Petra Diamonds (PDL) Q3 2025 TU earnings summary

Operational performance

• Maintained steady operational delivery, focusing on cost control and capital management.

• Cullinan and Finsch mines delivered solid performances, with Finsch starting mining from the 81L block to improve recovered value.

• Group remains on track to meet FY 2025 production guidance of 2.4–2.7 Mcts for South African operations.

• Cullinan Mine experienced weaker product mix, with recovery expected to improve as new mining areas ramp up.

• Labour restructuring in support services concluded; Cullinan to shift to a 3-shift operation in FY26, with retrenchment process underway.

Financial and sales update

• Q3 FY 2025 revenue was $42 million, down from $106 million in Q2 FY 2025, partly due to timing of tenders.

• Consolidated net debt increased to $258 million as of 31 March 2025, up from $225 million at year-end 2024.

• Capital expenditure for the quarter was $15 million, in line with guidance.

• Partial sale of Tender 5 for Finsch and Williamson completed, generating $18 million from 176kcts sold; Cullinan sales delayed to June 2025.

• Cash at bank stood at $36 million, with $66 million drawn from the revolving credit facility.

Strategic and business developments

• Completed sale of Williamson Diamond Mine to Pink Diamonds, streamlining focus to two core South African assets.

• Final phase of internal business restructuring plan underway, expected to conclude by mid-July 2025.

• Steps taken over the past year position the group for a successful refinancing, with lender engagement to begin for debt maturing in early 2026.