 tCO 2 e (FY2024: 36,586 tCO 2 e) • Scope 2 emissions for FY 2025 were 356,027.65 tCO 2 e (FY2024: 384,283 tCO 2 e) • Scope 3 emissions for FY 2025 were 1,310.28 tCO 2 e (FY2024: 2,098 tCO 2 e) Please note that FY 2025 excludes Williamson and Koffiefontein, while FY 2024 includes Williamson and Koffiefontein. 52 Petra Diamonds Limited Annual Report and Financial Statements 2025 Recommended disclosures Discussions/ or key developments in FY2025 Reference 11. Describe the targetsused by the organisation to manage climate-related risks and opportunities andperformance against targets We continue to transparently disclose climate-related targets, consistent with globalbenchmarks and standards, including the TCFD Recommendations. • We have committed to a long-term target of achieving net zero Scope 1 and 2 GHGemissions by 2050, though we aspire to reach this goal by 2040 or earlier. • We have committed to a short-term target of reducing our Scope 1 and 2 emissions by35% to 40% by 2030, compared to our 2019 baseline. • Remuneration targets are also considered – Water and energy intensity are used asmetrics for the annual bonus for middle management and above. The incentive to manage climate change related issues is derived from Petra’s Sustainability Framework. This Sustainability Framework includes corporate objectives on the achievement of Climate Change management issues such as the refinement of net zero transition plans, improved climate change mitigation and resilient climate change adaptation actions (source: www.petradiamonds.com/sustainability/overview/oursustainability-strategy/). • Management has a set of key performance indicators linked to the objectives of the Sustainability Framework. These key performance indicators are weighted to represent a percentage of the annual bonus. The key performance indicators of line management roll up into those of managers and further to the Executive team of Petra Diamonds • Climate change related targets are also part of the long-term incentives for senior management and part of the Corporate Performance Targets that determine the vesting outcomes for long-term incentive awards to senior management. • For details, refer to the Remuneration Report section, on pages 99-118 Climate change scenario analysis Climate change scenario analysis uses a standard set of Representative Concentration Pathways (RCP) scenarios (published by the United Nations Intergovernmental Panel on Climate Change) to identify climate-related risks and opportunities based on projected future greenhouse gas concentrations. The Group climate-related scenario analysis include the below pathways and reviewed periodically: • RCP1.9 (a pathway that limits global warming to below 1.5 °C by 2100) as the worst-case scenario for transitional risks • RCP8.5 (a pathway that estimates global warming to 4.3 °C by2100) as the worst-case scenario for physical risks • RCP 2.6 (a pathway that limits global warming to below 2.0 °C by 2100) as a reasonable case Our assessment of climate-related risks and opportunities was conducted across two time frames, namely 2030 and 2040 – based on current life of mine across our operation. These timelines will be reviewed should our operations’ life-of-mine beextended beyond 2040. The Petra climate-related scenario analysis incorporated 11 climate indicators listed under four climate-related categories, namely temperature and heat, drought, water stress, and precipitation. The evolution of these indicators in considered scenarios was used to identify potential physical and transitional climate-related risks and opportunities for our operations. 53 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT PRINCIPAL RISKS AND UNCERTAINTIES Risk Management and Principal Risks The Group is exposed to a number of risks which could have a material impact on itsperformance and long-term viability. The effective identification, evaluation, management and mitigation of these risks is a core focus of management and the Board, as this is key to the Company’s strategy and objectives being achieved. Risk management framework The Board has ultimate responsibility for risk management and receives reports and updates from the Board Committees on thekey risks facing the business and the steps taken to manage them. The Board delegates responsibility to the Audit and Risk Committee (ARC) which is responsible for monitoring and assessing Petra’s risk management and internal control systems. The ARC receives quarterly updates from the Risk, Assurance and Compliance function on Petra’s principal risks, including tracking Petra’s risk appetite and tolerance thresholds and risk mitigation action plans. The Safety, Health and Sustainability Committee also monitors developments related to safety, health, environment, climate and social performance, providing strategicdirection, oversight and risk assurance. Exco receives updates on Petra’s principal risks, including Petra’s risk appetite and tolerance thresholds and risk mitigation action plans and monitors and facilitates the implementation of effective risk management through the organisation, including driving aculture of individual risk owner and employee accountability. Petra’s Risk, Assurance and Compliance function continuously reviews, analyses and reports on risks, which includes monitoring emerging risks and consolidating key risks. Internal Audit provides assurance, in conjunction with external assurance providers and the Risk, Assurance and Compliance function, onthe effective functioning of the internal control systems. Petra deploys the four lines of defence model to enable better risk governance. A summary of how this model works is set out below. Petra’s risk governance applies the principles of good governance to the identification, assessment, management andcommunication of risks. Risk governance – four lines of defence model Board and sub-committees (performs oversight andsetstone) • Approves Enterprise Risk Management (ERM) Framework • Establishes risk appetite/tolerance and strategy • Leverages risk information into decision-making • Evaluates the strategy and business performance on a risk-adjusted basis Fourth line External assurers For example: • Regulatory audits (DMRE) • ISO certification • Technical audits (resources and reserves) Third line Internal audit (test and verify) • Planning and execution informed by ERM; aims to evaluate design and effectiveness of internal controls Second line Regulatory/legal compliance Monitors compliance with regulations • Informed by ERM • Risk-based compliance testing Enterprise Risk Management (ERM) • Designs Group’s ERM Framework • Monitors compliance with Framework and reports on aggregated risks First line Business units Management: identifies, owns, mitigates and reports on risks for ERM Petra has an Enterprise Risk Management (ERM) Framework which outlines the process for identifying, analysing, evaluating, treating and managing the impact of Petra’s risks. This ERM Framework is based on ISO 31000 and is illustrated in the diagram on the opposite page (Petra’s Risk Assessment Process). Management within each function and operation is responsible for using this ERM Framework to identify the key risks in their area and for establishing appropriate and effective management processes to control and mitigate the impact of such risks, including assigning risk owners who are accountable for managing these risks. Once assessed, risks are aggregated andintegrated into the Group’s risk register and ultimately theGroup’s principal risks. Members of the Exco are assigned ownership of and are accountable for stewardship of each of theprincipal risks. Updates to baseline risk assessments are conducted at least annually to re-evaluate existing risks and identify emerging risks, including the effectiveness of mitigating actions resulting from process changes, significant incidents, or disasters, or by instruction from regulatory bodies, amongst others. The relative significance of all identified risks is determined by using the ERM Framework to apply consequence and likelihood criteria, with management evaluating risks prior to internal controls to determine inherent risk levels and also assessing the effectiveness of internal controls to determine residual risk levels. 54 Petra Diamonds Limited Annual Report and Financial Statements 2025 LIKELIHOOD IMPACT Low Low High High 12 10 11 8 9 7 6 1 3 2 5 4 Principal risks matrix (mitigated) Petra’s Risk Assessment Process CONSULTATION MONITOR A N D REVIEW ESTABLISHING THE CONTEXT RISK ASSESSMENT RISK IDENTIFICATION RISK ANALYSIS RISK EVALUATION RISK TREATMENT 13 Group Principal Risk External 1 Rough diamond prices 2 Currency fluctuations 3 Country and political Strategic 4 Group liquidity 5 Licence to operate (social impact) 13 Refinancing Operational 6 Mining and production (including ROM grade and product mix volatility) 7 Labour relations 8 Safety 9 Environment 10 Climate change 11 Capital projects 12 Supply chain 55 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT PRINCIPAL RISKS AND UNCERTAINTIES / CONTINUED Risk appetite and tolerance Petra accepts there are risks associated with its business activities that cannot be fully eliminated and which must be accepted if we are to deliver our strategy. Petra also actively monitors Key Risk Indicators (KRIs) to prompt management totake necessary action(s) where appetite and tolerance thresholds are exceeded. Petra’s KRIs are kept under review by management and the Audit and Risk Committee to ensure that they align with the Company’s Purpose, Values and Strategy and evolving risk profile. Any changes to the KRIs that are used to measure risk appetite and tolerance require the approval of the Audit and Risk Committee. People Petra operates in a diverse and inclusive manner, and motivates the workforce torealise their full potential and deliver extraordinary outcomes in support of itsstrategic intent. Social licence to operate Petra conducts operations in a manner that doesn’t compromise its reputation or ability to operate, or in a manner that does not support compliance with the relevant legislation in the jurisdictions in which we operate. Stakeholders Petra endeavours to act in a manner that is respectful and gives due consideration to the impact on all stakeholders. Operational performance Petra pursues mining operations in a manner that supports business resilience and sustainable mining within its targeted cost curve. Capital allocation Petra allocates growth andsustaining capital that promotes our strategic intent, provided it meets investment hurdles set by the Board and does not breach liquidity and funding thresholds. Safety, health and environment Petra does not pursue operations unless all prescribed and reasonable measures have been taken toensure the safety and wellbeing of our employees and the environment. Climate Change Petra does not pursue operations unless prescribed and reasonable measures have been taken to mitigate the impact of climate change on the well-being of our people and the environment. GOVERNANCE Reputation and ethics Petra has zero tolerance for illegal or unethical behaviour. Tothisend, Petra will not (i) participate in fraud, bribery and corruption by Petra, any Director, employee or business partner; (ii) do business with sanctioned entities and individuals or those involved in modern slavery or human rights violations; and (iii)sellrough diamonds which have not been certified through the Kimberly Process. Corporate governance and regulatory compliance Petra mandates full compliance with governing laws and regulations, as well as the application of prescribed governance principles. Reporting Petra commits to accurate reporting to its stakeholders in accordance with prevailing legislation and reporting standards. 56 Petra Diamonds Limited Annual Report and Financial Statements 2025 Our principal risks During the Year, Petra’s risk profile has been closely monitored, with no new principal risks being identified but some movements in principal risks being tracked as summarised below. Our assessment of the likelihood of our principal risks occurring and the potential consequence of such risks (after taking into account the risk management processes and mitigation action plans we implement) is summarised in the heatmap above. A summary of the Group’s principal external, operational and strategic risks (in no order of priority) is set out below. Risk Description Mitigation 1. Rough diamond prices Our financial performance is closely linked to rough diamond prices which are influenced by global macro- economic conditions, supply and consumer trends, and product mix recovered from our two mines. While long-term market fundamentals remain supportive, diamond market weakness was experienced throughout FY 2025 and is expected to continue through to the end of CY 2025. Average like-for-like prices for FY 2025 were down 19% compared to FY 2024 Impact • Reduction in revenue, cashflow, profitability and overall business performance • Capital programmes potentially negatively impacted • Like-for-like rough diamond prices for goods sold slightly improved by 3% on Tender 5/6 FY 2025 mainly from coarser goods • Through the increased RCF, retain the ability to defer timing of sales tenders in lower pricing environments • Entry into profit sharing agreements to realise additional value from selected diamonds • Timely execution of our capital programmes to unlock new parts of the ore body which will improve product mix Change in risk profile duringthe year Category External risk, long-term Risk owners • Chief Financial Officer • Group Sales and Marketing Executive 2. Currency fluctuations Group revenue is received in US$ with costs incurred in ZAR. The average exchange rate in FY 2025 was ZAR 18.15/US$1 compared to ZAR18.70/US$1 in FY 2024. Impact • A sustained stronger ZAR could potentially impact Group Liquidity and profitability • Group policy is to hedge a portion of South African diamond sales when weakness in ZAR allows Change in risk profile duringthe year Category External risk, Long-term Risk owners • Chief Financial Officer 3. Country and political Our mining operations are located in an emerging market economy (South Africa) which may be subject to greater legal, regulatory, tax, economic and political risks. These risks may be subject to rapid change Impact • These risks may negatively impact our operations and the cost of doing business in this jurisdiction • The formation of the South Africa Government of National Unity (GNU) continues to create stability in South Africa markets evidenced by stable credit ratings. • In May 2025, the sale of Williamson to Pink Diamonds was concluded which eliminated exposure to country and political risks related to Tanzania. Change in risk profile duringthe year Category External risk, long-term Risk owners • General Mangers (Cullinan Mine and Finsch) • Exco Higher Lower No change External risk Strategic risk Operational risk 57 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT PRINCIPAL RISKS AND UNCERTAINTIES / CONTINUED Risk Description Mitigation 4. Group liquidity We require sufficient liquidity to meet our current and future financial commitments, including capital and interest payments on our Senior Secured Bank Debt and 2L Notes in line with the recently announced Refinancing. Our ability to generate this liquidity is affected by a number of factors which include (i) the demand for rough diamonds (which remains subdued and which impacts diamond prices), (ii) global economic uncertainty (which has the potential to both reduce demand for rough diamonds and have an inflationary impact on our cost base)and (iii) operational performance, including in relation to product mix. Impact • A strain on our liquidity may affect our ability to meet our financial obligations when they fall due • Continued cost and capex optimisation • Updated business plan, with a lower cost profile resulting in a saving of c.US$18-20 million in cost reductions against prior guidance and a further optimised capital profile • Revised life-of-mines for Cullinan Mine and Finsch have smoothed capex peaking at c. US$100-110 million per annum • Debt optimisation opportunities pursued, with 2L Notes reduced in FY 2025 through open market purchases totalling US$24 million • The Company has agreed in principle a long-term solution for the refinancing of the Group, subject to shareholder approval (see Refinancing risk below), which includes fresh equity of US$25 million, and a mechanism to pay for 2L Notes interest through shares instead of cash, if the Company has liquidity constraints • Sale of Koffiefontein during Q2 FY2025 which avoids closure-related costs of c. US$23 million and disposal of Williamson during Q4 FY 2025 for deferred consideration of US$16 million Change in risk profile duringthe year Category Strategic risk, short-medium- term Risk owners • Chief Financial Officer 5. Licence to operate – regulatory and social impact and community relations Maintaining our social licence to operate involves, in particular: (i) managing the social impact of mining activities, (ii) complying with applicable legislation, and (iii) implementing and sustaining Local Economic Development Projects. Our social licence to operate is affected by, amongst other items: • integration and alignment of Integrated Development Plans with DMRE requirements and SLPs in South Africa to ensure community projects are fit for purpose • community factionalism, personal agendas and political influence which may delay implementation of community projects • lack of business skills and know-how in communities, resulting in failed projects • impact on communities of major hazards (eg shaft or TSF failure) Impact • Failure to successfully implement SLP projects, deal effectively with community grievances and/or provide employment and business opportunities for local communities may have significant social impacts for surrounding communities which could in turn affect Petra’s operations and its ability to meets its regulatory obligations • Ringfencing of opportunities for SMMEs to achieve enterprise and supplier development targets at our South African operations, strengthening our relationships with communities and business forums • Ongoing monitoring of SLP projects’ implementation structured stakeholder engagement programmes involving regular engagement with local municipalities, host communities and • the DMPR • Inclusion and active participation of local business forums and communities inprocurement opportunities Change in risk profile duringthe year Category Strategic risk, long-term Risk owners • Group HR and Sustainability Executive • General Managers (Cullinan Mine and Finsch) Higher Lower No change External risk Strategic risk Operational risk 58 Petra Diamonds Limited Annual Report and Financial Statements 2025 Risk Description Mitigation 6. Mining and production including ROM grade Mining diamonds from kimberlite deposits involves various risks, including geological, geotechnical, industrial and mechanical accidents, unscheduled plant breakdowns, technical failures, ground or water conditions, access to energy and inclement or hazardous weather conditions. Current mining blocks at the Finsch and Cullinan Mine are reaching their end of life, resulting in lower levels of ROM grade and higher product mix variability. ROM grade and product mix may be further impacted by the mix of ore produced from the current mining areas, the level of dilution experienced from waste rock ingress and the inclusion of production from surface resources. Impact • Failure to deliver on production plan could have a material negative impact on cashflow and in turn on our ability to meet its financial obligations when they fall due • Timely execution of our capital projects to open new mining blocks both at Cullinan Mine and Finsch • Both the product mix and grade at Cullinan Mine is expected to improve as tonnage from the new CC1E sub-level cave ramps up and extensions to the C-Cut progress • Similarly, both the product mix and grade at Finsch is expected to continue improving as greater percentage of ore is mined from 81L and the 3L -SLC project • Both Cullinan Mine’s and Finsch’s orebodies are well understood, with detailed geological and geotechnical modelling and sampling underpinning the updated business plans Change in risk profile duringthe year Category Operational risk, long-term Risk owners • General Manager (Cullinan Mine and Finsch) 7. Labour relations Production is dependent on a stable and productive labour workforce, with labour relations in the mining sector in South Africa being historically volatile. Impact • Potential instability at the operations, leading to strike action and consequent production disruptions which in turn impact Petra’s liquidity position • Petra maintains regular open and effective communication channels with its employees and trade union representatives at its operations • In June and July 2024, five-year wage agreements were concluded with the NUM and UASA covering the South African operations for the period July 2024 to June 2029 in respect of employees in the A to C Paterson bands Change in risk profile duringthe year Category Operational risk, short-medium- term Risk owners • General Managers (Cullinan Mine and Finsch) • Group HR and Sustainability Executive 8. Safety The operation of large mining and processing facilities carries a potential risk to the health and safety of the workforce, visitors and the community. Impact • Potential fatalities and injuries for our workforce, visitors and the community, impacting Petra’s licence to operate • The risk of fines or other sanctions by regulators • Potential production stoppages impacting Petra’s liquidity position • Reputational damage • Prioritisation of health and safety by management, with a clear set of KPIs that are regularly tracked • Well-established and comprehensive safety policies and procedures • Regular updates to policies and procedures following ongoing risk assessment and safety investigations • Ongoing hazard identification programme • Regular training and updates on safety protocols/requirements for the workforce • Regular self-assessments on compliance with safety laws, regulations, policies and procedures and remedial actions where areas of potential non- compliance are noted • Oversight, monitoring and reporting of safety compliance and regular engagement with external service providers to conduct independent and objective reviews and inspections • Monitoring of workforce health (physical and mental) and access to wellbeing and education programmes Change in risk profile duringthe year Category Operational risk, short-medium- term Risk owners • General Managers (Cullinan Mine and Finsch) Higher Lower No change External risk Strategic risk Operational risk 59 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT PRINCIPAL RISKS AND UNCERTAINTIES / CONTINUED Risk Description Mitigation 9. Environment Mining and processing operations can have a significant impact on the environment and local communities, if not managed appropriately. Some examples of environmental risks include: • Tailings Storage Facility failure, resulting in an outflow of fine residue deposits which could severely impact communities and the environment • Loss in ecosystem and ecological functions (eg water purification, prevention of soil erosion) through mismanagement of biodiversity commitments • Non-compliance with material environmental legislation Impact • Environmental damage impacting the local community and Petra’s licence to operate • The risk of fines or other sanctions by the regulator • Potential production stoppages impacting Petra’s liquidity position • Reputational damage • Prioritisation of environmental compliance by management, with a clear set of KPIs that are regularly tracked • Well-established and comprehensive safety policies and procedures • Regular updates to policies and procedures following ongoing risk assessment and safety investigations • Compliance with conditions attached to water use licences and other environmental authorisations • Performance reviews, legal inspections and audits conducted on an ongoing basis, including conducting concurrent rehabilitation processes • Annual waste audits conducted at the Cullinan Mine and Finsch • Environmental Management Programmes in place for all operations contain management options for mining waste disposal • Tailings deposition plans underway for each mine Change in risk profile duringthe year Category Operational risk, Short-medium- term Risk owners • General Managers (Cullinan Mine and Finsch) • Group HR and Sustainability Executive 10. Climate change We are exposed to physical, transitional and potential liability risks which arise as a result of the long-term shift in global and regional climate patterns. Specific risks associated with this include: • Adverse weather changes such as intense storms (egrainfall, lightning) which may result in flooding of our mining shafts and overflowing of tailings storage facilities. These events increase oursafety risks and the risk of severe socio-economic impacts on our communities, including the sustainability of Petra’s business • Medium- to long-term costs in mitigating the likelihood and severity of physical climate changerisks • Escalating insurance costs and limitations on cover increases the Group’s liability risk in the event of adverse climate change events • Escalating carbon tax Impact • Our ability to implement our strategy, our licence tooperate and our reputation • Reduces access to capital and our ability to attract andretain talent • Potential safety and environmental-related incidents impacting employees and local communities • Operations impacted by adverse climate change events which in turn impacts production and liquidity • Undertaking scenario analyses to refine relevant climate-related risks across different scenarios • Developing a Climate Change Mitigation and Adaptation Strategy, aligned to the TCFD recommendations and our Sustainability Framework • Our GHG Roadmap to guide us towards our target of reducing Scope 1 & 2 emissions by 35-40% by 2030 (against our 2019 baseline) and ournet zero 2050 target • Appropriate insurance cover in place in the event of a catastrophic climate change incident • Continuous monitoring against annual targets set for on-mine water and electricity consumption and efficiency Change in risk profile duringthe year Category Operational risk, short-long- term Risk owners • General Managers(Cullinan Mine and Finsch) • Group HR and Sustainability Executive Higher Lower No change External risk Strategic risk Operational risk 60 Petra Diamonds Limited Annual Report and Financial Statements 2025 Risk Description Mitigation 11. Capital projects Major life extension capital projects at the Cullinan Mine and Finsch were replanned during FY 2024 and approved by the Board as part of the updated life-of- mine plans. These projects are to be executed concurrently and in the same parts of the orebody with ongoing production, consequently requiring continuous interfacing between operations and project teams. These replanned projects with a smoothed capital profile have an inherently lower risk profile compared to the previous baseline. Impact • Failure to deliver on our planned capital projects could lead to (i) cost overruns impacting Group liquidity and (ii) future production shortfalls due to delayed execution • The Projects Steering Committee, Exco, Investment Committee and Board continue to monitor progress of all projects against approved budgets and schedules • Continuous identification, assessment and mitigation of project risks • Further optimisation of the projects during FY 2025 Change in risk profile duringthe year Category Operational risk, short-medium- term Risk owners • General Managers (Cullinan Mine and Finsch) 12. Supply chain We continue to implement supply chain improvements that were proposed by an independent expert in FY2023. The aim of these improvements is to improve internal service delivery and value, including through supply chain contracts. Impact • Production interruptions and/or shortfalls due to delayed procurement and missed value opportunities through inefficient contract management • A failure to conduct appropriate due diligence and vetting of suppliers may lead to legal, financial and reputational risks • Inadequate segregation of duties between roles and alack of adequate audit trails may contribute to weakness in the internal control environment • Ineffective and unclear functioning of a tender committee for awarding contracts to suppliers may create uncompetitive pricing and/or conflicts of interest • Gap analysis of existing supply chain processes and systems conducted by an independent external expert in FY2023 • A supply chain integrated solution project has been approved and was implemented in FY 2025, addressing key areas such as (i) supplier portal, (ii) “source to contract” and “procure to pay” services, (iii) inventory management, (iv) contract lifecycle management, (v) risk management, and (vi) master date governance framework • In order to drive further cost savings, increase efficiency and enhance collaboration, Petra has also revisited its supply chain operating model and transitioned to an outsourced model with a seasoned and leading service provider in this area. This new outsourced model has commenced post reporting period, and is expected to be fully operational before the end of CY2025 • Demand planning to improve inventory management is being rolled out in FY2026 Change in risk profile duringthe year Category Operational risk, short-medium- term Risk owners • Chief Financial Officer 13. Refinancing Petra’s ability to refinance the full outstanding 2L Notes due in March 2026 and the drawn down Revolving Credit Facility (Senior Secured Bank Debt) was introduced as a principal risk during FY 2025 due to the proximity of the maturity dates. Post-Period end, Petra has entered into binding arrangements with its lenders and shareholders to effect the Refinancing announced in August 2025. Impact • If the Group is unable to complete the announced Refinancing, it may not be in a position to settle the debt maturing in January 2026 (Senior Secured Bank Debt) and March 2026 (2L Notes), • The Company has agreed in principle a long-term solution for the refinancing of the Group, subject to shareholder approval, comprising: – an extension to the maturity date of the Senior Secured Bank Debt to December 2029 and certain other changes to the terms of the Senior Secured Bank Debt – an extension to the maturity date of the Notes to March 2030 alongside concurrent amendments to the Notes; and – a US$25 million rights issue • Ability to settle 2L debt coupon payment in equity instead of cash, if liquidity remains a constraint • The execution of Refinancing arrangements is progressing and is anticipated to be completed during Q4 CY 2025. Change in risk profile duringthe year Category Operational risk, short-medium term Risk owners • Chief Financial Officer • Joint Interim CEOs Higher Lower No change External risk Strategic risk Operational risk 61 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT PRINCIPAL RISKS AND UNCERTAINTIES / CONTINUED Viability statement The UK Corporate Governance Code requires the Directors ofPetra Diamonds Limited (Petra or the Group) to assess the Group’s ongoing viability, considering its current position, principal risks, and the potential resilience of its business model under plausible downside scenarios. This assessment is distinct from, and broader than, the going concern statement, in that it extends beyond the twelve-month horizon to a longer-term view of the Group’s ability to operate and meet its obligations as they fall due. The Board notes that the Group faces material refinancing requirements in early CY 2026, with the maturity of both the Senior Secured Bank Debt and the 2L Notes. The viability assessment therefore explicitly assumes successful completion of the Refinancing announced in August 2025. The Board has a reasonable expectation that the Refinancing will be achieved, based on: • The agreement in principle already reached with existing lenders and noteholders, covering extensions of both the Senior Secured Bank Debt and the 2L Notes; • The fully underwritten US$25 million rights issue committed bycertain shareholders; • The quality of Petra’s remaining assets, Cullinan Mine and Finsch, which underpin the Refinancing through their long-life resource bases and improving product mix; and • Constructive engagement with stakeholders to date, which provides confidence that the Refinancing process is on track. The Directors confirm that they have carried out a robust assessment of the principal risks facing the Group, including those that could threaten its business model, performance, solvency or liquidity. This viability assessment is grounded in both qualitative and quantitative analysis and supported by the Group’s risk management and internal control framework. Assessment period and rationale The Board has determined that a three year period to June 2028 remains the most appropriate timeframe for this assessment. Thisreflects: • The Group’s business planning cycle, which is reviewed and updated annually, and which forms the foundation of the forecasts used in this viability assessment. • The period over which principal risks, individually or in combination, could reasonably be expected to materialise andimpact the Group’s financial resilience. • The maturity profile of the Group’s capital structure, particularly the refinancing of the Senior Secured Bank Debt and the 2LNotes maturing in early CY 2026. • The timing of capital expenditure under life-of-mine plans at Finsch and Cullinan Mine, as well as development of higher- grade production areas, which falls within the three year period under review. Although certain mine plans extend well beyond this horizon, and the underlying resource base supports operations into the 2030s, the three year period is considered to provide the most meaningful balance between visibility of financial forecasts and exposure to principal and emerging risks. Approach to the viability assessment The viability assessment is led by the Chief Financial Officer and Joint Interim Chief Executive Officers, with input from operations, sales and marketing, finance, treasury, and risk management functions. The Board is actively engaged through structured reviews of business plans, financial forecasts, and stress-testing outputs. The analysis includes: • Base-case financial forecasts aligned with the approved FY 2026 budget and the currently approved life extension projects underpinning the life-of-mine plans of Cullinan Mine and Finsch. • Sensitivity analyses of key value drivers, including diamond pricing, exchange rates, and production volumes. • Reverse stress testing to identify the level of deterioration inprices, production or refinancing outcomes that could causethe Group to not be able to meet its liabilities, and anassessment of whether such conditions are plausible. • Consideration of the effectiveness of mitigating actions available to the Group in downside scenarios. The Directors have also considered the outcomes of the going concern review, independent assessments of the long-term mine plans, and external market forecasts. The process draws directly from the Group’s wider risk management and internal control framework to ensure consistency and ongoing oversight. Business environment and market outlook The Board is mindful of the recent US tariffs imposed on Indian diamond cutting and polishing, as India processes the majority ofrough diamonds globally and the US accounts for c. 40–45% of global consumer demand for natural diamonds. However, Petra’s direct exposure is more limited. The Group sells rough diamonds through competitive tenders in South Africa and Belgium, with the majority of buyers being Indian mid-stream and trading houses. While those goods are often ultimately cut and polished in India for resale to US customers, Petra’s sales and cash realisations occur at the point of tender. Consequently, any tariffs imposed on imports into the US would impact the downstream and retail segments more directly than Petra. The Board therefore recognises this as an industry-wide headwind that could indirectly affect the pricing achieved at Petra’s tenders and, by extension, influence revenue and liquidity outcomes. However, because Petra realises value at the point of tender and does not participate in the downstream cutting, polishing or retail stages, the Board does not regard the tariffs as a direct structural risk to Petra. From a viability perspective, these conditions have had a direct bearing on the Group’s revenue generation and liquidity profile. Price volatility has been compounded by the impact of product mix at Cullinan Mine and the broader industry’s exposure to macroeconomic uncertainty. Although such factors have negatively influenced results in the short term, recent tenders have shown signs of a recovery in the Group’s product mix, with improvement seen in Tender 7 in June 2025 and continuing into the first two tenders of FY 2026. On a like-for-like basis, prices realised in Tender 7 were approximately 3% higher compared to the average of the preceding two tenders, reflecting early signs ofstabilisation across most product categories. This improvement, alongside the structural supply deficit created by the ongoing reduction in producing diamond mines globally, provides a basis for cautious confidence in the medium-term pricing outlook. 62 Petra Diamonds Limited Annual Report and Financial Statements 2025 The Board has therefore adopted conservative assumptions formodelling purposes, assuming no real price growth. This approach recognises the continuing short-term uncertainty but ensures the Group’s viability assessment is stress-tested against severe but plausible downside scenarios. Capital structure and Refinancing The Group’s capital structure remains a central focus for viability. At 30 June 2025, the US$228 million 2L Notes due March 2026 represented the most significant refinancing requirement. The Group’s South African Revolving Credit Facilities (RCFs), also referred to as our Senior Secured Bank Debt, totalling ZAR1.75 billion (c. US$99 million), remained drawn and will roll forward subject to the refinancing of the Notes. During FY 2025, Petra continued to execute on debt optimisation initiatives, including the repurchase and cancellation of US$24 million nominal value of Notes under its open market repurchase programme. In August 2025, the Company announced an in-principle refinancing package. This package, subject to shareholder approval, includes an extension of the 2L Notes toMarch 2030, an extension of the bank facilities to December 2029, and a US$25 million rights issue expected to be concluded in Q4 CY 2025. The package also allows for flexibility in servicing coupon payments for the Notes through a payment in cash or equity (PICE) mechanism should liquidity constraints arise. The Board recognises that successful execution of this Refinancing is fundamental to the Group’s ongoing viability. While alternatives such as equity issuance or asset disposals exist, they are considered less attractive and unlikely to be able to settle both the Senior Secured Bank Debt maturing in January 2026 as well as the Notes maturing in March 2026, as per the current agreements. Operational performance and mine plans FY 2025 was marked by operational challenges alongside important strategic progress. At Cullinan Mine, production was impacted by lower grades and variability in product mix. However, development of the CC1E sub-level cave is advancing, with access to higher-grade areas expected to deliver improved performance from FY 2026 onward. Early FY 2026 tender results already reflect an uplift in achieved pricing from better product mix. Towards the end of FY 2025, Cullinan Mine also completed its transition from a continuous operation to a three-shift operation, as part of the broader internal restructuring plan that the Company announced in January 2025. At Finsch, the rebase to 2.2 Mtpa throughput was implemented successfully, extending mine life into the 2030s while smoothing capital requirements. Development of deeper mining levels, such as the 81 Level and the 3L-SLC project, forms part of the currently approved life of mine plan and is expected to enhance product mix and grades. The Group also completed the disposal of Williamson in May 2025 and the disposal of Koffiefontein earlier in the Year, simplifying the portfolio and eliminating associated closure costs and payables. These disposals strengthen liquidity and allow management to focus resources on core assets. Petra has continued to embed structural changes across the organisation. A decentralised operating model, five-year wage agreements with unions, and long-term renewable power purchase agreements have improved labour stability, cost visibility, and resilience against external shocks. Together, these actions underpin a more sustainable production and cost profile, which is critical to supporting cash flow generation through volatile diamond markets. Principal risks and uncertainties The Group’s principal risks and uncertainties, set out in detail onpages 54-61, have been considered over the Period. Whilst allthe risks identified could have an impact on the Group’s performance, the Board considers the following five risks to bemost critical to the Group’s viability: 1. Rough Diamond Prices (External Risk, Long term) The Group’s financial performance is closely tied to rough diamond prices, which are influenced by global macroeconomic conditions, consumer demand, product mix, and substitution from lab-grown diamonds. FY 2025 saw significant price weakness, although some recovery occurred in Tender 7. Continued volatility could materially reduce revenue and cashflow. Mitigation: Cost and capex optimisation, ability to defer tender sales, profit-sharing agreements on selected diamonds, disposal of non-core assets, and execution of capital programmes to unlock higher-quality ore. 2. Currency fluctuations (external risk, long-term) With revenue denominated in USD and costs largely in ZAR, exchange rate fluctuations directly impact results. The ZAR averaged 18.15/US$ in FY 2025, compared to 18.70/US$ in FY 2024. Mitigation: Hedging policy to lock in favourable exchange rates where possible. 3. Group Liquidity (strategic risk, short-medium- term) Adequate liquidity is required to meet financial obligations, including the refinancing of the 2L Notes and Senior Secured Bank Debt. Liquidity is impacted by diamond demand, global uncertainty, and operational performance. Mitigation: Business plan optimisation, reduced cost base, smoothed capex, debt reduction through repurchases, planned Rights Issue, and disposal of Koffiefontein and Williamson. 4. Mining and production, including ROM Grade (operational risk, long-term) Declining grades and variability from mature mining blocks at Cullinan Mine and Finsch pose risks to production. Mitigation: Timely execution of new block developments (CC1E atCullinan Mine, 81L and 3L-SLC at Finsch), robust geological modelling, and optimised mine sequencing. 63 Petra Diamonds Limited Annual Report and Financial Statements 2025 STRATEGIC REPORT PRINCIPAL RISKS AND UNCERTAINTIES / CONTINUED 5. Refinancing (strategic risk, short-medium- term) Successful refinancing of the 2L Notes and Senior Secured Bank Debt is critical. Execution is progressing with a package including debt extensions and the Rights Issue. Mitigation: Active engagement with lenders, equity raise, optionto pay interest in equity, asset disposals if required. In addition to the five risks identified as most critical, the Board has also considered a number of low-probability but high-impact events often described as “perfect storm” scenarios in the mining sector. While these risks are not considered the most imminent threats to the Group’s viability over the three year assessment period, the Board acknowledges their potential impact and monitors them within the Group’s broader risk management framework. Downside scenarios and stress testing The Group has modelled a number of scenarios as well as reasonable worst-case sensitivity (reverse stress test) to test therobustness of its forecasts. This sensitised case reflects acombined: • 10% reduction in diamond prices over the projection period; • 10% reduction in production over the projection period; • Reduction in exchange rate assumptions of 5% over the projection period. The range applied to the foreign exchange rate reflects sensitivities performed as part of the independent valuation ofthe Group (as part of the Refinancing process), which the Board reviewed. The Board considered these sensitivities to beappropriate and sufficiently conservative to capture severe but plausible currency shocks, while avoiding assumptions that would overstate the likelihood or magnitude of downside risk. This approach provides consistency with external benchmarks and ensures that the viability analysis is grounded in market- based reference points. Without mitigation, this results in a projected liquidity shortfall in the projection period. The analysis concluded that only extreme scenarios beyond management’s severe but plausible expectations would lead to failure. Refinancing of the Senior Secured Bank Debt and the 2L Notes maturing during Q1 CY 2026 is also critical: failure to achieve thiswould create a liquidity shortfall irrespective of operating performance. The viability assessment therefore explicitly assumes successful completion of the Refinancing announced. Mitigating actions available To address potential downside scenarios, management hasidentified a number of mitigating actions that can be implemented within the three year viability assessment period ifrequired. These include: (i) payment in cash or equity (PICE) settlement of bond interest; (ii) monetisation of polished stones held in partnership; (iii) liquidation of diamond inventory, when required; and (iv) deferral or re-phasing of sustaining and expansionary capital expenditure programmes. While these projects are expected to deliver long-term value and underpin the Group’s life-of-mine plans, the timing of investment can beadjusted within the projection period to preserve liquidity. Such deferrals would generate short-term cash savings, net ofany impact from production shortfalls, and are therefore considered a credible mitigation available to management. After applying these mitigating measures, sufficient liquidity headroom is restored throughout the projection period, providing resilience against the downside assumptions. TheBoard considers these actions to be within its control and achievable within the timeframe required, thereby supporting theGroup’s reasonable expectation that it can remain viable. Directors’ assessment and conclusion Having considered the Group’s base-case forecasts, the outcomes of downside and reverse stress tests, the availability ofmitigating actions, and the principal risks facing the business, the Board has formed the view that: • The successful refinancing of the Senior Secured Bank Debt and the 2L Notes is fundamental to the Group’s viability. While the outcome remains outside of management’s control, the Board has a reasonable expectation that the Refinancing will be achieved. • The Group’s operational turnaround actions, re-based mine plans, and labour restructuring have materially improved the resilience of the business model and provide a credible pathway to sustainable free cash flow generation. • The longer-term fundamentals of the diamond market remain sound, despite near-term volatility. • Petra’s two remaining assets, the Cullinan Mine and Finsch, both possess a strong operating leverage that will deliver an improving product mix and a greater production once the life of mine extension projects open up new mining areas at both the mines. Accordingly, and subject to the assumption of successful refinancing, the Board confirms that it has a reasonable expectation that Petra Diamonds will continue to operate and meet its liabilities as they fall due over the three year viability period to June 2028. The Board also confirms that the assessment described above constitutes a robust assessment of the Group’s principal and emerging risks and its longer-term prospects. 64 Petra Diamonds Limited Annual Report and Financial Statements 2025 Corporate Governance Contents 66 Chair’s Introduction to Governance 68 Board of Directors 70 Executive Committee (Exco) 71 Corporate Governance Statement 81 Governance Framework 82 Report of the Audit andRisk Committee 91 Report of the Nomination Committee 94 Report of the Safety, Health and Sustainability Committee 97 Report of the Investment Committee 99 Letter from the Remuneration Committee Chair 101 Directors’ Remuneration Report 112 Directors’ Remuneration Policy Petra Diamonds Limited Annual Report and Financial Statements 2025 65 Dear Shareholder, On behalf of the Board, I am pleased to present Petra’s Corporate Governance Report for FY2025. Strong and effective corporate governance, including effective Board oversight, are essential to Petra’s success. During FY2025, the Board continued to monitor the execution of the Company’s strategy and its performance and to ensure that Petra has the appropriate resources, leadership and controls in place to support long-term sustainable value for our shareholders and wider stakeholders. Board and leadership changes Various changes in FY2025 have resulted in a smaller and more efficient Petra Board consisting of four Directors, having been seven Directors at the start of the Year: • As announced in March 2024, Jacques Breytenbach stood down as CFO and Director at the end of September 2024, withJohan Snyman being appointed as CFO with effect from 1October 2024 but without being appointed as a Director. • Varda Shine elected not to offer herself for re-election at Petra’s AGM in November 2024 and retired from the Board atthe conclusion of that meeting; and • On 17 February 2025, and by mutual agreement, Richard Duffy stood down as CEO of the Company with immediate effect, with Vivek Gadodia and Juan Kemp being appointed as JointInterim CEOs, but without being appointed as Directors. • Post-Period Thashmi Doorasamy, Group HR and Sustainability Executive, notified the Company that she will leave Petra at theend of November 2025, for personal reasons. We greatly appreciate her contributions during her time at Petra, including key initiatives such as work on establishing the Petra Culture Code, leading the Restorative Justice Projects in Tanzania, concluding the 5-year collective wage agreement with organised labour, and most recently leading the teams through the difficult and multiple labour restructure programmes. Following Varda’s departure, I was appointed as Chair of Petra, as well as Chair of the Investment Committee. Bernard Pryor, theCompany’s Senior Independent Non-Executive Director, assumed the role of Chair of the Nomination Committee. During Varda and Richard’s time on the Board, Petra had to navigate significant challenges, including the COVID-19 pandemic and the Company’s financial restructuring. More latterly, their focus was on the Company’s response to the ongoing weakness in the diamond market, with the delivery of updated life-of-mine plans which significantly enhance Petra’s resilience to future market and capital cycles asPetra prepares itself for a refinancing. Iwould like to thank Richard and Varda and wish them every success for the future. Following this, there was a restructuring of the Company’s Executive Committee (Exco); Vivek Gadodia and Juan Kemp were appointed as Joint Interim CEOs, with MrGadodia having responsibility for Group corporate matters and Mr Kemp with responsibility for all Group operational matters. Changes brought about through the re-configuration of the shift pattern at Finsch also led to Jaison Rajan, who had previously acted as the Operations Executive for Finsch, leaving the Company. Robin Storey was appointed in April 2025 as General Counsel and Company Secretary, following Rupert Rowland-Clark’s resignation in February 2025. Mr Storey is responsible, as GroupGeneral Counsel and Company Secretary, inter alia for overseeing governance, compliance and ethics in the business. Mr Storey is a solicitor with thirty years of international legal and management experience gained at BP, as well as at listed mid and small-cap natural resources companies and has, since 2007, held five General Counsel and Company Secretary roles at listed companies. Amidst Board changes and a challenging year, Petra’s commitment to robust governance remains strong. José Manuel Vargas, Non-Executive Chair CORPORATE GOVERNANCE Chair’s Introduction to Governance 66 Petra Diamonds Limited Annual Report and Financial Statements 2025 Diversity We believe that engaging diverse talent is a competitive advantage and strengthens Petra’s ability to deliver long-term success. Over the past Year, Petra has made tangible progress in advancing diversity across the organisation with the implementation of the Broad Based Black Socio-Economic Empowerment Charter For The Mining And Minerals Industry (Mining Charter) of South Africa, 2010 and 2018, respectively, as well as its social and labour plans (Employment Equity Targets) which are aimed atpromoting diversity and inclusion across race, gender and disability. For more detail on this, see the report of the Safety, Health and Sustainability Committee on pages 94-96. In relation to the diversity of Petra’s Board, the Board continues to be composed of a diverse mix of gender, social and ethnic backgrounds, knowledge, personal attributes, skills and experience. This diversity is reflective of the areas in which wedo business and provides a mix of perspectives, which contributes to effective Board dynamics. The Board remains committed to improving diversity levels throughout Petra’s workforce and supports the recommendations of the FTSE Women Leaders Review on gender diversity and the Parker Review on ethnic diversity. Further information on the diversity profile of the Board and Senior Management is included on page 94. Culture Despite the operational challenges which Petra has faced in FY2025, which regrettably required significant reductions in ourworkforce, the Board continued to monitor the Petra Culture Code scores and feedback, further details of which can be found on page 73. In striving to fulfil our Purpose of creating abundance from rarity, the Board recognises the critical role that culture plays in shaping Petra’s success and the importance of remaining committed to these values. In FY2023, the Board oversaw the co-creation of the Petra Culture Code and in FY2025 remained committed in its efforts to further embedding the Petra Culture Code across the organisation. We firmly believe that a strong culture is key to attracting andretaining top talent, driving performance and ultimately creating long-term sustainable value for Petra’s stakeholders, communities and surrounding operations. Shareholder engagement At the AGM in November 2024, resolution 3 (which related to the re-appointment of BDO as the Company’s auditor), resolution 6 (which related to the re-election of Richard Duffy as a Director) and resolution 12 (which was an advisory resolution to support the appointment of Alex Watson as a Board Observer) were passed but with a significant proportion of shareholders voting against these resolutions. In accordance with our obligations under the 2018 UK Corporate Governance Code (the Code), Petra consulted with dissenting shareholders to understand theirconcerns. Details of these consultations and the impact thefeedback has had on the decisions of the Board are set outon page 78. We thank our shareholders for their feedback andemphasise the importance of ongoing engagement. Code compliance The Board remains committed to the highest standards of corporate governance as set out in the UK Corporate Governance Code 2018. I am pleased to confirm that save for non-compliance with Code Provision 9 (as a result of my appointment as the Chair of the Board), the Board considers that Petra was compliant with the provisions of the Code during FY 2025. TheBoard is cognisant of the changes to the Code that were published in January 2024 and is well positioned to comply with them when they become effective (which for the Company will be from FY 2026) other than Provision 29 which will apply from FY 2027. Board evaluation In Q4 FY2025, the Board undertook an internal evaluation ofitsown performance, facilitated by the Company Secretary, which indicated that Petra’s Board remains effective. A summary of how the evaluation was carried out and certain areas identified for improvement are outlined on page 75. Should any stakeholder like to speak to me or Bernard Pryor, the Senior Independent Non-Executive Director, about any aspects of this Report orthe Company’s performance, please do not hesitate to contact us through Investor Relations in London (seepage 166 for contact details). José Manuel Vargas Non-Executive Chair 16October 2025 67 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE CORPORATE GOVERNANCE / CONTINUED José Manuel Vargas I Non-Independent Non-Executive Chair Appointment date: January 2024 and as Chair inNovember 2024 Nationality: Spanish Qualifications: Licenciatura (Economics and Business) (University of Madrid) Licenciatura (Law) (Universidad Nacional de Educación a Distancia), Licenced Attorney (Madrid Bar Association) and Chartered Accountant. Skills and experience: José Manuel has extensive executive and board experience across various sectors. From 2020 until January 2024, he was Chair and CEO of MAXAM Corp Holding S.L., aleading explosives manufacturer. He was previously Chair and CEO of Aena SME S.A., where he led its restructuring, partial privatisation and IPO in 2015. Before Aena, he held senior management positions at Vocento S.A., including CFO and later CEO. He also served as CFO and General Secretary of JOTSA and has been on theboards of several other companies. External appointments: José Manuel is Chair ofMAXAM, on the board of Fluidra S.A. and ASKChemicals, and is a Managing Director ofRhône Capital. Interest in the Company as at 30 June 2025: 22,458,525 shares (30 June 2024: 17,000,000) Deborah Gudgeon A I N R Independent Non-Executive Director Appointment date: July 2021 Nationality: British Qualifications: BSc (Econ) (London School of Economics and Political Science) and CA (ICAEW). Skills and experience: Deborah, a Chartered Accountant with over three decades’ experience across corporate finance, restructuring and debtmanagement, qualified at PwC (Coopers & Lybrand) before spending eight years as Finance Executive with the Africa-focused miner, Lonrho plc. Since then, Deborah has held positions with Deloitte, BDO and Gazelle Corporate Finance. Deborah has extensive boardroom experience, having been appointed as an iNED and Audit Committee Chair at Acacia Mining, Highland Gold,EVRAZ and latterly at Ithaca Energy and Serabi Gold. External appointments: Deborah is an iNED (andChair of the Audit and Risk Committees) ofIthaca Energy plc, Serabi Gold plc. She is alsoan iNED atValterra Platinum. Interest in the Company as at 30 June 2025: Nil (30 June 2024: Nil). Board of Directors Bernard Pryor A I N R S Senior Independent Non-Executive Director Appointment date: January 2019 Nationality: British and Australian Qualifications: Metallurgical Engineer (Royal School of Mines, Imperial College) and Chartered Engineer (Institute of Mines and Metallurgy). Skills and experience: Bernard has over 35 years’ experience in the mining industry, with a diverse skill-set, including project acquisition, development, construction and M&A. As CEO of several mining companies, including Alufer Mining, MC Mining, African Minerals Limited and Q Resources plc, hehas managed large-scale, operating assets. Earlier in his career, Bernard held senior positions within Anglo American and was COO at Adastra Minerals Inc. External appointments: Bernard is the Managing Director of Karo Mining Holdings, which has a concession for a platinum development in Zimbabwe. Interest in the Company as at 30 June 2025: 13,000 shares (30 June 2024: 13,000). 1. This split of Board time is an estimate only and is calculated using the Board meetingagendas and rough time split allocated to each item in advance. % 15 20 35 20 10 BOARD TIME IN FY 2024 1 MINING INDUSTRY AFRICA CAPITAL MARKETS DIAMOND MARKETING ACCOUNTING AND FINANCE EXECUTIVE MANAGEMENT SUSTAINABILITY (Including Health and Safety) 6/7 7/7 3/7 6/7 6/7 5/7 3/7 BOARD EXPERIENCE (AS AT THE DATE OF THIS REPORT) BOARD TIME IN FY2025 1 BOARD EXPERIENCE (AS AT THE DATE OF THIS REPORT) SHS Strategy, risk and investmentdecisions Corporate and finance Operations and projects Governance, social, ethicsanddiversity 68 Petra Diamonds Limited Annual Report and Financial Statements 2025 Lerato Molebatsi A I N R S Independent Non-Executive Director and designated Workforce Engagement iNED Appointment date: April 2023 Nationality: South African Qualifications: BA (Psychology) (University of Johannesburg), Senior Executive Leadership Programme for Africa (Harvard University), Diploma in Senior Management Development (University of Stellenbosch Business School) and Diploma in Rural Development Programme (University of the Witwatersrand). Skills and experience: Lerato has broad executive and non-executive expertise in South Africa, and is experienced on ESG, corporate social investments and black economic empowerment. She served as CEO of General Electric South Africa (2016-2019), prior to which she was Executive VP for Communications and Public Affairs at Lonmin. Lerato has also held senior roles at Old Mutual andSanlam. In the public sector, Lerato was the Deputy Director-General (Corporate Services) atthe Department of Labour and also a Special Adviser to the South African Minister of Transport. External appointments: Lerato is the lead iNED ofthe South African Reserve Bank and is an iNED of Spur Corporation, the JSE-listed restaurant franchiser, where she also chairs the Social, Ethicsand Environmental Sustainability Committee. Lerato is also a member of the Remuneration Committee of South Africa’s Financial Sector Conduct Authority. Interest in the Company as at 30 June 2025: Nil (30 June 2024: Nil) Board and Committee changes inFY2025 1. On 30 September 2024, Jacques Breytenbach resigned as Chief Financial Officer. Johan Snyman, the Group Financial Controller was appointed to succeed Mr Breytenbach with effect from 1 October 2024, but was not appointed as a Director. 2. Varda Shine notified the Company that she would not offer herself for re-election at the 2024 AGM, and retired from the Board at the conclusion of that meeting on 13 November 2024. 3. José Manuel Vargas was appointed Chair ofthe Board and Chair of the Investment Committee following Ms Shine’s retirement from the Board. In accordance with Code Provision 9 of the UK Corporate Governance Code, Mr Vargas was assessed not to be independent upon his appointment as Chair.. 4. Bernard Pryor was appointed as Chair of the Nomination Committee with effect from the conclusion of the Company’s AGM on 13 November 2024. 5. On 17 February 2025, Richard Duffy resigned as Chief Executive Officer and Director of theCompany with immediate effect. Vivek Gadodia and Juan Kemp were appointed as Joint Interim Chief Executive Officers, with MrGadodia having responsibility for Group corporate matters, and Mr Kemp for operational matters but were not appointed as Directors. Committee key A Audit and Risk Committee I Investment Committee N Nomination Committee R Remuneration Committee S Safety, Health and Sustainability Committee Chair Board Observers Alex Watson • Nominated by: Franklin Templeton which has a 5.04% shareholding in the Company • Appointment date: February 2024 • Nationality: South African • Qualifications: BCom (Hons) (University ofCape Town), CA (SA) and Emeritus Professor of Accounting (the University ofCape Town). • Skills and experience: Alex is a chartered accountant with expertise across corporate governance, financial and other forms of corporate reporting, investment, broad business and financial experience. With almost three decades’ experience in corporate governance, she has held positions on listed boards for nearly 20 years. With a distinguished career in corporate reporting, Alex is currently an adjudicator of EY’s Excellence in Integrated Reporting Awards and is the Chair of the South African Financial Reporting Investigations Panel. Alex was previously the Vice-Chair of the Global Reporting Initiative as well as of the Accounting Practices Committee, the technical accounting committee of the South African Institute of Chartered Accountants. • External appointments: Alex is the ChairofAdvetch Limited. Alex is also a Non-Executive Director of the South African chapter of the World Wildlife Fund. Amre Youness • Nominated by: The Terris Fund Ltd, SAC,theCompany’s largest shareholder, witha 29.37% shareholding • Appointment Date: May 2024 • Amre is the principal owner of the The Terris Fund Ltd, SAC. 69 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE CORPORATE GOVERNANCE / CONTINUED Juan Kemp Joint Interim Chief Executive Officer (Operations) Qualifications: BSc Metallurgical Engineering (Potchefstroom University); and MA (Business Administration) (North West University Business School). Experience: Juan joined Petra after the purchase of the Cullinan Mine from De Beers and was appointed Surface Manager and Group Metallurgical Manager for all seven of Petra’s treatment plants. He was subsequently promoted to General Manager of theCullinan Mine in 2011, and in July 2019 was appointed as Project Executive, becoming Chief Technical Officer later that year. In 2024, Juan was appointed as Operations Executive for Cullinan Diamond Mine. He has nearly 30 years’ experience, with a deep knowledge of the Cullinan Mine (where he acted as Metallurgical Manager for several years) and was an integral member of the team that re-engineered De Beers’ South African business model. Before his time at De Beers, Juan worked at the East Rand Gold and Uranium Division of Anglo American as a Mineral Processing Engineer. Johan Snyman Chief Financial Officer Qualifications: BCom (Hons) (University of Pretoria), MBA (University of Cape Town), Chartered Accountant (SA and ICAEW) and Certified Internal Auditor. Experience: Johan has more than 20 years’ experience in global mining and metals, latterly asVice President for Group Financial Reporting atAngloGold Ashanti. At AngloGold, Johan led keyfinance functions, including group reporting, finance systems, and shared services and played an instrumental role in the strategic re-domiciliation of AngloGold to the United Kingdom. Johan joined Petra in January 2024 as Group Financial Controller, and became Chief Financial Officer from October 2024. Vivek Gadodia Joint Interim Chief Executive Officer (Corporate) Qualifications: BSc Eng (Hons) in Chemical Engineering (University of KwaZulu-Natal). Experience: Vivek has over 18 years of experience in the extractives industry. Before joining Petra, Vivek spent nearly 15 years with Sasol in a wide range of engineering, project management and corporate positions. In 2016, Vivek pivoted to the Corporate Strategy function and was appointed asSasol’s Head of Strategy for Sustainability, responsible for the formulation of the Sasol 2.0 framework. After joining Petra in 2021, Vivek was appointed to head up the Planning and Corporate Development function, which included corporate strategy formulation, business development, business planning and corporate finance. His most recent role before becoming Joint Interim CEO was that of Chief Restructuring Officer, responsible for driving the internal restructuring of the Company. Thashmi Doorasamy Group HR and Public Affairs Executive Qualifications: BAdmin (Hons) (Public Finance) (University of Durban Westville). Experience: Thashmi joined Petra in February 2020 as HR and Public Affairs Executive after spending 18years at the Massmart Group, a leading South African retailer where her main role was as HR Director for Massbuild, their building division, from2003 to 2013. Thashmi oversaw the integration of the newly acquired building supply company, Builders Warehouse, into the Massmart group. Themerger expanded successfully into the wider South African and African market, leading to Thashmi’s promotion in 2013 to Group Compliance Officer. Later that year, Massmart was purchased by the US-based Walmart Group, with Thashmi leading the leading the integration of Massmart’s Compliance agenda across the South African businesses into the Walmart Group. In 2015, she joined the Taste Group, overseeing the People Roll-Out plan for Starbucks, which followed their acquisition of the Starbucks licence for Southern Africa. Greg Stephenson Sales and Marketing Executive Experience: Greg has more than three decades’ experience in the buying and selling of diamonds and has led the Sales team at Petra Diamonds since 2008. In this role, Greg oversees the preparation, valuation and marketing of Petra’s rough diamonds, managing the full sales process for the Group’s production. Before joining Petra, Greg owned and managed GDR Diamonds, Johannesburg, for ten years where he purchased rough diamonds throughout southern Africa, provided independent valuations in Angola and acted as head valuator for a large Belgian company in Moscow. Greg started his career in the London office of De Beers as a trainee diamond buyer. Hiscareer with De Beers included eight years in the Overseas Purchasing Division where he went on multiple tours and secondments, including to Kinshasa, Brazzaville, Mbuji-Mayi, Kahemba, Luanda, Johannesburg and Antwerp. Robin Storey General Counsel and Company Secretary Qualifications: LLB Law (King’s College London) and Solicitor (England and Wales). Experience: Robin assumed the role of General Counsel and Company Secretary in April 2025. Heleads Petra’s Legal, Company Secretary, Risk, Assurance and Compliance functions and reports into the Chief Executive Officers and Chair. He has 30 years’ legal and management expertise in the oil and gas sector, at BP and at a number of listed mid and small-cap natural resources companies. Since 2007, he has held five General Counsel andCompany Secretary roles at Stratic Energy Corporation, Aurelian Oil & Gas PLC, Equus Petroleum Plc, Sequa Petroleum N.V. and IOG plc. Robin qualified as a Solicitor at McKenna & Co (CMS) in London. Executive Committee (Exco) 70 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE REPORT UK Corporate Governance Code compliance Petra recognises the importance of maintaining high standards of corporate governance. TheCompany looks to not only comply with all applicable governance regulations in the jurisdictionsin which it operates but also to meet best practice wherever possible. Petra is not subject to a code of corporate governance in its country of incorporation, Bermuda. However, as a company which islisted on the Main Market of the London Stock Exchange (LSE), Petra applies the Code and is required to explain in this statement any areas of non-compliance with the Code. Save for non compliance with provision 9 below, and as at the date of this Report for the financial year under review, the Board considers that Petra has complied with the provisions of the Code. A copy of the Code can be obtained from the Financial Reporting Council’s website (www.frc.org.uk). This Report, together with the other reports in the Corporate Governance section, explains how the principles of the Code have been applied by the Company. Code Section 1: Board leadership and Company purpose Details on how the Board promotes the long-term success of the Company are provided inthe Strategic Report on pages 1-66. The Company’s purpose and values are set out onpage 2. Petra’s strategy is outlined on pages 38 and 39. Our Section 172 statement issetout on pages 45 and 46. Code Section 2: Division of responsibilities Details of the Board and Exco, as well as Petra’s governance structure and Board activities for FY2025, are described on pages 68-81. Code Section 3: Composition, successionandevaluation The findings of the internally facilitated FY2025 Board Evaluation are set out on page 75. The report of the Nomination Committee is on pages 91-96. Code Section 4: Audit, risk and internal control The report of the Audit and Risk Committee is on pages 82-90. A description of Petra’s risk management and principal risks is set out on pages 54-61. Code Section 5: Remuneration Petra’s Directors’ Remuneration Report for FY2025 is set out on pages 98-118. Code Provision 9 Code Provision 9 requires that the Chair be independent upon their appointment against the criteria set out in Code Provision 10. Thecriteria for assessing independence include whether the individual in question has a material business relationship with the Company or represents a significant shareholder. In light of his shareholding in the Company, Mr Vargas was assessed not to be independent upon his appointment as a Director in January 2024, and continued not to be independent upon his appointment as Chair of the Company in November 2024. In appointing a non-independent Chair, the Board carefully considered the Company’s strategic needs and governance framework. Itwas determined that the Mr Vargas’ knowledge of Petra’s business and background would provide continuity and stability and despite not being independent, Petra’s high standards of governance (and robust safeguards, including the expertise of the Senior Independent Director and Board Committees) would ensure balanced decision-making and effective Board functioning. The Board isconfident this appointment will serve the best interests of all Petra’s stakeholders and the Company’s long term objectives. Matters reserved for the Board • Purpose and strategy • Financial Statements and reporting (supported by the Auditand Risk Committee) and operating updates • Financing strategy, including material borrowings • Budgets, mine plan extension projects, capital expenditure and business plans (supported by the Investment Committee) • Material acquisitions and divestments • Material contracts • Corporate governance, ethics and culture, including significant Group policies • Risk management and internal controls, including consideration of the Viability Statement (supported by the Audit and Risk, Remuneration and Safety, Health and Sustainability Committees) • Oversight of health, safety, employee, social and environmental matters (supported by the Safety, Health and Sustainability Committee) • Appointments and succession plans (supported by the Nomination Committee) • Executive Director remuneration (supported by the Remuneration Committee) 71 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE The role of the Board The Board is responsible for the long-term success of the Company. Petra’s Board should have the necessary combination of skills, experience and knowledge, as well as independence (with regard to the iNEDs), to properly discharge its responsibilities and duties. In order to fulfil its role, the Board: • Sets the Company’s strategic aims, ensures that the necessary resources are in place for the Company to meet its objectives, andreviews management performance in achieving such objectives • Provides leadership of the Company within a framework of effective systems and controls which enable risks to be assessed andmanaged • Develops the collective vision of the Company’s purpose, culture, values and the behaviour it wishes to promote in conducting business and ensures that its obligations to its shareholders and other stakeholders are understood and met • Carries out all duties with due regard for the sustainability and long-term success of the Company The role of the Non-Executive Chair José Manuel Vargas The role of the Joint Interim Chief Executive Officers 1 Vivek Gadodia and Juan Kemp • Leads the Board and is primarily responsible for the effective working of the Board • In consultation with the Board, ensures good corporate governance and sets clear expectations with regards to Company culture, values and behaviour • Sets the Board’s agenda and ensures that all Directors are encouraged to participate fully in the activities and decision- making process of the Board • Is the ultimate custodian of shareholders’ interests • Engages with shareholders and other governance-related stakeholders, as required • Meets with the Senior Independent Non-Executive Director and with the iNEDs without the Executive Directors present, inorder to encourage open discussions and to assess the Executive Directors’ performance • Identifies induction and development needs of the Board andits Committees • Chairs the Nomination Committee, thereby playing an important part in assessing and advising on the appropriate composition of the Board and its skill-set • Chairs the Investment Committee, which makes recommendations to the Board on the Group’s most significant capital expenditure, investment proposals and disposals • Primarily responsible for implementing Petra’s strategy established by the Board and for the operational management of the business • Lead and provide strategic direction to the Company’s management team • Run the Company on a day-to-day basis • Implement the decisions of the Board and its Committees, withthe support of Exco • Monitor, review and manage key risks • Ensure that the assets of the Group are adequately safeguarded and maintained • Are the Company’s primary spokespersons, communicating with external audiences, such as investors, analysts and the media • Lead by example in establishing a performance-orientated, inclusive and socially responsible Company culture • Chair the Exco and actively report to the Safety, Health and Sustainability Committee, thereby having direct involvement inthe strategic management of Petra’s health, safety and sustainability issues, including labour relations 1 The role of the Chief Executive Officer is currently carried out by Vivek Gadodia and Juan Kemp, who have been serving as Joint Interim CEOs since February 2025, but are not members of the Board. The role of the Senior Independent Non-Executive Director Bernard Pryor The role of the iNEDs Bernard Pryor, Deborah Gudgeon and Lerato Molebatsi • Provides a sounding board for the Chair and serves as an intermediary for the other Directors as necessary • Is available to shareholders if they have concerns which contact through the normal channels has failed to resolve, orfor which such contact is inappropriate • Leads the iNEDs in undertaking the evaluation of the Chair’s performance • Is a member of Petra’s Audit and Risk, Remuneration, Nomination, Safety, Health and Sustainability and Investment Committees, thereby having oversight of the Group’s material risks, issues and opportunities, and bringing his skill-set and independent judgement to the benefit of these Committees • Challenge the opinions of the Executive Directors, provide fresh insights in terms of strategic direction and bring their diverse experience and expertise to the benefit of the leadership of the Group • Assess the performance of the Chair • Scrutinise the performance of the Executive Directors in terms of meeting agreed goals and objectives • Ensure that the governance, financial information, controls andsystems of risk management within the Group are robust and appropriate • Determine the appropriate levels of remuneration of the Executive Directors • Provide a breadth of skills and experience to Board Committees and, in the case of the iNEDs, independence CORPORATE GOVERNANCE REPORT / CONTINUED 72 Petra Diamonds Limited Annual Report and Financial Statements 2025 How our Board operates Board and Committee meetings The full Board normally meets formally in person at least four times a year for Board meetings, but, as can be seen from the table below, meets in person or virtually, at other times as necessary in order to discuss, amongst other things, operational matters and ongoing performance against the Group’s development and production plans, including internal budgets and external guidance to the market. There is frequent communication between Board members outside of the set meeting dates, in order to stay abreast of business developments. The formal Board and Committee meeting dates are scheduled to address key events in the corporate calendar and are allocated sufficient days to allow for considerable interaction by the members, both inside and outside of the formal meetings. Rolling agendas have been developed for the Board and for the Audit and Risk and Remuneration Committees to ensure the necessary standing items are covered during the course of the Year, and sufficient time is allocated to strategic discussions, with extra time factored in for ad hoc and additional items. Agendas are agreed with the Chair of the Board and the Chairs of the Committees and timeframes set in advance for the various meetings, thereby ensuring that the full agenda can be covered in the time allotted. Site visits, dinners and other social engagements are also attended by Board members outside of the meeting times to allow for better understanding and more informal discussion of issues; this assists in clarification and engagement, meaning that consensus during the meeting is more easily attained. Papers for the meetings are prepared by management following input on the agendas formulated by the Company Secretary and therespective Chairs, and made available electronically prior to the meeting via a secure online Board portal, thereby allowing the Directors adequate time to consider the variety of issues to be presented and discussed. In the meetings, issues for follow-up are identified, ensuring that matters raised by the Directors are actioned and reported back in a timely manner. In addition to formal Board and Committee meetings, the Chair holds frequent meetings with NEDs during the Year, enabling free discussions without the Executive Directors present. Board (13 held) Audit and Risk Committee (7 held) Remuneration Committee (6 held) Nomination Committee (1 held) SHS Committee (4 held) Investment Committee (1 held) Annual General Meeting (1 held) Varda Shine 1 4/4 n/a n/a 1/1 1/2 2 1/1 1/1 José Manuel Vargas 13/13 n/a n/a n/a n/a n/a 1/1 Richard Duffy 3 9/10 4 n/a n/a n/a 3/3 1/1 1/1 Jacques Breytenbach 5 2/2 2/2 n/a n/a n/a 1/1 n/a Bernard Pryor 13/13 7/7 6/6 1/1 4/4 1/1 1/1 Deborah Gudgeon 13/13 7/7 6/6 1/1 n/a 1/1 1/1 Lerato Molebatsi 13/13 7/7 6/6 1/1 4/4 1/1 1/1 1 Varda Shine retired from the Board with effect from the conclusion of the Company’s AGM on 13 November 2024. 2 Unavailable due to prior appointment. 3 Richard Duffy retired from the Board in February 2025. 4 Unavailable due to prior appointment. 5 Jacques Breytenbach retired from the Board at the end of September 2024. Site visits The full Board’s annual site visit in FY2025 was cancelled as part of the Company’s cost savings initiatives. The Board recognises theimportance of visiting Petra’s operations, as these visits provide useful context on developments and progress at the operations, as well as allowing for interaction with and feedback from employees at a range of levels throughout the business and assisting with the ongoing evaluation of Petra’s culture. The Board will be looking to reinstate their annual site visit when it is appropriate to do so. Even though the Board’s annual site visit was cancelled, the Executive Directors regularly visited the operations as part of their day-to-day business and there were several visits conducted by NEDs. Board diversity The Group’s Diversity and Inclusion Policy (D&I Policy) applies to the Directors and Board Committees, as well as the Group’s wider workforce, and requires leadership at all levels across the organisation to think broadly about diversity in its different forms and toensure that appointments and succession planning practices, inclusive of retention policies, are designed to promote diversity. TheD&I Policy seeks to support the Group’s objective to develop a diverse pipeline for skilled succession to top management, senior management and junior management levels and creates the framework for reporting on actions taken to promote diversity. The D&I Policy also sets out the steps to be taken to implement the D&I Policy, including at Board and Exco level. The D&I Policy is available on the Company’s website at www.petradiamonds.com/sustainability/policies-important-information/. 73 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Gender and ethnic diversity on the Board and executive management (Exco) As at 30 June 2025, 50% of the Board were women and one of the Directors was from an ethnic minority background, so the Board satisfied the UK Listing Rule 6.6.6(9) targets of having at least 40% female representation and at least one individual on the Board from an ethnic minority background. The Board is aware that it does not currently meet the UK Listing Rules target of having at least one of the senior positions on the Board held by a woman. The Board will have regard to the benefits of diversity in all its forms as and when vacancies arise. The diversity tables for purposes of UK Listing Rule 6.6.6(10) are set out below. The process by which diversity data was collected was to contact relevant individuals and ask them how they identified using the categorisations set out in the UK Listing Rules. Number of Board members Percentage on the Board Number of senior positions on the Board 1 Number in executive management 2 Percentage of executive management Gender Men 2 50% 2 5 83% Women 2 50% nil 1 17% Not specified/prefer not to say – – – – – Ethnic Background White British or other White (including minority-white groups) 3 75% 2 4 66% Mixed/multiple ethnic groups – – – – – Asian/Asian British – – – 2 33% Black/African/Caribbean/Black British 1 25% – – – Other ethnic group – – – – – Not specified/prefer not to say – – – – – 1 Defined under the UK Listing Rules as the CEO, CFO, Senior Independent Director and Chair. As at 30 June 2025, neither the Joint Interim CEOs nor the CFO were members of the Board. 2 In line with the UK Listing Rules, “executive management” is defined as the Executive Committee (the most senior executive or managerial body below the board). Why our Board is effective Director commitment The Directors’ biographies and duties can be found on pages 68 and 69. During the Year, there were no significant changes to the iNEDs’ external commitments and they are considered to have sufficient time to fulfil their duties, as confirmed by the internally facilitated Board evaluation, carried out in Q4 FY2025 – see page 75. The Chair is also considered to have sufficient time to fulfil his duties. Executive Directors (if any are appointed) may, subject to Board consent, accept external appointments to act as Non-Executive Directors of other companies. However, the Board reserves the right to review such appointments to ensure no conflicts of interest, and that the time spent on fulfilling such obligations would not affect the respective Director’s contribution to Petra. Any fees for such appointments would normally be retained by the Director concerned. Currently, the Executive Directors’ external appointments do not affect their contributions to Petra. For more information, see the report of the Nomination Committee. The Chair and NEDs are required to inform the Board of any proposed new directorships and a similar review process is undertaken to ensure they can adequately continue to fulfil their obligations as Directors of the Company and that there are no conflicts of interest. Assessment of Director independence By virtue of his significant shareholding in the Company (c. 11.56% of total voting rights as at the date of this Report) José Manuel Vargas, was not considered to be independent in accordance with the Code either at the time of his appointment or as at the date ofthis Report. The Board considers Bernard Pryor, Deborah Gudgeon and Lerato Molebatsi to be independent in accordance with the Code. All iNEDs are independent of any relationship listed in the provisions of the Code. None of the iNEDs received any fees from the Company in FY2025 other than their contractual iNED fees, as set out on page 106 of the Directors’ Remuneration Report. Conflicts of interest Whilst conflicts should be avoided, the Board acknowledges that instances arise where this is not always possible. In such circumstances, Directors are required to notify the Chair before the conflict arises and the details are recorded in the minutes. If a Director notifies the Board of such an interest, they may be, if requested by the Chair, excluded from any related discussion andwill always be excluded from any formal decision. Process used in relation to Board membership, succession planning and appointment process Petra’s Nomination Committee is responsible for reviewing the skills, expertise, composition and balance of the Board on an ongoing basis as part of the Company’s succession planning. When considering new appointments, the usual process is for a brief to be prepared and for an independent external search agency to be utilised to identify potential candidates having due regard for the benefits of all forms of diversity on the Board. Read more about the work of the Nomination Committee on pages 91-93. CORPORATE GOVERNANCE REPORT / CONTINUED 74 Petra Diamonds Limited Annual Report and Financial Statements 2025 Director induction, information, training and development needs Detailed knowledge of the specialist world of diamonds (including diamond marketing), the global mining industry, international capital markets, applicable UK legislation/LSE regulation, Sub-Saharan Africa (particularly South Africa), ESG matters and Petra’s unique business and operations, is crucial to the Board’s ability to effectively lead the Company. Petra has an induction programme designed to bring new Directors up to speed as quickly as practicable, following their appointment to the Board. Such an induction would typically involve meetings with the Board and various members of Senior Management and aninformation pack of all necessary corporate documents, including the Company’s latest Annual Report, Sustainability Report, theBye-Laws, Committee Terms of Reference and other key Group policies, such as the Code of Ethical Conduct, enabling them to familiarise themselves with the Group, its procedures and current activities. A site visit to one or more of the Group’s key operations isusually held to provide the new Director with further information on the operations, including production updates, mine plans and extension projects and key ESG considerations. In order to help ensure that existing Board members retain the relevant and up-to-date knowledge and skill-set to properly discharge their duties, ongoing training and other professional development opportunities are provided by the Company and/or the Directors attend external courses and conferences on their own professional behalf. Training is arranged as appropriate to suit each Director’s individual needs, and covers topics such as industry developments, governance, technical subjects related to diamond mining, communication strategies and ESG matters. Board training on specific topics is requested by the Board members and then provided by a specialist at the Board meeting. The Company’s Corporate Communications team acts as a conduit of regular information to the Board and Senior Management, providing regular briefings by email on relevant topics, such as key diamond industry trends, peer group developments and socio- economic information about Petra’s countries of operation, as well as internal Company news. The Company Secretary also provides the Board and Senior Management with ongoing updates on legal and regulatory changes, including in relation to corporate governance matters, and the Board has continual access to the advice and services of the Company Secretarial function and external legal advice as required. Evaluation of the Board’s performance The Board’s annual evaluation for FY2025 was undertaken in Q4 FY2025 and an internal evaluation was facilitated by the Company Secretary. The evaluation consisted of each Director completing a focused questionnaire, with the questions being informed by the findings of the internally facilitated Board evaluation undertaken in Q4 FY2024. The Company Secretary used the responses to the questionnaire to compile extensive feedback which was then shared and discussed at a Board session held in September 2025 to identify actions to be taken forward during FY2026. The evaluation of the performance of the Chair was undertaken by Bernard Pryor, the Senior Independent Non-Executive Director, based on feedback obtained from the Board. The Chair appraised the performance of each Director by meeting each of them individually to review their knowledge and effectiveness at meetings, and the overall time and commitment to their role on the Board, using the feedback obtained from the Board to support these appraisals. Progress against earlier action plans was then tracked and assessed and discussed by the Board during FY2025, with good progress being made in all areas and in particular on the following: • Strategic focus: a focus on costs and operational performance including by holding more frequent ad hoc Board meetings and information communication, to discuss these issues (with 13 Board meetings being held in FY2025 compared to 11 in FY2024) • Value proposition: The Board reviewed cost savings measures, approved the budget for FY2026 and reviewed the business plansfor FY2027-30 and the revised life of mine plans for the Cullinan and Finsch Mines • Board and Board Committee streamlining: changes to the Board’s composition in FY 2025 have resulted in a smaller and more efficient Petra Board consisting of four Directors • Dynamics: Extensive changes to the Board’s composition and size in FY2025 have resulted in improvements to the Board’s dynamics and a broad range of viewpoints • Board papers and agendas streamlined: To support the Board’s focus on strategic objectives, key issues and risk management. The merger of the Company’s Health and Safety and Sustainability Committees to form the Safety, Health and Sustainability Committee also resulted in a significant improvement to this Committee’s papers and agendas The overall assessment from the FY 2025 Board evaluation was that Petra’s Board continues to be effective and perform well, with improvements having been made during FY 2025 though also noting the significant changes to the Board’s composition and size that occurred during FY 2025. The Company Secretary complied a list of priorities for the Board to focus on for FY 2025 which address these areas for improvement identified. These priorities were discussed and agreed by the Board at a feedback session in September 2025 and will be tracked and discussed by the Board and Company Secretary throughout FY 2026. 75 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE CORPORATE GOVERNANCE REPORT / CONTINUED Areas for improvement and priorities for the Board identified in the FY2025 Board evaluation include, amongst others: • Strategic focus: maintain focus on delivering short-term cost-cutting priorities but without losing sight of the long-term, broader strategy • Operational delivery: increase the Board’s focus on delivering strong operational performance (including execution of the life extension projects at Cullinan Mine and Finsch), particularly in the near-term and perform operational and safety ‘deep-dives’ during FY2026 • Dynamics: whilst Board dynamics remain strong (despite the significant changes to Board composition) an increase in face-to-face and informal meetings were identified to further strengthen Board dynamics • Board papers and agendas will continue to be streamlined: to support the Board’s effectiveness and its oversight of strategic objectives and key issues • Increased Senior Management exposure: Look to reinstate the Board’s annual site visit when appropriate to do so • Increased NED engagements: increase the frequency of NED-only engagements, particularly over the next 12-18 months Given the significant changes to Board composition during the Year, the findings of the FY 2025 Board evaluation will not have anyimpact on Board composition. Key Board and Board Committee activities in FY2025 Category Activity Stakeholders considered Strategic • Reviewed ongoing refinancing strategy, including engagement with Absa and 2L Notes holders. • Challenged capex phasing and capital discipline, ensuring alignment with refinancing milestones and liquidity priorities, and endorsement of stepped investment into mine extension tunnels, balancing access to higher-grade ore with financial constraints. • Assumptions, revised production targets and deferral of capital expenditure, including close review of sensitivity analyses and assumptions underpinning life-of-mine plans to ensure resilience at lower pricing levels • Monitored execution of Group optimisation programme focused on cost and cash savings over FY2025-FY 2026 • Approved mine re-planning cases for Cullinan Mine and Finsch based on updated economic assumptions, revised production targets and deferred of capital expenditure, including close review of sensitivity analyses and assumptions underpinning life-of-mine plans to ensure resilience at lower pricing levels • Approved the strategic divestment of Petra’s interest in Williamson to Pink Diamonds, ensuring value maximisation, applicable conditions precedent to competing offers and overall deal executability • Endorsed interim executive structure following CEO separation, appointing Joint Interim CEOs; • Supported organisational redesign through ‘clean sheet’ exercise to align Group structure with post-divestment footprint and focus. • Held Board strategy session in February 2025, setting immediate short-term priorities for Petra’s management and reviewing longer-term strategic opportunities • Reviewed updates on the progress of the Independent Grievance Mechanism (IGM) and Restorative Justice Projects (RJPs) at Williamson • Reviewed progress on the implementation of the Framework Agreement for Williamson and engagements with the Government of Tanzania in this regard • Reviewed and approved KPIs to deliver strategy during the Year and assessed performance against KPIs on an ongoing basis • Received and discussed presentations from the Company’s advisers on strategic options Shareholders, Financial Stakeholders, HostGovernments, Employees, Unions, Local Communities, Suppliers Operations • Received reports at every Board meeting from the CEO/Joint Interim CEOs and, where necessary, senior management on operational performance, including on safety, health and environment, mining and processing, security, sales and marketing, human resources and community relations • Oversaw completion of multiple s.189 restructuring processes, including functional areas, group services and site-level shift changes • Approved new shift configuration at Cullinan Mine, optimised for cost efficiency • Regular review of operational KPIs including NLTI and LTI rates, carats recovered and throughput for Cullinan Mine and Finsch • Reviewed ore body variability, with geotechnical teams confirming historic range and gradual ramp-up from CC1E • Approved tunnel development priorities for Finsch’s northern extension, with constrained capex aligned to FY 2026 ramp-up • Considered implications of delayed access to CC1E ore on grade forecasts and mitigation strategies • Site visits by the Workforce Engagement iNED to the Cullinan Mine and Finsch in February 2025 Shareholders, Financial Stakeholders, Regulators, Employees, Unions, Local Communities, Suppliers 76 Petra Diamonds Limited Annual Report and Financial Statements 2025 Category Activity Stakeholders considered Safety, Health and Sustainability • Received reports at every Board meeting from the CEO/Joint Interim CEOs and the Chair of the Safety, Health and Sustainability Committee on health and safety performance across the Group • Received updates on the implementation of and compliance with the Tailings Management Policy which is aligned to the Global Industry Standard on Tailings Management (GISTM) and on the timeline for GISTM compliance • Approved the FY2024 Sustainability Report • Received updates on the operationalisation of Petra’s Sustainability Framework Employees, Local Communities, Regulators, Host Governments, NGOs, Shareholders Finance, reporting and risk management • Approved the Group’s interim results for H1 FY 2025, quarterly operating updates and sales resultsfor FY 2025 • Approved the FY2024 Annual Report and Financial Statements • Approved the Group’s FY2026 budget and reviewed business plans for FY2027 to FY2030 • Monitored Petra’s liquidity position, following increase in net debt, including review of group-wide cost control initiatives • Approved a new Risk Appetite and Tolerance Framework and reviewed on a quarterly basis the Group’s Key Risk Indicators • Reviewed the Group’s internal audit findings and principal risks on a quarterly basis including anymaterial outstanding actions to address audit findings and/or mitigate risks • Received regular reports from the Chair of the Audit and Risk Committee • Detailed review of covenant breach scenarios under the RCF and oversight of progress in obtaining waiver from Absa. Approval of conditions imposed by Absa in relation to obtaining covenant waiver • Ongoing review of Petra’s going concern position, and monthly review of cash flow forecasts andsensitivity cases including base and stress scenarios Shareholders, Financial Stakeholders, Host Governments, Regulators, NGOs Governance • Approved the appointment of José Manuel Vargas as Chair of the Board with effect from 13November 2024 • Approved the appointment of Vivek Gadodia and Juan Kemp as Joint Interim CEOs • Approved changes and restructuring of the Executive Committee, including the appointment ofRobin Storey as General Counsel and Company Secretary with effect from 15 April 2025. • Engaged with significant shareholders throughout the Year • Conducted an annual evaluation of the Board’s performance facilitated by the Company Secretary • Reviewed succession plans for Board and Senior Management • Deferred decisions on annual bonuses for FY 2025 and salary increases for Exco until after implementation of the debt refinancing • Approved awards and vestings under the PSP to Executive Directors and Exco • Reviewed Directors’ independence and conflicts of interest Shareholders, Employees, Host Governments, Regulators, NGOs Culture • Reviewed scores and feedback from annual Petra Culture Code survey • Received regular briefings on employee and community relations • Received regular reports from the Chair of the Safety, Health and Sustainability Committee • Considered Lerato Molebatsi’s employee engagement reports for her CEO roadshow meetings atCullinan Mine and Finsch in February 2025 Employees, Local Communities, Shareholders, Host Governments, NGOs 77 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Annual General Meeting (AGM) The FY2024 AGM was held at One Heddon Street, London, W1B 4BF at 9am on 13 November 2024. Results of our FY2024 AGM A summary of the proxy voting for the AGM was made available via the London Stock Exchange and on the corporate website as soon as reasonably practicable on the same day as the meeting. Total votes for (as a % of votes cast) Total votes against (as a % of votes cast) Votes withheld (as a % of total shares with voting rights) Total number of votes withheld 1 Receive the 2024 Annual Report 100 nil 0.00% 226 2 Approve Directors’ Annual Remuneration Report 100 nil 0.00% 226 3 Re-appointment of BDO LLP as auditors 79.59 20.41 0.00% 183 4 Authority to fix the remuneration of the auditors 100 nil 0.00% 183 5 Re-election of Ms Shine RESOLUTION WITHDRAWN 6 Re-election of Mr Duffy 79.56 20.44 0.00% 204 7 Re-election of Mr Pryor 99.88 0.12 0.00% 204 8 Re-election of Ms Gudgeon 99.87 0.13 0.00% 204 9 Re-election of Ms Molebatsi 99.88 0.12 0.00% 204 10 Election of Mr Vargas 99.97 0.03 0.00% 204 11 Appointment of Mr Youness as Board Observer (advisory) 99.63 0.37 0.03 57,779 12 Appointment of Ms Watson as Board Observer (advisory) 59.63 40.37 0.03 57,779 13 Byelaws amendment 81.59 18.41 0.03 57,747 Notes: 1. As announced on 11 November 2024, and following publication of the notice of the FY2024 AGM, Varda Shine elected not to offer herself for re-election as a Director at the AGM andceased to be a Director and Chair of the Board and the Nomination and Investment Committees immediately following the conclusion of that meeting. José Manuel Vargas was appointed as Chair of the Board and Chair of the Investment Committee with effect from the conclusion of the FY2024 AGM, with Bernard Pryor appointed as the Chair of the Nomination Committee. 2. Resolution 3, which was an ordinary resolution relating to the re-appointment of BDO as the Company’s auditor until the conclusion of the Company’s next AGM passed with a majority of 79.59% in favour, with 20.41% of shareholder voting against this, indicating significant opposition. Following the AGM, Petra consulted with significant shareholders who voted against this resolution to understand their concerns. These consultations revealed that the relevant significant shareholder has a policy of voting against auditors who have been in role for more than ten years. This shareholder noted that their vote against was not a reflection on the performance of BDO or their report in the FY 2024 Annual Report. The Company notes that BDO has been the Company’s auditor since FY2006 and therefore will have been in this role for 20 years by the end of FY2025. Over this period, the Board has continued to monitor the independence and objectivity of BDO, as it is required to do. The Company will take into account both this vote against the reappointment of BDO as the Company’s auditors and also good governance practices when assessing the appropriate timing for auditor rotation. 3. Resolution 6, which was an ordinary resolution relating to the re-election of Richard Duffy as the Company’s Chief Executive Officer passed with a majority of 79.56% in favour, with a 20.44% vote against, indicating significant opposition to the resolution. On 17 February 2025, Petra announced that Richard Duffy had resigned as Chief Executive Officer and Director of the Company by mutual agreement and with immediate effect and so no consultation with shareholders on this resolution was deemed necessary. 4. Resolution 12 was an advisory resolution giving shareholders the opportunity to cast an advisory vote on the appointment of Alex Watson as a Board Observer, while noting that the outcome of such vote would not bind the Company or affect the contractual rights of Franklin Templeton (who appointed Alex) to appoint a Board Observer pursuant to the Nomination Agreement that was entered into between Franklin Templeton and the Company in December 2020 as part of the recapitalisation of the Company. During consultations, significant shareholders who voted against this resolution expressed their view that they did not consider it appropriate for a shareholder with only a 5.03 per cent. shareholding in Petra to have a right to appoint a Board observer, particularly when comparing this right to the Board representation that much larger shareholders have on the Board. As set out in the revised Notice of AGM and in light of the vote on this resolution, the Company has engaged with Franklin Templeton on the exercise of its rights under the Nomination Agreement. Franklin Templeton has confirmed that it does not currently propose to change Alex’s appointment as a Board observer or its rights under the Nomination Agreement. CORPORATE GOVERNANCE REPORT / CONTINUED 78 Petra Diamonds Limited Annual Report and Financial Statements 2025 Board and Committee meetings A number of senior employees are standing invitees to meetings of the Board and its Committees and other employees attend these meetings on an ad hoc basis. These employees will regularly be asked to present on and engage in matters being discussed atthese meetings. Petra Culture Code A strong culture is key to attracting and retaining top talent, driving performance andultimately creating long-term sustainable value for Petra’s stakeholders. The Board is committed to Petra’s Culture Code (which was adopted in FY2023) and efforts to continue to embed it across the organisation – please see page 27 for more details. A key part of this commitment involves the Board monitoring employee engagement across the Group andassessing key themes in the feedback received, with scores and feedback being assessed across the organisation. Employee wellness At each Safety, Health and Sustainability Committee meeting, updates are provided onemployee health, hygiene and wellness issues, including in relation to employee utilisation of Petra’s Employee Assistance Programme. Engagements with Unions With 84% of Petra’s workforce in South Africa being unionised, an appreciation of the interests and dynamics relating to the key unions which represent Petra’s employees isessential for meaningful employee engagement. The Board, through the Safety, Health and Sustainability Committee, receives regular updates on Petra’s union membership and key engagements with unions, including, for example, negotiations of any collective bargaining agreements, retrenchment processes and shift configuration changes. Union leadership is also invited to attend the Exco town hall meetings which arealso often attended by Petra’s designated workforce engagement iNED. In FY2025, thekey areas of union engagement were inrelation to the S.189 restructuring process undertaken in respect of the Finsch and Cullinan Mine and Petra’s Group employees, with the Board providing oversight of these engagements. How does the Board engage with Petra’s employees? Exco town hall meetings Petra’s Exco seeks to regularly host town hallmeetings at Petra’s operations to ensure that employees are provided with updates onPetra’s performance and also to enable keycorporate initiatives to be explained anddiscussed. These meetings were less frequent in FY2025 but in July 2025, CEO roadshow sessions were held at the Cullinan Mine and Finsch and with Group employees following completion of the S.189 retrenchment processes at Finsch and Group. These sessions saw the Joint Interim CEOs provide employees with an overview of key changes within the business, as well as an update on operational performance and progress regarding the refinancing of the Group’s debt. Petra’s designated workforce engagement iNED, Lerato Molebatsi, attended sessions at the Cullinan Mine and Finsch in July 2024 andFebruary 2025 subsequent to the announcement of the Joint Interim CEOs. Employees are encouraged to ask questions ofmanagement in these sessions (including anonymously if preferred). Workforce Engagement Petra has an experienced, diverse and dedicated workforce, which is a key business asset, with engaged employees being critical to Petra’s success. The Board uses formal and informal ways of engaging with its employees, which are summarised below. For more information on how the Board considered the interests of Petra’s employees in its discussions and decision making in FY2025, seepages 45 and 47. Designated Workforce Engagement iNED Lerato Molebatsi is the Company’s designated workforce engagement iNED, having assumed this role with effect from July 2023. The aim of therole is to ensure the views and concerns of the workforce are brought to the Board’s attention and taken into account in deliberations and decisions, helping the Board understand if employees are aligned to, and able to respond to, the Company’s priorities. A formal document outlining the key principles and parameters of the role was approved by the Board in FY2021. Lerato accompanied the Exco on the CEO roadshow meetings at the Cullinan and Finsch Mines in July 2024 and February 2025 at which sessions were held with representatives of the workforce, unions and management. Lerato reported back to the Board her observations of these sessions (which overall were generally positive, duly noting areas of concern). Site visits Several site visits are scheduled throughout the Year, giving the Board the opportunity to engage directly with employees. The site visits include an opportunity for formal engagement through business updates, tours of operations and briefings provided by Petra’s employees to the Board, as well as informally through the dinners and social events arranged as part of the site visits. The full Board’s annual site visit in FY2025 was cancelled as part of the Company’s cost savings initiatives. However, certain key Board members (including the Chair, and the Chair of the Safety, Health and Sustainability Committee in her capacity as Designated Workforce iNED) each individually visited Petra’s sites, engaging extensively with the workforce. 79 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Board composition and diversity statistics All statistics on this page are given as at 30 June 2025 TENURE OF DIRECTORS % 50 25 25 0–3 years = 2 directors 3–6 years = 1 directors Over 6 years = 1 directors BOARD COMPOSITION 2 % 75 25 Independent Non-ExecutiveDirectors = 3 Non-Independent Non-Executive Directors = 1 DIRECTORS’ NATIONALITIES 1 % 40 20 20 20 British (40%) South African (20%) Spanish (20%) Australian (20%) 1 Where directors hold multiple nationalities, all nationalities have been reflected. 2 José Manuel Vargas, Petra’s Chair, was not considered to be independent on his appointment as a Director nor on his appointment as Chair. Given that the Company considers MrVargas to not be independent, he has been included in this calculation, notwithstanding Code Provision 11. CORPORATE GOVERNANCE REPORT / CONTINUED 80 Petra Diamonds Limited Annual Report and Financial Statements 2025 Governance Framework (AS AT THE DATE OF THIS REPORT) The Board The Board is responsible for Petra’s long-term success and sets the Company’s strategic aims, monitoring management’s performance against these objectives. Our strategy See pages 38 and 39 Principal risks See pages 54-61 Board biographies See pages 68-69 Key activities in FY2025 See pages 76 and 77 The Board delegates certain matters to its five principal committees The Terms of Reference for each of the Board Committees is available at www.petradiamonds.com/about-us/corporate-governance/board-committees-2/ Audit and Risk Committee Remuneration Committee Nomination Committee Safety, Health andSustainability Committee Investment Committee Oversees matters relating to the Group’s financial reporting, internal and external audit, internal control, ICT, risk management, ethics, compliance, whistleblowing and fraud Determines the policy forExecutive Director remuneration, sets remuneration for the Chair, Executive Directors and Senior Management and reviews workforce remuneration and relatedpolicies Leads the process for Board appointments and ensures plans are in place for orderly succession to both the Board and Senior Management positions Oversees the Group’s health, safety and sustainability matters, including: health and safety systems, policies and compliance; tailings and water storage facilities; on-mine watermanagement andenvironmental compliance and social andenvironmental matters in supporting delivery of the Group’s Sustainability Framework Considers and makes recommendations to theBoard for the Group’s most significant capital expenditure, investment proposals and disposals See page 84 See page 99 See page 91 See page 94 See page 97 Chaired by Deborah Gudgeon Chaired by Bernard Pryor Chaired by Bernard Pryor Chaired by Lerato Molebatsi Chaired by José Manuel Vargas Members Bernard Pryor Lerato Molebatsi Members Deborah Gudgeon Lerato Molebatsi Members Deborah Gudgeon Lerato Molebatsi Members Bernard Pryor Members Deborah Gudgeon Bernard Pryor Lerato Molebatsi Executive Committee (Exco) The Board has delegated the execution of the Company’s strategy and day-to-day management of the Company’s business to the Joint Interim CEOs and the CFO, supported by the Exco. Joint CEO’s statements See pages 8-17 Exco membership See page 70 Petra Culture Code See page 27 Our performance See page 1 81 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Report of the Audit and Risk Committee The Audit and Risk Committee (the Committee) continued tofocus on its key responsibilities as set out in its Terms of Reference during FY2025. In particular: • Ensuring the integrity of the Group’s interim and annual financial reporting including compliance with financial reporting standards and governance requirements, the material areas where significant accounting judgements have been made, the critical accounting policies and substance, consistency and fairness of management estimates, the clarity of disclosures and whether the Annual Report, taken as a whole, is fair, balanced and understandable • Overseeing and monitoring the Group’s internal control framework and enterprise-wide risk management structure including reviewing and approving the Group’s revised Internal Audit Charter and Internal Audit Manual and endorsing the appointment of the Group’s new outsourced internal audit partner, PwC • Ongoing consideration of control systems to ensure they remain effective, relevant and appropriate to the business andthe associated risks thereto • Monitoring the ongoing effectiveness and independence ofthe external auditors as well as making recommendations tothe Board on the re-appointment of the external auditors Dear shareholder, The Committee plays a vital role at Petra by ensuring that the Group has effective and appropriate risk management and internal control systems, backed up by comprehensive financial, governance, internal audit and reporting functions. As Chair ofthe Committee, I am pleased to have this opportunity to summarise some of the key developments during the Year, aswell as our ongoing responsibilities and objectives. The following issues are deemed to be significant and were considered by the Committee in respect of the Group’s FY2025 Financial Statements, based upon its interaction with both management and the external auditors during the Year: • The Group’s going concern review and viability statement • Carrying value of mining assets and resultant impairment considerations • Accounting for the sale of Williamson during FY 2025, including the restatement of prior year financial statements for the removal of the receivable related to the blocked diamond parcel • Provisioning for IGM grievance remedies at Williamson For further detail on the significant issues mentioned above, seepages 54-64. In a period marked by refinancing and senior management changes, we remained focused on ensuring robust governance and assurance processes, supporting the Board’s efforts to strengthen the Company’s financial resilience and operational discipline. Deborah Gudgeon Audit and Risk Committee Chair Members of the Audit and Risk Committee Deborah Gudgeon – Committee Chair and iNED Bernard Pryor – Senior iNED Lerato Molebatsi – iNED CORPORATE GOVERNANCE REPORT / CONTINUED 82 Petra Diamonds Limited Annual Report and Financial Statements 2025 The Committee’s responsibility towards risk management The Committee continued to execute its risk management oversight responsibilities during the Year, receiving quarterly updates on the movement of the Group’s principal risks from theRisk, Assurance and Compliance function. The Committee actively monitors the Group’s Key Risk Indicators (KRIs) to prompt management to take necessary action(s) where risk appetite and tolerance thresholds are exceeded. Petra’s KRIsare kept under review by management and the Committee to ensure they align with the Company’s Purpose, Values and Strategy and evolving risk profile. Any changes to the KRIs that are used to measure risk appetite and tolerance require the approval of the Committee. During the Year, the Board has, through the Committee, conducted a robust assessment of the emerging and principal risks facing the Company. A description of these risks and how they are being managed and mitigated is set out on pages 54-61. Deborah Gudgeon Audit and Risk Committee Chair 16October 2025 Committee experience and skill-set The members of the Audit and Risk Committee are considered topossess the appropriate skills and experience to monitor and ensure the integrity of the Group’s financial reporting, internal audit, internal financial control and risk management systems andto support Petra’s overall governance. Deborah Gudgeon, who was appointed as Committee Chair on 1November 2021 (and who joined the Committee on 1 July 2021) fulfils the requirements of the Code with regards to the required level of financial and audit experience. Deborah qualified as a chartered accountant with PwC before going on to hold a range of roles at Deloitte, BDO and within a number of listed mining companies. Most recently, she has extensive experience as a Non-Executive Director and Chair of the Audit Committees of Highland Gold Mining Limited, Acacia Mining plc and Evraz plc. She is currently the Chair of the Audit Committees of Ithaca Energy plc and Serabi Gold plc and has recent and relevant financial experience as well as competence in accounting and auditing, as required by the Code and the FCA’s Disclosure Guidance and Transparency Rules (7.1.1A) (the DTRs). In terms of the other Committee members, and consistent with FRC Guidance on Audit Committees, as well as the DTR 7.1.1A, the Committee as a whole has extensive experience and competence in relation to the sector within which Petra operates: • Bernard Pryor is a metallurgical engineer with 35 years of experience in the international mining industry; and • Lerato Molebatsi has extensive executive and non-executive experience across a range of sectors, primarily in South Africa, including as the lead independent Director of the South African Reserve Bank. All Committee members receive appropriate ongoing training and development, as well as regular updates from management and the Group’s external auditors on relevant financial reporting, governance and regulatory developments. The Committee may, if considered necessary, take independent advice at the expense of the Company. Other than BDO LLP, as the external auditors, no other external consultants assisted the Committee during FY2025. 83 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Committee meetings Seven meetings were held in FY2025, with the Committee holding three further meetings after the end of the Year to review and approve the Group’s full year results and Annual Report. At these meetings, the Committee invited the Non-Executive Chair, other Non-Executive Directors, the Joint Interim CEOs, members of Senior Management (including the CFO, the General Counsel & Company Secretary, Group Head of Internal Audit & Risk and the Group ICT Manager), as well as the Board Observers to attend these meetings, as appropriate. In addition, the Chair of the Committee met separately with the BDO Audit Partner regularly without management present to discuss significant audit and accounting matters, together with relevant financial reporting and governance developments. Committee members also met with the auditors without the Executive Directors present on two occasions. The Committee recognises the importance of allocating significant time to fulfil its duties effectively. In advance of each Committee meeting, a formal agenda and information pack is circulated, allowing each member time to review the information and prepare for the Committee meetings. During the formal meetings, the members then engage in robust and open debate and assessment of relevant matters. Deborah Gudgeon, as Chair of the Committee, allocates a significant amount of time to this role. In addition to chairing formal meetings of the Committee and attending sessions with the external auditors, Deborah Gudgeon regularly met with the CFO and the Group Head of Internal Audit & Risk in order to discuss and monitor the financial controls, audit and risk management activities of the Group on a timely basis. While no formal site visits to the Group’s various operations were arranged for the Committee as a whole during the Year, informal discussions held around the Committee’s scheduled meetings enabled the Committee and the Chair of the Committee to maintain acomprehensive understanding of corporate and finance developments and activities and any associated risks, as well as the operational risks and issues and controls in place at Petra. Committee role and activities The principal functions of the Committee are listed below, along with the corresponding activity and performance in FY2025. Summary of role Activities in FY2025 Outcomes To monitor the integrity of the interim and full year results announcements, as well as the Annual Report and Financial Statements published by the Company, reviewing significant financial reporting judgements contained therein. As contemplated by the UK’s Corporate Governance Code 2018 (theCode) and the Committee’s Terms of Reference, the Committee considered whether the Group’s interim results for FY2025 and the FY2025 Annual Report and Financial Statements present a fair, balanced and understandable assessment of the Group’s performance and prospects. The Committee, on behalf of the Board, has a specific process of review that enables it to make this assessment. For further information on the process which was followed in relation to the FY2025 Annual Report and Financial Statements, see page 90. In particular, the Committee assessed the balance of information reported against its understanding of the Group, as well as the tone andlanguage used in the reporting, ensuring that it is comprehensible toreaders of various backgrounds. Outside of formal Committee meetings, accounting matters were also discussed by the Chair of the Committee and the Chief Financial Officer. Key auditing, financial reporting and governance matters, which typically focused on areas of significant judgement, estimation or accounting policy selection, were discussed with the audit partner ahead of Committee meetings and during Committee meetings. In accordance with the Code and the Committee’s Terms ofReference, the Committee considers that the FY2025 Annual Report and Accounts taken as a whole is fair, balanced and understandable and provides information necessary for shareholders toassess the Company’s performance, business model and strategy and advised the Board accordingly. To review and challenge, wherenecessary, application ofaccounting policies and practices, decisions requiring amajor element of judgement, the clarity of disclosures, compliance with accounting standards, and compliance withregulatory and legal requirements. As part of its work to approve the Group’s Financial Statements, theCommittee reviewed the key financial reporting judgements and accounting policies therein. These judgements were assessed through discussions with the Group’s auditors and presentations by management in which the Committee, where appropriate, challenged the basis for such judgements and estimates. Details of the significant matters considered by the Committee inrespectof this Annual Report are set out on page 87. The Committee considers that the accounting policies used, reporting disclosures, compliance with accounting standards and other requirements are appropriate to the Group in all regards, taking account of the specialised nature of itsbusiness. CORPORATE GOVERNANCE REPORT / CONTINUED 84 Petra Diamonds Limited Annual Report and Financial Statements 2025 Summary of role Activities in FY2025 Outcomes To review the effectiveness ofPetra’s risk management systems, internal financial controls and other internal controls. The Committee assesses the Company’s risk management systems and internal controls, including internal financial controls on an ongoing basis. As part of this, the Committee invites the Joint Interim CEOs, other Exco members, the Group Head of Internal Audit & Risk, as well as other members of the Senior Management team, as appropriate, to attend Committee meetings. During these meetings, the Committee was provided with updates on the Group’s activities and the members considered the risk and control implications on an ongoing basis. Additionally, the Board as a whole received presentations and reports by management on operational andfinancial performance each quarter that allowed for an assessment of riskand internal controls. The Committee meetings during FY2025 included presentations by BDO LLP regarding the results of the FY2024 audit, the interim review for H1 FY2025 and the FY2025 Audit Planning Report, with a presentation by BDO LLP of the results of the FY2025 audit subsequent to the Year End. These presentations included the auditors’ observations and recommendations in respect of internal controls that the Committee incorporated into its overall assessment of the effectiveness of risk management and controls. The Committee considers thatPetra’s internal controls, including its internal financial controls, continue to be robust and defensible. The Committee will continue to review and assess the development of risk management and internal control systems, assisted bythe work of the Internal Audit and Risk, Assurance &Compliance functions. To monitor and review the effectiveness of the Internal Audit function, review and approve the Internal Audit Plan, review and recommend the Internal Audit Charter to the Board for approval and ensure the Internal Audit function is adequately resourced. On a quarterly basis, the Committee receives internal audit reports detailing any significant findings, progress on the resolution of outstanding findings and progress against the Internal Audit Plan approved by the Committee. The Committee continued to assess the effectiveness, independence, resourcing and quality of Internal Audit during the Year, following the Committee approving a revised Internal Audit Charter and Internal Audit Manual to align with the new Global Internal Audit Standards and the endorsement of the Company’s outsourced internal audit partner, PwC. The Group Head of Internal Audit & Risk and supporting teams, will continue to work with the Committee to ensure the integrity and effectiveness of the Group’s internal control procedures and risk management systems. To consider and recommend tothe Board the appointment, re-appointment or removal ofthe external auditors, to recommend their remuneration (whether audit or non-audit fees) and approve their terms of engagement and to assess the external auditors’ independence and objectivity. To review the engagement of the external auditors to ensure the provision of non-audit services by the external audit firm does not impair their independence or objectivity. In advance of the FY2025 audit, the Committee reviewed and approved the external auditors’ audit planning presentation and assessed the appropriateness of the audit strategy, scoping, materiality and audit risks. The Committee reviewed the audit fee as part of the audit planning process. The Committee also reviewed audit-related fees incurred in relation to theinterim review and agreed upon procedures over the Company’s sustainability reporting, assessed the extent of such non-audit fees andthe possible impact on the external auditors’ independence and confirmed that such non-audit fees are in compliance with the FRC’s Revised Ethical Standard 2024. For further detail related to audit and non-audit fees see page 88 under the section headed “External Auditors”. In connection with the Group’s refinancing activities, BDO also undertook agreed-upon procedures on the working capital report. The Committee reviewed the scope of this engagement, the results of BDO’s procedures, and the consistency of assumptions with those applied in the Group’s financial reporting. This additional work gave the Committee further comfort over the robustness of the Group’s liquidity planning and the effectiveness of the external auditors. The Committee recognises that BDO has been the Company’s auditor since FY 2006 and therefore will have been in this role for 20 years by the end of FY 2025. Over this period, the Board has continued to monitor the independence and objectivity of BDO, as it is required to do. The Company will take into account the votes against the re-appointment of BDO as the Company’s auditors, as cast at the last AGM, the successful completion of the Company’s refinancing activities, and also good governance practices, when assessing the appropriate timing for auditorrotation. The Committee considered and updated the Group’s policy on non-audit fees, the level of challenge provided to management and the safeguards in place to protect their independence. Having considered all these matters, the Committee ascertained that BDO LLP continue to be independent and approved the services. The Committee has taken appropriate steps to assess the independence of its auditors, recognising the importance of audit independence to the audit process. The Committee has reviewed and gained a thorough understanding of the external auditors’ strategy and has satisfied itself that it is robust and that the auditors remain independent. 85 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Summary of role Activities in FY2025 Outcomes To review the effectiveness of the Company’s whistleblowing system, its fraud detection procedures and the systems andcontrols in place for bribery prevention. The Committee was kept updated on the annual Code of Ethical Conduct training and certification for South African management and UK-based employees for FY2025. During the Year, Petra continued to implement and embed its Ethics andCompliance Due Diligence Policy and Supplier Compliance Due Diligence Procedure which set out the risk-based approach Petra is required to follow in conducting ethics and compliance due diligence onits existing and prospective third parties – predominantly customers, suppliers and social investment beneficiaries. The independent, external whistleblowing and fraud hotline remains inplace and continues to be offered to all employees as well as other stakeholders. In FY2025, Petra received 22tip-off reports involving alleged irregularities of a non-material nature that wereconsidered necessary toinvestigate, relating mostly to fraud, recruitment scams, procurement irregularities, non-compliance with Company policies and procedures, theft and corruption. The Committee, which has oversight of all ethics related matters, was provided with quarterly overviews of these reports and investigations into them, focusing on the most material reports. Of the 22 reports in total under review, 17 were resolved and closed, with allbut one report found to beunsubstantiated. For this one case, appropriate actions were then taken. Five remain under investigation. Significant issues considered by the Committee in FY2025 The following are considered by the Committee to be the significant issues that were considered by the Committee in respect oftheGroup’s Financial Statements, based upon its interaction with both management and the external auditors during the Year. Theseissues align with those disclosed in the Independent Auditors’ Report on pages 120-126. The Committee considered a number of key areas warranting specific focus, in particular: • The Group’s going concern review and viability statement • The carrying value of the mining assets and resultant impairment considerations • Accounting for the sale of Williamson during FY 2025, including the restatement of prior year financial statements for the removal ofthe receivable related to the blocked diamond parcel • Provisioning for IGM grievance remedies at Williamson • The Committee assessed that all matters were adequately covered during the FY2025 external audit. CORPORATE GOVERNANCE REPORT / CONTINUED 86 Petra Diamonds Limited Annual Report and Financial Statements 2025 The Committee carefully evaluated several key accounting estimates and judgments that have been integral to the preparation of Petra’s Financial Statements for the year ended 30 June 2025. These considerations are critical due to their potential material impact on the Group’s financial position and performance. Below is a summary of the significant matters reviewed by the Committee during FY2025. Significant matters considered Our response to these matters Going concern and viability statement See pages 62 (Viability Statement) and note 1.1 on page 132 (Going Concern basis ofpreparation) The Committee focused extensively on the Group’s going concern status and the preparation of the Viability Statement, which extends to a three year period ending in June 2028. The assessment was influenced by the ongoing volatility in the diamond market, including the impact of LGDs, global economic pressures, and fluctuations in diamond prices. TheGroup’s liquidity was bolstered by the deferral of capital programmes, cash savings, alongside the agreed proposed Refinancing, including a US$25 million Rights Issue. The Committee noted that the viability of the Group is contingent upon the successful refinancing of the Company, dueto be completed by Q4 CY2025. In particular, the Committee reviewed downside scenarios and sensitivity analyses over key variables including diamond prices, foreign exchange rates and production volumes. For further detail of the sensitivities applied and mitigating actions considered, see Note 1.1 (Going Concern basis of preparation) and the Viability Statement on page 62. As part of its review, the Committee challenged the assumptions, sensitivities and mitigating actions proposed by management in the going concern assessment and Viability Statement. Having done this, the Committee concluded that while material uncertainties remain, the going concern basis is appropriate for the preparation of the Financial Statements. The Committee assessed the disclosures in the FY2025 Annual Report and Financial Statements in respect of going concern, viability and covenant compliance and concluded that they were appropriate. Impairment ofassets See note 6 onpage 136 (Impairment) The Committee reviewed impairment assessments for the Group’s two remaining operations, Cullinan Mine and Finsch. Both external factors (including continued volatility in diamond prices and exchange rates) and internal factors (notably cost inflation and updated life-of-mine plans) required careful consideration. Following management’s analysis, impairment charges of US$70 million were recognised at Cullinan Mine and US$37 million at Finsch. The Committee challenged the critical estimates and assumptions applied in the models, particularly those relating to diamond price growth, recovery in product mix, operating cost trends and discount rates. After these discussions, the Committee endorsed the impairment charges reflected in the Financial Statements and was satisfied that the related disclosures comply with reporting standards. Williamson – Blocked Diamond Parcel See note 34 onpage 169 (Prior Year Restatements) During the Year, the Committee revisited the accounting treatment of the Blocked Diamond Parcel following receipt of a new legal opinion obtained by the auditors which differed from earlier advice received by management. The Committee carefully considered both opinions, together with management’s analysis under IFRS. Having reviewed the matter in detail, the Committee concluded that the recognition of a receivable in FY 2023 and FY 2024 was less certain following he subsequent contrary opinion obtained in FY 2025. Although the original judgements and estimates were sufficiently disclosed in prior years, the Committee concluded that the prior year financial statements did not accurately represent thefinancial position of the Group as at that date, and therefore the Committee authorised the restatement of the prior yearfinancial statements. See Financial Statements note 34 Prior Year Restatements Williamson– IGMgrievances See note 23 onpage 151 (Provisions) The IGM, established to address historical grievances related to past security operations at the Williamson mine, continued to operate throughout FY2025. The Committee reviewed the provision for the estimated future cost of remedies for successful grievances, which reduced to U$6 million as of 30 June 2025, following the first payments to claimants. This provision reflects the estimated costs of remedies based on the grievances processed and the ongoing operational efficiency improvements within the IGM. The Committee agreed withmanagement’s judgment that the provision has been appropriately recognised in terms of IAS 37. Accounting for the sale of the Koffiefontein Mine and the Williamson Mine (Discontinued Operations) The Committee considered the accounting treatment applied to the disposals of both the Koffiefontein mine in South Africa and the Williamson mine in Tanzania during the Year. Particular focus was placed on the classification of the disposals, thederecognition of assets and liabilities transferred, and the recognition and measurement of any deferred consideration receivable. The Committee reviewed management’s assessment of the contractual arrangements and underlying commercial terms, including the credit standing of counterparties and the conditions attached to the deferred consideration. In the case of both disposals, the Committee challenged management’s assumptions regarding recoverability and considered the results of sensitivity analyses under different scenarios. The Committee noted the inherent uncertainty associated with deferred consideration, particularly where receipt is contingent on future operating performance or regulatory approvals, and agreed that recognition should only be made where recovery is considered highly probable. Based on this assessment, the Committee supported management’s approach to de-recognise the mines at disposal date and to recognise deferred consideration at fair value, subject to an appropriate risk adjustment. Enhanced disclosure has been included in the financial statements to ensure transparency around the underlying judgements andthe risks to recoverability of the deferred consideration. The Committee has rigorously reviewed these key accounting estimates and judgements, ensuring that the Financial Statements forFY2025 are prepared in compliance with relevant accounting standards. The Committee is satisfied that the estimates and judgements applied are reasonable and supported by appropriate assumptions and methodologies. 87 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE External auditors During the Year, the Committee fully considered the effectiveness, objectivity, skills, capacity and independence of BDO considering all current ethical guidelines, and was satisfied that all these criteria were met. The auditors’ fees were approved as part of this process. The effectiveness of the external auditors was reviewed, givingconsideration to FRC guidance on assessing audit quality. The Committee places considerable importance on the following attributes: African mining sector experience (given the specialised nature of the industry), service levels, audit quality, sound auditor judgement, the willingness and ability to challenge management and provision of value for money. In forming its assessment of the effectiveness of the external auditor and prior to completion of the audit, the Committee received formal presentations regarding the proposed audit strategy and met separately with the audit partner without members of management present. The Chair also met separately with the audit partner to discuss the audit strategy in detail, withthe Chair reporting back to the Committee after doing so. These forums enabled the Committee to assess the extent to which the audit strategy was considered to be appropriate for the Group’s activities and addressed the risks the business faces, including factors such as: independence, materiality, theauditors’ risk assessment versus the Committee’s own risk assessment, the extent of the Group auditors’ participation in the subsidiary component audits and the planned audit procedures to mitigate risks. Post Year end, the external auditor presented to the Committee the key findings of the FRC’s 2024 Audit Quality Review in respect of a sample of BDO’s audits, together with theactions being taken by BDO to address such findings. Following the audit, BDO presented their findings to the Committee and met separately with the Committee Chair to discuss key audit judgements and estimates, with the Chair reporting back to the Committee after doing so. During the Year, BDO also met separately with the Committee without members of management present. These occasions provided an opportunity to assess the audit work performed, understand how management’s assessments had been challenged and assess the quality of conclusions drawn. The Committee also considered the findings of the FRC’s 2024 Audit Quality Review (AQR) in respect of a sample of BDO’s audits. We discussed with BDO the implications of the findings, the actions they are taking in response, and how these measures will be applied to Petra’s audit. The Committee challenged BDO on the robustness of their audit approach and were satisfied that appropriate steps are being implemented to address the matters raised by the FRC. The Committee also made enquiries of Senior Management toobtain its feedback on the audit process and considered thisfeedback in its assessment. The key attributes for audit effectiveness were considered in the Committee’s assessment ofthe Group’s auditors for FY2025. This process forms the basis for the Committee’s recommendation to the Board that BDO be re-appointed as the Company’s external auditors for FY 2026. The Committee recognises that BDO has been the Company’s auditor since FY 2006 and therefore will have been in this role for 20 years by the end of FY 2025. Over this period, the Board has continued to monitor the independence and objectivity of BDO, as it is required to do. The Company will take into account the votes against the reappointment of BDO as the Company’s auditors, as cast at the last AGM, the successful completion of the Company’s refinancing activities, and also good governance practices, when assessing the appropriate timing for auditor rotation. The Board has accepted this recommendation and a resolution to approve the re-appointment will be put to the shareholders atthe Company’s 2025 AGM. Auditors’ remuneration US$ million FY2025 FY2024 FY2023 Audit services 1.5 1.6 1.5 Audit-related assurance services 0.2 0.2 0.2 Non-audit related services 1,2 0.3 — — 2.0 1.8 1.7 1. Audit services are in respect of audit fees for the Group. 2. Audit-related services are in respect of the interim review and specific agreed upon procedures in relation to the Sustainability Report, under the International Standard onRelated Services 4400 as issued by the International Auditing and Assurances Standards Board. The Committee requires that any non-audit services to be performed by BDO are formally approved by the Committee. Audit-related services encompass actions necessary to perform an audit, including areas such as: internal control testing procedures; providing comfort letters to management and/or underwriters; and performing regulatory audits. BDO provided audit-related services in the Year in relation to the interim review and work as Reporting Accountants in preparing the Company’s Prospectus. The provision of any non-audit service requires the pre-approval of the Committee and is subject to careful consideration, focused on the extent to which provision of such non-audit service may impact the independence or perceived independence of the auditors. The auditors provided details of their assessment of the independence considerations, as well as measures available to guard against independence threats and to safeguard the audit independence. There were no non-audit services provided by BDO during the Year. Internal controls and risk management The Board, with assistance from the Committee, is responsible for the Group’s system of internal control and for reviewing its effectiveness. Such a system can only provide reasonable and not absolute assurance against material misstatement or loss, asit is designed to manage rather than eliminate those risks that may affect the Company in achieving its business objectives. The Committee also noted that the Group has been through aperiod of substantial re-organisation, which included both leadership and structural changes across several corporate and operational functions. As part of its oversight, the Committee reviewed the potential impact of these changes on the design and operation of internal controls, with a particular focus on segregation of duties, reporting integrity and accountability. Assurance was obtained through management attestations, targeted internal audit reviews and testing by the external auditors. Based on this work, the Committee is satisfied that the internal control framework has remained robust, with appropriate safeguards in place to reflect the reorganised structure. CORPORATE GOVERNANCE REPORT / CONTINUED 88 Petra Diamonds Limited Annual Report and Financial Statements 2025 The Code requires that the effectiveness of the system of internal control be reviewed by the Directors, at least annually, including financial, operational and risk management. This review is supported by the work undertaken by the Risk Management function, as outlined below. Financial reporting controls The Committee oversees the Group’s system of financial reporting controls, which is designed to provide reasonable assurance over the reliability of financial reporting and the preparation of the financial statements in accordance with IFRS. Key controls include clearly defined accounting policies, formal approval processes for significant transactions, and documented procedures for the consolidation of results across the Group. The finance function operates a structured month-end close process, incorporating reconciliations, management reviews, and variance analyses, which are reviewed at both operating and Group level. These procedures are supported by an established delegation ofauthority framework, ensuring accountability for financial outcomes and segregation of duties across transaction processing, review, and approval. The Committee also monitors the effectiveness of these controls through internal audit reviews, external audit feedback, and management’s control self-assessment. Particular attention is given to areas of significant judgement and estimation, such as asset valuations, provisions, and going concern assessments, where the Committee challenges management and seeks external input where necessary. Where control gaps or deficiencies are identified, management is required to agree and implement remediation plans, which are tracked to completion and reported back to the Committee. The Committee is satisfied that the Group’s financial reporting controls operated effectively during the year and that the financial statements present a true and fair view of the Group’s financial position and performance. The Group’s Internal Audit function The Head of Internal Audit and Risk continues to report to the Chair of the Committee. Various safeguards incorporated in the revised Internal Audit Charter and Internal Audit Manual were implemented to maintain the organisational independence and objectivity of the Internal Audit function, particularly with regards to the Risk, Assurance & Compliance function. The appointed outsourced partner, PwC, continues to support the Internal Audit function in executing the FY 2025 Internal Audit plan. The Committee and the Internal Audit function will also considerin greater detail what changes are needed to address the UK’s new Corporate Governance Code (2024) and in particular, Code Provision 29 which will require the Board to provide various assurances regarding the effectiveness of the Company’s material financial and operational controls in its FY2027 Annual Report. The Group’s Risk Management function FY2025 saw the continued roll-out and implementation ofPetra’s Enterprise Risk Management (ERM). The roll-out involved a series of workshops held across the Group to explain management’s role in identifying, evaluating and managing risks including the implementation of controls. Subsequent to these workshops management has conducted numerous risk assessments in accordance with the ERM and supported bytheRisk, Assurance & Compliance function. Petra continues to actively monitor KRIs to prompt management to take necessary action where appetite and tolerance thresholds are exceeded. Petra’s KRIs are kept under review by management and the Committee to ensure that they align with the Company’s Purpose, Values and Strategy and evolving risk profile. Any changes to the KRIs require the approval of the Committee. During FY2025, the Committee continued to consider the potential impact of the UK Economic Crime and Corporate Transparency Act 2023 and the measures Petra has been implementing to ensure compliance. These measures include, but are not limited to, assessments of Petra’s fraud risk profile, enhanced due diligence on entities which perform or may perform services for Petra, mapping of senior manager roles toidentify those potentially in scope for knowledge attribution and providing further targeted training in H2 CY 2025 to Exco members and these individuals. For more details on the Company’s approach to risk management, see pages 54-64. System of internal control The Committee regularly reviews the adequacy and effectiveness of the Group’s internal controls procedures and risk management systems through regular reports from the Group’s Head of Internal Audit & Risk and through consideration of the external auditors’ reports to the Committee and face-to- face discussions between the audit partner and Chair of the Committee and Committee members, as well as, on occasion, adhoc reports from external consultants. For FY2025, the Group Head of Internal Audit & Risk and the Committee remained satisfied that no material weaknesses in internal control systems were identified. Whilst being satisfied that controls and risk management remain appropriate for the Group’s activities, the Committee continues to assess the effectiveness and adequacy of the system of internal control, riskmanagement procedures, Internal Audit resourcing and strategy to ensure that its practices develop and remain appropriate in line with internal audit standards. When internal control reviews identified necessary or beneficial improvements, appropriate steps have been taken to help ensure the control environment is effective. This includes systems to monitor the implementation by management of recommended remedial actions and follow-up audits. During the Year, the Board, with support and advice from the Committee, reviewed the risk management and internal control framework as described above and is satisfied that the Group’s risk management and internal control framework accords with current requirements under the Code. 89 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE CORPORATE GOVERNANCE REPORT / CONTINUED Fair, balanced and understandable reporting Each year, as required by the UK Corporate Governance Code and the Committee’s Terms of Reference, the Committee advises the Board on whether or not, in its opinion, the Annual Report is fair, balanced and understandable (FB&U) and whether or not it provides the information necessary for shareholders to assess Petra’s position and performance, business model and strategy. Petra has adopted the process set out below to support the Committee in making this assessment: 1 Planning In May, the Board and ARC commented on the key themes and focus areas for the Annual Report, with the ARC conducting an early review of potential sensitivities for theviability statement. 2 Internal FB&U assessment Petra established an internal FB&U Committee consisting ofrepresentatives from (i) the Exco and (ii) Investor Relations, and other Senior Management. The FB&U Committee reviewed the Annual Report with the aim of it being fair, balanced and understandable. In addition, the FB&U Committee identified significant statements in the Annual Report requiring verification and oversaw the verification process for these statements. 3 External audit Having conducted its FY2025 audit, BDO presented the results thereof to the Committee in September and October 2025. Feedback from BDO throughout the audit process was incorporated into the Annual Report. 4 ARC FB&U assessment The FB&U Committee tabled its FB&U assessment at a Committee meeting in October 2025, convened for the Committee to review the Annual Report. The FB&U Committee included the outcomes of the reviews conducted by BDO. Following its review, the Committee concluded that it was appropriate to confirm to the Board that the FY2025 Annual Report is fair, balanced and understandable, and provides theinformation necessary for shareholders to assess Petra’s position and performance, business model and strategy. At a subsequent Board meeting, the Board then approved theAnnual Report, which includes the FB&U statement issued by the Directors, as set out on page 119. 90 Petra Diamonds Limited Annual Report and Financial Statements 2025 Report of the Nomination Committee The main function of the Committee is to ensure the Board andits Committees are appropriately constituted and have the necessary skills and expertise to support the Company’s current and future activities and to deliver its strategy for sustainable success in the long-term. Below Board level, the Committee focuses on the recruitment, development and retention of the Board, CEOs and Exco members. FY2025 saw two key changes to the Board, with the appointment ofa new Chair and the Joint Interim CEOs: • Varda Shine elected not to offer herself for re-election at Petra’s AGM on 13 November 2024, and retired from the Board at the conclusion of that meeting. Varda joined Petra in January 2019 and became Chair in November 2023. Initially, Varda’s appointment was in an interim capacity, whilst a search for apermanent Non-Executive Chair was to be conducted, but atthe request of Petra’s largest shareholders, Varda remained in role. Shortly prior to the FY2024 AGM, Varda notified Petra that she would not offer herself for re-election. Varda oversaw various changes that resulted in a smaller and more efficient Board and helped steer Petra through a challenging diamond market. On behalf of the Board and Petra, the Committee is grateful to Varda for the significant contributions she has made during her tenure and wish her every success in her future endeavours. • The Board appointed José Manuel Vargas as Chair of Petra with effect from the conclusion of the FY2024 AGM, with JoséManuel assuming the role of Chair of the Investment Committee, with myself assuming the role of Chair of the Nomination Committee. For more information and José Manuel’s biography, see page 68. In his time as Chair, Petra has been able to draw on José Manuel’s extensive executive and Board experience across a range of sectors and he has provided valuable finance, commercial and entrepreneurial perspectives to the Board. • Upon his appointment as Chair, and in light of his significant interest in Petra, José Manuel was assessed by the Board not to be independent. As set out in the Corporate Governance Report, the Board recognises that Petra is not fully compliant with the UK Corporate Governance Code as a result of this appointment. For more information, see page 71. • In February 2025, and by mutual agreement with Petra, Richard Duffy resigned as Chief Executive Officer with immediate effect. Richard led Petra for almost six years, through significant operational challenges and an unprecedented macroeconomic environment. The Boardwishes Richard well in his future endeavours. • Vivek Gadodia and Juan Kemp were appointed as Joint Interim Chief Executive Officers, with Vivek having responsibility for allGroup corporate matters and Juan with responsibility for allGroup operational matters. Both Juan and Vivek report into the Board and lead Petra’s Executive Committee, but were not appointed as Directors. For more details and their biographies, see page 70. The Committee continues to assess the current skills, experience (as summarised on pages 73-75), diversity and size of the Board. The Committee oversaw significantchanges in leadership inFY2025 and is confident the size, composition and skillset of theBoard remains aligned with Petra’s strategic imperatives. Bernard Pryor Nomination Committee Chair Members of the Nomination Committee 1 Bernard Pryor – Committee Chair and Senior Independent Non-Executive Director Deborah Gudgeon- iNED Lerato Molebatsi - iNED 1. Varda Shine served as a member of the Committee in FY 2025 until she stepped down from the Board at the conclusion of the Company’s AGM on 13November 2024. 91 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE CORPORATE GOVERNANCE REPORT / CONTINUED Exco changes The Committee and the Board were also kept updated andreviewed other changes to Exco that resulted from the restructurings undertaken by the Company during the Year. These changes resulted in Jaison Rajan, the Operations Executive for Finsch leaving Petra, with Juan Kemp assuming oversight of both Finsch and Cullinan Mine. In addition, Robin Storey was appointed as Group General Counsel and Company Secretary in April 2025. See page 70 for each of the Exco biographies. Board evaluation The Board’s annual evaluation for FY2025 was facilitated by the Company Secretary. The evaluation consisted of each Director completing a focused questionnaire, with the questions being informed by the findings of the externally facilitated Board evaluation undertaken in Q4 FY2022 and the internally facilitated Board evaluations undertaken in Q4 FY2023 and Q42024. The Company Secretary used the responses to the questionnaire to compile extensive feedback which was then shared and discussed privately between the Chair and Directors and at a Board session to identify actions to be addressed during FY2026. More detail around the process followed in conducting the evaluation, as well as the results of the evaluation are set outon page 75. I am pleased to report that the Board and its Committees were found to be working effectively and efficiently. Diversity The diversity of a Board is critical to its success, and I am pleasedto note that despite changes to the Board in FY2025, asat 30June 2025, Petra met two out of three of the diversity targets set out in the UK Listing Rules, as described in more detail on page 74 and as highlighted below. As at the 30 June 2025 (and with the UK Listing Rules’ targets reference in bracketsbelow): • 43% of Petra’s Board are women; from 1 October 2024, thisincreased to 50% (target: 40%); • Our former Chair until November 2024 (Varda Shine) was a woman (target: one of the Chair, CEO, CFO or SID should beawoman) • one member of our Board (25%) is from an ethnic background other than white; (target: one Board member should be from anethnic background other than white). In relation to the wider workforce, the overall percentage of women employed in the Company was 20% (FY2024: 22%). As at 30 June 2025, there were 17% of our Senior Management represented by women, and 35% of Management. We have a number of initiatives in place to further increase female representation at Petra. Additional directorships Non-Executive Directors must commit sufficient time to fulfil theirduties, including, amongst others, attending Board and Committee meetings, the AGM and other general meetings ofthe Company, site visits, shareholder meetings and informal Board events. They are also expected to review all relevant papers before meetings and must seek the Chair’s approval before taking on additional commitments that may affect their availability at Petra. In July 2025, Deborah Gudgeon was appointed as a Non- Executive Director of Valterra Platinum, a mining company listed on the Johannesburg Stock Exchange. The Chair confirmed with Deborah that she would be able to undertake this role without affecting her responsibilities at Petra or causing a conflict of interest. 92 Petra Diamonds Limited Annual Report and Financial Statements 2025 Nomination Committee role and activities The principal functions of the Nomination Committee are listed below, along with the corresponding activity and performance inFY2025. In addition to the below, the Committee carried out its annual review of its Terms of Reference. Role Activities in FY2025 Outcomes To review the structure, size and composition of the Board (including appropriate skills, knowledge, experience and diversity), and to make recommendations to the Board with regard to any changes. The Committee continued to review the size andefficiency ofthe Board, particularly following feedback from its Board Evaluation process and certain major shareholders that the Board at the start of FY2024 was too large with too many Board Committees. This resulted in various changes to the Board in H1 FY2024 and H1 FY2025 which saw the Board reduce to four. The Committee will continue to makerecommendations regarding the Board and its Committees and Senior Management composition and structures. The FY2024 and FY2025 board evaluation and stakeholder feedback supports the current size and composition of the Board. To identify, nominate and recommend, for the approval of the Board, appropriate candidates to fill Board, Committee and Exco vacancies as and when they arise. Varda Shine was appointed as Non-Executive Chair and Bernard Pryor was appointed as Senior Independent Non- Executive Director, in each case, with effect from 14 November 2024. José Manuel Vargas was appointed as a non-independent NED with effect from 1 January 2024 and as Chair from 13November. Bernard Pryor was appointed as Remuneration Committee Chair and Lerato Molebatsi was appointed as Safety, Health and Sustainability Committee Chair, in each case, with effect from 1 January 2024. Johan Snyman was appointed as Chief Financial Officer witheffect from 1 October 2024, following the resignation ofJacques Breytenbach as Chief Financial Officer, which wasannounced in March 2024. The Board continued to benefit from its two Board Observers. Alex Watson was appointed as Board Observer with effect from 17 February 2024, when she stepped down as a Director. In May 2024, Amre Youness (principal owner of the Terris Fund SPC, the Company’s largest shareholder) was also appointed as a Board Observer. The Committee will continue to consider candidates to fill Board, Committee and Exco vacancies, asand when these arise. To satisfy itself, with regards tosuccession planning, that plans are in place with regards to both Board and Senior Management positions. The Committee continued to focus on succession planning, although this was disrupted by the organisational restructuring which took place during the Year. As part of our succession practices, and particularly following completion of the organisational restructuring during the Year, the Nomination Committee will continue to review programmes in place to assimilate talent into leadership and specialist positions. To recommend to the Boardthe re-election by shareholders at the AGM ofany Director under the retirement and re-election provisions of the Company’s Bye-Laws. An annual Board evaluation exercise took place duringtheYear, facilitated by the Company Secretary. An annual Board evaluation exercise took place duringtheYear, facilitated by the Company Secretary. The overall result of this evaluation was positive, with it being concluded that Petra continues to have an effective and high performing Board as well as highlighting certain areas for further improvement. See pages 74 and 75. Each Director was considered to remain effective and will be proposed by the Committee for re-election to the Board at the FY2025 Annual General Meeting. Bernard Pryor Nomination Committee Chair 16October 2025 93 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Report of the Safety, Health and Sustainability Committee Petra has always been committed to upholding strong health andsafety, social and environmental standards. Established in FY2024 and following changes to promote a smaller and more efficient Board, the Board constituted the Safety, Health and Sustainability Committee (the Committee). I am pleased to present the FY2025 report for the Committee, my second as Chair. The Committee’s role and responsibilities The Committee is responsible for, amongst other things, assessing the effectiveness of Petra’s frameworks, policies, procedures, and systems related to safety, health, social, andenvironmental matters and that they comply with legal requirements. It reviews any material non-compliance with suchframeworks, policies, procedures and systems, considers technical developments in relevant fields, and provides strategic guidance on their impact. The core areas of focus for the Committee include, amongst other items: • Health and safety: the Committee oversees the implementation of a recognised safety and health management system, reviews compliance and performance audits and monitors the Group’s response to regulatory instructions. It closely reviews reports on injuries, incidents, and accidents and ensures that management responds to these appropriately. • Social: the Committee monitors the implementation and performance of community and social investment projects, evaluates the Group’s organisational culture, oversees stakeholder engagement and reviews Group initiatives to promote diversity. It reviews engagements with the workforce, including trade unions. • Environmental: the Committee considers the impact of climate-related risks and opportunities on the Group’s business and strategy, monitors the implementation of the Group’s Environmental Management Policy and reviews periodic environmental reports. It oversees the quality of the Group’s reporting to stakeholders and evaluates compliance and performance through the results of audits. It ensures the Company’s sustainability approach aligns with the United Nations Sustainable Development Goals (SDGs). • Performance, risk management and reporting: the Committee assesses the Group’s performance on decisions affecting employees, communities and stakeholders and monitors grievance mechanisms and their effectiveness. It approves sustainability and ESG objectives and Key Performance Indicators (KPIs), and reviews performance against such objectives and KPIs. It ensures subsidiaries have systems torecord and report statistical data for legal and regulatory purposes, meeting high assurance standards. It provides oversight through monitoring material risks related to safety, health, social and environmental matters and communicates them to the Audit and Risk Committee. Finally, the Committee oversees and reviews the Group’s public disclosures on health, safety and sustainability matters. We acknowledge that this Year we had a number of challenges that impacted on performance, however the health and safety of Petra employees remains a priority. Thesafeguarding of the environment for future generations and the interests of our communities and stakeholders are core to Petra’s licence to operate. The Committee ensures that the Board is fully apprised of any issues which may impact Petra’s licence tooperate. Lerato Molebatsi SHS Committee Chair Members of the SHS Committee 1 Lerato Molebatsi – Committee Chair and iNED Bernard Pryor – Senior iNED 1 Varda Shine and Richard Duffy served as members of the Committee during FY 2025 until they stepped down from the Board, on 13 November 2024 and 17February 2025 respectively. CORPORATE GOVERNANCE REPORT / CONTINUED 94 Petra Diamonds Limited Annual Report and Financial Statements 2025 Committee discussions in FY2025 The Committee met four times in FY2025. At each meeting, the Committee reviewed, as standing agenda items, the following: Health and safety • Group performance in relation to safety, occupational health and employee wellness, including reviewing the Group’s performance against safety and health KPIs • Significant changes in the Group’s safety risk, with this risk being a principal risk of the Group • Summaries of the Group’s LTIs, NLTIs, dangerous occurrences and HPIs • Occupational disease and dust monitoring data • Regulatory instructions issued by the DMRE • GISTM compliance progress Sustainability • Group performance in relation to social and environmental matters, including performance against social and environmental KPIs • Movement in principal risks relating to Licence to Operate (regulatory, social impact and community relations) Labour Relations, the Environment and Climate Change, with these risks being deemed principal risks of the Company • Monitoring progress made in reducing GHG Scope 1 & 2 emissions by 35-40% by 2030 (against its 2019 base line) andour Net Zero 2050 target • Petra’s performance against its SLP projects, including LocalEconomic Development spending • Amendments and updates to key legislation relating tosustainability, including, for example, South Africa’s Employment Equity Act and Mining Charter • Changes in union membership • Implementation and monitoring of performance in respect ofthe Petra Culture Code, including suggested actions • Updates on Group performance in respect of diversity, including diversity initiatives conducted by Petra • Performance of Petra’s multi-stakeholder engagement forums, including a quantitative and qualitative assessment of Petra’s stakeholder engagements • Grievances registered with Petra’s operational grievance mechanisms • Training and development and community training spend • Illegal miner incursions at the Williamson mine, involving security personnel at the mine and actions to improve security at the mine, noting that going forward this will be the responsibility of the new owner • Implementation of the IGM at Williamson, including, amongst others, updates on the IGM’s progress in resolving the grievances lodged and the key findings of the Independent Monitors’ biannual reviews of the IGM and actions being taken to address these • Implementation of the Restorative Justice Projects at Williamson In addition to the standing agenda items, the Committee also reviewed and discussed the following matters during FY2025: • Restructurings: the Committee monitored the implementation and organisational impact of retrenchments across Petra’s operations (Cullinan Mine, Finsch and Group), including impacts on workforce morale, safety and employment equity targets • Mining Charter reporting: the Committee reviewed Petra’s Mining Charter and Social Labour Plan annual submissions to the DMPR, including Petra’s scoring against its reporting criteria • Safety performance and campaigns: While Petra remained fatality-free for 8 consecutive years (15 million shifts), the Committee closely reviewed a rise in LTIFR and NLTIFR metrics, largely due to reduced man-hours post-restructuring. Safety campaigns, increased management presence, and seasonal awareness efforts were supported across operations • Industry recognition: The Committee was briefed on the accolades that Petra Diamonds’ Operations received at the prestigious Mine Safe awards. The Committee noted and wasvery proud of Cullinan Mine and Finsch for receiving awards– Cullinan Mine received the top Honour for Best Safety Performance in Class (Diamond Mines), while Finsch was recognised with three awards for Most Improved Safety Performance; Best Performance in Occupational Medicine andBest Performance in Occupational Hygiene for a second consecutive year • Tuberculosis (TB) outbreak: The Committee received updates on a TB outbreak at Finsch, and endorsed Petra’s swift containment actions, which included suspension of contractor teams, extensive testing (over 340 individuals), and collaboration with health authorities to manage and limit the impact of the outbreak which started with a non-occupational TB case • GISTM compliance: the Committee regularly reviewed Petra’s progress in implementing the Global Industry Standard on Tailings Management (GISTM) • Revision of policies: the Committee reviewed changes to the Group’s Workplace Harassment, Bullying, Victimisation and Gender Based Violence policy • Sustainability Report and TCFD Statement: the Committee reviewed and approved the FY2024 Sustainability Report andTCFD disclosures in the FY2024 Annual Report • Contractor management: the Committee raised with management ways in which the safety performance of contractors at the Cullinan and Finsch mines could be furtherenhanced • ISO certification: the Committee reviewed the ISO certification of each of the Group’s operations • Integrated Mine Closure: the Committee received updates onthe Group’s approach to integrating mine closure within life-of-mine planning 95 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE • Enterprise and Supplier Development (ESD): The Committee discussed risks to ESD delivery due to cost-cutting measures and contracting strategy changes. Ongoing monitoring and mitigation planning were endorsed • Critical controls review: the Committee reviewed the Group’s critical controls in relation to Significant Unwanted Events and the implementation plan in relation thereto • Legislative monitoring: The Committee was briefed on proposed amendments to the Mine Health and Safety Act, including the introduction of corporate manslaughter provisions. Petra’s engagement through the Minerals Counciland its own legal review process was endorsed Lerato Molebatsi Safety, Health and Sustainability Committee Chair 16October 2025 CORPORATE GOVERNANCE REPORT / CONTINUED 96 Petra Diamonds Limited Annual Report and Financial Statements 2025 Report of the Investment Committee Members of the Investment Committee 1 José Manuel Vargas – Committee Chair andNon-Executive Chair Bernard Pryor – Senior iNED Deborah Gudgeon – iNED Lerato Molebatsi – iNED The Investment Committee’s mandate is to monitor the Company’s capital allocation decisions taking into account theinterests of the Company andall its stakeholders. José Manuel Vargas Investment Committee Chair I am pleased to present the report of the Investment Committee (the Committee) for the Financial Year ended 30 June 2025. Mandate and responsibilities The Committee was established following the capital restructuring completed in March 2021 to support robust governance over significant capital allocation decisions. TheCommittee is responsible for: • Considering and approving capital expenditure and investment proposals between US$7.5 million and US$15.0 million; • Recommending proposals above US$15.0 million to the Board; • Reviewing disposals of material assets; • Monitoring the progress of major capital projects, including post-implementation reviews; • Approving internal capital governance processes and recommending group-wide capital expenditure and investment policies. The Committee continues to exercise its mandate with a focus on capital discipline, value optimisation, and strategic alignment and strategic alignment in line with our capital allocation framework Committee composition and meetings As at the date of this report, the Committee comprises: • José Manuel Vargas – Committee Chair and Non-Executive Chair • Bernard Pryor – Senior Independent Non-Executive Director • Deborah Gudgeon – Independent Non-Executive Director • Lerato Molebatsi – Independent Non-Executive Director The Committee met formally once during FY2025. Given thecomposition of the Board and the overlap of Committee membership, relevant matters were also discussed at Board levelthroughout the year. Progress on life extension projects Following the revised life-of-mine (LOM) plans approved in FY2024, the Committee oversaw significant progress at both theCullinan Mine and Finsch, where execution continued on life-extension capital projects that had previously been partially deferred due to market constraints. Cullinan Mine At Cullinan Mine, FY 2025 marked continued execution of its capital projects in line with the updated life-of-mine and capital development profiles announced at the Investor Day in June 2024. • CC1E execution progressing well, with production commencing from CC1E towards the end of FY 2025, ramping up during FY2026. • Further optimisation of the capital profile at Cullinan Mine resulting in infrastrucutre related savings in the latter part ofthe guidance period. • C-Cut Ext 1&2 development on track as per the revised life ofmine plan. 1. Varda Shine and Richard Duffy served as members of the Committee during FY 2025 until they stepped down from the Board, on 13 November 2024 and 17February 2025 respectively. 97 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE CORPORATE GOVERNANCE REPORT / CONTINUED These developments support the continued build-up of high- grade production tonnes and improve operational flexibility. TheCommittee unanimously recommended to the Board the updated capital development profile of the previously approved life extension projects. The updated capital profile results in an indicative capital spend of c. US$148 million to US$160 million inFY 2026 money terms for the guidance period of FY 2026 - FY2030. Finsch FY 2025 saw a major shift at Finsch, both with shifting theoperations from a continuous operation to a two shift configuration. FY 2025 also marked the re-start of capital development at Finsch following capital deferrals in the previousfinancial year. • Shift System optimisation: A revised shift cycle was introduced across operations and projects, which materially improved equipment reliability and system stability. • 81L (recovery level): Infrastructure development was completed to enable early production. • 86L development: Development commenced on Phase 1 ofthe new 3-Level SLC (LB5), with all breakaways initiated asplanned. • LB5 mining sequence redesign: The Committee noted the adoption of a phased development and production approach to optimise resource deployment during the build-up phase. • 78L Phase 2: Fully implemented and contributing production. These activities are critical to sustaining production and unlocking value from the deeper orebody, consistent with therevised life-of-mine plan. The Committee unanimously recommended to the Board the updated capital development profile of the previously approved life extension projects. The updated capital profile results in an indicative capital spend of c. US$118 million to US$128 million inFY 2026 money terms for the guidance period of FY 2026 - FY2030. Disposal of the Williamson mine In line with its oversight responsibilities for material asset disposals, the Committee reviewed and recommended to theBoard for approval the divestment of Petra’s interest in the Williamson mine in Tanzania. The Company’s strategic focus informed the decision on optimising its core South African asset base, enhancing capital efficiency, and reducing operational and jurisdictional complexity. This was also reflected in the decision to sell Koffiefontein, which concluded at the start of the Year. The Committee evaluated the commercial terms of the disposal, the anticipated proceeds, and the potential future liabilities associated with legacy matters. It further considered the strategic rationale, including the transaction’s alignment with Petra’s capital allocation priorities and deleveraging objectives. Following due consideration, the Committee concluded that the disposal would support the long-term financial and operational focus of the Group and provide balance sheet flexibility to support reinvestment in the Cullinan Mine and Finsch life extension programmes. Governance and capital discipline Throughout FY2025, the Committee maintained oversight ofproject performance through internal investment progress schedules, reviewed key post-implementation learnings, and ensured alignment with Petra’s capital governance framework. All major projects remained within approved parameters and nomaterial deviations were noted. Looking ahead In FY2026, the Committee’s focus will remain on disciplined capital execution and risk-managed implementation of the Cullinan Mine and Finsch life extension programmes. The Committee will also continue to monitor future growth options, including further phases of CC1E and C-Cut at Cullinan Mine andthe potential development of the 92–100L block at Finsch. The Committee reaffirms its commitment to ensuring that Petra’s capital allocation decisions support long-term value creation for shareholders and sustainable benefits for all stakeholders. José Manuel Vargas Investment Committee Chair 16October 2025 98 Petra Diamonds Limited Annual Report and Financial Statements 2025 Letter from the Remuneration Committee Chair Members of the Remuneration Committee Bernard Pryor – Committee Chair and Senior iNED Deborah Gudgeon – iNED Lerato Molebatsi – iNED We remain committed to a remuneration framework that supports performance, reinforces accountability, and reflects the evolving needs of the business. Bernard Pryor Remuneration Committee Chair Key highlights • Vivek Gadodia and Juan Kemp were appointed as Joint Interim CEOs following the departure of Richard Duffy during February 2025. The Committee has reduced the annual bonus and PSP opportunities of the Joint Interim CEOs to recognise the interim and shared nature of the roles. • Richard Duffy’s leaving arrangements were in-line with the Directors’ Remuneration Policy and took into account the upcoming restructuring of Petra’s debt. • Recognising the continued operational and financial challenges over the past two Years, Management, with support from the Board, decided to defer a decision on the payment of annual bonuses for FY 2025 until after successful conclusion of the Group’s debt refinancing, expected to conclude in Q4 CY 2025. • Similarly, the Board also deferred a decision on the vesting ofthe FY 2023 to FY 2025 awards until after the refinancing ofthe Group’s debt. At that point the Board will consider the underlying financial and non-financial performance of the Group over the vesting period, in relation to a potential vestingpercentage. • The Committee is proposing to introduce the Warrant Incentive Plan, designed in consultation with a working group of bond holders to incentivise the delivery of long-term share price growth. Dear shareholder, As Chair of the Remuneration Committee (the Committee) I am pleased to present our Directors’ Remuneration Report for the financial year ended 30 June 2025. CEO transition On 17 February 2025 Vivek Gadodia and Juan Kemp were appointed Joint Interim Chief Executive Officers, following Richard Duffy’s departure as Chief Executive Officer and Director. Vivek has responsibility for all Group corporate matters and Juan has responsibility for all Group operational matters. Vivek and Juan have been appointed with total fixed pay of $325,000 each, which is c.58% below Richard’s total fixed payinrecognition of the joint and interim nature of their roles. Inaddition, the Committee has set their annual bonus and PSP opportunities at 125% of base salary, below the normal executive director opportunities of 150% of salary. They were not appointed as Directors. After almost six years as Chief Executive Officer, Richard Duffy resigned by mutual agreement on 17 February 2025. Richard’s remuneration arrangements take into account the upcoming restructuring of Petra’s debt that matures in March 2026. Furtherdetails on Richard’s leaving arrangements are set outonpage 105. CFO transition As disclosed in the FY2024 Annual Report, Jacques Breytenbach resigned as Chief Financial Officer and Director for personal reasons and stepped down on 30 September 2024. Full details of his departure arrangements were disclosed in the FY2024 Annual Report. 99 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Remuneration outturns for FY2025 Recognising the continued operational and financial challenges over the past two Years, Management, with support from the Board, decided to defer a decision on the payment of annual bonuses for FY 2025 until after successful conclusion of the Group’s debt refinancing, expected to conclude in Q4 CY 2025. The FY2023 PSP awards are due to vest at 26.7% of maximum in respect of the three year period ending in FY2025. This modest outturn reflects that share price appreciation targets were not met but that there was some achievement against the operational and sustainability performance targets over the three years. Further details are provided on page 104. Similarly, the Board alsodeferred a decision on the vesting of the FY 2023 to FY2025 awards until after the refinancing of the Group’s debt. Atthat point the Board will consider the underlying financial and non-financial performance of the Group over the vesting period, in relation to a potential vesting percentage The Committee considers that the Remuneration Policy operated as intended in respect of FY2025. Implementation of the Policy for FY2026 The Board have agreed that any decisions on increases to theSenior Management and Non-Executive Directors’ fees aredeferred until after completion of the debt refinancing in Q4CY2025. The average fixed pay increase for the South African workforce was c. 5-6% in local currency for FY2025. Management, with agreement from the Board, will redesign the FY 2026 annual short term incentive plan to align the plan more closely to shareholder value creation. It is expected that the revised plan will be implemented soon after conclusion of the planned refinancing of the Group’s debt. Further details are onpage 112. Similarly, the Board will revisit the design of the current PSP framework, which is expected to be implemented after the conclusion of the planned refinancing of the Group’s debt. TheCommittee continue to recognise the importance of responsible ESG management, and as such ESG metrics mayform part of both the annual bonus and PSP for FY 2026. Taking into account the current share price a cap will operate onoutturns to guard against windfall gains. Further details areonpage 105. Introduction of Warrant Incentive Plan The Committee is proposing to introduce the Warrant Incentive Plan as part of the Refinancing agreed with certain financial stakeholders. Subject to approval, this plan will allow the granting of warrants to the Joint Interim CEOs and the Company Chair and has been designed, in consultation with a working group of bond holders to incentivise the delivery of long-term share price growth. The plan rules and an updated Directors’ Remuneration Policy will both be subject to shareholder approval. A summary of the plan rules is set out in the Rights Issue Prospectus and the Remuneration Policy is set out on pages 112-118 of this Annual Report. The warrants will have an exercise price of 35p and will vest one-third at each anniversary of the completion of the FY2026 Refinancing, with one-third vesting on completion oftheRefinancing, the second third on the first anniversary ofthe Refinancing and the last third on the second anniversary. The warrants will have an exercise period of four years from grant and will be subject to malus and clawback provisions forfive years from grant. 2025 Annual General Meeting Last Year the Committee was pleased to note that 100% of shareholders voted in favour of the Directors’ Remuneration Report. I would like to take this opportunity to thank shareholders for their continued support. Bernard Pryor Remuneration Committee Chair 16October 2025 CORPORATE GOVERNANCE REPORT / CONTINUED 100 Petra Diamonds Limited Annual Report and Financial Statements 2025 This report explains how the Company’s Directors’ Remuneration Policy was implemented during FY2025 and how the Directors’ Remuneration Policy (as set out on pages 112-118 of the 2025 Annual Report) will be applied for FY2026: Overview of policy and how it will be applied for FY2026 Salary Influenced by role, individual performance, experience and market positioning. The Joint Interim CEOs have been appointed with total fixed pay of US$325,000 each. This amount covers their salary, flexible benefits and pension. The base salaries shown below reflect their individual choices around their flexible benefits: • Joint Interim CEO: Vivek Gadodia – US$302,000 (FY 2025: US$302,000) • Joint Interim CEO: Juan Kemp – US$298,000 (FY 2025: US$298,000) Taking into account their recent appointment, the Committee determined that the Joint Interim CEOs would not be eligible for a salary increase for FY 2026. For reference, the average fixed pay increase forthe workforce in South Africa for FY 2026 is around 5-6% in local currency. Benefits Provision of an appropriate level of benefits for the relevant role and local market. The Joint Interim CEOs’ total fixed pay covers both their pension and other benefits. The Joint Interim CEOs may elect to participate in the Company’s defined contribution pension scheme in line with the wider workforce. They also receive Group life, disability and critical illness insurance. Annual bonus Linked to key financial, operational, ESG and strategic goals of the Company, which reflect critical factors of success. Taking into account the nature of the roles, the Joint Interim CEOs are eligible for a reduced maximum bonus opportunity for FY2026 of 125% of salary. Management, in agreement with the Board, will redesign the FY 2026 annual short term incentive plan toalign the plan more closely to shareholder value creation. It is expected that the revised plan will be implemented soon after conclusion of the planned refinancing of the Group’s debt. Annual bonus will be subject to a clawback provision, which may apply for up to two years following theend of the performance period. Performance Share Plan Aligned with shareholders and motivating the delivery of long-term objectives. Taking into account the nature of the roles, the Joint Interim CEOs will be granted a reduced PSP award for FY2026 of 125% of salary. Similar to the annual bonus, the Board will revisit the design of the current PSP framework, which is expected to be implemented after the conclusion of the planned refinancing ofthe Group’s debt. The Committee continue to recognise the importance of responsible ESG management, and as such ESG metrics may form part of both the annual bonus and PSP for FY 2026. PSP awards are subject to a two year holding period post-vesting to further align executive remuneration to shareholder interests. The PSP is subject to a clawback provision, which applies for up to two years following the end of the relevant performance period. Warrant Incentive Plan Incentivise delivery of long-term share price growth. The Joint Interim CEOs and Company Chair would be granted 11.25 million warrants. The warrants willhave an exercise price of 35p and will vest one-third at each anniversary of the completion of theFY2026 Refinancing. The warrants will have an exercise period of four years from grant and will besubject to a malus and clawback provision. Shareholding guidelines Aligned with shareholders. Shareholding guidelines of 200% of salary. Post-employment shareholding requirements apply. Directors’ Remuneration Report 101 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE The following table provides details of how the Remuneration Policy addresses the factors set out in Provision 40 of the 2018 UK Corporate Governance Code: Clarity Remuneration arrangements should be transparent and promote effective engagement with shareholders and the workforce. The Committee is mindful of ensuring that our remuneration arrangements are clear and transparent for both participants and shareholders. Simplicity Remuneration structures should avoid complexity and their rationale and operation should be easy to understand. Petra’s remuneration framework is simple, consisting of fixed remuneration, an annual bonus and a single Long Term Incentive Plan. Risk Remuneration arrangements should ensure reputational and other risks from excessive rewards, and behavioural risks that can arise from target-based incentive plans, are identified and mitigated. The Committee takes risk factors into account when setting and assessing remuneration arrangements. The performance framework includes a balanced range of measures which include operational, financial and ESG measures. The remuneration framework provides the Committee with discretion to adjust incentive outturns or to clawback remuneration in certain circumstances. Proportionality The link between individual awards, the delivery of strategy and the long-term performance of the Company should be clear. Outcomes should not reward poor performance. In order to align Executive pay with performance, two of the overarching principles of our Policy are that remuneration packages should be weighted towards performance-related pay and that performance targets should be suitably demanding. The Committee has a track record of applying discretion to amend awards where they do not consider them to be appropriate in the context of performance. Alignment to culture Incentive schemes should drivebehaviours consistent withCompany purpose, values and strategy. The Company’s values, purpose and culture are reflected in remuneration outcomes. Salary increases for Executives typically take account of the wider workforce. Pension benefits are aligned to the workforce. Both the annual bonus and PSP include metrics linked to Petra’s ESG and sustainability strategy, including health, safety, social and environmental performance. Single figure of total remuneration The following table gives a breakdown of the remuneration received by the Executive Directors and the Joint Interim CEOs for FY2025 and FY2024. Although the Company’s reporting currency is US Dollars, these figures are stated in Pounds Sterling for the outgoing Directors and US Dollars for the new Joint Interim CEOs so as to be aligned with the Directors’ and officers’ service contracts. Vivek Gadodia Joint Interim Chief Executive Officer 1 Juan Kemp Joint Interim Chief Executive Officer 1 Richard Duffy Former Chief Executive Officer 2 Jacques Breytenbach Former Chief Financial Officer 2 2025 US$ 2024 US$ 2025 US$ 2024 US$ 2025 £ 2024 £ 2025 £ 2024 £ Salary 113,264 – 111,659 – 299,744 479,590 213,153 319,730 Benefits 3,6 4,574 – 5,433 – 47, 853 59,702 93,950 27,715 Retirement benefits 3 4,037 – 4,783 – – – 8,089 12,106 Total fixed remuneration 121,875 – 121,875 – 3 47, 597 539,292 315,192 359,551 Annual bonus – paid in cash – – – – – – – – Long-term incentives 4,5 – – – – – 71,567 – 47,711 Total variable remuneration – – – – – 71,567 – 47,711 Total 121,875 – 121,875 – 3 47,597 610,859 315,192 407, 262 1. Mr Gadodia and Mr Kemp were appointed as Joint Interim Chief Executive Officer effective 17 February 2025 to 30 June 2025 and the table reflects their 2025 remuneration in theseroles for the period. They both report into the Board and lead Petra’s Executive Committee but were not appointed as Executive Directors. Their base cost is US$ dollars ofUS$325,000 respectively. 2. Mr Duffy resigned as Chief Executive Officer on 17 February 2025 and Jacques Breytenbach resigned as Chief Financial Officer on 30 September 2024. The figures in the table abovereflect remuneration to their respective departure dates. Included in the salary values for FY 2025 are leave payout on resignation. 3. The Joint Interim CEOs receive total fixed pay of US$325,000 each. This amount covers their salary, flexible benefits and pension and the allocation shown in the table above reflects their individual choices. Other than membership of the Group management life insurance scheme (which includes disability and critical illness), the Joint Interim CEOs are not provided with any further benefits and may elect, at their own discretion, to participate in the Company’s defined contribution pension scheme that applies to the Group’s South African workforce, limited to 7.5% of salary. 4. As explained in the Remuneration Committee Chair’s statement, the Board decided to defer a decision on the payment of annual bonuses for FY 2025 and on the vesting of the FY2023 to FY 2025 PSP until after completion of the Refinancing. As a result, amounts are not included in the single figure table. 5. The performance period for the FY2022 PSP awards granted on 12 January 2022 ended on 30 June 2024. The awards vested at 22.3% of maximum. The values included in the table above are based on the share price on the date of vesting (27 September 2024) of 27.1 pence. As this is below the share price at grant, none of the amounts in the table above are attributable to share price appreciation. Note that as the FY2022 PSP awards vested after the FY2024 Annual Report was published, the amounts used in the FY2024 Annual Report were based on the three-month volume weighted average share price to 30 June 2024 of 42.6 pence, rather than the share price on the day of vesting (27 September 2024) which was 27.1 pence. 6. Richard Duffy and Jacques Breytenbach received payments in respect of accrued but untaken annual leave. Richard Duffy received £37,628 and Jacques Breytenbach received £85,197. DIRECTORS’ REMUNERATION REPORT / CONTINUED 102 Petra Diamonds Limited Annual Report and Financial Statements 2025 Additional notes to the remuneration table Salary The Joint Interim CEOs have been appointed with total fixed pay of US$325,000 each. This amount covers their salary, flexible benefits and pension. The base salaries shown below reflect their individual choices around their flexible benefits: Base salaryfrom 1 July 2024 £ Base salaryfrom 1 July 2025 US$ Vivek Gadodia (Joint Interim CEO from 17 February 2025) N/A 302,000 Juan Kemp (Joint Interim CEO from 17 February 2025) N/A 298,000 Richard Duffy (CEO until 17 February 2025) 479,590 N/A Jacques Breytenbach (CFO until 30 September 2024) 319,730 N/A Taking into account their recent appointment, the Committee determined that the Joint Interim CEOs would not be eligible for a salary increase for FY 2026. For reference, the average fixed pay increase for the workforce in South Africa for FY 2026 is around 5-6% in local currency. Benefits The Joint Interim CEOs’ total fixed pay covers both their pension and other benefits. Other than membership of the Group management life insurance scheme (which includes disability and critical illness), the Joint Interim CEOs are not provided with any further benefits and may elect, at their own discretion, to participate in the Company’s defined contribution pension scheme that applies to the Group’s South African workforce. Annual bonus The annual bonus plan is designed to reward and incentivise performance over the financial year. The bonus framework uses a balanced scorecard approach, linked to the financial, operating and strategic objectives of the Company (with a weighting of 70% of the bonus award), and individual strategic performance measures with a weighting of 30%. The maximum bonus for the Executive Directors for delivery of exceptional performance is capped at 150% of base salary. Neither of the former Executive Directors were eligible for an annual bonus in respect of FY2025. The Joint Interim CEOs were eligible for a reduced maximum bonus opportunity for FY2025 of 125% of salary. Although some progress was made against our annual targets during the Year, Management has decided to defer a decision on the payment of the annual bonus in respect of FY 2025 for all participants until after the completion of the Group’s debt refinancing. This decision takes into account the ongoing focus on cost savings as well as the recent shareholder experience. Although the decision has been deferred, in the interests of transparency, the following table sets out the key scorecard targets and the Group’s performance against those targets. The Committee and the Board have considered the retrospective disclosure of targets and have disclosed targets where this is not considered to be commercially sensitive. Performance metrics Performance and targets Scorecard weighting Vesting outcome Operational efficiencies and profitability (including free cashflow generation, carat production, capex and cost management) Threshold Target Maximum FY2025 performance Weighting Free Cash Flow (US$m) 55.8 62 68.2 27.9 50% Capex (outof10) 6 8 10 9 20% 70% 13.8% Sustainability measures (including health, safety, social and environmental performance) Threshold Target Maximum FY2025 performance Weighting LTIFR 1 0.24 0.21 0.18 0.28 10% TIFR 0.60 0.52 0.44 0.74 5% Energy intensity per tonne (kWh/t) 2 50.3 47.9 43 .1 51.14 5% Water intensity per tonne (m 3 /t) 2 0.41 0.39 0.35 0.52 5% Social Performance 2 R29.5m R33.2m R36.9m R113.9 m 5% 1. The outcome of the health and safety measures for FY2025 was also subject to maintaining zero fatalities for the Year, which was achieved. 2. Theoutcome for the environmental measures was also subject to there being no major environmental incidentsandthe outcome for the social measures was also subject to there being no major social incidents. 30% 5% Indicative Bonus Award – Group Scorecard (70% weighting) 100% 18.8% Indicative Bonus Award to Joint Interim CEOs – Group Scorecard Contribution 70% 13.16% 103 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Annual bonus for FY2026 For FY2026, the Joint Interim CEOs will be eligible for a reduced Executive Director maximum bonus opportunity of 125% of salary. The Committee will continue to use a scorecard framework to determine annual bonuses. Management, with agreement from the Board, will redesign the FY 2026 annual short term incentive plan to align the plan more closely to shareholder value creation. Itisexpected that the revised plan will be implemented soon after conclusion of the planned refinancing of the Group’s debt. Long-term incentives – Performance Share Plan Annual long-term share awards are granted under the Performance Share Plan, approved at the 2021 AGM, with vesting conditional on the achievement of both shareholder return and operational measures. FY2023 to FY2025 award – vesting outcome The long-term incentive outturn post-Period end relates to the awards granted under the PSP in respect of FY2023 subject to performance measures assessed over three years. These awards were linked to absolute share price growth (30%), to cashflow generation and net debt (30%), to sustainability performance (15%) and to operational performance and efficiencies (25%). Following the end of the performance Period, the Committee assessed performance achieved against the pre-determined measures and targets. Total shareholder return (30%) Performance measure Weighting 25% of elementvests 1 100% of elementvests Actual performance Absolute share price growth 30% 50% 100% Below threshold 0% vested Vesting outcome for this element 0% out of 30% 1. No portion of an element vests for performance below this threshold level. Cashflow generation and net debt (30%) Weighting 25% of elementvests 1 100% of elementvests Actual performance Operational free cashflow 15% US$110.6m US$271.7m -US$28.6m Net debt/(Net cash): EBITDA ratio 15% 1.0x -0.2x 9.7x Vesting outcome for this element 0% out of 30% 1. No portion of an element vests for performance below this threshold level. Sustainability performance (15%) Performance measure Weighting 25% of elementvests 1 100% of elementvests Actual performance GHG 2030 execution roadmap with milestones 15% 10% 15% 15% Vesting outcome for this element 15% out of 15% 1. No portion of an element vests for performance below this threshold level. Operational performance and efficiencies (25%) Weighting 25% of elementvests 1 100% of elementvests Actual performance Cumulative tonnes treated (million) 8.75% 37.3 43.5 33.6 Cumulative carats recovered (million) 8.75% 9.8 11.5 8.3 Opex and capex efficiencies 7.5% 6 10 7 Vesting outcome for this element 3.3% out of 25% Overall indicative vesting outcome for FY2023 to FY2025 awards 18.3% out of 100% 1. No portion of an element vests for performance below this threshold level. Opex and capex efficiencies were measured considering an assessment of actual progress of the four life extension projects currently underway in the Group (being the CC1-East SLC and C-Cut Extension projects at Cullinan Mine, and the 78-Level Phase 2 and 90-Level SLC projects at Finsch) measured against approved project schedules, cost performance considering achieved progress ofthese extension projects and operational cost efficiencies against approved budgets over the three year period. The impact of theFY2024 decisions to defer capital projects and reduce operating costs were included in the measurements. Further details ofperformance at each site are set out in the Operational Review on pages 12-17. The Board deferred a final decision on the vesting outcome until after the successful completion of the Group’s Refinancing. DIRECTORS’ REMUNERATION REPORT / CONTINUED 104 Petra Diamonds Limited Annual Report and Financial Statements 2025 FY 2025 awards The Joint Interim CEOs’ PSP awards have been set at a reduced level of 125% of salary (from 150% for the previous Executive Directors). Their FY 2025 awards are subject to the performance conditions as disclosed in last Year’s Directors’ Remuneration Report. FY2026 awards For FY2026, the Joint Interim CEOs will continue to be granted PSP awards at the reduced level of 125% (from 150% for the previous Executive Directors) of salary. Taking into account the current share price, the Committee decided that it would be appropriate to operate a cap on PSP outturns, so that the maximum share price growth in respect of the award at vesting cannot exceed 200% of the market value of a share at grant. Similar to the annual bonus, the Board will revisit the design of the current PSP framework, which is expected to be implemented after the conclusion of the planned Refinancing. The Committee continue to recognise the importance of responsible ESG management, and as such ESG metrics may form part of both the annual bonus and PSP for FY 2026. Warrant Incentive Plan- FY 2026 onwards As outlined in the Remuneration Committee Chair’s statement, it is proposed that the Joint Interim CEOs and the Company Chair are granted 11.25 million warrants in order to incentivise the delivery of long-term share price growth and create alignment with shareholders. The warrants will have an exercise price of 35p and will vest one-third at each anniversary of the completion of the FY 2026 Refinancing. The warrants will have an exercise period of four years from grant and will be subject to malus and clawback provisions for five years from grant. CEO departure Richard Duffy resigned as Chief Executive Officer and Director of the Company by mutual agreement on 17 February 2025. Mr Duffy’s leaving arrangements were in-line with the Directors’ Remuneration Policy and were tailored to recognise the refinancing of Petra’s debt that matures in early 2026. The payment of Mr Duffy’s payment in lieu of notice, if payable, has been deferred until 8 March 2026, and any vesting of share awards is contingent on a successful Refinancing. The arrangements are described in more detail below. In the event that, by 8 March 2026, a successful Refinancing has not occurred, or insolvency proceedings have commenced: • All share awards that were outstanding at departure would lapse. • Mr Duffy would receive a payment in lieu of notice of £527,549 which is equivalent to his basic salary and benefits allowance for the12 month period to 16 February 2026. The amount would be payable as a lump sum and would not be subject to mitigation reflecting that the payment would be after the end of Mr Duffy’s 12 month notice period. In the event of a successful Refinancing prior to 8 March 2026: • Mr Duffy has agreed to waive his entitlement to a payment in lieu of notice. • Mr Duffy would retain all outstanding share awards. PSP awards would vest at the normal time subject to time pro-rating and performance conditions. Where applicable, awards would be subject to a holding period so that no shares may be sold for 6 months from the date of the Refinancing. The maximum number of PSP share awards that could vest following time pro-rating is2,426,859 and the maximum value at the year-end share price would be c.£358,000. Taking into account the current tracking ofperformance conditions the current estimate value would be significantly below this. In either case Mr Duffy was not eligible for an annual bonus in respect of FY2025. In addition, Mr Duffy received a payment in lieu of untaken holiday of £37,628 and a contribution to legal fees of less than £5,000. Mr Duffy will be expected to maintain a minimum shareholding for two years following ceasing to be an Executive Director. CFO departure As disclosed last Year, Jacques Breytenbach resigned as Chief Financial Officer for personal reasons and stepped down on30September 2024. In addition, Mr Breytenbach received £85,197 in lieu of untaken holiday. Full details of his departure arrangements were disclosed in the FY2024 Annual Report. 105 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Non-Executive Director remuneration The Chair receives a fixed fee for all services. The other NEDs receive a fixed basic fee for their normal services rendered and fees for other responsibilities such as the chairing of Committees and the Senior Independent Non-Executive Director. All fees are payable in cash. Independent NEDs do not participate in the Company’s bonus arrangements, share schemes or pension plans, and for FY2025 (in accordance with the Company’s normal policy), did not receive any other remuneration from the Company outside ofthefee policy outlined above. The annual fees for the NEDs remain unchanged for FY2026 and are as follows: Fee from 1 July 2024 £ Fee from 1 July 2025 £ Chair of the Board of Directors 179,550 150,000 Basic NED fee 58,200 58,200 Additional NED fees Senior Independent Non-Executive Director 11,40 0 11,400 Chair of the Audit and Risk Committee 11,40 0 11,400 Chair of the Remuneration Committee 11,40 0 11,400 Chair of the Sustainability, Health and Safety Committee 11,40 0 11,400 Single figure of total remuneration The following table gives a breakdown of the remuneration received by the iNEDs for FY2025 and FY2024. Although the Company’s reporting currency is US Dollars, these figures are stated in Pounds Sterling so as to be aligned with the Directors’ service contracts. Year Fees £ Benefits £ Total £ José Manuel Vargas 1 Chair of the Board of Directors (from 13 November 2024) 2025 111,750 – 111,750 2024 2 9,10 0 – 29,100 Bernard Pryor 2 Senior iNED, Remuneration Committee Chair and Nomination Committee Chair 2025 81,000 – 81,000 2024 7 7,984 – 77,984 Deborah Gudgeon iNED and Audit and Risk Committee Chair 2025 69,600 – 69,600 2024 71,434 – 71,434 Lerato Molebatsi 3 iNED and Safety, Health and Sustainability Committee Chair 2025 69,600 – 69,600 2024 70,684 – 70,684 Former NEDs Varda Shine 4 Chair of the Board of Directors (until 13 November 2024) 2025 74,813 – 74,813 2024 147,84 0 – 147,84 0 1. José Manuel Vargas was appointed to the Board as non-independent Non-Executive Director with effect from 1 January 2024. He was appointed as Chair of the Board with effect from 13 November 2024. 2. Bernard Pryor was appointed as the Senior Independent Non-Executive Director on 14 November 2023. He was appointed as Chair of the Remuneration Committee with effect from 1January 2024. He was also appointed as Chair of the Nomination Committee with effect from 13 November 2024. He also served as the Chair of the Health and Safety Committee until 31 December 2023. 3. Lerato Molebatsi was appointed the Chair of the Safety, Health and Sustainability Committee with effect from 1 January 2024. She also served as the Chair of the Sustainability Committee until 31 December 2023. 4. Varda Shine retired from the Board with effect from 13 November 2024. DIRECTORS’ REMUNERATION REPORT / CONTINUED 106 Petra Diamonds Limited Annual Report and Financial Statements 2025 Directors’ shareholding and share interests It is the Company’s policy that the Joint Interim CEOs hold a meaningful number of Petra shares. The guideline is to build and maintain a minimum of two years’ basic salary. A number of years from the date of appointment to reach this shareholding will normally be set. The Committee may review the time horizon over which the Joint Interim CEOs are expected to meet their shareholding guideline. The share interests of the Directors and Joint Interim CEOs as at 30 June 2025 (or the date of standing down from the Board) are detailed below. Shareholding as at 30 June 2025 Shareholding as at 30 June 2024 Shareholding guideline 1 NEDs José Manuel Vargas 2 Chair 22,458,525 17,000,000 N/A Bernard Pryor Senior iNED 13,000 13,000 N/A Deborah Gudgeon iNED – – N/A Lerato Molebatsi iNED – – N/A Joint Interim CEOs Vivek Gadodia 3 Joint Interim Chief Executive Officer 12,19 9 – N/A Juan Kemp 4 Joint Interim Chief Executive Officer 27,916 – N/A Former EDs Richard Duffy 5 Chief Executive Officer 1,128,8 48 879,993 N/A Jacques Breytenbach 6 Chief Financial Officer 531,731 419,747 N/A Former NEDs Varda Shine 7 Chair 57,426 24,755 N/A 1. Shareholding guidelines for executive directors of 200% of salary based on the three-month VWAP. 2. During FY 2025, Jose Manuel Vargas purchased 5,458,525 shares. The majority of the shares are held beneficially through an entity called JOSIVAR Sarl. 3. During FY 2025, Vivek Gadodia had 12,199 shares vest in respect of the FY 2022 to FY 2024 PSP award. 4. During FY 2025, Juan Kemp had 27,916 shares vest in respect of the FY 2022 to FY 2024 PSP award. 5. During FY 2025, Richard Duay purchased 80,879 shares, and he had 167,976 shares vest in respect of the FY 2022 to FY 2024 PSP award. 6. During FY 2025, Jacques Breytenbach had 111,984 shares vest in respect of the FY 2022 to FY 2024 PSP award. 7. During FY 2025, Varda Shine purchased 32,671 shares. Post-employment shareholding guidelines Executive Directors are expected to maintain a shareholding for a period of two years post cessation of employment. The expected shareholding will be the lower of the Executive Directors’ shareholding guideline of two years’ basic salary or their actual relevant shareholding at the date of termination if lower. This requirement will only apply to shares delivered from incentives from the date ofthe new Policy. The Committee may, in exceptional circumstances, allow an Executive Director to reduce this holding guideline to50% after at least one year from the date of cessation. 107 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Directors’ and Joint Interim CEOs’ interests As at 30 June 2025, the Directors’ and Joint Interim CEOs’ interests in share plans of the Company were as follows: Breakdown of share plan interests as at 30 June 2025 Shares Options Unvested and subject to performance 1 Vested share awards subject to holding period 2 Unvested and not subject to performance 3 Vested but not exercised Lapsed in theYear Former Executive Directors Richard Duffy (until 17 February 2025) 2,426,859 367,0 9 4 141,672 nil nil Jacques Breytenbach (until 30 September 2024) nil 266,721 253,028 nil nil 1. This comprises awards made in respect of FY2023, FY2024 and FY2025 under the Company’s PSP. 2. This comprises awards made in respect of FY2020and FY2023 under the Company’s PSP. 3. This comprises outstanding deferred share awards in respect of FY2021 to FY2023. 4. For Richard Duffy amounts are shown as at his departure on 17 February 2025 and for Jacques Breytenbach amounts are shown as at his departure on 30 September 2024. As at 30 June 2025, Executive Directors and Joint Interim CEOs held the following interests in the PSP: Date of award Outstanding at 1 July 2024 Awarded during the Year Vested during the Year Lapsed during the Year Outstanding at 30 June 2025 Performance period 6 Richard Duffy 12/01/2022 1 753,255 – 167,976 753,255 nil FY2022–FY2024 14/12/2022 2 1,236,688 – – 151, 201 1,085,487 FY2023–FY2025 18/10/2023 3 1,075,998 – – 489,893 586,105 FY2024–FY2026 17/01/2024 3 358,475 – – 163,211 195,264 FY2024–FY2026 25/09/2024 7 – 2,654,558 – 2,094,555 560,003 FY2025–FY2027 Total 3,424,416 2,654,558 16 7,976 3,652,115 2,426,859 Jacques Breytenbach 12/01/2022 1,6 502,170 – 111,984 390,186 nil FY2022–FY2024 14/12/2022 2,6 618,344 – – 618,344 nil FY2023–FY2025 18/10/2023 3,6 717,3 4 0 – – 717,3 4 0 nil FY2024–FY2026 17/01/2024 4,6 238,986 – – 238,986 nil FY2024–FY2026 Total 2,076,840 – 111,984 1,964,856 nil 1. The performance measures applicable to the awards consist of: (a) absolute TSR (one-third); (b) cashflow generation and net debt (one-third); and (c) operational performance and efficiencies (one-third). The closing share price on 12 January 2022 was 74 pence; the 60-day VWAP used to determine these awards was 86.5 pence. Post Year-end, these awards vested at 22.3%. 2. The performance measures applicable to the awards consist of: (a) absolute TSR (15%); (b) relative TSR (15%); (c) cashflow generation and net debt (30%); and (d) operational performance and efficiencies (25%). The closing share price on 14 December 2022 was 94.5 pence; the 30-day VWAP to 16 November used to determine these awards was 110.8 pence. 3. The performance measures applicable to the awards consist of: (a) absolute TSR (15%); (b) relative TSR (15%); (c) cashflow generation and net debt (30%); (d) operational performance and efficiencies (25%); and (e) ESG and sustainability (15%). The closing share price on 17 October 2023 was 51.7 pence; the 30-day VWAP to 17 October used to determine these awards was 66.9 pence. 4. The performance measures applicable to the awards consist of: absolute TSR (100%). The 30-day VWAP to 17 October used to determine these awards was 66.9 pence. 5. Performance periods with respect to operational performance metrics are measured on respective financial years’ results, whilst the relevant TSR measurements are based on returns from date of award to date of final vesting. 6. Following Jacques Breytenbach’s resignation, effective 30 September 2024, the FY2022 – FY2024 awards vested normally during September 2024 at 22.3%, subject to the two-year post-termination holding period. The balance of unvested awards for FY2022 – FY2024 will lapse, as will all outstanding awards for FY2023 – FY2025 and FY2024 – FY2026. 7. The performance measures applicable to the awards consist of: (a) absolute TSR (30%); (b) cashflow generation and net debt (55%); and (c) ESG and sustainability (15%). Richard Duffy’s award was granted on 25 September 2024. The closing share price on 25 September 2024 was 28.1 pence; the 30-day VWAP to 23 September 2024 used to determine these awards was 27.1 pence. Vivek Gadodia and Juan Kemp’s awards in their roles as Joint Interim Chief Executive Officers were granted on 17 February 2025. The closing share price on 17 February 2025 was 24.0 pence, the 30-day VWAP to 17 February 2025 used to determine these awards was 28.0 pence. External non-executive directorships None of the Company’s Joint Interim CEOs hold a directorship at another listed company. DIRECTORS’ REMUNERATION REPORT / CONTINUED 108 Petra Diamonds Limited Annual Report and Financial Statements 2025 Other disclosures Performance graph The graph below shows a comparison between the TSR for Petra shares for the ten-year period to 30 June 2025 and the TSR for the companies comprising the FTSE 350 Mining Index over the same period. This index has been selected to provide a relevant sector comparator to Petra. The TSR measure is based on a 30 day trading average. The Company’s share price was impacted by the Company’s capital restructuring which completed in 2021 and this impact is show in the graph below. TSR – BASED ON 30 TRADING DAY AVERAGE 0 50 100 150 200 250 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022 Jun 2023 Jun 2024 Jun 2025 Petra Diamonds FTSE 350 Mining Index Source: DataStream Table of historical data for the Chief Executive Officer The table below provides historical comparable remuneration data for the Chief Executive Officer over the last ten financial years. FY2016 FY2017 FY2018 FY2019 1 FY2020 Johan Dippenaar Richard Duffy Single figure of total remuneration (£) 1,137, 521 545,687 550,801 449,172 145,222 384,256 Annual bonuses as a % of maximum 55.0% 11.4% 17.6% 23.7% 29.6% 0.0% Long-term incentives (PSP vesting) asa% of maximum 55.0% 24.9% 17.5% 16.6% n/a n/a Long-term incentives (LTSP vesting) asa % of maximum 42.3% n/a n/a n/a n/a n/a FY2021 FY2022 FY2023 FY2024 FY2025 3 Richard Duffy Vivek Gadodia Juan Kemp Single figure of total remuneration (£) 805,629 1,038,240 996,672 610,859 347,597 121,875 121,875 Annual bonuses as a % of maximum 58.9% 78.6% 55.3% 0.0% 0% 0% 0% Long-term incentives (PSP vesting) asa% of maximum n/a 40.9%2 31.2% 22.3% 0% n/a n/a Long-term incentives (LTSP vesting) asa % of maximum n/a n/a n/a n/a n/a n/a n/a 1. Johan Dippenaar departed effective 31 March 2019 and the table reflects his remuneration (excluding payment in lieu of notice) for the nine-month period to date of his departure.Richard Duffy joined as Chief Executive Officer effective 1 April 2019 and the above table reflects his remuneration for the three-month period to 30 June 2019. 2. The vesting outcome for FY2022 reflects the percentage vesting for FY2020 to FY2022 PSP awards only. In addition, Richard Duffy was granted a PSP award equivalent to ca.40%of salary on appointment. Vesting of this award was subject to the Company achieving a consolidated net debt:consolidated EBITDA ratio of not more than 2.5 times fortheYearended 30 June 2022. This was achieved and the award vested in full. 3. Richard Duffy departed effective 17 February 2025 and the table reflects his remuneration (excluding payment in lieu of notice) for the 7.5-month period to date of his departure. VivekGadodia and Juan Kemp were appointed as Joint Interim CEOs effective 17 February 2025 and the above table reflects their remuneration for the 4.5-month period to 30June2025. 109 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE DIRECTORS’ REMUNERATION REPORT / CONTINUED Annual percentage change in remuneration of the Directors The following table sets out the annual percentage change in salary, benefits and bonus in respect of each Director, the Joint Interim CEOs and the average for the Company’s employees (on a full-time equivalent basis). FY2021 Year-on-year change in pay FY2022 Year-on-year change in pay FY2023 Year-on-year change in pay FY2024 Year-on-year change in pay FY2025 Year-on-year change in pay Salary Benefits Bonus Salary Benefits Bonus Salary Benefits Bonus Salary Benefits Bonus Salary Benefits Bonus Average Company employee 2.4% 0% 100% 10.1% 7.0 % 25.7% 17. 0 % 15.0% (22%) 5.0% 4.0% (28%) (5%) (13%) (75%) Joint Interim CEOs Vivek Gadodia Joint Interim Chief Executive Officer (from17February 2025) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Juan Kemp Joint Interim Chief Executive Officer (from17February 2025) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Executive Directors Richard Duffy Chief Executive Officer (stepped down 17February 2025) 0.0% 1 0.6% 100% 17.3% 21.2% 31.3% 5.0% 5.0% (26.1%) 5.0% 5.0% (100%) 0% 0% 0% Jacques Breytenbach Chief Financial Officer (stepped down 30 September 2024) 0.0% 1 0.6% 100% 9.4% 13.0% 20.8% 5.0% 5.0% (25.9%) 5.0% 5.0% (100%) 0% 0% 0% Non-Executive Directors José Manuel Vargas Non-Executive Chair (appointed 13November2024) n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% n/a n/a 284% n/a n/a Bernard Pryor Senior iNED (appointed 14 November 2023) 18.4% 3 n/a n/a (15.0%) 4 n/a n/a 7. 3 % n/a n/a 0% n/a n/a 4% n/a n/a Deborah Gudgeon iNED (appointed 1July2021) n/a n/a n/a n/a n/a n/a 5.6% n/a n/a 0% n/a n/a (2%) n/a n/a Lerato Molebatsi iNED (appointed 3April2023) n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% n/a n/a (2%) n/a n/a Varda Shine Non-Executive Chair (stepped down 13November 2024) 33.0% 2 n/a n/a 3.8% n/a n/a 7.4% n/a n/a 0% n/a n/a n/a n/a n/a 1. The base salaries for Richard Duffy and Jacques Breytenbach of £370,800 and £265,200 respectively remained unchanged during FY2021 and FY2020. 2. Varda Shine assumed the role of Senior Independent Director on 17 November 2020. 3. Bernard Pryor received an additional fee of £10,000 in FY2021 as Chair of the Tunajali Committee. 4. Bernard Pryor ceased to receive a fee as Chair of the Tunajali Committee when it was disbanded in May 2021 which explains the reduction in his fees for FY2022 compared to FY2021. Relative importance of spend on pay The following table sets out the percentage change in payments to shareholders and overall expenditure on pay across the Group. FY2025 US$m FY2024 US$m Change % Payments to shareholders nil nil 0% Group employment costs 87 97 -10% 110 Petra Diamonds Limited Annual Report and Financial Statements 2025 Service contracts Director Role Date current engagementcommenced Expiry of current term Notice period by Companyor Director Executive Directors Mr Duffy Chief Executive Officer 1 April 2019 17 February 2025 2 12 months Mr Breytenbach Chief Financial Officer 19 February 2018 30 September 2024 3 12 months Joint Interim CEOs Mr Gadodia Joint Interim Chief Executive Officer 17 February 2025 N/A 6 months Mr Kemp Joint Interim Chief Executive Officer 17 February 2025 N/A 6 months Non-executive Directors José Manuel Vargas Non-Executive Chair 1 January 2024 31 December 2026 1 month Varda Shine Non-Executive Chair 14 November 2023 13 November 2024 1 1 month Bernard Pryor Senior Independent Non-Executive Director 14 November 2023 31 December 2024 1 month Deborah Gudgeon Independent Non-Executive Director 1 July 2024 30 June 2027 1 month Lerato Molebatsi Independent Non-Executive Director 3 April 2023 2 April 2026 1 month 1. Varda Shine stepped down from the Board with effect from 13 November 2024. 2. Richard Duffy stepped down from the Board with effect from 17 February 2025. 3. Jacques Breytenbach stepped down from the Board with effect from 30 September 2024. Membership of the Committee The Committee members for FY2025 were Bernard Pryor, Deborah Gudgeon and Lerato Molebatsi. The Committee is responsible for determining on behalf of the Board and shareholders: • The Company’s general policy on the remuneration of the Executive Directors, the Chair and the Senior Management team • The total individual remuneration for the Chair, Executive Directors and Senior Management including base salary, benefits, performance bonuses and share awards • The design and operation of the Company’s share incentiveplans • Performance conditions attached to variable incentives • Service contracts for Executive Directors • Oversight of Group-wide workforce remuneration The full Terms of Reference for the Remuneration Committee have been approved by the Board and are available on the Company’s website at www.petradiamonds.com/about-us/ corporate-governance/board-committees. Where appropriate, the Chair and Executive Directors attend Committee meetings to provide suitable context regarding the business. Individuals who attend meetings do not participate in discussions which determine their own remuneration. External advisers The Committee engages the services of Deloitte LLP (Deloitte) toprovide independent advice to the Committee relating to remuneration matters. Deloitte is a member of the Remuneration Consultants Group and, as such, voluntarily operates under the code of conduct in relation to executive remuneration consulting in the UK. The Committee is satisfied that the advice it has received from Deloitte during the Year has been objective and independent. The fees paid to Deloitte for work carried out in FY2025 for the Committee totalled £62,200 (FY2024: £39,800) and were based on a time and materials basis. During the Year, Deloitte also provided unrelated tax and generaladvisory services to the Company. BDO LLP remains theGroup’sauditors. Statement of shareholder voting The voting outcomes for the FY2024 Directors’ Remuneration Report and the FY2023 Directors’ Remuneration Policy Report were as follows: For % for Against % against Total votes cast Withheld 2024 Directors’ Remuneration Report 142,246,798 100.00% 1,612 0.00% 142,248,410 226 2023 Directors’ Remuneration Policy Report 128,932,971 98.03% 2 ,587,621 1.97% 131,520,592 1,013 Bernard Pryor Remuneration Committee Chair 16October 2025 111 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Directors’ Remuneration Policy Directors’ Remuneration Policy The following section sets out the Group’s Remuneration Policy (the Policy). As a Bermuda-incorporated company, Petra is not subjectto the UK disclosure regulations. However, the Remuneration Committee continues to recognise the importance of good governance and therefore we are resubmitting our Policy to shareholders to formalise the adoption of the Warrant Incentive Plan (WIP). It is intended that this Policy will be put forward to shareholders for approval at the Special General Meeting held on or around 6November 2025 (the SGM) and will thereafter come into immediate effect following the SGM. Remuneration principles Petra’s culture is performance driven. We have a management team that is highly experienced within the specialist world of diamond mining, which therefore brings unique skills to bear. Against this background, our approach to remuneration is guided by the following overarching principles: • The employment terms for Executive Directors and Senior Management are designed to attract, motivate and retain high calibre individuals who will drive the performance of the business. The Group competes for talent with major mining companies and we aim for packages to be competitive in this market • Remuneration packages should be weighted towards performance-related pay • Performance measures should be tailored to Petra’s strategic goals, and targets should be demanding • Share-based reward should be meaningful – the Committee believes long-term share awards provide alignment with the long-term interests of shareholders and the Company • Remuneration structures should take into account best practice developments, but these should be applied in a manner that isappropriate for Petra’s industry and specific circumstances • Remuneration alignment with equitable culture throughout the workforce Review process and changes to the Policy The Remuneration Policy is being updated to include the WIP as set out in the shareholder prospectus published in the coming days. There are no other substantive changes to the Policy. Input was received from the Committee’s independent advisers. Input was also received from the Company’s management, whilst ensuring that any conflicts of interest were suitably mitigated. Fixed remuneration Salary Purpose and link to strategy • To attract and retain Executive Directors of the calibre required by the business • This is a core element of the remuneration package Operation • The base salaries for Executive Directors are determined by the Committee taking into account a range of factors including: – the scope of the role – the individual’s performance and experience – positioning against comparable roles in other mining companies of similar size and complexity • Base salaries are normally reviewed annually with changes effective from the start of the financial year on 1 July Maximum opportunity • In determining salary increases, the Committee is mindful of general economic conditions and salary increases for the broader Company employee population • More significant increases may be made at the discretion of the Committee in certain circumstances, including (but not limited to): – where an individual’s scope of responsibilities has increased – where, in the case of a new Executive Director who is positioned initially on a lower starting salary, an individual has gained appropriate experience in the role – where the positioning is out of step with salary for comparable roles in the market 112 Petra Diamonds Limited Annual Report and Financial Statements 2025 Benefits Purpose and link to strategy • To provide market competitive benefits Operation • Benefit policy is to provide an appropriate level of benefit for the role taking into account relevant market practice • Under the current arrangements, Executive Directors may receive: – a benefits allowance of 10% of salary in respect of both benefits and pension – group life, disability and critical illness insurance • Executive Directors may use a portion of their benefit allowance to contribute to the Company’s defined contribution pension plan up to the maximum contribution in line with the wider workforce, funded from the benefits allowance • The Committee retains the discretion to provide reasonable additional benefits based on individual circumstances (e.g. travel allowance and relocation expenses for new hires, or pension arrangements) Maximum opportunity • The benefit provision will be set at an appropriate level taking into account the cost to the Company and the individual’s circumstances Annual bonus Purpose and link to strategy • To motivate and reward performance measured against annual key financial, operational and strategic goals of the Company, which reflect critical factors of success • Deferred element of the annual bonus ensures that part of the value of payments earned remains aligned to the Company’s share price, thus creating alignment with the shareholder experience Operation • Short-term annual incentive based on performance during the financial year • A proportion of the award earned for a financial year will normally be deferred into shares • Deferred shares may accrue dividend equivalents • In exceptional circumstances, where delivery of the deferred element of the bonus in shares is deemed by the Company to be impractical for any reason (e.g. due to exchange control or other regulatory restrictions) cash equivalents linked to the share price provide alignment with shareholders. In the event that awards are, exceptionally, delivered as cash the amount would normally be used to purchase shares • Awards will be subject to malus and clawback provisions Maximum opportunity • Maximum award of up to 150% of base salary Performance measures • The amount of bonus earned is based on performance against financial, operational, strategic andpersonal measures • The Committee reviews the performance measures annually and sets targets to ensure that they arelinked to corporate priorities and are appropriately stretching in the context of the business plan • Prior to determining bonus outcomes, the Committee considers performance in the round to ensure that actual bonuses are appropriate. The Committee retains the discretion to amend the formulaic outcome if considered appropriate and to ensure fairness to both shareholders and participants • Any amounts deferred into shares, normally for a period of two years, will be subject to continuing employment, but not to any further performance measures 113 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Performance Share Plan Purpose and link to strategy • To motivate and reward for the delivery of long-term objectives in line with the business strategy • To create alignment with the shareholder experience and motivate long-term objectives Operation • Awards of conditional shares (or equivalent) which will normally vest based on performance over aperiod of three years • Awards are normally subject to a two-year post vesting holding period • Awards may accrue dividend equivalents • Where delivery in shares is deemed by the Company to be impractical for any reason (e.g. due to exchange control regulations) cash equivalents linked to the share price provide alignment with shareholders • Awards will be subject to malus and clawback provisions Maximum opportunity • Maximum award of up to 200% of salary Performance measures • Vesting is normally based on performance against financial, operational and strategic measures • The Committee determines targets each year to ensure that targets are stretching and represent value creation for shareholders, while remaining motivational for management • The Committee retains the discretion to amend the formulaic outcome if considered appropriate andto ensure fairness to both shareholders and participants • The Committee has additional discretion to make downward adjustments in the event thatasignificant increase in the share price leads to potentially excessive rewards Warrant Incentive Plan Purpose and link to strategy • To motivate and reward for the delivery of long-term share price growth Operation • Warrants will normally vest over a two-year vesting period in three equal tranches with one third vesting at the completion of the FY2026 refinancing (the Refinancing), the first anniversary of the Refinancing and the second anniversary of the Refinancing • Warrants will have an exercise price of 35p per share • Warrants may be satisfied in whole or in part by a cash payout as an alternative to the issue or transfer of shares or by a transfer of Shares with a value equal to the gain (without payment of theexercise price) • Warrants will be subject to malus and clawback provisions Maximum opportunity • Maximum award of up to 200% of salary Performance measures • The maximum number of shares in respect of which warrants may be granted under the WIP is16million. The individual grant maximums are as follows: – up to 3.75 million warrants to the Joint-Interim Chief Executive Officer Vivek Gadodia; – up to 3.75 million warrants to the Joint-Interim Chief Executive Officer Juan Kemp; and – up to 3.75 million warrants to the Non-Executive Chair José Manuel Vargas. Shareholding guidelines It is the Company’s policy that each of the Executive Directors holds a meaningful number of Petra shares. The guideline is to build and maintain a minimum of two years’ basic salary for the applicable Director. A number of years from the date of appointment to reach this shareholding will normally be set. Post employment shareholding guidelines Executive Directors will normally be expected to maintain a minimum shareholding for two years following ceasing to be an ExecutiveDirector. DIRECTORS’ REMUNERATION POLICY / CONTINUED 114 Petra Diamonds Limited Annual Report and Financial Statements 2025 Notes to the Remuneration Policy table Performance measures for incentives The performance measures and targets for the annual bonus and PSP awards to Executive Directors are intended to be closely aligned with the Company’s short-term and long-term objectives. The intention is to provide a direct link between reward levels, performance and the shareholder experience. While the Committee has flexibility to adjust the performance measures used over thecourse of the Policy, the following broadly summarises the performance measures currently used: Cashflow generation • One of the key performance measures for Executive Directors is the generation of cashflow Costs and capex control • Petra remains focused on managing costs and profitability. Cost management and capital expenditure measures form part of the annual bonus and PSP metrics Production • Carat production and product mix are at the core of Petra’s strategy. These measures are therefore embedded in the performance measurement framework Corporate and ESG • Corporate and strategic priorities including health, safety and ESG measures are explicitly included as part of the annual bonus and PSP framework, reflecting Petra’s commitment to corporate responsibility Total shareholder return • Share awards are linked to value created for shareholders by measuring both relative and absolute total shareholder return (TSR) Malus and clawback provisions In line with best practice, the vesting of deferred bonus, PSP awards and WIP awards is subject to malus and clawback provisions. The malus provision enables the Committee to exercise discretion to reduce, cancel or impose further conditions on an award prior tovesting or exercise (as the case may be). The clawback provision enables the Committee to require participants to return some orall of an award after payment or vesting. Both provisions may be applied in circumstances including: • a serious misstatement of the Company’s audited results • gross misconduct • payments based on erroneous data • a serious failure of risk management • any other circumstance that the Committee considers to be similar in nature or effect to the above ILLUSTRATION OF APPLICATION OF THE REMUNERATION POLICY ($) 32% 100% 11% 19% 38% 1,642,242 1,455,992 22% 20% 23% 23% 34% 25% 26% 27% 0 500,000 1,000,000 1,500,000 2,000,000 Minimum Mid Maximum + share price growth (50%) Maximum 325,000 1,008,992 32% 100% 11% 19% 38% 1,654,742 1,465,992 22% 20% 23% 23% 34% 26% 26% 26% Minimum Mid Vivek Gadodia Juan Kemp Maximum 325,000 1,012,992 Maximum + share price growth (50%) Fixed remuneration Annual Bonus PSP WIP 115 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE DIRECTORS’ REMUNERATION POLICY / CONTINUED The above charts have been compiled using the following assumptions: Fixed remuneration Fixed remuneration as at 1 July 2025. Variable remuneration • Annual bonus: maximum award of up to 125% of salary • PSP: FY 2026 conditional awards are being made at 125% of annual salary • WIP: The WIP value is based on the number of warrants to be granted to the Interim Chief Executive Officers in FY 2026 of 3.75 million warrants. Under the disclosure requirements, the first three performance scenarios in the chart above exclude share price appreciation; warrants have therefore been valued using a Black-Scholes option pricing model using assumptions aligned to the expected life of the warrants. This results in a value of 45% of the assumed share price at grant. • The amounts shown in the minimum, mid and maximum scenarios do not take into account share price growth. The amounts in all scenarios do not take into account receipt of dividend equivalents Performance scenarios Minimum Fixed remuneration only. Mid Fixed remuneration plus variable pay for the purpose of illustration as follows: • Annual bonus: assumes a bonus pay-out of 30% of maximum • PSP: assumes vesting of 50% of maximum • WIP: valued using a Black-Scholes option pricing model. Maximum Fixed remuneration plus variable pay for the purpose of illustration as follows: • Annual bonus: assumes a bonus pay-out of 100% of maximum • PSP: assumes vesting of 100% of maximum • WIP: valued using a Black-Scholes option pricing model. Maximum + share price growth (50%) Fixed remuneration plus variable pay for the purpose of illustration as follows: • Annual bonus: assumes a bonus pay-out of 100% of maximum • PSP: assumes vesting of 100% of maximum plus 50% share price growth • WIP: valued using a Black-Scholes option pricing model. Recruitment policy The Committee’s key principle when determining appropriate remuneration arrangements for a new Executive Director (appointed from within the organisation or externally) is to ensure that arrangements are in the best interests of both Petra and its shareholders, without paying more than is considered necessary by the Committee to recruit an executive of the required calibre to develop and deliver the business strategy. Fixed pay Salary and benefits would be determined within the bounds of the future policy table above. Variable pay The UK regulations require the identification of a maximum level of variable pay which may be granted onrecruitment (excluding any buy-out arrangements). The maximum level of variable pay (bonus, long- term incentives and the WIP) for a new recruit will be consistent with the policy table on pages 112-115 and above. Within these limits and where appropriate the Committee may tailor the incentives (e.g. timeframe, form and performance criteria) based on the commercial circumstances at the time of recruitment. Buy-outs The Committee may need to buy out remuneration forfeited on joining Petra. In such circumstances, theCommittee will seek to ensure any buy-out is of comparable commercial value and is capped as appropriate. The quantum, form and structure of any buy-out arrangement will be determined by the Committee taking into account the terms of the forfeited arrangements (e.g. form of award, timeframe, performance criteria, likelihood of vesting, etc.). The buy-out may be structured as an award of cash or shares; however, where appropriate, the Committee will normally seek to make awards under the existing incentive plans. Non-Executive Directors On the appointment of a new Non-Executive Chair or Non-Executive Director, the fees will be consistent with the policy set out on pages 112-115 and above. 116 Petra Diamonds Limited Annual Report and Financial Statements 2025 Executive Director service contracts and policy on payment for loss of office When determining leaving arrangements for an Executive Director, the Committee takes into account any contractual agreements including the provisions of any incentive arrangements, typical market practice and conduct of the individual. The Committee may also make any payments by way of compromise or settlement of any claim arising in connection with an Executive Director’s cessation. Any such payments may include amounts in respect of accrued leave and any other professional or legal fees in connection with the cessation. Notice period The Executive Director service contracts are terminable by 12 months’ written notice on either side and contain non-compete and non-solicitation clauses (dealing with customers/clients and non-solicitation of Directors or senior employees restrictions following termination). Payment in lieu of notice In the event of termination by the Company of an Executive Director’s employment, the contractual remuneration package (incorporating base salary and benefits including any legal and professional fees), reflecting the 12-month notice period, would normally be payable. Annual bonus The Executive Director may, at the discretion of the Committee, remain eligible to receive an annual bonus for the financial year in which they ceased employment. Such a bonus will be determined by theCommittee taking into account time in employment and performance. PSP ‘Good leavers’ (e.g. ill health or injury) If a participant is deemed to be a good leaver, unvested awards will usually continue until the normal vesting date, unless the Board determines that the award will vest sooner (e.g. at the time of departure). For PSP awards any vesting will normally take account of any performance targets and, unless the Board determines otherwise, the time elapsed since the award was granted. The Board will determine the extent to which any post vesting holding period will continue to apply. ‘Bad leavers’ If a participant is deemed to be a bad leaver, unvested awards will lapse. WIP ‘Good leavers’ (e.g. ill health or injury) If a participant is deemed to be a good leaver, unvested warrants will usually continue until the normal vesting date, unless the Board determines that the warrant will vest sooner (e.g. at the time of departure). Unless the Board determines otherwise, any vesting will normally take account of the time elapsed since the warrant was granted compared to 24 months. Warrants will normally remain exercisable untilthe date that is six months after the date of cessation of employment or such later date within thefour-year exercise period as may be determined by the Board. ‘Bad leavers’ If a participant is deemed to be a bad leaver, unvested warrants will lapse. Remuneration Policy for Non-Executive Directors The remuneration of the independent Non-Executive Directors, with the exception of the Chair, is determined by the Chair and the Executive Directors; the remuneration of the Chair is determined by the Committee. Directors are not involved in any decisions as to their own remuneration. The table below sets out the Remuneration Policy with respect to the Non-Executive Directors. Independent Non-Executive Directorsdo not participate in the Company’s bonus arrangements, share schemes or pension benefit plans. Any new independent Non-Executive Director will be treated in accordance with this Policy. Approach to setting fees Opportunity The fees for Non-Executive Directors are set at a level which is considered appropriate to attract individuals with the necessary experience and ability to oversee the business. Fees are reviewed periodically, typically annually. Judgement is used and consideration is given to a number of internal and external factors including responsibilities, market positioning, inflation and pay increases for the broader Company employee population. Travel and other reasonable expenses (including fees incurred inobtaining professional advice in the furtherance of their duties andany associated taxes) incurred in the course of performing theirduties may be reimbursed to Non-Executive Directors. Where appropriate, benefits may be provided such as private medical cover and annual medical assessment. The fee opportunity reflects responsibility and time commitment. Additional fees are paid for additional time commitments or for further responsibilities including but not limited to being a Chair ofaBoard Committee. The value of benefits provided will be reasonable in the market context and take account of the individual circumstances and benefits provided to comparable roles. The current Chair, José Manuel Varga, will be eligible to participate in the WIP in line with the policy table. 117 Petra Diamonds Limited Annual Report and Financial Statements 2025 CORPORATE GOVERNANCE Legacy arrangements The Committee may approve payments outside of the Remuneration Policy in order to satisfy any legacy arrangements agreed prior to the adoption of this Policy or made to a Director prior to (but not in contemplation of) appointment to the Board. Incentive plan discretions All incentive awards are subject to the terms of the relevant plan rules under which the award was granted. In particular, the operation of the PSP and the WIP will be governed by the shareholder approved rules of each plan including all discretions therein. The Committee may adjust or amend awards in accordance with the provisions of the plan rules. This includes making adjustments toawards to reflect corporate events, such as a change in the Company’s capital structure. The Committee may adjust the weightings and measures under the annual bonus and PSP. The Committee retains the discretion toexclude operational, strategic or personal measures. The Committee may adjust the calibration of performance measures and vesting outcomes, or substitute or amend any vesting condition. The Committee retains the discretion to amend the formulaic outcome if considered appropriate and to ensure fairness toboth shareholders and participants, including both upwards and downwards discretion. In the event of a change of control of the Company, the Committee may determine the extent to which any PSP award will vest, takinginto account the extent to which any performance condition has, in the Board’s opinion, been satisfied, the period of time thathas elapsed since the award was granted, and such other factors the Board deems relevant. Deferred awards will normally vestin full ona change of control, unless the Committee determines otherwise. PSP and deferred bonus awards may be exchanged for an equivalent award in the acquiring company. Warrants under the WIP will vest in accordance with the WIP rules. The Committee may review the time horizon over which the Executive Directors are expected to meet their shareholding guideline. Minor changes The Committee may make minor amendments to the Remuneration Policy to aid its operation or implementation without seeking shareholder approvals (e.g. for regulatory, exchange control, tax or administrative purposes). Remuneration elsewhere in the Company When assessing remuneration, the Committee takes care to ensure that pay levels reflect roles and responsibilities. The Committee also takes care to ensure that packages for senior individuals are appropriate in comparison to the remuneration of other employees within the Company, whilst still supporting delivery of Petra’s corporate objectives. Remuneration arrangements throughout the organisation are based on similar reward principles. Shareholder engagement The Committee believes that it is very important to maintain open dialogue with shareholders on remuneration matters. TheCommittee consulted with the Company’s major shareholders in the development of the Group’s Remuneration Policy. DIRECTORS’ REMUNERATION POLICY / CONTINUED 118 Petra Diamonds Limited Annual Report and Financial Statements 2025 Directors’ Responsibilities Statement Directors’ responsibilities The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable laws and regulation. Company law requires the Directors to prepare consolidated financial statements for each financial year. Under that law, the Directors have elected to prepare the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. In preparing the consolidated financial statements, the Directors are required to: • Select suitable accounting policies and then apply them consistently • Make judgements and accounting estimates that are reasonable and prudent • State whether they have been prepared in accordance with IFRS as adopted by the European Union, subject to any material departures disclosed and explained in the consolidated financial statements • Prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business The Directors are responsible for keeping proper accounting records that are sufficient to ascertain with reasonable accuracy atany time the financial position of the Group and to ensure that the consolidated financial statements comply with the Bermuda Companies Act 1981 (as amended). They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Website publication The Directors are responsible for ensuring the Annual Report and the Financial Statements are made available on a website. Financial Statements are published on the Company’s website in accordance with legislation in Bermuda and the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance andintegrity of the Company’s website is the responsibility of the Directors. The Directors’ responsibility also extends to the ongoing integrity of the Financial Statements contained therein. Directors’ responsibilities pursuant to DTR4 In accordance with Chapter 4 of the Disclosure and Transparency Rules issued by the Financial Conduct Authority in the United Kingdom the Directors confirm to the best of their knowledge: • The Group’s Financial Statements, prepared in accordance with IFRS as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit and loss of the Group • The Annual Report includes a fair review of the development and performance of the business and the financial position of theGroup, together with a description of the principal risks and uncertainties that it faces Fair, balanced and understandable The Directors consider that the Annual Report and the Financial Statements, taken as a whole, is fair, balanced and understandable and provide the information necessary for shareholders to assess Petra’s position, performance, business model and strategy, as well as the principal risks and uncertainties which could affect the Group’s performance. Auditors As far as each of the Directors are aware at the time this report was approved: • There is no relevant available information of which the auditors are unaware • They have taken all steps that ought to have been taken to make themselves aware of any relevant audit information and toestablish that the auditors are aware of that information In accordance with Section 89 of the Bermuda Companies Act 1981 (as amended), a resolution to confirm the re-appointment ofBDOLLP as auditors of the Company is to be proposed at the 2025 AGM to be held in late November 2025. The Financial Statements were approved by the Board of Directors on 16October 2025 and are signed on its behalf by: Deborah Gudgeon Non-Executive Director 16October 2025 119 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS Independent Auditor’s Report TO THE MEMBERS OF PETRA DIAMONDS LIMITED Opinion on the financial statements In our opinion: • the financial statements give a true and fair view of the state of the Group’s affairs as at 30 June 2025 and of the Group’s loss for the year then ended; • the Group financial statements have been properly prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union; and • have been prepared in accordance with the requirements ofthe Bermuda Companies Act 1981. We have audited the financial statements of Petra Diamonds Limited (the ‘Parent Company’) and its subsidiaries (together ‘theGroup’) for the year ended 30 June 2025 which comprise the Consolidated Income Statement, the Consolidated Statement of Other Comprehensive Income, the Consolidated Statement ofFinancial Position, the Consolidated Statement of Cashflows, the Consolidated Statement of Changes in Equity and notes to the financial statements, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRS) as adopted by the EuropeanUnion. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Ourresponsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion. Independence We remain independent of the Group in accordance with the ethicalrequirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Material uncertainty related to going concern We draw attention to Note 1.1 to the financial statements, which explains that the refinancing of the Senior Secured Bank Debt and 2L Notes, while now advanced and de-risked by the lock-up agreement, backstop agreement, Absa commitment agreement, and planned rights issue, is not yet fully concluded and is not within the control of the Directors. Furthermore, persistent market volatility may exert further pressure on pricing and covenant headroom. As stated in Note 1.1, these events or conditions, along with other matters as set forth in Note 1.1, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Thefinancial statements do not include any adjustments that would be necessary if the Group were unable to continue as a going concern. Our opinion is not modified in respect of this matter. Given the material uncertainty noted above and our risk assessment, going concern was considered to be a key audit matter. In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Group’s ability to continue to adopt the going concern basis of accounting and in response to the key audit matter included the following: • Evaluating the Directors’ base case cashflow and covenant forecasts, including the Directors’ assumptions in respect of diamond prices, production, operating costs, foreign exchange rates and capital expenditure. In doing so, we considered historic performance, trading to date, external market data, andthe extent to which risks and uncertainties have been appropriately considered and reflected in the forecasts. Additionally, we benchmarked the Directors’ base case cashflow forecast to the life of mine models, given they areused as the basis of the underlying data in the Directors’ base case cashflow forecast. • We obtained and reviewed the Directors’ downside sensitivities scenarios in respect of strengthening of the South African Rand exchange rate against the US Dollar, decrease in diamond prices, decrease in production and a combination of these scenarios, to model the potential impact of covenant breaches. • We made inquiries of the Directors on the progress of the refinancing of the Group’s Revolving Credit Facility and 2L Notes, and the planned rights issue. We reviewed documentation relating to the refinancing including RNS announcements, indicative refinancing term sheets, signed Absa commitment agreement, and signed backstop and lockup agreements. • We considered the adequacy of the going concern disclosures in Note 1.1 against the requirements of the relevant accounting standards, and our knowledge and understanding of the underlying business. In relation to the Parent Company’s reporting on how it has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to: • the Directors’ statement in the financial statements about whether the Directors considered it appropriate to adopt thegoing concern basis of accounting. • the directors’ identification in the financial statements of the material uncertainty related to the Group’s ability to continue as a going concern over a period of at least twelve months from the date of approval of the financial statements. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. 120 Petra Diamonds Limited Annual Report and Financial Statements 2025 Overview 2025 2024 Key audit matters KAM 1 The risk that the life of mine estimates are inappropriate, and assets require impairment. The risk that the life of mine estimates are inappropriate, and assets require impairment. KAM 2 Going concern. Going concern. Materiality Group financial statements as a whole $2.5m (2024: $4.5m) based on 1.25% (2024: 1.25%) of revenue. An overview of the scope of our audit Our Group audit was scoped by obtaining an understanding of the Group and its environment, the applicable financial reporting framework and the Group’s system of internal control. On the basis of this, we identified and assessed the risks of material misstatement of the Group financial statements including with respect to the consolidation process. We then applied professional judgement to focus our audit procedures on the areas that posed the greatest risks to the group financial statements. We continually assessed risks throughout our audit, revising the risks where necessary, with the aim of reducing the group risk of material misstatement to an acceptable level, in order to provide a basis for our opinion. Components in scope As at 30 June 2025, the Group comprises 19 legal entities, excluding the 4 legal entities that were disposed during the year. Two of the subsidiaries are active trading entities that contribute to the Group’s principal activity of rough diamond production. The remaining 17 entities include corporate, treasury, and dormant companies. All subsidiaries have been consolidated into the Group’s financial statements. All subsidiary entities consolidated within the Group are managed centrally by the Group finance team based in South Africa. For these entities, there are centralised functions, including IT, finance and a common system of internalcontrol. As part of performing our Group audit, we have determined 23components in total, which are made up of all legal entities, including the 4 legal entities disposed during the year. In determining components, we have considered how components are organised within the Group, and the commonality of control environments, legal and regulatory framework, and level of aggregation associated with individual entities. Whilst there is relative commonality of controls across the Group, differences injurisdictional risk, and the legal and regulatory frameworks under which the entities operate, prevent the further amalgamation of components. For components in scope, we used a combination of risk assessment procedures and further audit procedures to obtain sufficient appropriate evidence. These further audit procedures included: • procedures on the entire financial information of the component, including performing substantive procedures; and • procedures on one or more classes of transactions, account balances or disclosures. Procedures performed at the component level We performed procedures to respond to group risks of material misstatement at the component level that included the following. Number of components 2025 2024 Scope 1 – Audit procedures on entire financial information of the component (2024: Significant components due to size and risk) 3 3 Scope 2 – Audit procedures on one ormore account balances, classes oftransactions or disclosures (2024:specified audit procedures) 8 12 As part of performing our Group audit, we have determined the components in scope as follows: Scope 1 – procedures were performed on the entire financial information of 3 components. This included the Group’s principal operational subsidiary in Tanzania, which was disposed in May2025. Scope 2 – procedures were performed on one or more account balances, classes of transactions or disclosures of 8 components. The remaining 12 components were subject to risk assessment procedures. Procedures performed centrally The group operates a centralised IT function that supports IT processes for certain components. This IT function is subject tospecified risk-focused audit procedures, predominantly the testing of the relevant IT general controls and IT application controls. Locations Petra Diamonds Limited’s operations are spread over a number of different geographical locations. We visited two locations outof a total of five. Our teams conducted procedures in Petra Diamonds Limited’s locations in South Africa and Tanzania. In addition, our teams worked remotely, holding calls and videoconferences with Petra Diamonds Limited, and with digitalinformation obtained from Petra Diamonds Limited. 121 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT / CONTINUED Changes from the prior year Following the implementation of ISA (UK) 600 (Revised), which outlines the audit of group financial statements, the Group audit approach was updated accordingly. This included revisiting and revising the identification of components within the Group, where relevant, as described in the table above. Working with other auditors As Group auditor, we determined the components at which auditwork was performed, together with the resources needed to perform this work. These resources included component auditors, who formed part of the Group Engagement Team asreported above. As Group auditor we are solely responsible for expressing an opinion on the financial statements. In working with these component auditors, we held discussions with component audit teams on the significant areas of the Group audit relevant to the components based on our assessment of the Group risks of material misstatement. We issued our Group audit instructions to component auditors on the nature and extent of their participation and role in the Group audit, and on the Group risks of material misstatement. We directed, supervised and reviewed the component auditors’ work. This included holding meetings and calls during various phases of the audit, reviewing component auditor documentation both in-person and remotely and evaluating the appropriateness of the audit procedures performed and the results thereof. Climate change Our work on the assessment of potential impacts on climate- related risks on the Group’s operations and financial statements included: • Enquiries and challenge of management to understand the actions they have taken to identify climate-related risks and their potential impacts on the financial statements and adequately disclose climate-related risks within the annual report; • Our own qualitative risk assessment taking into consideration the sector in which the Group operates and how climate change affects this particular sector; and • Inspection of the minutes of Board and Audit Committee meeting and other papers related to climate change. We challenged the extent to which climate-related considerations, including the expected cash flows from theinitiatives and commitments have been reflected, where appropriate, in management’s going concern assessment andviability assessment. We also assessed the consistency of management’s disclosures on pages 47-53 with the financial statements and with our knowledge obtained from the audit. Based on our risk assessment procedures, we did not identify there to be any Key Audit Matters that were materially affected by climate-related risks and related commitments. 122 Petra Diamonds Limited Annual Report and Financial Statements 2025 Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in theaudit, and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material uncertainty related to going concern section of our report, we have determined thematter below to be the key audit matter to be communicated in our report. Key audit matter How the scope of our audit addressed the key audit matter The risk that the life of mine estimates are inappropriate, and assets require impairment. Refer to Note 6 for the Group’s policy and significant judgements and estimates relating to the impairment of non-current assets. Management is required to exercise significant judgement and estimation, in assessing the recoverable amount of the mining operations as disclosed in Note 6. There is a high level of inherent uncertainty in the assessment. The carrying values of the mining assets at the South African operations were key focus areas for our audit given the weakness in the current global rough diamond market, the variability in product mix and volatility in the ZAR/US Dollar exchange rate. Theappropriate disclosure of such judgements and estimates was also a focus for our audit. As disclosed in Note 6 on pricing forecasts, it is noted that the impairment assessment is sensitive to forecast diamond prices, and that forecasting diamond prices in the current environment is inherently uncertain, both in respect of market prices and geological assumptions in respect of product mix. Sensitivity disclosures on diamond prices have been given to demonstrate the impact on the impairment assessment of potential changes in forecast diamond prices. The diamond market is volatile and forecasting pricing is therefore inherently uncertain. The impact of potential changes in forecast diamond prices is material to thefinancial statements. Our specific audit testing in this regard included: • We evaluated the design and implementation of the relevant controls in respect of the Group’s impairment reviews, including checking if the impairment model utilised the Board approved life of mine plans. • We evaluated Management’s impairment models against approved life of mine plans and our understanding of mining operations, and critically challenged the key estimates and assumptions usedby Management for each of the mining operations. • We compared the trading performance against budget for FY2025 in order to evaluate the quality of Management’s forecasting and, where over or under performance against budget/plan was highlighted, evaluated the impact on the forecasts. • In respect of pricing assumptions, our testing included evaluation of Management’s diamond price forecasts against prices achieved during the year and post year end. We also evaluated the near-term diamond price forecasts against market analyst commentary. • We engaged auditor’s experts in respect of both market price and geological impacts to independently assess and challenge the pricing assumptions which depend on forecast product mix, forecast market trends, and operational risk factors. • In evaluating Management’s forecast diamond prices, we challenged both Management and our experts in respect of contradictory evidence we observed. • In respect of pricing for FY2026, we considered the appropriateness of the starting price assumptions which are based on prices achieved during FY2025. • In respect of medium-term forecast price increases in FY2027 and FY2028, we considered the appropriateness of, and challenged Management on, the assumptions used in determining these estimates. We used our auditor’s experts to help us challenge Management’s estimates both in respectof market pricing and also geological assumptions which predict product mix. • In respect of longer-term pricing, we considered the appropriateness of the real price growth escalator of 2.0% per annum from FY2029 onwards. With the assistance of our experts, we checked if the growth rate is within an acceptable range • We held meetings with mine management (mine managers, geologists, mining engineers) to understand and challenge the plans for changes in production, operating cost, and capital expenditure forecasts. Indoing so we critically assessed the feasibility of assumed changes in production and the basis for and ability to deliver cost reductions. • On the other key assumptions, our testing included comparison of foreign exchange rates to market spot and forward rates; recalculation of discount rates in conjunction with our internal experts and evaluation of the appropriateness of risk and asset-specific factors therein; and critical evaluation of theforecast cost, capital expenditure and production profiles against approved mine plans, reserves and resources reports and empirical performance. • With the assistance of our modelling experts, we performed a due diligence review which included model accuracy and integrity review. • We evaluated Management’s sensitivity analysis for the impairment models and performed additional sensitivity analysis where considered necessary. We held discussions with the Audit and Risk Committee to consider the recoverable amount under the forecasts, including risks and sensitivity around pricing, production, foreign exchange rates, and discount rates. • We performed a detailed walkthrough of the reserves and resources process, including gaining anunderstanding of the controls in place. • We assessed the consistency of the reserves and resources in the models through discussion with the Group’s geologist to understand the basis for the revisions to the estimates and performed procedures to test the accuracy of underlying data. • We reviewed the appropriateness and adequacy of disclosures in note 6 against the requirements ofthe applicable standard. Key observations: In respect of the recoverable amount of the mining assets, we considered management’s judgement and estimation reasonable. Weconsidered the disclosures in Note 6 appropriate. 123 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT / CONTINUED Our application of materiality We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements. Weconsider materiality to be the magnitude by which misstatements, including omissions, could influence the economic decisions ofreasonable users that are taken on the basis of the financial statements. In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole and performance materiality as follows: Group financial statements 2025 2024 Materiality $2.5 million $4.5 million Basis for determining materiality 1.25% of Group Revenue 1.25% of Group Revenue Rationale for the benchmarkapplied In both FY2024 and FY2025 we considered revenue to be an appropriate benchmark for materiality, given the losses incurred by the Group in both FY2024 and FY2025 and the losses were not as a result of one-off occurrence. Performance materiality $1.5m $2.9m Basis for determining performance materiality 60% of materiality 65% of materiality Rationale for the percentage applied for performance materiality This year, we have determined performance materiality to be 60% of overall materiality, reduced from 65% in the prior year to reflect a heightened level of risk identified during the audit. 65% of materiality considering the nature of activities, historic audit adjustments and control deficiencies. The percentage was decreased from 75% in FY2023 due to the number and high value of brought forward uncorrected audit adjustments from FY2023, and a recurring significant control deficiency which remains relevant for the current financial year. Component performance materiality For the purposes of our Group audit opinion, we set performance materiality for each component of the Group based on a percentage of between 75% and 90% (2024: we set materiality for each significant component of the Group based on a percentage ofbetween 29% and 84%) of Group performance materiality dependent on a number of factors including the size of the component and our assessment of the risk of material misstatement of those components. Component performance materiality ranged from $1.1 million to $1.4 million (2024: Component materiality ranged from $1.3 million to $3.8 million). Reporting threshold We agreed with the Audit Committee that we would report to them all individual audit differences in excess of $0.06 million (2024: $0.09 million). We also agreed to report differences below this threshold that, in our view, warranted reporting on qualitative grounds. Other information The directors are responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements 2025 other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, wedo not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 124 Petra Diamonds Limited Annual Report and Financial Statements 2025 Corporate governance statement The UK Listing Rules require us to review the Directors’ statement in relation to going concern, longer-term viability and that part ofthe Corporate Governance Statement relating to the parent company’s compliance with the provisions of the UK Corporate Governance Code specified for our review. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit. Going concern and longer-term viability • The Directors’ statement with regards to the appropriateness of adopting the going concern basis ofaccounting and any material uncertainties identified (set out on pages 132-133); • The Directors’ explanation as to their assessment of the Group’s prospects, the period this assessment covers and why the period is appropriate (set out on pages 62-63); and • The Directors’ statement on whether they have a reasonable expectation that the group will be able tocontinue in operation and meet its liabilities (set out on page 64). Other Code provisions • Directors’ statement on fair, balanced and understandable set out on page 119; • Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks setout on pages 62-63; • The section of the annual report that describes the review of effectiveness of risk management andinternal control systems set out on pages 88-89 ; and • The section describing the work of the audit committee set out on pages 82-90. Responsibilities of Directors As explained more fully in the Directors’ responsibilities statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether dueto fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually orinthe aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements. Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Non-compliance with laws and regulations Based on: • Our understanding of the Group and the industry in which itoperates; • Discussion with management and those charged with governance, legal counsel, Audit and Risk Committee; and • Obtaining an understanding of the Group’s policies and procedures regarding compliance with laws and regulations, we considered the significant laws and regulations to be Bermuda Companies Act 1981, the UK Listing Rules, the applicable accounting standards, the UK Bribery Act 2010, and tax legislation. The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect onthe amount or disclosures in the financial statements, forexample through the imposition of fines or litigations. Weidentified such laws and regulations to be the UK Listing Rules issued by the Financial Conduct Authority, IFRS as adopted in the European Union, Bermuda Companies Act 1981, South African and Tanzanian mining and environmental legislation, health and safety legislation, UK Bribery Act, and taxation and employment laws in the jurisdictions that the Group operates in. Our procedures in respect of the above included: • Inspection of RNS announcements and minutes of meetings ofthose charged with governance for any instances of non-compliance with laws and regulations; • Review of correspondences with regulatory and tax authorities for any instances of non-compliance with laws and regulations; • Evaluation of financial statement disclosures and agreeing to supporting documentation; • Involvement of tax specialists in the audit; and • Review of legal expenditure accounts to understand the natureof expenditure incurred. 125 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS Fraud We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: • Enquiry with management and those charged with governance, legal counsel, internal audit, and the Audit and Risk Committee to consider any known or suspected instances of fraud; • Obtaining an understanding of the Group’s policies and procedures relating to: – Detecting and responding to the risks of fraud; and – Internal controls established to mitigate risks related to fraud. • Inspection of minutes of meetings of those charged with governance for any known or suspected instances of fraud; • Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and • Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these. Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls through inappropriate journal entries, revenue recognition, and bias in key estimates and judgements. Our procedures in respect of the above included: • Engaging our internal forensics specialists to assist with the fraud risk assessment, including assisting the audit team to determine the sufficiency of the audit procedures to address the risk of fraud; • Performing a detailed review of the Group’s year end adjusting entries and investigated any that appear unusual as to nature or amount and agreeing to supporting documentation; • For a sample of journals entries throughout the year that met defined risk criteria, we obtained supporting documentation and evidence for the business rationale of these transactions; • Assessing whether the judgements made in accounting estimates were indicative of potential bias (refer to the key audit matters section above); • Extending inquiries to individuals outside of management andthe accounting department to corroborate Management’s ability and intent to carry out plans that are relevant to developing the estimates set out in the key audit matters section above; • Testing a sample of revenue entries to supporting documentation, including testing the cut-off of revenue transactions in the period before and after year end; • Inspecting the whistleblowing register and obtaining an understanding of the tip-off matters disclosed in the report and the status of the investigation, including assessing the impact of these tip-off matters on our fraud risk assessment; and • Agreeing the financial statement disclosures to underlying supporting documentation, review of correspondences withregulators and legal advisers, enquiries of management, review of component auditors’ working papers and review ofinternal audit reports in so far as they relate to the financial statements. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including component auditors who were all deemed to have appropriate competence and capabilities and remained alert toany indications of fraud or non-compliance with laws and regulations throughout the audit. For component auditors, we also reviewed the result of their work performed in this regard. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities is available on theFinancial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report This report is made solely to the Parent Company’s members, asa body, in accordance with Section 90 of the Bermuda Companies Act 1981. Our audit work has been undertaken so that we might state to the Parent Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Parent Company and the Parent Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. BDO LLP Chartered Accountants London, UK 16 October 2025 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). INDEPENDENT AUDITOR’S REPORT / CONTINUED 126 Petra Diamonds Limited Annual Report and Financial Statements 2025 Consolidated Income Statement FOR THE YEAR ENDED 30 JUNE 2025 Re-presented 1 US$ million Notes 2025 2024 Revenue 2 207 3 10 Mining and processing costs 3 (255) (313) Other direct mining income 2 7 1 Other corporate expenditure 4 (11) (13) Impairment charge of non-financial assets 6 (107) (78) Impairment charge of other receivables 14 (23) (3) Total net operating costs (389) (406) Operating loss (18 2) (96) Finance income 7 28 21 Finance expense 7 (42) (4 0) Gain on extinguishment of Notes net of unamortised costs 7 5 1 Loss before tax (191) (11 4) Income tax release 8 37 32 Loss for the year from continuing operations (15 4) (82) Profit/(loss) for the year from discontinued operations (net of tax) 33 38 (25) Loss for the year (116 ) (107) Loss for the year attributable to: Equity holders of the parent company (86) (86) Non-controlling interest (30) (21) (11 6) (107) Loss per share attributable to the equity holders of the parent during the year From continuing operations: Basic and diluted loss per share – US$ cents 10 (64) (43) From continuing and discontinued operations: Basic and diluted loss per share – US$ cents 10 (45) (44) 1: The comparative period for 30 June 2024 has been re-presented to adjust for the discontinued operations. For detail refer to note 33. 2: The Group received a US$12 million refund of overpaid royalty taxes relating to the period 2018-2021, reported as other direct mining income of US$6 million and interest received ofUS$6 million. 127 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS Consolidated Statement of Other Comprehensive Income FOR THE YEAR ENDED 30 JUNE 2025 Re-presented US$ million 2025 2024 Loss for the year (11 6) (10 7) Other comprehensive profit/(loss) that will be reclassified to the Consolidated Income Statement in subsequent periods Exchange differences on translation of foreign operations (2) 8 Exchange differences on translation of foreign operations recycled to profit and loss (note 33) (31) – Translation difference on non-controlling interest (1) – Total comprehensive loss for the year, net of tax (15 0) (9 9) Total comprehensive loss for the year attributable to: Equity holders of the parent company (11 9) (78) Non-controlling interest (31) (21) (15 0) (9 9) 128 Petra Diamonds Limited Annual Report and Financial Statements 2025 Consolidated Statement of Financial Position AT 30 JUNE 2025 Restated Restated US$ million Notes 2025 2024 1 2023 1 ASSETS Non-current assets Property, plant and equipment 11 3 93 52 8 596 Intangible assets 12 3 4 2 Right-of-use assets 13 2 22 27 Loans receivable 14 27 42 37 Other receivables 16 1 10 11 Total non-current assets 426 606 673 Current assets Trade and other receivables 16 22 53 29 Inventories 17 35 51 84 Derivative financial asset 31 5 3 1 Other financial asset 18 14 14 – Cash and cash equivalents (including restricted amounts) 19 37 29 58 Total current assets 11 3 15 0 17 2 Total assets 539 756 8 45 EQUITY AND LIABILITIES Equity Share capital 20 14 6 14 6 14 6 Share premium 20 609 609 609 Foreign currency translation reserve 20 (525) (491) (499) Share-based payment reserve 5 3 4 Other reserves – – (1) Accumulated losses (12 5) (39) 46 Attributable to equity holders of the parent company 11 0 228 305 Non-controlling interests 15 (17) (27) (4) Total equity 93 201 3 01 Liabilities Non-current liabilities Loans and borrowings 21 – 24 6 222 Provisions 23 62 92 79 Lease liabilities 13 2 21 26 Deferred tax liabilities 24 3 50 82 Total non-current liabilities 67 409 40 9 Current liabilities Loans and borrowings 21 325 25 25 Lease liabilities 13 – 4 3 Trade and other payables 22 39 78 68 Income tax payable 22 8 23 21 Bank overdraft 19 – 8 – Provisions 23 7 8 18 Total current liabilities 379 14 6 13 5 Total liabilities 4 46 555 544 Total equity and liabilities 539 756 8 45 1. The comparative periods for 30 June 2024 and 30 June 2023 have been restated. For detail refer to note 34. 129 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS Consolidated Statement of Cashflows FOR THE YEAR ENDED 30 JUNE 2025 Re-presented 1 US$ million Notes 2025 2024 Cash generated from operations 27 52 67 Net realised gains on foreign exchange contracts 6 6 5 Interest received from Revenue Authority (SARS) 6 6 – Interest paid (30) (30) Income tax paid (3) – Net cash generated from operating activities 31 42 Cashflows from investing activities Acquisition of property, plant and equipment (76) (8 4) Proceeds from sale of property, plant and equipment – 1 Repayment of loans – 1 Net bank overdraft disposed with subsidiaries 33 9 – Other financial assets 18 – (14) Interest received 2 3 Net cash utilised in investing activities (65) (93) Cashflows from financing activities Lease instalments paid 13 (5) (6) Repayment of loan notes 21 (19) (4) Repayment of Revolving Credit Facility (36) (2 1) Draw-down on Revolving Credit Facility 21 10 7 45 Net dividend paid to B-BBEE partners – (2) Net cash generated from financing activities 47 12 Net increase/(decrease) in cash and cash equivalents 13 (39) Cash and cash equivalents (net of overdraft) at the beginning of the year 19 21 58 Effect of exchange rate fluctuations on cash held 3 2 Cash and cash equivalents (net of bank overdraft) at the end of the year 19 37 21 1. The Consolidated Statement of Cashflows for the comparative periods have been re-presented with the operating results of Williamson which has been classified as a discontinued operation. 130 Petra Diamonds Limited Annual Report and Financial Statements 2025 Consolidated Statement of Changes in Equity FOR THE YEAR ENDED 30 JUNE 2025 Foreign Share- Share currency based Attributable Non- Share premium translation payment Other Accumulated to the controlling Total US$ million capital account reserve reserve reserves losses parent interest equity At 1 July 2024 14 6 609 (49 1) 3 – (39) 228 (27) 2 01 Loss for the year – – – – – (86) (86) (30) (11 6) Other comprehensive income – – (3) 1 – – (2) (1) (3) Total comprehensive profit/(loss) – – (3) 1 – (86) (88) (31) (119) Recycling of foreign currency translation reserve on disposal ofsubsidiary 1 – – (3 1) – – – (31) – (31) Non-controlling interest disposed 1 – – – – – – – 41 41 Equity-settled share-based payments – – – 1 – – 1 – 1 At 30 June 2025 14 6 609 (525) 5 – (1 25) 110 (17) 93 Foreign Share- Share currency based Accumulated Attributable Non- Share premium translation payment Other (losses)/ to the controlling Total US$ million capital account reserve reserve reserves reserves parent interest equity At 1 July 2023 as previously reported 14 6 609 (49 9) 4 (1) 62 3 21 (4) 3 17 Prior period adjustments 2 (16) (16) – (16) Restated balance at 1 July 2023 14 6 609 (49 9) 4 (1) 46 305 (4) 3 01 Loss for the year – – – – – (86) (86) (21) (107) Other comprehensive loss – – 8 – – – 8 – 8 Total comprehensive loss – – 8 – – (86) (78) (21) (99) Dividend paid to non-controlling interest shareholders – – – – – – – (2) (2) Equity-settled share-based payments – – – 1 – – 1 – 1 Transfer between reserves – – – (2) 1 1 – – – At 30 June 2024 14 6 609 (4 91) 3 – (39) 228 (27) 201 1. Disposal of subsidiaries, for more information refer to note 33. 2. Refer to note 34. 131 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS Notes to the Annual Financial Statements FOR THE YEAR ENDED 30 JUNE 2025 1. Material accounting policies Petra Diamonds Limited (Petra or the Company), a limited liability company listed on the Main Market of the London Stock Exchange, is registered in Bermuda and domiciled in the United Kingdom. The Company’s registered address is 2 Church Street, Hamilton, Bermuda. The Consolidated Annual Financial Statements incorporate the material accounting policies set out below and in the subsequent notes to these Consolidated Annual Financial Statements, which are consistent with those adopted in the previous Year’s Consolidated Annual Financial Statements, apart from the adoption of new standards, interpretations and amendments where applicable as detailed in note 1.4. 1.1 Basis of preparation The Consolidated Annual Financial Statements of the Company and its subsidiaries (the Group) are prepared in accordance with IFRS Accounting Standards (IFRS) issued by the International Accounting Standards Board (IASB), as adopted by the European Union. Going concern Since 30 June 2024, the Group has taken significant steps to improve its balance sheet through securing a comprehensive refinancing plan. Through FY 2025 the Group fully drew on the US$99 million Revolving Credit Facility (RCF) from Absa Bank and, through an open market repurchase programme, purchased and cancelled 2L Notes with a nominal value of US$24 million. Consolidated net debt increased by US$60 million, closing at US$261 million on 30 June 2025. As at 31 December 2024 and 30 June 2025, the Group was in technical breach of its RCF covenant (both net debt : EBITDA as well as interest cover ratios). For both the reporting periods, Absa waived any default or event of default which could have happened under the covenant breaches. A critical milestone in the going concern assessment was the successful agreement on the implementation of the Refinancing, which, as of the date of the financial statements, remains subject to the completion of a Rights Issue. This is expected to include the receipt of proceeds from a US$25 million rights issue, backstopped by key shareholders, and the signing of lock-up agreements in support of the wider Refinancing. The Refinancing also provides for the intention to restructure both the RCF and 2L Notes, which mature in January 2026 and March 2026 respectively. The Directors believe that the progress made so far, including the announcement of the refinancing plan, has reduced the Group refinancing risk. The Board acknowledges that the successful completion of the refinancing plan, including the rights issue and associated debt restructuring, remains critical to the Group’s ongoing liquidity and financial stability. If the Refinancing is not successfully concluded, the Group would not have sufficient working capital for its present requirements, being at least the next 12 months from the date of approval of the financial statements. In such circumstances there would be significant uncertainty regarding the Group’s ability to continue as a going concern, which could have a material adverse impact on the Group’s financial position. The Directors have concluded that the available alternatives would be highly limited and highly unlikely to deliver a better outcome for Shareholders, Noteholders or other creditors than the Rights Issue and the Refinancing. The Group continues to monitor liquidity, which remains highly sensitive to fluctuations in production, product prices, product mix, and exchange rates. These factors continue to present uncertainty and liquidity risk. Working capital forecasts through to December 2026, incorporates revised production levels, updated diamond pricing assumptions, and the impact of cost savings and capital optimisation measures. Under these base-case assumptions, the Group expects to maintain adequate liquidity, supported by the refinancing plan and rights issue proceeds. The diamond industry has continued to face unprecedented challenges, with significant pressure on rough diamond prices in FY 2024 and FY 2025 due to high pipeline inventories, weaker demand from key markets (particularly the prolonged slowdown in China), increased competition from laboratory-grown diamonds, and an unstable geopolitical landscape. These factors contributed to average like-for-like prices declining by approximately 35% in FY 2025 compared to the post-COVID-19 high of FY 2022. Price fluctuations were further exacerbated by tariffs announced by the US, particularly those impacting India, where the majority of global diamond cutting and polishing takes place, while the US represents 40–45% of global natural diamond demand. Although some positive momentum has been observed more recently, with like-for-like prices in June 2025 (Tender 7) showing a 3% improvement across most product categories compared to April/May 2025 (Tenders 5 and 6), volatility is expected to continue in the short-term. Average prices achieved during Tender 1 and Tender 2 of FY 2026 was 26.3% higher than the average price of US$87 per carat for FY 2025, at US$110 per carat. Market uncertainty continues to put pressure on like-for-like prices. Over the medium to long term, however, the structural supply deficit resulting from the continued contraction in the number of producing mines has the potential to support a recovery in diamond prices. Notwithstanding these views, our liquidity projections assume conservative real flat market prices. Cullinan Mine has shown improvement following prior product mix variability, which had been caused by a lower incidence of gem-quality stones, particularly in the +10.8 carat category. This had negatively impacted revenues and average prices during FY 2025. With the increasing contribution of fresh ore from the CC1E project, the product mix at Cullinan Mine has started to normalise. This is evidenced by improved realised prices in the first and second Tender of FY 2026, where Cullinan Mine achieved US$130/ct. Finsch also continues to perform in line with expectations under the two-shift system. These developments provide greater confidence in the stability of operating performance and support the Group’s going concern assessment. However, cash flows remain sensitive to changes in product mix and market prices. 132 Petra Diamonds Limited Annual Report and Financial Statements 2025 1. Material accounting policies continued In parallel, the Group has taken decisive actions to restructure and strengthen its financial position. Over the past two years, the Group has successfully implemented capital deferral programmes, cost reduction initiatives, and restructuring measures across its Group functions, Finsch and Cullinan Mine. In addition, the Group sold its interest in Koffiefontein in October 2024, avoiding closure costs of US$23 million, and completed the sale of the Williamson mine in May 2025, avoiding liabilities of about US$100 million. These steps, collectively, have strengthened the Group’s financial resilience and liquidity profile. The Group has modelled reasonable worst-case sensitivity to test the robustness of its forecasts. The Sensitised Case reflects a combined: • 10% reduction in diamond prices; • 10% reduction in production; • Reduction in exchange rate assumptions of 5%; Without mitigation, this results in a projected breach in the liquidity covenant in the projection period. To address this, management has identified a number of mitigating actions that can be implemented if required. These include: (i) payment in cash or equity (PICE) settlement of bond interest; (ii) monetisation of polished stones held in partnership (iii) liquidation of diamond inventory, expected to provide additional liquidity in early 2026; and (iv) deferral of sustaining and expansionary capital expenditure programmes, which could deliver net savings after taking into account production shortfalls. After applying these mitigating measures, sufficient liquidity headroom is restored throughout the projection period, providing resilience against the downside assumptions. The Board considers these actions to be within its control and achievable within the timeframe required, thereby supporting the Group’s reasonable expectation that it can remain a going concern. The refinancing of the Senior Secured Bank Debt and 2L Notes, while now advanced and de-risked by the lock-up agreement, backstop agreement, Absa commitment agreement, and planned rights issue, is not yet fully concluded and is not within the control of the Directors. Furthermore, persistent market volatility may exert further pressure on pricing and covenant headroom. These factors give rise to a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Based on the assessment of forecasts, risks, and mitigation measures available, and in light of the significant progress achieved on the refinancing and equity raise, the Board has a reasonable expectation that the Group will remain a going concern for at least 12 months from the date of approval of the annual financial statements. Accordingly, the financial statements have been prepared on a going concern basis. The financial statements do not include any adjustments that would result if the Group were unable to continue as a going concern. Currency reporting The functional currency of the Company is Pounds Sterling (GBP). The functional currency of the South African operations is South African Rand (ZAR or R) with diamond sales being made in US Dollars. The Consolidated Annual Financial Statements are presented in US Dollars (US$ millions), the currency in which Group revenue is generated. ZAR balances are translated to US Dollars at ZAR17.75 as at 30 June 2025 (2024: ZAR18.19) and at an average rate of ZAR18.15 for transactions during the year ended 30 June 2025 (2024: ZAR18.70). Financial Statements of foreign entities Assets and liabilities of foreign entities (those with a functional currency other than US$) are translated at rates of exchange ruling at the financial year end; income and expenditure and cashflow items are translated at rates of exchange ruling at the date of the transaction or at rates approximating the rates of exchange at the date of the translation where appropriate. Exchange differences arising from the translation of foreign entities are recorded in the Consolidated Statement of Other Comprehensive Income and reclassified to the Consolidated Income Statement on disposal of the foreign entity. Foreign currency transactions Transactions in foreign currencies are recorded at rates of exchange ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Gains and losses arising on translation are credited to, or charged against, income. The issue of shares is included in share capital and share premium at the prevailing US$/GBP spot rate at the date of the transaction. Net investments in foreign operations Management assesses the extent to which intra-group loans to foreign operations that give rise to unrealised foreign exchange gains and losses are considered to be permanent as equity or repayable in the foreseeable future. The judgement is based upon factors including the life-of-mine (LOM) plans, cashflow forecasts and strategic plans. The unrealised foreign exchange gains or losses on permanent as equity loans are recognised in the foreign currency translation reserve until such time as the operation is sold, whilst the foreign exchange gains or losses on loans repayable in the foreseeable future is recognised in the Consolidated Income Statement. 133 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 1. Material accounting policies continued 1.2 Basis of consolidation Subsidiaries Subsidiaries are those entities over whose financial and operating policies the Group has the power to exercise control. Control is achieved where the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group Consolidated Annual Financial Statements incorporate the assets, liabilities and results of operations of the Company and its subsidiaries. The results of subsidiaries acquired and disposed of during a financial year are included from the effective dates of acquisition to the date control ceases. Where necessary, the accounting policies of subsidiaries are changed to ensure consistency with the policies adopted by the Group. Subsidiaries are deconsolidated from the date control ceases. The interest of non-controlling shareholders in the acquiree is initially measured at the non-controlling shareholders’ proportionate share of the acquiree’s identifiable net assets (after any relevant fair value adjustments to the assets, liabilities and contingent liabilities recognised as part of the business combination). Changes in the Group’s ownership interests that do not result in a loss of control are accounted for as equity transactions with the existing shareholders. Transactions eliminated on consolidation Intra-group balances and transactions, and any gains or losses arising from intra-group transactions, are eliminated in preparing the Consolidated Annual Financial Statements. Non-controlling interests Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Non- controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholders’ share of changes in equity since the date of the combination. The non-controlling interests’ share of losses, where applicable, is attributed to the non-controlling interests irrespective of whether the non-controlling shareholders have a binding obligation and are able to make an additional investment to cover the losses. 1.3 Key estimates and judgements The preparation of the Consolidate Annual Financial Statements requires management to make estimates and judgements and form assumptions that affect the reported amounts of the assets and liabilities, reported revenue and costs during the periods presented therein. The estimates and assumptions that have a significant risk of causing a material adjustment to the financial results of the Group in future reporting periods are discussed in the relevant sections of this Report and summarised as follows: Key estimate or judgement Note Going concern 1.1 Life-of-mine and ore reserves and resources estimates and judgements 6 Impairment review estimates and judgements 6 Taxation 8 and 24 Depreciation judgements 11 B-BBEE guarantee and expected credit loss assessment for loans receivable 14 Inventory and inventory stockpiles 17 Provision for rehabilitation estimates 23 Provision for Human rights settlement claims estimates 23 Pension scheme estimates 29 Post-retirement medical fund estimates 30 Recoverability of Blocked Diamond Parcel proceeds in Tanzania 33 Discontinued operations 33 134 Petra Diamonds Limited Annual Report and Financial Statements 2025 1. Material accounting policies continued 1.4 Accounting standards that are newly effective in the current year No new standards and amendments which became effective during the year ended 30 June 2025, have had a material impact on the Group. Accounting standards that are not yet mandatory and have not been applied by the Group At the date of authorisation of these Consolidated Annual Financial Statements, the Group has not applied the following revised IFRS Accounting Standards that have been issued but are not yet effective. The Group is currently assessing the effect of these new accounting statements and amendments. Effective 1 July 2025: • Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability. Effective 1 July 2026: • Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures). • Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). Effective 1 July 2027: • IFRS 18 Presentation and Disclosure in Consolidated Annual Financial Statements. Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated annual financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. • IFRS 19 Subsidiaries without Public Accountability: Disclosures. 2. Revenue Accounting policy Revenue comprises gross invoiced diamond sales to customers excluding VAT. Revenue is split between rough diamond sales and revenue from interest in polished diamonds, when applicable. Diamond sales are made through a competitive tender process or private sales and recognised when control passes to the buyer, costs can be measured reliably and receipt of future economic benefits is probable. The performance obligation for tender sales is met at the point at which the tender is awarded. The performance obligation for private sales is met at the point at which the agreement on pricing and terms of sale are confirmed and control is transferred between both parties. Where the Group makes rough diamond sales to customers and also retains a right to an interest in their future sale as polished diamonds, the Group records the sale of the rough diamonds but such contingent revenue on the onward sale is only recognised at the date when the polished diamonds are sold. Revenue on rough diamond sales, where the Group retains an interest, is recognised when point of control passes to the buyer, costs can be measured reliably and receipt of future economic benefits is probable. The performance obligation is met at the point at which the control of the rough diamond passes to the buyer. The onward sale of the polished diamonds contains elements of variable consideration, as the Group’s right to consideration is contingent on the occurrence of the future sale by the buyer. The variable consideration is not recognised as the Group is unable to ascertain the future sale amount of the polished diamonds and cannot determine that it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. The Group has entered into a partnership revenue contract to cut and polish a specific rough diamond. The transaction price of the unenhanced stone, of US$2.8m, has been recognised as variable revenue in profit and loss at 30 June 2025. The unenhanced stone value is based on the agreed value at transaction date. The probability of revenue reversal is highly unlikely for the unenhanced stone. At 30 June 2025, a GIA certificate has been received but no variable revenue for the polished stone has been recognised for the year The uplift revenue is expected to be earned during the next 12 months and will be settled in cash. Re-presented US$ million 2025 2024 Sale of rough diamonds 206 309 Sale of polished stones 1 1 207 310 135 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 3. Mining and processing costs Refer to notes 9, 12, 13 and 17 for the Group’s policies, relevant to the significant cost lines below, on employment costs, depreciation, inventories, share-based payments and related key judgements and estimates. Re-presented US$ million 2025 2024 Raw materials and consumables used 97 104 Employee expenses 83 93 Depreciation of mining assets and amortisation 75 75 Diamond royalty 1 2 Changes in inventory of finished goods and stockpiles (1) 39 255 313 4. Other corporate expenditure Re-presented US$ million 2025 2024 Depreciation of property, plant and equipment 1 1 London Stock Exchange and other regulatory expenses 1 1 Legal fees 2 3 Other 3 4 Staff costs: 4 4 Share-based expense – Directors 1 1 Salaries and other staff costs 3 3 11 13 5. Auditor’s remuneration US$ million 2025 2024 Audit services 1 2 2 Audit-related assurance services 2 – – Non-audit services 3 – – 2 2 1. Audit services are in respect of audit fees for the Group. They comprise of amounts payable to BDO UK US$1.1 million (FY 2024:US$1 million). BDO SA US$0.3 million (FY 2024:US$ 0.3 million) and KPMG Tanzania US$0.1 million (FY 2024:US$0.1 million). 2. Audit-related services are in respect of the interim review of US$0.2 million (FY 2024: US$0.2 million). 3. Specific agreed upon procedures in relation to the Sustainability Report, under the International Standard on Related Services 4400 as issued by the International Auditing and Assurances Standards Board, of US$nil (FY 2024: US$0.006 million) ) and IAASA query US$0.01 million (2024: US$nil), and tax advice US$nil (2024: US$0.01 million) and US$0.3 million for the Reporting Accounting for the Group’s planned rights issue. 6. Impairment charge of non-financial assets Accounting policies The carrying amounts of the Group’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If there is any indication that an asset may be impaired, its recoverable amount is estimated. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing the recoverable amount, the expected future post-tax cashflows from the asset are discounted to their fair value less cost to sell using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Discounting the future cashflows to their present value using a pre-tax rate would not materially change the outcome. The mine plan for each mine is the approved management plan at the reporting date for ore extraction and its associated capital expenditure. The capital expenditure included in the impairment model does not include capital expenditure to enhance the asset performance outside of the existing mine plan. The ore tonnes included in the Resource Statement, which management considers economically viable, often include ore tonnes in excess of those used in the mine model and therefore the impairment test. For an asset that does not generate cash inflows that are largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Each mine represents a separate cash-generating unit. An impairment loss is recognised in the Consolidated Income Statement whenever the carrying amount of the cash-generating unit exceeds its recoverable amount. 136 Petra Diamonds Limited Annual Report and Financial Statements 2025 6. Impairment charge of non-financial assets continued Significant judgements and estimates relevant to impairment of non-financial assets Life-of-mine and ore reserves/resources There are numerous risks inherent in estimating ore reserves and resources and the associated current mine plan. The mine plan for each mine is the current approved management plan for ore extraction that considers specific ore reserves and resources and associated capital expenditure. The mine plan frequently includes fewer tonnes than the total reserves and resources that are set out in the Group’s Resource Statement and which management may consider to be economically viable and capable of future extraction. Management must make a number of assumptions when making estimates of reserves and resources, including assumptions as to exchange rates, rough diamond and other commodity prices, extraction costs and recovery and production rates. Any such estimates and assumptions may change as new information becomes available. Changes in exchange rates, rough diamond and commodity prices, extraction and recovery costs and production rates may change the economic viability of ore reserves and resources and may ultimately result in the restatement of the ore reserves and resources and potential impairment to the carrying value of the mining assets and mine plan. The current mine plans are used to determine the ore tonnes and capital expenditure in the impairment tests. Ore reserves and resources, both those included in the mine plan and certain additional tonnes contained within the Group’s Resource Statement, which form part of reserves and resources considered to be sufficiently certain and economically viable, also impact the depreciation of mining assets depreciated on a units-of-production basis (refer to note 11). Ore reserves and resources further impact the estimated date of decommissioning and rehabilitation (refer to note 23). Impairment reviews While conducting an impairment review of its assets using the fair value less cost to sell basis, the Group exercises judgement in making assumptions about future exchange rates, rough diamond prices, contribution from Exceptional Diamonds, volumes of production, ore reserves and resources included in the current mine plans, feasibility studies, future development and production costs and macro-economic factors such as inflation and discount rates. Changes in estimates used can result in significant changes to the Consolidated Income Statement and the Consolidated Statement of Financial Position. US$ million 2025 2024 Cullinan Mine 70 33 Finsch 37 45 Total impairment charge of non-financial assets 107 78 The key inputs and sensitivities are detailed in this note. 30 June 2025 In line with the requirements of IAS 36 Impairment of Assets, the Group carried out impairment testing for its main cash-generating units (CGUs), being Cullinan Mine and Finsch. The impairment tests were influenced by a number of factors, including: • weakness in the rough diamond market during FY 2025; • product mix variability at Cullinan Mine, driven by a lower incidence of gem-quality stones in the +10.8 carat category, which negatively impacted revenues and average prices; • ongoing competition from lab-grown diamonds; and • changes to life-of-mine (LOM) plans following the deferral of capital projects and implementation of cost reductions. The recoverable amount of Cullinan Mine was assessed as at 30 June 2025 and an impairment of US$70 million was recorded to reduce the carrying value to the recoverable amount of US$277 million, calculated using a discount rate of 13.5% (2024: 13.5%). The impairment was allocated primarily to property, plant and equipment. The recoverable amount of Finsch was assessed as at 30 June 2025 and an impairment of US$37 million was recorded to reduce the carrying value to the recoverable amount of US$132 million, calculated using a discount rate of 13.5% (2024: 13.5%). The impairment was allocated primarily to property, plant and equipment. 137 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 6. Impairment charge of non-financial assets continued 30 June 2024 During FY 2024, the Group reviewed the carrying value of its investments, loan receivables and operational assets for indicators of impairment. Following the assessment, impairment of property, plant and equipment was considered appropriate for Cullinan Mine and Finsch. The Group recognised an asset level net impairment of US$78 million. The impairment comprised a US$45 million impairments at Finsch, and impairment charges of US$33 million at Cullinan Mine. Key estimates and assumptions The key estimates used in determining the recoverable amount calculated, determined on a fair value less cost to sell, are listed in the table below: Key Estimate Explanation Current mine plan Economically recoverable reserves and resources are based on management’s expectations based on the availability and recoverable of reserves and resources at mine sites and technical studies undertaken in-house and by third party specialists. value of reserves The end of life-of-mine based on current mine plans for the operations are as follows: and resources • Cullinan Mine: FY 2035 (FY 2024: FY 2032) • Finsch : FY 2033 (FY 2024: FY 2031) Resources remaining after the current mine plans have not been included in impairment testing for the operations. Current reserves • Cullinan Mine: 38.6 Mt (FY 2024: 33.6 Mt) • Finsch: 16.4 Mt (FY 2024: 18.3 Mt) Current – capital Management has estimated the timing and quantum of the capital expenditure based on the Group’s current mine expenditure plans for each operation. There is no inclusion of capital expenditure to enhance the asset beyond exploitation of the current mine plan orebody. Diamond prices Diamond prices used in the impairment test were based on actual pricing achieved during FY 2025, adjusted for current market trends. The Group no longer applies a uniform run-of-mine (ROM) or homogeneous pricing assumption; prices are now determined by both market conditions and expected product mix from each orebody, reflecting differences in size, quality and colour profiles. The long-term models incorporate normalised real diamond price growth of 2.0% per annum (FY 2024: 1.9% above a long-term US inflation rate of 2.0%). Exceptional Stones, defined as those valued above US$15 million, are excluded from price assumptions and would represent windfall earnings for the Group. At Cullinan Mine: • The starting price for FY 2026 is the average actual prices achieved during FY 2025, adjusted for a 2% market price uplift • Forecast prices are within the range estimates provided to the market during August 2025 • This represents an approximate 10% increase year-on-year for FY 2027 and FY 2028, and 2% market price increase thereafter At Finsch: • The starting price for FY 2026 is the average actual prices achieved during FY 2024, being the most representative price for the orebody • Forecast prices are within the range estimates provided to the market during August 2025 • This represents an approximate 6% increase year-on-year for FY 2027, and 2% market price increase thereafter Discount rates A discount rate of 13.5% (2024: 13.5%) was used for the South African operations. Discount rates were calculated based on a nominal weighted cost of capital including the effect of factors such as market risk and country risk as at the Year end. US$ and ZAR discount rates are applied based on the respective functional currency of the cash-generating unit. Cost inflation Long-term inflation rates of 4.0%-10.0% (2024: 4.0%–10.0%) above the long-term US$ inflation rate were used for operating and capital expenditure escalators. Exchange rates Exchange rates are estimated based on an assessment of current market fundamentals and long-term expectations. The US$/ZAR exchange rate range used for all South African operations commenced at ZAR19.00 (2024: ZAR18.36) for FY 2025, thereafter devaluing at 3.5% per annum. Given the volatility in the US$/ZAR exchange rate and the current levels of economic uncertainty, the determination of the exchange rate assumptions required significant judgement. Valuation basis Discounted present value of future cashflows. Fair value hierarchy level 3. 138 Petra Diamonds Limited Annual Report and Financial Statements 2025 6. Impairment charge of non-financial assets continued Sensitivity analysis The impairment outcome of applying sensitivities on the key inputs would have been:: US$ Million Cullinan Mine Finsch Base case 70 37 Increase in discount rate by 100 basis points 79 42 Increase in discount rate by 200 basis points 87 47 Reduction in pricing forecasts by 5% over mine plan 109 63 Reduction in pricing forecasts by 10% over mine plan 156 90 Reduction of 10% carats production 141 63 Increase in operating expenditure by 5% 91 52 ZAR stronger by 5% through the LOM period 110 63 7. Net finance expense Re-presented US$ million 2025 2024 Interest received on loans and other receivables 6 6 Interest received on bank deposits 2 3 Interest received from Revenue Authority (SARS) 6 – Net unrealised foreign exchange profits 8 7 Foreign exchange gains realised on settlement of forward exchange contracts 6 5 Finance income 28 21 Gross interest on senior secured second lien notes, bank loans (34) (33) Other debt finance costs, including facility fees and charges (2) (2) Unwinding of rehabilitation obligations (5) (5) Note redemption premium and acceleration of unamortised bank facility and Notes costs (1) – Finance expense (42) (40) Gain on extinguishment of Notes 5 1 Net finance expense (9) (18) 139 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 8. Taxation Significant judgments and estimates relevant to taxation The Group primarily operates in South Africa, and accordingly it is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. From time to time the Group is subject to a review of its income tax filings and in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Group’s business conducted within the country involved. Management evaluates each of the assessments and recognises a provision based on its best estimate of the ultimate resolution of the assessment, through either negotiation or through a legal process. Re-presented US$ million 2025 2024 Current taxation: – Current tax charge 10 2 Deferred taxation: – Current period (47) (34) (37) (32) Reconciliation of tax rate: – Loss before taxation (including loss on discontinued operation) 1 (153) (139) Tax at South African corporate rate of 27% (2024: 27%) (41) (38) Effects of: – Tax charge at different rates in foreign jurisdictions – (1) – Non-deductible expenses 3 2 – Tax losses and temporary differences not recognised 12 5 – Prior year under provision of tax (current and deferred) 1 – – Non taxable income (profit on sale of subsidiaries) (12) – Total tax release (37) (32) 1. Loss before tax of US$202 million (2024: loss US$114 million) less profit on sale of US$26 million (2024: loss of US$25 million). In the current year the movement in unrecognised tax losses and temporary differences totalled US$13 million (2024: US$ 5 million). Tax losses not recognised do not have an expiry period in the country in which they arise unless the entity ceases to continue trading. Gross tax losses available but not recognised as at 30 June 2025 amount to US$114 million (2024: US$154 million) and primarily arise in South Africa and the United Kingdom; amounts stated provide tax benefit at 27%, being the tax rate in South Africa, and 25%, being the tax rate in the United Kingdom. There is no taxation arising from items of other comprehensive income and expense. Refer to note 24 for further information regarding deferred tax balances and movements. 9. Director remuneration and employee costs Refer to note 25 for the Group’s policy in respect of share-based payments and related key judgements and estimates. Staff costs during the year were as follows: Re-presented US$ million 2025 2024 Wages and salaries – included in mining and processing costs 83 93 Wages and salaries – Included in corporate expenditure 4 4 87 97 Re-presented Number Number Number of employees (excluding the Non-Executive Directors and contractors) 1,911 2,396 Key management personnel Key management is considered to be the Non-Executive Directors and the Executive Committee (Exco). The Exco comprises the Joint Interim Chief Executive Officers, the Chief Financial Officer, the Group Head of Human Resources, the Group Head of Legal and Company Secretary and the Group Head of Sales and Marketing. Remuneration for the year for key management is disclosed in the table below: US$ million 2025 2024 Salary and benefits 3 3 Annual bonus – paid in cash – 1 Share-based payment charge – 1 3 5 140 Petra Diamonds Limited Annual Report and Financial Statements 2025 10. Loss per share Accounting policy Basic loss per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the year. Diluted loss per share amounts are calculated by dividing the net loss attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the year plus the weighted average number of Ordinary Shares that would be issued on conversion of all the dilutive potential Ordinary Shares into Ordinary Shares. Continuing Discontinued Continuing Discontinued operations operation Total operations operation Total 30 June 30 June 30 June 30 June 30 June 30 June 2025 2025 2025 2024 2024 2024 Numerator US$ million US$ million US$ million US$ million US$ million US$ million Profit/(loss) for the year (124) 38 (86) (84) (2) (86) Denominator Shares Shares Shares Shares Shares Shares Weighted average number of Ordinary Shares used in basic loss per share: As at 30 June 194,201,785 194,201,785 194,201,785 194,201,785 194,201,785 194,201,785 Re-presented US$ cents US$ cents US$ cents US$ cents US$ cents US$ cents Basic and diluted profit/(loss) per share (64) 19 (45) (43) (1) (44) The number of potentially dilutive Ordinary Shares, in respect of employee share options and Executive Director and Senior Management share award schemes, is nil (2024: nil). There have been no significant post-balance sheet changes to the number of options and awards under the share schemes to impact the dilutive number of Ordinary Shares. See note 35: Events after the reporting period for the planned refinancing terms and its possible effects on dilution of shares. 11. Property, plant and equipment Accounting policies Stripping costs Costs associated with the removal of waste overburden at the Group’s open cast mine are classified as stripping costs within property, plant and equipment or inventory, depending on whether the works provide access to future ore tonnes in a specific orebody section or generate ore as part of waste removal. The stripping asset is depreciated on a units-of-production basis over the tonnes of the relevant orebody section to which it provides future access. Depreciation The Group depreciates its mining assets using a units-of-production or straight-line basis, depending on its assessment of the most appropriate method for the individual asset. When a units-of-production basis is used, the relevant assets are depreciated at a rate determined as the tonnes of ore treated (typically production facility assets) or hoisted (typically underground development and conveying assets) from the relevant orebody section, divided by the Group’s estimate of ore tonnes held in reserves and resources which have sufficient geological and geophysical certainty and are economically viable. The relevant reserves and resources are matched to the existing assets which will be utilised for their extraction. Where an operation is on care and maintenance, non-mining assets will continue to be depreciated over their useful life. The Group depreciates its assets according to the relevant sections of the orebody over which they will be utilised. A key estimate involves determination of future production units assigned to on-mine shared infrastructure, which is an ongoing assessment given the mining plan and development projects. Shared infrastructure is defined as common infrastructure enabling ore extraction, treatment and related support services, shared across more than one section of the orebody (such as the mine shaft or processing plant). When the shared infrastructure assets provide benefit over multiple sections of the orebody they are depreciated over the reserves of the relevant sections of the orebody. When the shared infrastructure is expected to be utilised to access or process ore tonnes from deeper areas of the mine, which frequently represent ore resources that are outside of the current approved current mine plan but for which the Group considers there to be sufficient certainty of future extraction, such assets are depreciated over those reserves and resources. The depreciation rates are as follows: Mining assets Plant, machinery and equipment Units-of-production method or 4–33% straight-line basis depending on the nature of the asset Mineral properties Units-of-production method Other assets Plant and machinery 10–25% straight-line basis Refer to notes 6, and 23 for the Group’s policy on impairment, rehabilitation provisions and associated decommissioning assets. 141 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 11. Property, plant and equipment continued Judgements Judgements are applied to property, plant and equipment as follows: • When using the units-of-production depreciation method in estimating the ore tonnes held in reserves and resources which have sufficient geological and geophysical certainty of being economically viable and are extractable using existing assets. • The future production unit assigned to on-mine shared infrastructure which is utilised over more than one section of the orebody or is used to access ore tonnes outside the current approved mine plan • When assessing the estimated useful life of individual assets and residual values. Plant and Mineral Assets under US$ million machinery properties construction Total Cost Balance at 1 July 2023 978 50 87 1,115 Additions – – 84 84 Disposals (25) – – (25) Transfer of assets under construction 43 – (46) (3) Translation difference 35 2 4 41 Balance at 30 June 2024 1 031 52 129 1,212 Additions – – 76 76 Disposals (2) – – (2) Transfer of assets under construction 31 – (31) – Disposal of subsidiaries (201) – (5) (206) Translation difference 26 1 4 31 Balance at 30 June 2025 885 53 173 1,111 Depreciation and impairment Balance at 1 July 2023 477 41 1 519 Depreciation for the year 85 4 – 89 Disposals (21) – – (21) Impairments 78 – – 78 Translation difference 18 1 – 19 Balance at 30 June 2024 637 46 1 684 Disposals (2) – – (2) Depreciation for the year 79 5 – 84 Impairments 107 – – 107 Disposal of subsidiaries (176) – – (176) Translation difference 20 1 – 21 Balance at 30 June 2025 665 52 1 718 Net book value At 30 June 2024 1 394 6 128 528 At 30 June 2025 220 1 172 393 1. During the year, Intangible assets, previously disclosed as Property, plant and equipment (PPE) were removed from the PPE (Plant and machinery) disclosures and separately disclosed under Non-current assets as Intangible assets on the Statement of Financial Position. Refer to note 12 for details. The 30 June 2024 PPE balance was reclassified to disclose the Intangible Assets separately. The reclasified Intangible Assets net book value at 30 June 2024 was $4 million. The reclassification had no effect on earnings per share. Capital commitments The Group has total commitments of US$31 million (2024: US$29 million). 142 Petra Diamonds Limited Annual Report and Financial Statements 2025 12. Intangible assets Accounting policies An intangible asset is recognised when: • it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and • the cost of the asset can be measured reliably. Intangible assets are carried at cost less any accumulated amortisation and any impairment losses. Depreciation Amortisation is provided to write down the intangible assets, on a straight-line basis, to their residual values as follows: The depreciation rates are as follows: Item Useful life Computer software 4 years Judgements Judgements are applied to intangible assets when assessing the estimated useful life of individual assets and residual values: Computer US$ million software Total Cost Balance at 1 July 2023 7 7 Disposals (3) (3) Transfer of assets under construction 3 3 Balance at 30 June 2024 7 7 Disposal of subsidiaries (1) (1) Balance at 30 June 2025 6 6 Amortisation and impairment Balance at 1 July 2023 5 5 Amortisation for the year 1 1 1 Disposals (3) (3) Balance at 30 June 2024 3 3 Amortisation for the year 1 1 1 Disposal of subsidiaries (1) (1) Balance at 30 June 2025 3 3 Net book value At 30 June 2024 4 4 At 30 June 2025 3 3 1. Amortisation is included in mining and processing cost on the Income Statement. Intangibles comprise of computer software. During the Year, Intangible assets, previously disclosed as Property, Plant and Equipment (PPE) were removed from the PPE disclosures and separately disclosed as Intangible assets on the Statement of Financial Position. The, 30 June 2024 PPE balance were reclassified to disclose the Intangible Assets separately. The re-allocation net book value at 30 June 2024 was US$4 million. On the SOFP, 30 June 2024 was reclassified as follows: • PPE decreased by US$4 million; and • Intangible Assets increased by US$4 million. • The reclassification had no effect on earnings per share. 143 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 13. Leases Information for leases for which the Group is a lessee is presented below: Right-of-use assets Plant and US$ million Buildings machinery Total Cost Balance at 1 July 2023 6 39 45 Balance at 30 June 2024 6 39 45 Disposal of subsidiary – (39) (39) Balance at 30 June 2025 6 – 6 Amortisation and impairment Balance at 1 July 2023 3 15 18 Amortisation for the year – 5 5 Balance at 30 June 2024 3 20 23 Amortisation for the year 1 2 3 Disposal of subsidiary – (22) (22) Balance at 30 June 2025 4 – 4 Net book value At 30 June 2024 3 19 22 At 30 June 2025 2 – 2 Lease liabilities Plant and US$ million Buildings machinery Total Balance at 1 July 2023 3 26 29 Finance charges – 2 2 Lease payments (1) (5) (6) Balance at 30 June 2024 2 23 25 Finance charges – 2 2 Lease payments – (5) (5) Disposal of subsidiary – (20) (20) Balance at 30 June 2025 2 – 2 US$ million 2025 2024 Current – 4 Non-current 2 21 At 30 June 2 25 The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group’s treasury function. Amounts recognised in profit and loss US$ million 2025 2024 Amortisation on right-of-use assets (3) (5) Finance expense on lease liabilities 2 (2) (1) (7) 144 Petra Diamonds Limited Annual Report and Financial Statements 2025 14. Loans receivable Refer to note 31 for the Group’s policy in respect of financial instruments, which include loans receivables. Significant judgements and estimates relevant to loans receivable Refer below for significant judgements in respect of the loans receivable and expected credit loss provision recorded in respect of loans receivables. US$ million 2025 2024 Non-current assets Loans receivable 1 27 42 1. Interest on the loans receivable is charged at the prevailing South African JIBAR plus an interest margin of 5.25%. Loans receivable The non-current loans receivable represents those amounts receivable from the Group’s (Broad-Based Black Economic Empowerment (B-BBEE) Partners (Kago Diamonds and the Itumeleng Petra Diamonds Employee Trusts (IPDET)) in respect of advances historically provided to the Group’s B-BBEE Partners to enable them to discharge interest and capital commitments under the B-BBEE Lender facilities, advances to the B-BBEE Partners to enable trickle payment distributions to both Kago Diamonds shareholders and to the beneficiaries of the IPDET (Petra Directors and Senior Managers do not qualify as beneficiaries under the IPDET Trust Deed), and financing of their interests in Koffiefontein. As a result of historical delays in the Cullinan Mine plant ramp-up and the Finsch SLC ramp-up, the Group has historically elected to advance the B-BBEE Partners’ funds using Group treasury to enable the B-BBEE Partners to service their interest and capital commitments under the B-BBEE Lender facilities (refer below). These receivables, including interest raised, will be recoverable from the B-BBEE Partners’ share of future cashflows from the underlying mining operations. The Group has applied the expected credit loss impairment model to its financial assets and the loans receivable. In determining the extent to which expected credit losses may apply, the Group assessed the future free cashflows to be generated by the mining operations, based on the current life-of-mine plans. In assessing the future cashflows, the Group considered a probability weighted range of diamond price outlooks. Based on the assessment, an expected credit loss provision of US$23 million (2024: US$3 million) has been recognised in the Consolidated Income Statement for the year. US$ million 2025 2024 As at 1 July 42 37 Interest receivable 6 6 Expected credit loss provision (23) (3) Translation difference 2 2 As at 30 June 27 42 The IPDET holds a 12% interest in each of the Group’s South African operations, with Petra’s commercial B-BBEE Partners holding the remaining 14% interest through their respective shareholdings in Kago Diamonds, in which Petra has a 31.46% interest. The effective interest percentages attributable to the remaining operations for the Group’s shareholders are disclosed in the table below: Resultant Group’s B-BBEE interest effective Mine B-BBEE Partner % interest % Cullinan Mine Kago Diamonds and IPDET 26.0 78.4 Finsch Kago Diamonds and IPDET 26.0 78.4 Further details of the transactions with the B-BBEE Partners are included in note 26. The loans receivable is measured at the estimated recoverable amount and are based on level 2 of the fair value hierarchy. Refer to Note 31 for additional disclosures related to financial assets. The expected credit loss is sensitive to changes in the underlying assumptions. A reduction of 20% in the probability assigned to the base case scenario would increase the relative weighting and impact at more severe downside scenarios, resulting in a corresponding increase in the ECL of approximately US$2 million. 145 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 15. Non-controlling interests The non-controlling interests of the Group’s partners in its operations are presented in the table below: US$ million Cullinan Mine Finsch Koffiefontein Tarorite Williamson 1 Total Effective interest % 21.6% 21.6% 21.6% 17.8 % 0.0% Country South Africa South Africa South Africa South Africa Tanzania As at 1 July 2024 7 5 (39) – – (27) Loss for the year (19) (11) – – – (30) Derecognition on disposal – – 41 – – 41 Translation difference 1 – (2) – – (1) At 30 June 2025 (11) (6) – – – (17) US$ million Cullinan Mine Finsch Koffiefontein Tarorite Williamson 1 Total Effective interest % 21.6% 21.6% 21.6% 17.8 % 25.0% Country South Africa South Africa South Africa South Africa Tanzania As at 1 July 2023 16 17 (37) – – (4) Loss for the year (7) (13) (1) – – (21) Dividend paid to non-controlling interest shareholders (2) – – – – (2) Translation difference – 1 (1) – – – At 30 June 2024 7 5 (39) – – (27) 1. Non-controlling interest at Williamson was not recognised as the Government of Tanzania did not contribute in respect of accumulated losses. No dividends were declared during the year, in the prior year, Cullinan Mine declared and paid a dividend out of profits generated in FY 2023 to its non-controlling interests of US$2 million. The B-BBEE Partners repaid US$nil (2024: US$nil) towards their loans owing to the Group. For additional information on total assets, total liabilities and segment results for each operation in the table above refer to note 32. 16. Trade and other receivables Accounting policy The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and the 12-month approach, unless a specific risk exists, for other receivables. To measure expected credit losses on a collective basis, trade receivables and other receivables are grouped based on similar credit risk and ageing. Restated US$ million 2025 2024 Current Diamond debtors 12 30 Trade receivables 2 5 Other receivables – net 1 9 Prepayments 7 9 22 53 Non-current Williamson VAT receivable – 5 Environmental rehabilitation investment 1 1 5 Other receivables 1 10 1. Environmental rehabilitation investment held by Guardrisk as part of the mining rehabilitation guarantee provided to South Africa’s Department of Mineral Resources. As at 30 June 2025 diamond debtors of US$12 million (2024: US$30 million) all settled post Year end. 146 Petra Diamonds Limited Annual Report and Financial Statements 2025 17. Inventories Accounting policy Inventories, which include rough diamonds, are stated at the lower of cost of production on the weighted average basis or estimated net realisable value. Cost of production includes direct labour, other direct costs and related production overheads. Net realisable value is the estimated selling price in the ordinary course of business less marketing costs. Net realisable value also incorporates costs of processing in the case of the ore stockpiles. Consumable stores are stated at the lower of cost on the weighted average basis or estimated replacement value. Work in progress stockpiles is stated at raw material cost including allocated labour and overhead costs. Significant judgements and estimates relevant to diamond inventories Judgement is applied in making assumptions about the value of inventories and inventory stockpiles, including diamond prices, production grade and expenditure, to determine the extent to which the Group values inventory and inventory stockpiles. The Group uses empirical data on prices achieved, grade and expenditure in forming its assessment. US$ million 2025 2024 Diamonds held for sale, including US$4 million for diamond inventory written down to cost in FY 2025 26 32 Work in progress stockpiles – 1 Consumables and stores (net of provision) 9 18 35 51 18. Other financial asset US$ million 2025 2024 At fair value Guardrisk environmental rehabilitation investment 14 14 Legislation stipulates that all mining operations within South Africa are required to make a provision for environmental rehabilitation during the life-of-mine and at closure. In line with this requirement, the Group has entered into policies with a reputable insurance broker to set aside funds for the aforementioned purposes. On the back of these policies, the insurance broker provides the required mining rehabilitation guarantees which are accepted by South Africa's Department of Mineral Resources. The Group makes periodic premium payments towards structured products that will allow the matching of the environmental rehabilitation liability against the Group assets over a period of time. The rehabilitation provisions are disclosed in note 23. The fair value of the asset is based on valuations supplied by Guardrisk. These assets are highly liquid restricted access assets held by Guardrisk to secure the liability to the Department of Mineral Resources. The Group has identified climate-related projects and assessed for any financial environmental liabilities. The climate-related projects in place have not resulted in any financial liability. 19. Cash and cash equivalents US$ million 2025 2024 Cash and cash equivalents – unrestricted 34 28 Cash – restricted 1 3 1 37 29 Bank overdraft – (8) 37 21 1. The Group’s environmental rehabilitation insurance product, which currently includes Finsch and Cullinan Mine, has secured cash assets of US$2 million (2024: US$1 million) held in a cell captive and by the Group’s bankers. The Group has a commitment to pay insurance premiums over the next year of US$1 million (2024: US$nil) to fund the environmental rehabilitation insurance product for the South African operations. The rehabilitation provisions are disclosed in note 23. 147 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 20. Equity and reserves Share capital US$ million Number of shares 2025 Number of shares 2024 Authorised – Ordinary Shares of 0.05 pence (2024: 0.05 pence) each At 30 June 10,000,000,000 164 10,000,000,000 164 Issued and fully paid At 30 June 194,201,785 146 194,201,785 146 The Group’s equity and reserve balances include the following: Share capital The share capital comprises the issued Ordinary Shares of the Company at par. Share premium account The share premium account comprises the excess value recognised from the issue of Ordinary Shares at par less share issue costs. Foreign currency translation reserve The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of entities with a functional currency other than US Dollars and foreign exchange differences on net investments in foreign operations. Share-based payment reserve The share-based payment reserve comprises: • The fair value of shares awarded under the Performance Share Plan measured at grant date (inclusive of market-based vesting conditions) with estimated numbers of awards to vest due to non-market-based vesting conditions evaluated each period and the fair value spread over the period during which the employees or Directors become unconditionally entitled to the awards • Foreign exchange translation of the reserve • Amounts derecognised as part of cash settlement of vested awards originally planned for equity settlement 21. Loans and borrowings Accounting policy including policy for substantial modification of financial liabilities Loan notes are recognised initially at fair value less attributable transaction costs. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of liability carried in the Statement of Financial Position. ‘Interest expense’ in this context includes initial transaction costs, as well as any interest or coupon payable while the liability is outstanding. When the Group’s borrowings are refinanced, and the refinancing is considered to be a substantial modification, the difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised as a charge in the income statement. Under the quantitative test, the modification is classed as substantial if the present value of the modified cashflows is at least 10% different to the present value of the remaining original cashflows. There may be circumstances where the 10% test is not met, but other qualitative factors indicate there has been a substantial modification. The following table summarises the Group’s current and non-current interest-bearing borrowings: US$ million 2025 2024 Current Loans and borrowings – senior secured lender debt facilities 99 – Loans and borrowings – senior secured second lien notes 226 25 Total current borrowings 325 25 Non-current Loans and borrowings – senior secured lender debt facilities – 25 Loans and borrowings – senior secured second lien notes – 221 Total non-current borrowings – 246 Total borrowings 325 271 148 Petra Diamonds Limited Annual Report and Financial Statements 2025 21. Loans and borrowings continued (a) US$337 million senior secured second lien notes A wholly owned subsidiary of the Company, Petra Diamonds US$ Treasury Plc, issued debt securities consisting of US$337 million five-year senior secured second lien Loan Notes, with a maturity date of 8 March 2026. The Notes carry a coupon from: • 1 July 2024 to 31 December 2025 of 9.75% per annum on the aggregate principal amount outstanding which is payable in cash semi-annually in arrears on 31 December and 30 June of each year • 1 January 2026 to 8 March 2026 (final coupon payment) of 9.75% per annum on the aggregate principal amount outstanding which is payable in cash. Redemption price Period of 12 months from 9 March 2025 100.00% During FY 2025, the Group, through the Issuer of the Notes, repurchased and cancelled Notes with a nominal value of US$24 million at a cash value of US$19 million. The principal outstanding after these Notes repurchases is US$226 million, including previously capitalised interest and unamortised loan fees. The Notes are guaranteed by the Company and by the Group’s material subsidiaries and are secured on a second-priority basis on the assets of the Group’s material subsidiaries (refer to note 28 for further detail). The Notes are listed on the Irish Stock Exchange and traded on the Regulated Market of Euronext Dublin. The Company has the right to redeem all or part of the Notes at par, plus any unpaid accrued interest: The Notes are secured on a second-priority basis to the senior secured lender debt facilities by: • The cession of all claims and shareholdings held by the Company and certain of the guarantors within the Group • The cession of all unsecured cash balances held by the Company and certain of the guarantors • The creation of liens over the moveable assets of the Company and certain of the guarantors • The creation of liens over the mining rights and immovable assets held and owned by certain of the guarantors (b) Senior secured lender debt facilities Effective 15 February 2024, following the completion of an amendment agreement, Absa approved the increased commitments under the existing RCF from ZAR1 billion (US$54 million) to ZAR1.75 billion (US$99 million), providing an additional c. US$41 million of liquidity headroom at that time. The terms of the Revolving Credit Facility (RCF) with Absa are: • Maturity date 7 January 2026. The final repayment date is 60 days prior to 8 March 2026 creating a 60-day buffer between the redemption of the Notes and the maturity of the RCF • To maintain a net debt: EBITDA ratio tested semi-annually on a rolling 12-month basis • To maintain an interest cover ratio tested semi-annually on a rolling 12-month basis, which if breached will give rise to an event of default under the bank facilities • To maintain a minimum 12-month forward-looking liquidity requirement that consolidated cash and equivalents shall not fall below US$20.0 million • Interest rate of SA JIBAR + 4.15% per annum, payable monthly (with the margin to be reassessed annually based on Petra’s credit metrics). The year-end interest rate was 12.65% (2024: 12.65%) • Foreign exchange settlement facility of ZAR300 million, no additional settlement fees • The RCF facility is secured on the Group’s interests in Finsch and Cullinan Mine The Company’s covenant levels for the respective measurement periods are outlined below: FY25 FY26 H1 Consolidated net debt:EBITDA leverage ratio (maximum) 3.25 3.00 Interest cover ratio (minimum) 2.75 3.00 Fees, comprising commitment fees of 1.25% per annum of the principal amount. Consolidated net debt for covenant measurement purposes is bank loans and borrowings plus Loan Notes, less cash, restricted cash, bank overdraft and diamond debtors. 149 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 21. Loans and borrowings continued As at 30 June 2025, the Group's Net Debt:Adjusted EBITDA ratio was 9.52 times, exceeding the maximum RCF covenant of 3.25 times, and its interest cover ratio was 1.20 times, below the RCF’s minimum covenant of 2.75 times. When Petra publishes these annual results, it is required to submit a certificate to Absa Bank that it is in compliance with such covenants. The reported information in these annual results would result in a breach of the RCF covenants. Management, therefore, approached Absa Bank after the Period end to seek a waiver of these covenant breaches to prevent the occurrence of an event of default under the RCF and Absa Bank has provided such waiver. The waiver is applicable only to the June 2025 covenant measurements and is unconditional. See note 35 Events after the reporting period for the planned refinancing terms and how it may impact existing borrowings. At 30 June 2025, the RCF was fully drawn, following drawdowns totalling ZAR2 billion (US$110 million) and repayments of ZAR660 million (US$36 million) during FY 2025 for working capital requirements. (b) Financing activities – change in loans and borrowings and change in lease liability (per note 13) Senior Senior Senior Senior secured second secured lender secured second secured lender lien notes debt facilities Lease liability Total lien notes debt facilities Lease liability Total US$ million 2025 2025 2025 2025 2024 2024 2024 2024 Loans and borrowings At 1 July 246 25 25 296 247 – 29 276 Cash draw-downs – 107 – 107 – 45 – 45 Capital repayments – (36) (36) – (21) _ (21) Interest repayment (22) (8) – (30) (25) (5) – (30) Lease payments – – (5) (5) – – (6) (6) Redemption of Notes (24) – – (24) (5) – – (5) Disposal of subsidiaries – – (20) (20) – – – – Interest 26 7 2 35 29 5 2 36 Effect of foreign exchange – 4 – 4 – 1 – 1 At 30 June 226 99 2 327 246 25 25 296 22. Trade and other payables US$ million 2025 2024 Current Trade payables 12 48 Accruals and other payables 27 30 39 78 Income tax payable 8 23 47 101 23. Provisions Accounting policy– Decommissioning, mine closure and environmental rehabilitation The obligation to restore environmental damage caused through mining is raised as the relevant mining takes place. Assumptions are made as to the remaining life of existing operations based on the approved current mine plan and assessments of extensions to the mine plans to access resources in the Resources Statement that are considered sufficiently certain of extraction. Decommissioning and rehabilitation will generally occur on or after the closure of the mine, based on current legal requirements and existing technology. A rehabilitation provision is raised based on the present value of the estimated rehabilitation costs. These costs are included in the cost of the related asset. The capitalised assets are depreciated in accordance with the accounting policy for property, plant and equipment. Increases in the provision, as a result of the unwinding of discounting, are charged to the Consolidated Income Statement within finance expense. The cost of the ongoing programmes to prevent and control pollution, and ongoing rehabilitation costs of the Group’s operations, is charged to profit and loss as incurred. Changes to the present value of the obligation due to changes in assumptions are recognised as adjustments to the provision together with an associated increase/(decrease) in the related rehabilitation asset. In circumstances where the rehabilitation asset has been fully amortised, reductions in the provision give rise to other direct income. 150 Petra Diamonds Limited Annual Report and Financial Statements 2025 23. Provisions continued Significant estimates and assumptions are made in determining the amount attributable to decommissioning and rehabilitation provisions. These deal with uncertainties such as the legal and regulatory framework, timing and future costs. In determining the amount attributable to decommissioning and rehabilitation provisions, management used a discount rate range of 10.0%–11.2% (2024: 6.8–12.1%), estimated decommissioning and rehabilitation timing of 10 to 19 years (2024: 6 to 20 years) and an inflation rate range of 7.5%–8.7% (2024: 4.0–9.6%). The Group estimates the cost of decommissioning and rehabilitation with reference to approved environmental plans. Provisions for unsettled and Provision for Human rights disputed tax claims, closure of Pension and settlement and severance Provision for Koffiefontein post-retirement Decommissioning US$ million claims payments TSF costs mine medical fund and rehabilitation Total Balance at 1 July 2024 (Restated) 8 2 1 7 11 71 100 Disposal of subsidiary – (2) – (5) – (25) (32) Change in estimate (3) 2 (1) (2) 2 (5) (7) Unwinding of present value adjustment of rehabilitation provision – – – – – 6 6 Translation difference 1 – – – – 1 2 Balance at 30 June 2025 6 2 – – 13 48 69 US$ million 2025 2024 Current 7 8 Non-current 62 92 Balance at 30 June 2025 69 100 Human rights settlement claims The Independent Grievance Mechanism (IGM) is a non-judicial process that has the capacity to investigate and resolve complaints alleging severe human rights impacts in connection with security operations at the Williamson diamond mine. It is being overseen by an Independent Panel of Tanzanian experts taking an approach informed by principles of Tanzanian law, and with complainants having access to free and independent advice from local lawyers. The overall aim of the IGM is to promote reconciliation between the Williamson diamond mine, directly affected parties and the broader community by providing remedy to those individuals who have suffered severe human rights impacts. Petra Diamonds Limited (Petra) has agreed to fund the remedies determined by the IGM. On 28 November 2023, the IGM became operational with the commencement of the IGM’s pilot phase. The pilot phase, which was completed in May 2024, has allowed the IGM’s systems and procedures to be further developed and adjusted to take into account learnings. The Independent Panel (IP) has started making decisions on the merits of the cases considered during the pilot phase and the associated remedies for successful grievances. Registration of new grievances closed on 31 January 2024 and first remedy payments to claimants were made on 14 June 2024. Judgement has been applied by management in assessing the estimated future cost of remedies for successful grievances based on the outcome of claims investigated during the pilot phase. Management has assessed the results of these investigated claims and performed its own estimate based on calculations received from consultants. The estimate makes a number of different assumptions, including, amongst others, the categories of the grievances, the number of non-returning claimants, the success rates of the grievances and the settlement payment that apply to successful grievances due to, for example, limitation periods, contributory negligence, the involvement of the Tanzanian police, self-defence and a lack of supporting evidence. These estimates also do not make any allowance for non-financial remedies that the IP may award. The outcomes of the concluded cases, spread across all categories, have been extrapolated across the grievance population, based on the average claim settlement per category and the various categories of the grievances (nature of claims). Management’s assessment resulted in estimated aggregate costs of US$6 million provided at Year End (2024: US$ 8 million). It is anticipated that the project will be concluded during the next financial year. Employee entitlements and other provisions The provisions relate to provision for an unfunded post-retirement medical fund, pension fund and retrenchment costs. Details in respect of the post-retirement medical and pension schemes and related key judgements and estimates are disclosed in notes 29 and 30. 151 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 24. Deferred tax liabilities Significant estimates and judgements related to deferred tax assets Judgement is applied in making assumptions about recognition of deferred tax assets in respect of the timing and value of estimated future taxable income and available tax losses, as well as the timing of rehabilitation costs and the availability of associated taxable income. US$ million 2025 2024 Balance at the beginning of the year 50 82 Income statement credit (47) (34) Foreign currency translation difference – 2 Balance at the end of the year 3 50 Deferred taxation comprises: 2025 2025 US$ million Total Recognised Unrecognised Deferred tax liability – Property, plant and equipment 103 103 – 103 103 – Deferred tax asset – Capital allowances (78) (76) (2) – Provisions and accruals (27) (23) (4) – Tax losses (31) (1) (30) (136) (100) (36) Net deferred taxation (asset)/liability (33) 3 (36) 2024 2024 US$ million Total Recognised Unrecognised Deferred tax liability – Property, plant and equipment 132 132 – 132 132 – Deferred tax asset – Capital allowances (96) (61) (35) – Provisions and accruals (37) (19) (18) – Tax losses (73) (2) (71) (206) (82) (124) Net deferred taxation (asset)/liability (74) 50 (124) No deferred tax liabilities (2024: US$nil) have been recognised in relation to US$305 million (2024: US$310 million) of gross temporary differences associated with investments in subsidiaries as the Company is able to control the timing and amount of dividends from the related subsidiaries and there are no plans for future dividend payments and therefore it is probable that the reversal of the related temporary differences will not occur in the foreseeable future. 152 Petra Diamonds Limited Annual Report and Financial Statements 2025 25. Share-based payments Accounting policies Employee and Director share schemes The Long Term incentive plan (LTIP) award fair value is measured annually at the date of grant with reference to the Company share price and award quantum. The amount recognised as an expense is then adjusted to reflect the final number of LTIPs which vest once the final performance conditions and weighted average share price are determined. Measurement of the expense is calculated on a straight-line basis (LTIP award multiplied by the vesting percentage, multiplied by the Company’s share price, multiplied by the foreign exchange rate). Company schemes The total share-based payment charge of US$1 million (2024: US$1 million) for the Performance Share Plan (PSP) was charged to the Consolidated Income Statement. There was no charge for the LTIP share plan to the Consolidated Income Statement (2024: US$nil). Share grants to Directors and Senior Management: PSP and deferred awards The share-based payment awards are considered to be equity-settled, albeit they can be cash settled at the Company’s option. The PSP granted during the current year comprised the PSP with duration from FY 2025 to FY 2027. The PSP granted during the current and prior year are as follows: 2025 2024 2024 PSP – market and non-market-based performance conditions (FY 2025–FY 2027) (FY 2024–FY 2026) (FY 2024–FY 2026) Grant date 27 September 2024 18 January 2024 19 October 2023 Share price at grant date (30-day VWAP) 27.1p 60.5p 51.9 p Performance period 3 years 3 years 3 years During the year, 8,281,632 (2024: 2,643,805 under the FY 2024–FY 2026 PSP) PSP shares were awarded under the FY 2025– FY 2027 plan to Senior Management at a fair value price of 27.1 pence (2024: 66.98 pence). The awards were granted under the Company’s 2021 PSP rules. The awards have no exercise price. Senior Management (LTIP) The LTIP scheme is a cash-based reward scheme with each LTIP unit equivalent in value to a Petra share award at time of vesting. Awards will vest with reference to set performance criteria covering a three-year measurement period. The LTIP scorecard includes a component measuring Petra’s sustainability performance with a focus on GHG emission reduction efforts in support of the Group’s FY 2030 GHG emission reduction target, as well as the Company’s longer-term commitment to be net zero for Scope 1 and 2 emissions by 2050 while aspiring to reach this by 2040. Upon vesting, awards will be settled in cash. 26. Related parties Subsidiaries Details of subsidiaries are disclosed in note 28. Directors Details relating to key management personnel (including Directors) are disclosed in note 9. B-BBEE Partners and related party balances Details relating to the Group’s interests in its B-BBEE Partners are disclosed in note 14. The Group’s related party B-BBEE Partner, Kago Diamonds, and its gross interests in the mining operations of the Group are disclosed in the table below. Partner and respective Partner and respective Mine interest as at 30 June 2025 interest as at 30 June 2024 Cullinan Mine Kago Diamonds (14%) Kago Diamonds (14%) Finsch Itumeleng Petra Diamonds Itumeleng Petra Diamonds Employee Trust (12%) Employee Trust (12%) 153 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 26. Related parties continued The non-current loans receivable, finance income and finance expense due from and due to the related party B-BBEE Partner and other related parties are disclosed in the table below: US$ million 2025 2024 Non-current receivable Itumeleng Petra Diamonds Employee Trust 13 21 Kago Diamonds 14 21 27 42 Finance income Itumeleng Petra Diamonds Employee Trust 3 2 Kago Diamonds 3 3 6 5 Dividend paid Itumeleng Petra Diamonds Employee Trust – – Kago Diamonds – 1 – 1 Interest on the loans receivables is charged at South African JIBAR plus 5.25% (2024: South African JIBAR plus 5.25%). Kago Diamonds is one of the B-BBEE Partners which obtained bank financing from the B-BBEE Lenders to acquire its interests in Cullinan Mine and Finsch. Itumeleng Petra Diamonds Employee Trust holds investments in Petra Group’s mining operations for the benefit of the beneficiaries. Impairment charged of US$23 million (2024: US$3 million) relating to the loans receivable from the Group’s B-BBEE Partners. 27. Notes to the cashflow statement (a) Cash generated from operations Re-presented US$ million 2025 2024 Loss before taxation for the year from continuing and discontinued operations (153) (139) Depreciation of property, plant and equipment 76 95 Amortisation of right-of-use asset – 1 Net impairment charge 130 75 Gain on extinguishment of Notes (5) (1) Movement in provisions (6) (3) Finance income (28) (21) Finance expense 42 40 (Profit)/loss on sale of property, plant and equipment – (1) Non-cash items on discontinued operation (33) 2 Share-based payment expense 1 1 Operating profit before working capital changes 24 49 Decrease/(increase) in trade and other receivables 15 (19) Increase in trade and other payables 1 2 Decrease in inventories 12 35 Cash generated from operations 52 67 154 Petra Diamonds Limited Annual Report and Financial Statements 2025 28. Subsidiaries At 30 June 2025 the Group held ordinary shares in the following significant subsidiaries: Class of share Direct percentage Direct percentage Country of incorporation capital held held 30 June 2025 held 30 June 2024 Nature of business Cullinan Diamond Mine (Pty) Ltd 1 South Africa Ordinary 74% 74% Mining and exploration Ealing Management Services (Pty) Ltd 1 South Africa Ordinary 100% 100% Treasury Finsch Diamond Mine (Pty) Ltd 1 South Africa Ordinary 74% 74% Mining and exploration Johannesburg Diamond Trading Company (Pty) Ltd South Africa Ordinary 100% 100% Dormant Kalahari Diamonds Ltd United Kingdom Ordinary 100% 100% Dormant Petra Diamonds Angola Holdings Ltd BVI Ordinary 100% 100% Dormant Petra Diamonds Belgium BV Belgium Ordinary 100% 100% Services provision Petra Diamonds Foundation PPC South Africa Ordinary 100% 100% Community development Petra Diamonds Holdings SA (Pty) Ltd 1 South Africa Ordinary 100% 100% Investment holding Petra Diamonds Netherlands Treasury B.V. 1 Netherlands Ordinary 100% 100% Dormant Petra Diamonds Southern Africa (Pty) Ltd1 1 South Africa Ordinary 100% 100% Services provision Petra Diamonds UK Services Ltd United Kingdom Ordinary 100% 100% Services provision Petra Diamonds UK Treasury Ltd 1 United Kingdom Ordinary 100% 100% Treasury Petra Diamonds US$ Treasury Plc 1 United Kingdom Ordinary 100% 100% Treasury Premier Transvaal Diamond Mining Company (Pty) Ltd South Africa Ordinary 100% 100% Mining and exploration Tarorite (Pty) Ltd 1 South Africa Ordinary 74% 74% Beneficiation Willcroft Company Ltd 1 Bermuda Ordinary 100% 100% Investment holding 1. The companies are guarantors to the senior secured second lien notes. 29. Post retirement pension scheme The Company operates a defined benefit pension scheme and defined contribution pension scheme. The defined benefit scheme was acquired as part of the acquisitions of Cullinan Mine and Finsch and is closed to new members. The rules of the scheme do not currently indicate that surpluses will be allocated to the employer. Therefore, the Company has not recognised fund surpluses. Plan assets are therefore limited to the value of the funded obligations. All new employees are required to join the defined contribution scheme. The assets of the pension schemes are held separately from those of the Group’s assets. Defined benefit scheme The defined benefit scheme, which is contributory for members, provides benefits based on final pensionable salary and contributions. The pension charge or income for the defined benefit scheme is assessed in accordance with the advice of a qualified actuary using the projected unit credit method. US$ million 2025 2024 Defined benefit scheme Defined benefit obligations (8) (8) Plan assets 8 8 Plan assets At 1 July 8 7 Return on plan assets – net of actuarial movements 1 1 Benefits paid to members (1) – At 30 June 8 8 Defined benefit obligations At 1 July (8) (7) Benefits paid to members` 1 – Finance expense (1) (1) At 30 June (8) (8) Effect of the asset ceiling 1 1 The previous statutory valuation showed that no further deficit funding was required from the employer. 155 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 29. Post retirement pension scheme continued US$ million 2025 2024 Estimation of future pension benefit payments (for the next 5 years) Benefit payments 2026 – 1 Benefit payments 2027 1 1 Benefit payments 2028 1 1 Benefit payments 2029 1 1 Benefit payments 2030 1 – Liabilities at fair market value at 30 June 4 4 30. Post-retirement medical fund The Group’s post-retirement medical fund is unfunded and recognised as a liability on the Consolidated Statement of Financial Position within provisions. The scheme was acquired as part of the acquisitions of Cullinan Mine and Finsch and is closed to new members. The Group’s post-employment healthcare liability consists of a commitment to pay a portion of the members’ post-employment medical scheme contributions. This liability is also generated in respect of dependants who are offered continued membership of the medical scheme on the death of the primary member. Significant judgements and estimates relevant to medical funds The post-employment medical liability is annually calculated by a qualified actuary using the projected unit credit method. The most recent actuarial valuation was at 30 June 2025. Assumptions made in connection with the scheme valuation include the health care cost of inflation, the average yield of South African Government long-dated bonds and withdrawal rates and life expectancies. US$ million 2025 2024 Unfunded post-retirement medical fund Present value of post-employment medical liability 13 11 Movements in the present value of the post-retirement medical liability recognised in the Consolidated Statement of Financial Position Net liability for the post-retirement medical fund obligation as at 1 July 11 10 Net expense recognised in the income statement 2 1 Membership changes – 1 Benefit payments – (1) Net liability for post-employment medical care obligations at 30 June 13 11 The expense is recognised in the following line items in the income statement Finance expense 2 1 Principal actuarial assumptions Discount rate 11.2 % 12.4% Health care cost inflation 6.6% 7.9% Net discount rate 4.3% 4.1% US$ million 2025 2024 Estimated future benefit payments (for the next 5 years) The following future benefit payments, which reflect the expected future services, as appropriate, are expected to be paid: 2026 – 1 2027 1 1 2028 1 1 2029 1 1 2030 1 – 4 4 156 Petra Diamonds Limited Annual Report and Financial Statements 2025 31. Financial instruments Accounting policies The Group classifies its financial assets (excluding derivatives) into the following categories and the Group’s accounting policy for the categories is as follows: Financial assets Amortised cost These assets arise principally through the provision of goods and services to customers (eg trade receivables) but also incorporate other types of contractual monetary assets where the objective is to hold these assets in order to collect contractual cashflows and the contractual cashflows are solely payments of principal and interest. They are initially recognised at the fair value plus transaction costs that are directly attributable to the acquisition or issue and subsequently carried at amortised cost using the effective interest method, less provision for impairment. Impairment Impairment provisions for current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised within operating costs in the Consolidated Income Statement. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Impairment provisions/reversals for receivables from related parties, B-BBEE Partners and other third parties are recognised based on a forward-looking expected credit loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of the financial asset, 12-month expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised. The Group’s financial assets measured at amortised cost comprise non-current receivables, trade and other receivables and cash and cash equivalents in the Consolidated Statement of Financial Position. The financial assets classified at amortised cost included in receivables are as follows: Total Total US$ million 2025 2024 Diamond debtors 12 30 Trade receivables 2 5 Other receivables (excluding taxation, VAT and prepayments) 1 15 Non-current receivables (excluding VAT) 44 47 59 97 The trade receivables are all due within normal trading terms. Diamond debtors are due within two days of awarding the rough diamond sales tender to the successful bidder. The trade receivables relating to the year-end tender have all been received post Year End. No trade receivables are considered to be subject to credit loss or impaired. The carrying values of financial assets held at amortised cost are denominated in the following currencies: Total Total US$ million 2025 2024 Pound Sterling 1 1 South African Rand 31 54 US Dollar 27 42 59 97 The financial assets classified at fair value through profit or loss (FVTPL) are held within the Guardrisk rehabilitation policy (refer note 18). Fair value is measured at the market price for the listed investments. Inputs to the fair value are based on level 2 of the fair value hierarchy. Fair value at 30 June is US$14 million (2024: US$14 million). Financial liabilities The Group classifies its financial liabilities (excluding derivatives) into one category: other financial liabilities. The Group’s accounting policy is as follows: 157 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 31. Financial instruments continued Other financial liabilities Trade payables, other payables and leases Trade payables, other payables and leases, which are initially recognised at fair value, are subsequently carried at amortised cost using the effective interest rate method. The other financial liabilities included in trade and other payables (which exclude taxation) are as follows: Total Total US$ million 2025 2024 Trade payables 12 48 Other payables (excluding taxation, VAT and derivatives) 27 33 Current lease liability – 4 Bank overdraft – 8 Non-current lease liability 2 21 41 114 The carrying values of other financial liabilities are denominated in the following currencies: Total Total US$ million 2025 2024 Pound Sterling – 14 South African Rand 40 30 EURO 1 – US Dollar – 70 41 114 Interest-bearing borrowings Refer to note 19 for the Group’s policy on interest-bearing borrowings. The details of the categories of financial instruments of the Group are as follows: Total Total US$ million 2025 2024 Financial assets Held at amortised cost: – Non-current trade and other receivables (excluding VAT) 44 47 – Trade receivables 14 35 – Other receivables (excluding taxation, prepayments and VAT) 1 15 – Cash and cash equivalents – unrestricted 34 28 – Cash and cash equivalents – restricted 3 1 Held at Fair value through profit and loss – Environmental rehabilitation investment 1 5 97 131 Financial liabilities Held at amortised cost: – Non-current lease liability 2 21 – Non-current loans and borrowings – 246 – Current loans and borrowings 325 25 – Bank overdraft – 8 – Trade and other payables (excluding taxation, VAT and derivatives) 39 78 – Current lease liability – 4 366 382 158 Petra Diamonds Limited Annual Report and Financial Statements 2025 31. Financial instruments continued There is no significant difference between the fair value of financial assets and other financial liabilities and the carrying values set out in the table above, noting that non-current loan receivables and payables bear interest. The loan notes are illiquid and trading at a significant discount to the face value of the loan notes. The planned refinancing of the loan notes will result in all notes being exchanged at par, with amended terms. The fair value is therefore considered to be equal to the amortised cost of the liability. The currency profile of the Group’s financial assets and liabilities is as follows: US$ million Total 2025 Total 2024 Financial assets Pound Sterling 1 1 South African Rand 42 62 US Dollar 54 68 97 131 Financial liabilities Pound Sterling 1 11 South African Rand 139 54 US Dollar 226 317 366 382 Further quantitative information in respect of these risks is presented throughout these Consolidated Annual Financial Statements. Exposures to currency, liquidity, market price, credit and interest rate risk arise in the normal course of the Group’s business. This note describes the Group’s objectives, policies and processes for managing those risks and the methods used to measure them. The Group uses financial instruments, in particular forward currency option contracts, to help manage foreign exchange risk. The Directors review and agree policies for managing each of these risks. Credit risk A significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. A default on a financial asset is when the counterparty fails to make contractual payments within 60 days of when they fall due. The Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk, the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group sells its rough diamond production through a tender process on a recognised bourse. This mitigates the need to undertake credit evaluations. Where production is not sold on a tender basis, the Directors undertake suitable credit evaluations before passing ownership of the product. At the reporting date there were significant concentrations of credit risk in respect of the loans receivable. The maximum exposure to credit risk is represented by the carrying amount of the financial assets in the Consolidated Statement of Financial Position. The material financial assets are carried at amortised cost, with no indication of impairment. The Group considers the credit quality of loans and receivables to be good with expected losses incurred as disclosed in note 14. Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where loans or receivables have been written off, and in the absence of any mutual agreed settlement, the Group continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. The loans receivable represents those amounts receivable from the Group’s B-BBEE Partners (Kago Diamonds and the IPDET) in respect of advances historically provided to the Group’s B-BBEE Partners to enable them to discharge interest and capital commitments under the B-BBEE Lender facilities, advances to the B-BBEE Partners to enable trickle payment distributions to both Kago Diamonds shareholders and to the beneficiaries of the IPDET (Petra Directors and Senior Managers do not qualify as beneficiaries under the IPDET Trust Deed). These receivables, including interest raised, will be recoverable from the B-BBEE Partners’ share of future cashflows from the underlying mining operations, Cullinan Mine and Finsch. 159 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 31. Financial instruments continued The Group applies the expected lifetime credit loss model to the loans receivable. In determining the extent to which expected credit losses may apply, the Group assesses the future free cashflows to be generated by its mining operations, Cullinan Mine and Finsch. In the estimation of these future cashflows, management are required to consider available reasonable and supportive forwarding- looking information relating to reserves and resources, assumptions related to exchange rates, rough diamond and other commodity prices, extraction costs and recovery and production rates. Any such estimates and assumptions may change as new information becomes available. Changes in exchange rates, rough diamond and commodity prices, extraction and recovery costs and production rates may change the economic viability of ore reserves and resources and may ultimately result in a significant increase in credit risk related to the loans receivable. During the Year, Management revised its estimation technique to incorporate additional factors around: Diamond prices, the ability to refinance the Group’s debt which matures in FY2026, Production and all other residual risks. The impact of this change resulted in an increase in the loss allowance for FY2025 of circa US$6 million. Based on the assessment, an expected credit loss provision of US$23 million (2024: US$3 million) has been recognised in the Consolidated Income Statement for the year. The loss allowance for the BEE and Other receivables as at 30 June 2024 and 30 June 2025 reconciles as follows: BEE Other US$ million receivables receivables Total Opening loss allowance at 1 July 2023 5 – 5 Allowance for the year 3 – 3 Translation differences (1) – (1) Loss allowance at 30 June 2024 7 – 7 Allowance for the year 22 1 23 Translation differences 1 – 1 Loss allowance at 30 June 2025 30 1 31 Group cash balances are deposited with reputable banking institutions within the countries in which it operates. Excess cash is held in overnight call accounts and term deposits ranging from seven to 30 days. Refer to notes 18 for environmental rehabilitation investment secured in respect of rehabilitation obligations. At Year End the Group had no undrawn borrowing facilities (2024: US$72 million). Derivatives The fair values of derivatives are recorded on the Consolidated Statement of Financial Position within ‘Trade and other receivables’ or ‘Trade and other payables’. Derivatives are classified as current or non-current depending on the date of expected settlement of the derivative. The Group utilises derivative instruments to manage certain market risk exposures. The Group does not use derivative financial instruments for speculative purposes; however, it may choose not to designate certain derivatives as hedges for accounting purposes. Such derivatives are classified as ‘non-hedges’ and fair value movements are recorded in the Consolidated Income Statement. At Year End the Group had a derivative asset of US$ 5 million (2024: US$3 million asset) recognised in the Consolidated Statement of Financial Position and a net realised foreign exchange gain of US$6 million (2024: US$5 million gain) and an unrealised foreign exchange gain of US$8 million (2024: US$3 million gain) recognised in the Consolidated Income Statement. The use of derivative instruments is subject to limits and the positions are regularly monitored and reported to the Board. Foreign exchange risk Foreign exchange risk arises because the Group has operations located in parts of the world where the functional currency is not US Dollars. The Group’s net assets arising from its foreign operations are exposed to currency risk resulting in gains and losses on translation into US Dollars. Foreign exchange risk also arises when individual Group operations enter into transactions denominated in a currency other than their functional currency. The policy of the Group is, where possible, to allow Group entities to settle liabilities denominated in their local currency with the cash generated from their own operations in that currency, having converted US Dollar diamond revenues to local currencies. In the case of the funding of non-current assets, such as projects to expand productive capacity entailing material levels of capital expenditure, the central Group treasury function will assist the foreign operation to obtain matching funding in the functional currency of that operation and shall provide additional funding where required. The currency in which the additional funding is provided is determined by taking into account the following factors: • The currency in which the revenue expected to be generated from the commissioning of the capital expenditure will be denominated • The degree to which the currency in which the funding is provided is a currency normally used to effect business transactions in the business environment in which the foreign operation conducts business • The currency of any funding derived by the Company for onward funding to the foreign operation and the degree to which it is considered necessary to hedge the currency risk of the Company represented by such derived funding 160 Petra Diamonds Limited Annual Report and Financial Statements 2025 31. Financial instruments continued The sensitivity analysis to foreign currency rate changes is as follows: 30 June 2025 US$ Year-end Year-end strengthens US$ US$ million US$ rate amount 10% weakens 10% Financial assets South African Rand 0.0563 51 48 54 US Dollar 1.0000 16 16 16 67 64 70 Financial liabilities Pound Sterling 0.7282 1 1 1 South African Rand 0.0563 139 136 140 US Dollar 1.0000 226 225 226 366 362 367 30 June 2024 US$ Year-end Year-end strengthens US$ US$ million US$ rate amount 10% weakens 10% Financial assets Pound Sterling 0.7910 1 1 1 South African Rand 0.0550 71 63 73 US Dollar 1.0000 68 69 69 140 133 143 Financial liabilities Pound Sterling 0.7910 14 13 15 South African Rand 0.0550 54 48 59 US Dollar 1.0000 317 317 317 385 378 391 The tables above reflect the impact of a 10% cumulative currency movement over the next 12 months and are shown for illustrative purposes. Liquidity risk Liquidity risk arises from the Group’s management of working capital, capital expenditure, finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations and when necessary will seek to raise funds through the issue of shares and/or debt. It is the policy of the Group to ensure that it will always have sufficient cash to allow it to meet its liabilities when they fall due. To achieve this, the Group maintains cash balances and funding facilities at levels considered appropriate to meet ongoing obligations. Cashflow is monitored on a regular basis. The maturity analysis of the actual cash payments due in respect of loans and borrowings is set out in the table below. The maturity analysis of trade and other payables is in accordance with those terms and conditions agreed between the Group and its suppliers. For trade and other payables, payment terms are 30 days, provided all terms and conditions have been complied with. 161 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 31. Financial instruments continued Maturity analysis The below maturity analysis reflects cash and cash equivalents and loans and borrowings based on actual cashflows rather than carrying values. 30 June 2025 3 months US$ million Notes Interest rate Total or less 3–6 months 6–12 months 1–2 years 2–5 years Cash Cash – unrestricted 19 0.1– 5.1% 34 34 – – – – Cash – restricted 19 0.1–5.1% 3 3 – – – – Total cash 37 37 – – – – Loans and borrowings Bank loan – secured 19 11.25% 105 3 3 99 – – Trade payables 22 – 12 12 – – – – Senior secured second lien notes 19 9.75% 237 – 11 226 – – Cashflow of loans and borrowings 354 15 14 325 – – 30 June 2024 3 months US$ million Notes Interest rate Total or less 3–6 months 6–12 months 1–2 years 2–5 years Cash Cash – unrestricted 17 0.1– 5 .1% 28 28 – – – – Cash – restricted 17 0.1–5.1% 1 1 – – – – Total cash 29 29 – – – – Loans and borrowings Bank loan – secured 19 12.38% 30 – 1 1 28 – Trade payables 22 – 48 48 – – – – Bank overdraft 17 5.00–9.00% 8 8 – – – – Senior secured second lien notes 19 9.75% 294 – 12 12 270 – Lease liabilities 11 5.98% 31 2 1 3 6 19 Cashflow of loans and borrowings 411 58 14 16 304 19 162 Petra Diamonds Limited Annual Report and Financial Statements 2025 31. Financial instruments continued Interest rate risk The Group has borrowings that incur interest at fixed and floating rates. The Group’s fixed rate borrowings comprise the senior secured second lien notes which incur interest at a fixed interest rate of 9.75%. Management constantly monitors the floating interest rates so that action can be taken should it be considered necessary. Management considered the impact of a change in the floating interest rate to the Group’s financial results as the quantum of borrowings at floating rates is US$99 million (2024: US$25 million). The impact of a 100 basis point increase/decrease in the rate would result in a financial loss/gain of US$1 million (2024: US$nil). Other market price risk The Group predominantly generates revenue from the sale of rough and polished diamonds, as well as occasionally from polished stones. The significant number of variables involved in determining the selling prices of rough diamonds, such as the uniqueness of each individual rough stone, the content of the rough diamond parcel and the ruling US$/ZAR spot rate at the date of sale, makes it difficult to accurately extrapolate the impact the fluctuations in diamond prices would have on the Group’s revenue. Capital disclosures Capital is defined by the Group to be the capital and reserves attributable to equity holders of the parent company. The Group’s objectives when maintaining capital are: • To safeguard the ability of the entity to continue as a going concern • To provide an adequate return to shareholders The Group monitors capital on the basis of the consolidated debt to equity ratio. This ratio is calculated as net debt to equity. Net debt is calculated as US$ Loan Notes (less transaction costs), bank loans and borrowings less restricted and unrestricted cash and cash equivalents (as defined by the RCF agreement) and bank overdraft. Equity comprises all components of equity attributable to equity holders of the parent company. The debt to equity ratios at 30 June 2025 and 30 June 2024 are as follows: Represented US$ million 2025 2024 Total debt 325 271 Net cash and cash equivalents (37) (21) Net debt 288 250 Diamond debtors (12) (30) Environmental rehabilitation investment (restricted) (15) (19) Consolidated net debt 261 201 Total equity attributable to equity holders of the parent company 93 201 Net debt to equity ratio 2.81:1 1.00:1 The Group manages its capital structure by the issue of Ordinary Shares, raising debt finance where appropriate and managing Group cash and cash equivalents. 163 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 32. Segment information Segment information is presented in respect of the Group’s operating and geographical segments: • Mining – the extraction and sale of rough diamonds from mining operations in South Africa and Tanzania • Corporate – administrative activities in the United Kingdom • Beneficiation – beneficiation activities in South Africa Segments are based on the Group’s management and internal reporting structure. Management reviews the Group’s performance by reviewing the results of the mining activities in South Africa and Tanzania, and reviewing the corporate administration expenses in the United Kingdom. Each segment derives, or aims to derive, its revenue from diamond mining and diamond sales, except for the United Kingdom corporate and administration cost centre. During the year, the Group classified its Williamson operation as a discontinued operation in accordance with IFRS 5. Following this classification, the Chief Operating Decision Maker (CODM) no longer reviews its financial performance separately. Accordingly, the results of the discontinued operation have been excluded from the segment information presented below, which reflects only the Group’s continuing operations. Two customers individually contributed 10% or more to total revenue, amounting to US$94 million from all mining operations and these two customers accounted for revenue of US$51 million and US$43 million in the year (2024: US$78 million and US$48 million). The Group’s non-current assets located in South Africa are US$402 million (2024: US$549 million) and in Tanzania are US$nil (2024: US$57 million) following the disposal of Williamson in May 2025. The Group’s property, plant and equipment included in non-current assets located in South Africa are US$521 million (2024: US$685 million) and in Tanzania are US$nil (2024: US$87 million) following the disposal of Williamson in May 2025. Tanzania – United South Africa – mining activities mining activities Kingdom South Africa Corporate Operating segments Cullinan Mine Finsch Koffiefontein 5 Williamson 6 and treasury Beneficiation 4 Inter-segment Consolidated US$ million 2025 2025 2025 2025 2025 2025 2025 2025 Revenue 137 70 – – – – – 207 Segment result 1 (12) (36) – – (10) – – (58) Impairment charge – property, plant and equipment and other receivables (70) (37) – – (23) – – (130) Other direct income – 6 – – – – – 6 Operating loss 2 (82) (67) – – (33) – – (182) Financial income 28 Financial expense (42) Gain on extinguishment of Notes net of unamortised costs 5 Income tax charge 37 Profit on discontinued operation including associated impairment charges (net of tax) 38 Non-controlling interest 30 Loss attributable to equity holders of the parent company (86) Segment assets 3 314 151 – – 3,366 – (3,292) 539 Segment liabilities 3 359 151 – – 2,192 8 (2,264) 446 Cash flow from operating activities 40 (7) – – – – – 33 Capital expenditure 36 27 – – 1 – – 64 1. Total depreciation of US$76 million included in the segmental result comprises depreciation incurred at the Cullinan Mine of US$44 million, Finsch of US$31 million and Corporate and treasury of US$1 million. 2. Operating profit/(loss) is equivalent to revenue of US$207 million less total costs of US$400 million as disclosed in the Consolidated Income Statement. 3. Segment assets and liabilities include inter-company receivables and payables which are eliminated on consolidation. 4. The beneficiation segment represents Tarorite, a cutting and polishing business in South Africa, which can on occasion cut and polish select rough diamonds. Current year segment result is the inventory adjustment (note 17). 5. The operating results of Koffiefontein are included under lprofit on discontinued operation including associated impairment (net of tax) as the operation has been disposed effective 18 October 2024. 6. Williamson results are included under profit on discontinued operation including associated impairment (net of tax) as the operation has been disposed effective 14 May 2025. 164 Petra Diamonds Limited Annual Report and Financial Statements 2025 32. Segment information continued Tanzania – United South Africa – mining activities mining activities Kingdom South Africa Corporate Operating segments Re-presented Cullinan Mine Finsch Koffiefontein 5 Williamson 6 and treasury Beneficiation 4 Inter-segment Consolidated US$ million 2024 2024 2024 2024 2024 2024 2024 2024 Revenue 190 120 – – – – – 310 Segment result 1 22 (21) – – (14) – (3) (16) Impairment charge – property, plant and equipment and other receivables (33) (45) – – (3) (1) – (82) Other direct income 1 1 – – – – – 2 Operating loss 2 (10) (65) – – (17) (1) (3) (96) Financial income 21 Financial expense (40) Gain on extinguishment of Notes net of unamortised costs 1 Income tax charge 32 Loss on discontinued operation including associated impairment charges (net of tax) (25) Non-controlling interest 21 Loss attributable to equity holders of the parent company (86) Segment assets 3 395 199 1 87 3,159 5 (3,074) 772 Segment liabilities 3 349 153 57 114 2,049 7 (2,174) 555 Cash flow from operating activities 68 12 – (7) (3) – – 70 Capital expenditure 48 25 – 10 1 – – 84 1. Total depreciation of US$90 million included in the segmental result comprises depreciation incurred at the Cullinan mine of US$45 million, Finsch mine of US$30 million, Williamson of US$14 million and Corporate and treasury of US$1 million. 2. Operating profit/(loss) is equivalent to revenue of US$310 million less total costs of US$406 million as disclosed in the Consolidated Income Statement. 3. Segment assets and liabilities include inter-company receivables and payables which are eliminated on consolidation. 4. The beneficiation segment represents Tarorite, a cutting and polishing business in South Africa, which can on occasion cut and polish select rough diamonds. 5. The operating results of Koffiefontein are included under loss on discontinued operation including associated impairment (net of tax) as the operation has been placed on permanent care and maintenance. 33. Discontinued operations A component of the Group should be classified as a discontinued operation when it has been disposed of, or abandoned, and represents a separate major line of business or geographical area of operations. Significant accounting policies relevant to non-current assets held for sale and discontinued operations A component of the Group should be classified as a discontinued operation when it has been disposed of, or abandoned, and represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. The Group designates the results of discontinued activities, separately and reclassifies the results of the operation in the comparative period from continuing to discontinued operations. The Group does not consider mines held on care and maintenance to be discontinued activities unless the mine is abandoned and the discontinued criteria are met. The results of discontinued operations are presented separately in the Consolidated Income Statement. This classification as a discontinued operation was applied to Koffiefontein and Williamson mines at 30 June 2025 as both operations were sold during the Year. 165 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 33. Discontinued operations continued Unrealised foreign exchange gains and losses on historical retranslation of the subsidiaries’ results into US Dollars are recycled to the consolidated income statement upon completion of the disposal. The non-controlling interest attributable to minority shareholders is recycled to the consolidated income statement upon completion of the disposal. The Group designates the results of discontinued activities, including those of disposed subsidiaries, separately in accordance with IFRS and reclassifies the results of the operation in the comparative period from continuing to discontinued operations. The Group does not consider mines held on care and maintenance to be discontinued activities unless the mine is abandoned. Profit/(loss) on discontinued operations: Total Total US$ million 2025 2024 Williamson operation (note 33 (a)) 26 – Koffiefontein operation (note 33 (b)) 12 (3) 38 (3) (a) Disposal of Williamson At 31 December 2024, the Board reviewed its strategic options at Williamson and the asset was classified as an asset held for sale. On 22 January 2025 the Company announced that it had entered into an agreement to sell its entire shareholding in the entity that holds Petra's interest in Williamson, together with all the shareholder loans such entity owes Petra, to Pink Diamonds Investments Limited (Pink Diamonds) for a headline consideration of up to US$16 million. Management has concluded that the collectability of the contingent consideration is uncertain and therefore recognition of the consideration has been deferred until the uncertainty is resolved. The fair value of the contingent consideration has been assessed to be nil, as the key assumption made in deriving that estimate is the probablility of the mine making the required level of profit in future periods being remote. In May 2025, the Group disposed of its entire interest in Williamson, including any rights in respect of Parcel 1 and related claims against the Government of Tanzania. As a result, no assets or liabilities related to Williamson remains on the Group’s balance sheet at 30 June 2025. The transaction was completed during May 2025. Effect of the transaction The transaction had the following effect on the Group’s assets and liabilities (a) (i) Net liabilities of Williamson: US$ million 2025 Mining property, plant and equipment 30 Right-of-use asset 17 Non-current trade and other receivables 2 Trade and other receivables 16 Inventory 5 Assets disposed (other than cash) 70 Environmental liabilities 8 Provisions 22 Deferred tax 1 Lease liabilities 20 Trade and other payables 43 Bank overdraft 9 Liabilities disposed 103 Net liabilities disposed 33 166 Petra Diamonds Limited Annual Report and Financial Statements 2025 33. Discontinued operations continued (a) (ii) Post-tax gain on disposal of Williamson: US$ million 2025 Net liabilities disposed of 33 Less: other costs related to the disposal of Williamson – Gain on disposal of discontinued operation 33 Consideration received 1 – Less: cash and cash equivalents disposed – Gain on disposal before tax 33 Tax – Gain on disposal, net of tax 33 1. Deferred consideration receivable is $16 million. At 30 June 2025, management concluded that the fair value of the consideration receivable cannot be reliably measured and accordingly the fair value is nil. (a) (iii) Result of Williamson: 1 July 2024– 1 July 2023– US$ million 14 May 2025 30 June 2024 Revenue 54 57 Cost of sales (60) (79) Gross loss (6) (22) Impairment reversal – other receivables 2 7 Gain on disposal (refer to a(ii) above) 33 – Financial expense (3) (6) Profit/(loss) before tax 26 (21) Income tax charge – (1) Net profit/(loss) for the year 26 (22) Attributable to: Equity holders of the parent 26 (22) Non-controlling interest – – 26 (22) 1 July 2024– 1 July 2023– US$ million 14 May 2025 30 June 2024 Operating activities 13 8 Investing activities (9) (10) Financing activities (5) (6) (1) (8) Above cash flows for Williamson are included within the group cash flow statement. 167 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS / CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 33. Discontinued operations continued b) Disposal of Koffiefontein During FY 2023 Management took the decision to put the Koffiefontein mine on care and maintenance. In the current financial year, Petra entered into a definitive sale agreement for the sale of Koffiefontein. On 7 October 2024, the Company announced that unconditional consent in terms of section 11 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 had been granted for the sale of the entire issued share capital of Blue Diamond Mines (Pty) Ltd to Koffiefontein Holdings (Pty) Ltd, an affiliate of the Stargems Group. Effect of the transaction The transaction had the following effect on the Group’s assets and liabilities (b) (i) Net liabilities of Koffiefontein: US$ million 2025 Provisions and trade payables 23 Net liabilities disposed (other than cash) 23 (b) (ii) Post-tax gain on disposal of Koffiefontein: US$ million 2025 Net liabilities disposed of 23 Add: foreign currency translation recycled on disposal 31 Less: non-controlling interest derecognised (41) Less: other costs related to the disposal of Koffiefontein (1) Gain on disposal of discontinued operation 12 Less: cash and cash equivalents disposed – Gain on disposal, net of tax 12 (b) (iii) Result of Koffiefontein: 1 July 2024– 1 July 2023– US$ million 30 June 2025 30 June 2024 Revenue – – Cost of sales – – Gross loss – – Provisions for rehabilitation and closure costs – (1) Gain on disposal (refer to b(ii) above) 12 – Financial expense – (2) Net profit/(loss) for the year 12 (3) Attributable to: Equity holders of the parent 12 (2) Non-controlling interest – (1) Gain/(loss) on disposal 12 (3) The Consolidated Cashflow Statement includes the following amounts relating to Koffiefontein: 1 July 2024– 1 July 2023– US$ million 30 June 2025 30 June 2024 Operating activities (2) (3) Net cash utilised in discontinued operations (2) (3) 168 Petra Diamonds Limited Annual Report and Financial Statements 2025 34. Prior year restatements The following tables summarise the impacts of prior year restatements on the consolidated annual financial statements: US$ million 30 June 2024 30 June 2023 As previously As previously reported Adjustments Restated reported Adjustments Restated Consolidated Statement of Financial Position Property, Plant and Equipment 1 532 (4) 528 598 (2) 596 Intangible assets 1 – 4 4 – 2 2 Total non-current assets 606 – 606 673 – 673 Trade and other receivables 2 65 (12) 53 41 (12) 29 Inventories 3 55 (4) 51 88 (4) 84 Total current assets 166 (16) 150 188 (16) 172 Total assets 772 (16) 756 861 (16) 845 Income tax payables 4 3 20 23 1 20 21 Total current liabilities 126 20 146 115 20 135 Provisions 4 112 (20) 92 99 (20) 79 Total non-current liabilities 429 (20) 409 429 (20) 409 Accumulated reserves/(losses) 2, 3 (23) (16) (39) 62 (16) 46 Total equity 217 (16) 201 1317 (16) 301 Total equity and liabilities 772 (16) 756 861 (16) 845 1. During FY 2025, management separately disclosed intangible assets on the Statement of Financial Position which were previously incorrectly disclosed as Property, Plant and Equipment. The net book value of intangible assets re-allocated from PPE for FY 2024 was $4m. The error has been corrected by restating each of the affected financial statement line items for prior periods. The reclassification had no effect on retained earnings or earnings per share. 2. During FY 2025, management concluded that the Parcel 1 receivable recognised in the prior periods represents a prior period error under IAS 8 due to the misapplication of IFRS 9 recognition criteria at the original recognition date in FY 2023. For recognition of a receivable, IFRS 9 requires a contractual right to receive cash. A legal opinion received during FY 2025 indicated that the contractual right to receive cash has not been established and is not enforceable. Therefore, the receivable and its related income should not have been recognised in FY 2023 and receivables and income were overstated by $12m. The errors have been corrected by restating each of the affected financial statement line items for prior periods. The restatement had no effect on earnings per share. 3. During FY 2025, management identified that diamond inventory incorrectly included an element of unrealized profit of $4m from prior years from intercompany sales. The inventory and profit in prior years were overstated by the unrealized amount before FY 2023. Therefore, a prior period adjustment was recorded to eliminate the unrealized profit and recognise inventory at cost. The error has been corrected by restating each of the affected financial statement line items for prior periods. The restatement had no effect on earnings per share. 4. During FY 2025, management concluded that following a reassessment, the $20m liability in respect of unsettled and disputed tax claims was incorrectly recognised in prior periods as a provision under IAS 37. Management concluded that it was an IAS 12 tax liability. Therefore, a prior period adjustment was recorded to reclassify the liability. The error has been corrected by restating each of the affected financial statement line items for prior periods. The restatement had no effect on retained earnings or earnings per share. 35. Events after the reporting period Refinancing Subsequent to the Year end, the Group progressed its refinancing strategy to address the maturity of the US$228 million senior secured notes due March 2026 and associated revolving credit facilities. On 8 August 2025, the Group announced the proposed execution of a comprehensive refinancing package (the Refinancing), subject to shareholder approval, which includes: • an extension to the maturity date of the Senior Secured Bank Debt to December 2029 and certain other changes to the terms of the Senior Secured Bank Debt. The lender’s credit committee approved the terms on 16 September 2025; • an extension to the maturity date of the Notes to March 2030 alongside concurrent amendments to the Notes; and • a US$25 million rights issue at 16.5 pence per share that is to be underwritten by certain existing shareholders. These measures strengthen the Group’s liquidity position, extend its debt maturity profile, and provide greater financial flexibility to support ongoing operational requirements and strategic initiatives. The Refinancing constitutes a non-adjusting event after the reporting date in terms of IAS 10 Events after the Reporting Period. 169 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS In addition to GAAP figures reported under International Financial Reporting Standards (IFRS), Petra provides certain Alternative Performance Measures (APMs). These APMs are used internally in the management, planning, budgeting and forecasting of the business and are also considered to be helpful in terms of the external understanding of the Group’s underlying performance. Asthese are non-GAAP measures, they should not be considered as replacements for IFRS measures. The Company’s definition ofthese non-GAAP measures may not be comparable to other similarly titled measures reported by other companies. The use of APMs by listed companies to better explain performance and provide additional transparency and comparability is common. However, APMs should always be considered in conjunction with IFRS reported numbers and not used in isolation. Commentary within the Annual Report, including the Financial Review, as well as the Consolidated Financial Statements and the accompanying notes, should be referred to in order to fully appreciate all the factors that affect our business. We strongly encourage readers not to rely onany single financial measure, but to carefully review our reporting in its entirety. APM Method of calculation Relevance Adjusted EBITDA Adjusted EBITDA is stated before depreciation, amortisation of right-of-use assets, costs and fees relating to investigation and settlement of human rights abuse claims, share-based expense, netfinance expense, tax expense, impairment charges, expected credit loss release/(charge), gain on extinguishment of Notes net ofunamortised costs, profit on disposal of subsidiary and net unrealised foreign exchange gains and losses. Adjusted EBITDA excludes the impact of certain non-cash items and one-off items (ie loss/profit on discontinued operations) and is used to provide further clarity on the ongoing, underlying financial performance of the Group. Adjusted loss per share (LPS) from continuing operations Adjusted LPS from continuing operations is stated before impairment charge, expected credit release/ (loss) provision, gain on extinguishment of Notes net of unamortised costs, profit on disposal of subsidiary, costs and fees relating to investigation and settlement of human rights abuse claims and net unrealised foreign exchange gains andlosses, and excluding taxation (charge)/credit on net unrealised foreign exchange gains and losses and excluding taxation credit onimpairment charge. This is used to assess the Group’s operational performance from continuing operations per Ordinary Share. It removes the effect of items that are not directly related to operational performance. Adjusted mining and processing costs Mining and processing costs stated before depreciation and share-based expense. This removes the impact of non-cash itemsfrom the actual operational cost. Adjusted net profit/ (loss) after tax Adjusted net profit/(loss) after tax is net profit/(loss) after tax stated before impairment charge, expected credit release/(loss) provision, gain on extinguishment of Notes net of unamortised costs, profit on disposal of subsidiary and net unrealised foreign exchange gains and losses, and excluding taxation (charge)/credit on net unrealised foreign exchange gains and losses and excluding taxation credit on impairment charge. By removing the impact of items that are not directly related to operational performance, as well as the effect of any discontinued operations, this is one of the indicators usedto assess the underlying performance of the business. Consolidated net debt:EBITDA Consolidated net debt:EBITDA is consolidated net debt divided byadjusted EBITDA. This ratio is used by creditors, credit ratingagencies and other stakeholders. Consolidated net debt Bank loans and borrowings plus US$ Loan Notes, less cash and diamond debtors. This consolidated figure is used by the lender group, analysts, rating agencies andother stakeholders. Operational free cashflow Cash generated from operations less capital expenditure for the Year as per the Consolidated Cashflow Statement. Free cashflow reflects the cash generated from operations after capital expenditure requirements have been met. This measure reflects the Company’s ability to generate cash from profit, reflecting strong working capital management and capital expenditure discipline. Net debt The US$ Loan Notes (gross), bank loans and borrowings, net of cash at bank (including restricted cash). Net debt combines the various funding sources that are included in the Consolidated Statement of Financial Position and the accompanying notes. It provides an overview of the Group’s net indebtedness, providing transparency on the overall strength of the balance sheet. Profit from mining activities Revenue less adjusted mining and processing costs plus other directincome. Provided to demonstrate the Group’s ability to achieve profit from its core operating activities. Alternative Performance Measures UNAUDITED 170 Petra Diamonds Limited Annual Report and Financial Statements 2025 US$ million 2025 Restated 2024 Restated 2023 2022 2021 Income statement Revenue (gross) 1 207 310 325 564 402 Adjusted mining and processing costs 2 (175) (232) (202) (273) (261) Profit from mining activity 3 33 78 123 291 141 Adjusted EBITDA 3 27 70 113 278 135 Adjusted net (loss)/profit after tax 3 (69) (20) (2) 115 (16) Net (loss)/profit after tax – Group (116 ) (107) (102) 88 197 Statement of financial position Current assets 113 150 172 409 274 Non-current assets 426 606 673 702 745 Total assets 539 756 845 1,111 1,079 Borrowings (short and long term) 325 271 247 366 430 Current liabilities (excluding borrowings) 47 81 101 75 49 Total equity 93 201 301 479 440 Movement in cash Net cash generated from operating activities 31 42 43 284 140 Net cash utilised in investing activities (65) (93) (107) (53) (25) Net cash (utilised in)/generated from financing activities 47 12 (155) (101) (8) Net increase/(decrease) in cash and cash equivalents 13 (39) (219) 130 94 Ratios and other key information Basic (loss)/earnings per share attributable to the equity holders of the Company – US$ cents (64) (43) (54) 35 261 Adjusted basic (loss)/earnings per share from continuing operations attributable to the equity holders of the Company – US$ cents 3 (29) (21) (3) 48 (36) Capital expenditure 73 84 117 52 24 Cash at bank (including bank overdraft) 37 20 58 288 164 1. Revenue (gross) excludes revenues for Koffiefontein for FY 2023 and FY 2022, and Williamson for FY 2021 and FY 2020. Under IFRS, these revenues were classified in the Consolidated Income Statement as part of the loss from discontinued operations. 2. Adjusted mining and processing costs are mining and processing costs (excluding Koffiefontein for FY 2023 and FY 2022, and Williamson for FY 2021 and FY 2020) stated before depreciation and share-based expense. Under IFRS, the adjusted mining and processing costs were classified in the Consolidated Income Statement as part of the profit/loss from discontinued operations. 3. For definitions of these non-GAAP measures refer to page 172. The Group uses several non-GAAP measures above and, as these are non-GAAP measures, they should not be considered as replacements for IFRS measures. The Company’s definition of these non-GAAP measures may not be comparable to other similarly titled measures reported by other companies. Five-year Summary of Consolidated Figures FOR THE YEAR ENDED 30 JUNE 2025 171 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS US$ million 2025 Re-presented 2024 Revenue 207 310 Adjusted mining and processing costs 1 (175) (234) Other direct income 1 2 Profit from mining activities 2 33 78 Other corporate income 1 – Adjusted corporate overhead 3 (7) (8) Adjusted EBITDA 4 27 70 Depreciation and amortisation of right-of-use asset (75) (77) Share-based expense (1) (1) Net finance expense (28) (26) Adjusted net loss before tax (77) (34) Tax credit 5 9 14 Adjusted net loss after tax 6 (68) (20) Accelerated depreciation (1) – Diamond royalty refund settlement (including interest) 12 – Impairment (charge)/reversal – operations and other receivables 7 (1) (1) Impairment charge – operations and non-financial receivables 7 (107) (78) Impairments charge – B-BBEE receivables 7 (23) (3) S189 retrenchment costs (6) (5) Gain on extinguishment of Notes net of unamortised costs 8 5 1 Costs and fees relating to investigation and settlement of human rights abuse claims (2) (2) Net unrealised foreign exchange gain 9 7 Taxation charge on unrealised foreign exchange movements 5 (1) (2) Taxation credit on impairment reversal 5 29 21 Loss from continuing operations (154) (82) Profit/(loss) on discontinued operations, net of tax 9 38 (25) Net loss after tax (116) (107) Loss per share attributable to equity holders of the Company – US$ cents Basic loss per share – from continuing operations (64) (43) Adjusted loss per share – from continuing operations 10 (29) (21) 1. Adjusted mining and processing costs are mining and processing costs stated before depreciation and amortisation, S189 retrenchment costs and Williamson tailings facility remediation costs. 2. Adjusted profit from mining activities is revenue less adjusted mining and processing costs plus other direct income. 3. Adjusted corporate overhead is corporate overhead expenditure less corporate depreciation costs, share-based expense and non-recurring costs related to the tender offer transaction and the IGM claims. 4. Adjusted EBITDA is stated before depreciation, amortisation of right-of-use asset, share-based payment expense, net finance expense, tax credit/(charge), impairment reversal/ (charges), expected credit loss release/ (charge), S189 retrenchment costs, recovery of fees relating to investigation and settlement of human rights abuse claims, Williamson tailings facility remediation costs and accelerated depreciation, unrealised foreign exchange gains and losses and discontinued operations. 5. Tax credit/(expense) is the tax credit/(expense) for the Year excluding the taxation credit/(charge) on impairment charges/reversals to property, plant and equipment and unrealised foreign exchange movements for the year; such exclusion more accurately reflects resultant Adjusted net loss after tax. 6. Adjusted net loss after tax is net loss after tax stated before any impairment (charges)/reversals, S189 retrenchment costs, gain on extinguishment of Notes net of unamortised costs, Williamson tailings facility remediation costs and accelerated depreciation, recovery of fees relating to investigation and settlement of human rights abuse claims net unrealised foreign exchange movements for the Year and related tax adjustments. 7. Impairment charge of US$130 million (2024: US$82 million reversal) were due to the Group’s impairment review of its operations and other receivables. Refer to note 6 for furtherdetails. The impairment of US$130 million comprises an on US$107 million impairment charge to property, plant and equipment, impairment charges of US$23 million (2024:US$3 million) relating to the loans receivable from the Group’s B-BBEE Partners andimpairment charges of US$1 million (2024: US$1 million) relating to the other receivables. 8. Transaction costs and acceleration of unamortised costs on partial redemption of Notes comprise transaction costs of US$5 million (2024: US$nil) included within corporate expenditure (refer to note 4) and US$5 million (2024: US$1 million) in respect of the gain on note repurchases included within finance expense (refer to note 7). 9. The profit/loss on discontinued operations reflects the results of Koffiefontein and Williamson (net of tax), including impairment, of US$nil (2024: US$3 million) as per the requirements of IFRS 5, refer to note 33. 10. Adjusted LPS is stated before impairment charge, movements in the expected credit loss provision, gain on extinguishment of Notes net of unamortised costs, acceleration of unamortised costs on restructured loans and borrowings, costs and fees relating to investigation and settlement of human rights abuse claims, provision for unsettled and disputed tax claims and net unrealised foreign exchange movements, S189 retrenchment costs, and the impact on taxation of impairment charges/reversals to property, plant and equipment and unrealised foreign exchange movements for the Year. (Refer to Annexure 1). FY 2025 Summary of Results and Non-GAAP Disclosures 172 Petra Diamonds Limited Annual Report and Financial Statements 2025 Adjusted loss per share (non-GAAP measure) In order to show loss per share from operating activities on a consistent basis, an adjusted loss per share is presented which excludes certain items as set out below. It is emphasised that the adjusted loss per share is a non-GAAP measure. The Petra Board considers the adjusted loss per share to better reflect the underlying performance of the Group. The Company’s definition of adjusted loss per share may not be comparable to other similarly titled measures reported by other companies. Continuing operations 30 June 2025 US$ millions Discontinued operation 30 June 2025 US$ millions Total 30 June 2025 US$ millions Continuing operations 30 June 2024 US$ millions Discontinued operation 30 June 2024 US$ millions Total 30 June 2024 US$ millions Loss for the year (124) 38 (86) (84) (2) (86) Adjustments: Net unrealised foreign exchange gains 1 (8) – (8) (4) – (4) Present value discount – Williamson VAT receivable – (2) (2) (6) – (6) Impairment charge – operations 1 84 – 84 61 – 61 Impairment charge – other receivables 22 – 22 4 – 4 Taxation charge on unrealised foreign exchange loss 1 – – – 1 – 1 Taxation charge on impairment charge 1 (22) – (22) (17) – (17) Williamson tailings facility – remediation costs (9) – (9) – – – Retrenchment costs S189 4 – 4 4 – 4 Transaction costs – acceleration of unamortised costs on restructured loans and borrowings 1 – 1 – – – Gain on extinguishment of Notes net of unamortised costs (5) – (5) (1) – (1) Transaction costs – human rights settlement agreement and provisions for unsettled and disputed tax claims 1 – 1 2 – 2 Adjusted loss for the year attributable to parent (56) 36 (20) (40) (2) (42) 1. Portion attributable to equity shareholders of the Company. Continuing operations 30 June 2025 US $ Discontinued operation 30 June 2025 US $ Total 30 June 2025 US $ Continuing operations 30 June 2024 US $ Discontinued operation 30 June 2024 US $ Total 30 June 2024 US $ Weighted average number of Ordinary Shares used inbasic loss per share As at 30 June 194,201,785 194,201,785 194,201,785 194,201,785 194,201,785 194,201,785 US$ cents US$ cents US$ cents US$ cents US$ cents US$ cents Adjusted basic loss per share (29) (19) (10) (21) (1) (22) The number of potentially dilutive Ordinary Shares, in respect of employee share options and Executive Director and Senior Management share award schemes, is nil (2024: nil). Annexure 1 173 Petra Diamonds Limited Annual Report and Financial Statements 2025 FINANCIAL STATEMENTS Solicitors Bermuda: Conyers Dill & Pearman Limited Clarendon House 2 Church Street Hamilton HM11 Bermuda Tel: +1 441 295 1422 United Kingdom: Herbert Smith Freehills Kramer LLP Exchange House Primrose Street London EC2A 2EG Corporate brokers BMO Capital Markets 100 Liverpool Street London EC2M 2AT Tel: +44 20 7236 1010 www.bmocm.com Peel Hunt 7th Floor 100 Liverpool Street London EC2M 2AT Tel: +44 20 7418 8900 www.peelhunt.com Registrar MUFG Corporate Markets (Jersey) Limited IFC5 St. Helier Jersey JE1 1ST Tel: UK: 0371 664 0300 (calls are charged at the standard geographic rate and will varyby provider. Calls outside the United Kingdom will be charged at the applicable international rate; lines are open 8.00am–5.30pm GMT Mon–Fri excluding public holidays in England and Wales) International: +44 371 664 0300 Website: www.mpms.mufg.com Email: [email protected] Transfer agent MUFG Corporate Markets Central Square 29 Wellington Street Leeds LS1 4DL Tel: UK: 0371 664 0300 (calls are charged at the standard geographic rate and will varyby provider. Calls outside the United Kingdom will be charged at the applicable international rate; lines are open 8.00am–5.30pm GMT Mon–Fri excluding public holidays in England and Wales) International: +44 (0) 371 664 0300 Website: www.mpms.mufg.com Email: [email protected] Auditors BDO LLP 55 Baker Street London W1U 7EU Tel: +44 207 486 5888 Shareholder and Corporate Information Petra Diamonds Limited Registered office Clarendon House 2 Church Street Hamilton HM11 Bermuda Group management office 107 Cheapside London EC2V 6DN Tel: +44 (0)7771 614 605 [email protected] www.petradiamonds.com Corporate communications team Tel: +44 (0)784 192 0021 Email: [email protected] Company registration number EC 23123 Company Secretary Robin Storey Email: [email protected] 174 Petra Diamonds Limited Annual Report and Financial Statements 2025 Stock exchange listing The Company’s shares are admitted to the Main Market of the London Stock Exchange, in the Commercial Companies (Equity Shares) category. The Ordinary Shares (as defined below) themselves are not admitted to CREST, but dematerialised depositary interests representing the underlying Ordinary Shares issued by Link Market Services Trustees Limited can be held and transferred through the CREST system. The rights attached to the Ordinary Shares are governed by the Companies Act 1981 (Bermuda) (as amended) (the Act) and the Company’s Bye-Laws as adopted on 28 November 2011 (the Bye-Laws). Dividend The Company has not resolved to declare any dividend for FY 2025. Substantial shareholdings The interests in the table below are based on shareholder disclosures and share register analysis conducted by Orient Capital, the following shareholders have holdings of more than 3% in Petra’s issued share capital as at 30 June 2025. Shareholder Percentage ofvoting rightsheld The Terris Fund Ltd., SAC 29.37% Azvalor Asset Management SGIIC SA 18.78% JOSIVAR Sarl 1 11.56 % MECAMUR S.L. 2 5.12 % Franklin Templeton Investment Management Limited 5.04% 1. JOSIVAR Sarl is an entity that is wholly-owned by Jose Manuel Vargas, Petra’s Chair. Inaddition to the 11.39% interest held by Mr Vargas through JOSIVAR, Mr Vargas owns 0.17% of Petra’s issued share capital in his personal capacity 2. MECAMUR S.L. is a family-owned company focused on financial investments, led and managed by Mr. Santiago Bergareche No changes have been disclosed to the Company in accordance with DTR 5 since year end to the date of this report Shares in issue There was a total of 194,201,785 Ordinary Shares in issue at 30 June 2025. Company Bye-Laws The Company is incorporated in Bermuda and the UK City Code on Takeovers and Mergers (the City Code) therefore does not apply to the Company. However, the Company’s Bye-Laws incorporate material City Code protections appropriate for a company to which the City Code does not apply. The Bye-Laws also require that all Directors stand for re-election annually at the Company’s Annual General Meeting. The Bye-Laws of the Company may only be amended by a resolution of the Board and by a resolution of the shareholders. The Bye-Laws of the Company can be accessed here: www.petradiamonds.com/ about-us/corporate-governance. Share capital The Company has one class of shares of 0.05 pence each (the Ordinary Shares). Details of the Company’s authorised and issued Ordinary Share capital together with any changes to the share capital during the Year are set out in note 18 to the Financial Statements. Power to issue shares The Directors did not seek authority to allot Relevant Securities (as defined in the Bye-Laws) at the AGM held on 13 November 2024 (the 2024 AGM). Share rights In accordance with the Company’s Bye-Laws, shareholders havethe right to receive notice of and attend any general meeting of the Company. Each shareholder who is present in person (or, being a corporation, by representative) or by proxy ata general meeting on a show of hands has one vote and, on a poll, every such holder present in person (or, being a corporation, by representative) or by proxy shall have one vote in respect of every Ordinary Share held by them. There are no shareholders who carry any special rights with regard to the control of the Company. Shareholder voting The Company utilises a digital approach to voting and therefore requests that all shareholders vote electronically. The Company will not be sending paper proxy forms and, instead, shareholders should vote either via the Shareholder Portal (uk.investorcentre. mpms.mufg.com) or, for CREST holders, via the CREST network. You will require your username and password in order to log in and vote using the Shareholder Portal. If you have forgotten your username or password, you can request a reminder via the Shareholder Portal. If you have not previously registered to use the Shareholder Portal, you will require your investor code (IVC) which can be found on your share certificate. Voting in this way is cost effective and efficient and mitigates the risk of lost items via postal systems thus ensuring your vote is received and recorded. Standard financial calendar Accounting period end 30 June Annual Report published October Annual General Meeting November Interim accounting period end 31 December Interim results announced February 175 Petra Diamonds Limited Annual Report and Financial Statements 2025 SUPPLEMENTARY INFORMATION Restriction on transfer of shares There are no restrictions on the transfer of Ordinary Shares other than: The Board may at its absolute discretion refuse to register any transfer of Ordinary Shares over which the Company has a lien or which are not fully paid up provided it does not prevent dealings in the Ordinary Shares on an open and proper basis During the Year, the Board did not place a lien on any shares nordid it refuse to transfer any Ordinary Shares. The Board shall refuse to register a transfer if: • It is not satisfied that all the applicable consents, authorisations and permissions of any governmental body or agency in Bermuda have been obtained • Certain restrictions on transfer from time to time are imposed by laws and regulations • So required by the Company’s share dealing code pursuant towhich the Directors and employees of the Company require approval to deal in the Company’s Ordinary Shares • Where a person who holds default shares (as defined in the Bye-Laws) which represent at least 0.25% of the issued shares of the Company has been served with a disclosure notice and has failed to provide the Company with the requested information in connection with the shares Repurchase of shares The Company may purchase its own shares for cancellation or toacquire them as Treasury Shares (as defined in the Bye-Laws) in accordance with the Companies Act 1981 (Bermuda) on such terms as the Board shall think fit. The Board may exercise all the powers of the Company to purchase or acquire all or any part of its own shares in accordance with the Companies Act 1981 (Bermuda), provided, however, that such purchase may not be made if the Board determines in its sole discretion that it may result in a non de minimis adverse tax, legal or regulatory consequence to the Company, any of its subsidiaries or any direct or indirect holder of shares or its affiliates. Appointment and replacement of Directors The Directors shall have power at any time to appoint any person as a Director to fill a vacancy on the Board occurring as a result of the death, disability, removal, disqualification or resignation ofany Director or to fill any deemed vacancy arising as a result ofthe number of Directors on the Board being less than the minimum number of Directors that may be appointed to the Board from time to time. The Company may by resolution at any special general meeting remove any Director before the expiry of their period of office. Notice of such meeting convened for the purpose of removing aDirector shall contain a statement of the intention to do so and be served on such Director not less than 14 clear days before the meeting and at such meeting the Director shall be entitled to be heard on the motion for such Director’s removal. A Director may be removed (with or without cause) by notice inwriting by all of their co-Directors, provided such notice is delivered to the Secretary and such Director. Financial instruments The Group makes use of financial instruments in its operations asdescribed in note 31 of the Financial Statements. Creditors’ payment policy It is the Group’s policy that payments to suppliers are made in accordance with those terms and conditions agreed between theGroup and its suppliers, provided that all terms and conditions have been complied with. Website publication The Directors are responsible for ensuring the Annual Report and the Financial Statements are made available on a website. Financial Statements are published on the Company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of Financial Statements, which may vary from legislation in other jurisdictions. The Company operates a website which can be found at www.petradiamonds.com. This site is regularly updated to provide relevant information about the Group. In particular all of the Company’s regulatory announcements and public presentations are made available and there is a dedicated Investors section at www.petradiamonds.com/investors. The maintenance and integrity of the Company’s website (aswellas the integrity of the Financial Statements contained therein) is the responsibility of the Directors. Shareholder enquiries Any enquiries concerning your shareholding should be addressed to the Company’s registrar. The registrar should be notified promptly of any change in a shareholder’s address or other details. The Company also has a Frequently Asked Questions section to assist shareholders available on its website at: www.petradiamonds.com/ investors/shareholders/faqs. Shareholder Portal The Company has set up an online Shareholder Portal, uk.investorcentre.mpms.mufg.com, which offers a host of shareholder services online. Investor relations Requests for further copies of the Annual Report and Accounts, or other investor relations enquiries, should be addressed to the investor relations team in London on +44 (0)7988 702 005 or [email protected]. eCommunications Shareholders have the flexibility to receive communications from Petra electronically, should they so choose, and can update their preferences at any time either by contacting MUFG or by logging in to the Shareholder Portal. SHAREHOLDER AND CORPORATE INFORMATION / CONTINUED 176 Petra Diamonds Limited Annual Report and Financial Statements 2025 Share price information The latest information on the Ordinary Share price is availableinthe Investors section of the corporate website at www.petradiamonds.com/investors/share-price. Closing share prices for the previous business day are quoted in most daily newspapers and, throughout the working day, time delayed share prices are broadcast on the text pages of the principal UK television channels. Share dealing services The sale or purchase of shares must be done through a stockbroker or share dealing service provider. The London Stock Exchange provides a ‘Locate a broker’ facility on its website which gives details of a number of companies offering share dealing services. For more information, please visit the Private Investors section at www.londonstockexchange.com. Please note that the Directors of the Company are not seeking to encourage shareholders to either buy or sell shares. Shareholders in any doubt about what action to take are recommended to seek financial advice from an independent financial adviser authorised pursuant to the Financial Services and Markets Act 2000. Shareholder security Shareholders are advised to be wary of any unsolicited advice, offers to buy shares at a discount, or offers of free reports about the Company. Details of any share dealing facilities that the Company endorses will be included in Company mailings or on our website. More detailed information can be found at www.fca.org.uk/consumers/scams/investment-scam. 177 Petra Diamonds Limited Annual Report and Financial Statements 2025 SUPPLEMENTARY INFORMATION Glossary 2025 AGM the Company’s Annual General Meeting for FY 2025 2L Notes the Company’s senior secured second lien loan notes due in March 2026, of which a principal amount of US$226 million remain outstanding Act the Bermuda Companies Act, 1981 AGM Annual General Meeting APM Alternative Performance Measure ARC the Audit and Risk Committee of the Company ASM artisanal small-scale mining B-BBEE black economic empowerment, a policy of the South African Government to redress past economic imbalances B-BBEE Partners the Group’s black economic empowerment partners, who hold minority interests in the Group’s South African operations Backstop Provider certain shareholders of the Company that have entered into the Equity Backstop Agreement beneficiation the refining of a commodity; in the case of diamonds, refers to the cutting and polishing of a rough stone block cave a method of mining in which large blocks of ore are undercut so that the ore breaks and caves under its own weight. The undercut zone is initially drilled and blasted and some broken ore is drawn down to create a void into which initial caving of the overlying ore can take place. As more broken ore is drawn progressively following cave initiation, the cave propagates upwards through the orebody or block until the overlying rock also caves and surface subsidence occurs. The broken ore is removed through the production or extraction level developed below the undercut level. Once the caves have been propagated, it is a low cost mining method which is capable of automation to produce an underground ‘rock factory’ Blocked Parcel or Blocked Diamond Parce the parcel of diamonds (71,654.45 carats) blocked for export to Petra’s marketing office in Antwerp by the Government of Tanzania, as announced by Petra on 11 September 2017 bottom cut-off refers to the smallest size of recoverable diamond in a resource or reserve estimate that is considered economic to extract. It is generally defined by the bottom screen aperture size of the diamond sample plant used in a resource estimate, or the production plant considered in a reserve estimate Business Restructuring Plan a Group-wide analysis of the business carried out in FY 2025 aimed at reducing costs, optimising capital spend and generating additional revenue Bye-Laws the Company’s Bye-Laws, as adopted on 28 November 2011 c. circa C-Cut the C-Cut area of the Cullinan Mine orebody C-Cut Extension Tunnels 46 and 50 plus the C-Cut Centre areas of the Cullinan Mine orebody CAGR compound annual growth rate Capex capital expenditure carat or ct a measure of weight used for diamonds, equivalent to 0.2 grams CC1-E the CC1 East area of the Cullinan Mine orebody CDM Cullinan Diamond Mine CDP Carbon Disclosure Project, a global disclosure system that enables companies, cities, states and regions to measure and manage their environmental impacts CEO Chief Executive Officer CFO Chief Financial Officer City Code the UK City Code on Takeovers and Mergers CO 2 Carbon dioxide Code the UK Corporate Governance Code 2018 COO Chief Operating Officer Consent Solicitation implementation of the extension of the maturity date of the Notes by way of a voluntary consent solicitation process COVID-19 COVID-19 is an infectious disease caused by the Coronavirus Cpht carats per hundred metric tonnes Culture Code Petra’s Culture Code, consisting of icons representing enabling and disabling behaviours CY calendar year DMPR Department of Mineral and Petroleum Resources DMRE the South African Department of Minerals Resources and Energy double materiality a reporting term referring to how a business is affected by sustainability issues (outside-in) and how its activities impact society and the environment (inside-out) 178 Petra Diamonds Limited Annual Report and Financial Statements 2025 EBITDA earnings before interest, tax, depreciation and amortisation EPS earnings per share Equity Backstop Agreement the agreement entered into by the Backstop Providers as announced on 08 August 2025 to underwrite the Rights Issue at a price of 16.5 pence per share ERM enterprise risk management ESD Enterprise and Supplier Development ESG environmental, social and governance Exceptional Stones rough diamonds that sell for US$15 million or more each. This definition was updated for FY 2023 from US$5 million used historically Exco Executive Committee FDM Finsch Diamond Mine FRC the UK’s Financial Reporting Council FY Petra’s financial year (1 July to 30 June) G7 the intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States G&A general and administrative expenditure GAAP Generally Accepted Accounting Principles, issued by the Financial Accounting Standards Board GDP gross domestic product GHG greenhouse gases GISTM Global International Standard on Tailings Management GoT Government of the United Republic of Tanzania Group Petra and its subsidiaries, jointly controlled operations and associates grade the content of diamonds, measured in carats, within a volume or mass of rock H1 or H2 first half, or second half, of the financial year HDSA historically disadvantaged South Africans IASB International Accounting Standards Board IFRS International Financial Reporting Standards IGM the non-judicial independent grievance mechanism which will have the capacity to investigate and resolve allegations of severe human rights violations in connection with security operations at Williamson in Tanzania through an independent panel of Tanzanian experts applying Tanzanian law and with complainants having access to free and independent advice from local lawyers iNED independent Non-Executive Director Indicated Resource that part of a resource for which quantity, grade or value, density, shape and physical characteristics of the deposit are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit Inferred Resource that part of a diamond resource for which quantity, grade and average diamond value are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply, but not verify, geological and grade continuity inventory diamonds held with the ultimate goal of resale IPDET Itumeleng Petra Diamonds Employee Trust, which is a registered trust holding a 12% interest in each of Petra’s South African operations, through which the current and certain former employees (with some exceptions in both cases) of Petra’s South African operations participate ISO International Standards Organisation JIBAR Johannesburg Interbank Average Rate Kimberley Process the Kimberley Process is a joint government, industry and civil society initiative to remove conflict diamonds from the global supply chain kimberlite an ultramafic igneous rock consisting mainly of olivine, often with phlogopite mica and pyroxenes. Kimberlite is generated at great depth in the Earth’s mantle, and may or may not contain diamonds KDM Koffiefontein Diamond Mine KPI key performance indicator KWH/T kilo watt per hour per tonne LED local economic development LGD laboratory/lab-grown diamond 179 Petra Diamonds Limited Annual Report and Financial Statements 2025 SUPPLEMENTARY INFORMATION like-for-like refers to the change in realised diamond prices between tenders and excludes revenue from all single stones and Exceptional Stones, while normalising the product mix impact Lock-Up Agreement the agreement entered into with a working group of holders of the Notes, as announced on 08 August 2025, in connection with the Refinancing LOM Life-of-mine LTI lost time injury; a work-related injury resulting in the employee/contractor being unable to attend work on the day following the injury LTIFR lost time injury frequency rate; the number of LTIs multiplied by 200,000 shifts and divided by the number of total man hours worked by all employees and contractors Mcts million carats Measured Resource that part of a resource for which quantity, grade or value, density, shape and physical characteristics of the deposit are estimated with sufficient confidence to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit mid-stream refers to the segment of the diamond industry involved in cutting, polishing and manufacturing activities Minerals Council SA the Minerals Council of South Africa Mining Charter the Broad-Based Socio-Economic Empowerment Charter for the Mining and Minerals Industry in South Africa, commonly known as the Mining Charter, has a core objective to facilitate meaningful participation of HDSAs in the mining industry, by deracialising the ownership of the industry, expanding business opportunities for HDSAs, and enhancing the social and economic welfare of employees and mine communities Modifying Factors considerations used to convert mineral resources to mineral reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors MPRDA the Mineral and Petroleum Resources Development Act, 28 of 2002 of the Republic of South Africa Mt million tonnes Mtpa million tonnes per annum NDC Natural Diamond Council NED Non-Executive Director NGO non-governmental organisation Notes the Company’s senior secured second lien loan notes due in March 2026, of which a principal amount of US$226 million remain outstanding NPV net present value NUM National Union of Mine Workers in South Africa Opex operating costs Ordinary Shares ordinary shares of 0.05 pence each in Petra’s share capital orebody a continuous well-defined mass of material of sufficient ore content to make extraction feasible pa per annum Participating Noteholder holders of the Notes who have executed on the Lock-Up Agreement as part of the Refinancing, as announced on 08 August 2025 Paterson A, B and C-Low Bands the Paterson grading system is an analytical method of job evaluation, used predominantly in South Africa, and is comprised of grades A to F, with A being the lowest skilled and F being the highest Period 1 July 2024 to 30 June 2025 PICE payments in cash or equity PIK payment in kind. In relation to a bond, loan note or debt instrument, if an instrument is PIK, it means that its interest is satisfied by issuing further bonds rather than being settled in cash. Until 30 June 2024, the interest payable on Petra’s Loan Notes is PIK PRF Plant Recovery Factor Probable Reserves the economically mineable part of an indicated, and in some circumstances, a measured diamond resource Proved Reserves the economically mineable part of a measured resource PSP Performance Share Plan PwC PricewaterhouseCoopers Q quarter of the financial year RCF Revolving Credit Facility RCP Representative Concentration Pathways Refinancing the proposed refinancing of the Company’s debt as announced on 08 August 2025 wp-petra-diamonds-2023.s3. eu-west-2.amazonaws.com/media/2025/08/Refinancing-Announcement_08.08.2025_rev-publish.pdf GLOSSARY / CONTINUED 180 Petra Diamonds Limited Annual Report and Financial Statements 2025 rehabilitation the process of restoring mined land to a condition approximating to a greater or lesser degree its original state Rights Issue a US$25m rights issue at 16.5 pence per share that is to be underwritten by certain existing shareholders, as announced on 08 August 2025, as part of the Refinancing RJPs Restorative Justice Projects ROM Run-of-mine, relating to production from the primary orebody Rough Diamond PriceIndex the Zimnisky Global Rough Diamond Price Index was created to consolidate reliable natural rough diamond price information and publish the current price change of natural rough diamonds on a weekly basis in the form of an index SAMREC South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves Scheme implementation of the extension of the maturity date of the Notes through a creditor scheme arrangement under Part 26 of the Companies Act Senior Secured BankDebt the Group’s senior secured bank debt facilities Senior Secured BankLender the provider of the Senior Secured Bank Debt Senior Secured Second Lien Notes the Company’s senior secured second lien loan notes due in March 2026, of which a principal amount of US$226 million remain outstanding SDGs the United Nations Sustainable Development Goals SEP stakeholder engagement plan shaft a vertical or inclined excavation in rock for the purpose of providing access to an orebody. Usually equipped with a hoist at the top, which lowers and raises a conveyance for handling workers and materials SHS Safety, Health and Sustainability SIB capex staying-in-business capex SID Senior Independent Director SLC sub-level cave SLP social and labour plans SMMEs small, medium and micro enterprises SRM stakeholder relationship management stockpile a store of unprocessed ore sub-level cave follows the same basic principles as the block caving mining method; however, work is carried out on intermediate levels and the caves are smaller in size and not as long lasting. This method of mining is quicker to bring into production than block caving, as the related infrastructure does not require the level of permanence needed for a long-term block cave. This method is used to supplement block caving in order to provide production flexibility tailings material left over after processing ore TB tuberculosis TCFD Task Force on Climate-related Financial Disclosures tCO 2 e/ct tonnes of CO 2 equivalent per carat produced tCO 2 e/ct tonnes of CO 2 equivalent produced tender Petra sells all its rough diamond production by method of open tender TIFR total injury frequency rate tonnage quantities where the tonne is an appropriate unit of measure, typically used to measure reserves of target commodity bearing material or quantities of ore and waste material mined, transported or milled TSF tailings storage facility TSR total shareholder return Tunajali Committee a sub-committee of the Board comprised of independent NEDs which was established for the purpose of carrying out the independent investigation into the allegations of human rights abuses at Williamson in Tanzania and disbanded in May 2021 upon the conclusion of the investigation Type II diamonds Type II diamonds have no measurable nitrogen impurities, meaning they are often of top quality in terms of colour and clarity. Type IIa diamonds make up 1–2% of all natural diamonds. These diamonds are almost or entirely devoid ofimpurities, and consequently are usually colourless. Many large famous diamonds, such as the Cullinan and the Koh-i-Noor, are Type IIa. Type IIb diamonds make up about 0.1% of all natural diamonds. In addition to having very low levels of nitrogen impurities comparable to Type IIa diamonds, Type IIb diamonds contain significant boron impurities which is what imparts their blue/grey colour. All blue diamonds are Type IIb, making them one of the rarest natural diamonds and very valuable UASA United Association of South Africa - A trading union in South Africa, initially focused on mining US$ US Dollar 181 Petra Diamonds Limited Annual Report and Financial Statements 2025 SUPPLEMENTARY INFORMATION UK Companies Act the United Kingdom Companies Act, 2006 waste ingress waste and fines (fine grained kimberlite waste which has the tendency to flow uncontrollably) that are channelled from highly depleted areas of the previous mining levels prematurely into new lower loading points WDL Williamson Diamonds Limited, the owner and operator of Williamson in Tanzania Year 1 July 2024 to 30 June 2025 ZAR South African Rand GLOSSARY / CONTINUED 182 Petra Diamonds Limited Annual Report and Financial Statements 2025 Group Management Office PETRA DIAMONDS LIMITED 107 CHEAPSIDE, LONDON EC2V 6DN UNITED KINGDOM EMAIL: [email protected] WWW.PETRADIAMONDS.COM Company Secretary ROBIN STOREY EMAIL: [email protected] South African Office Physical Address SILVER POINT OFFICE PARK, BLOCK 3, 22 EALING CRESCENT, BRYANSTON, 2021, JOHANNESBURG, SOUTH AFRICA Postal Address P.O. BOX 71007 BRYANSTON 2021 SOUTH AFRICA Contact Details TELEPHONE: +27 11 702 6900 FAX: +27 11 706 3071 EMAIL: [email protected]
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.