Directorate Change

Petra Diamonds Limited

("Petra" or "the Company")

Directorate Changes

Petra announces that Chairman Peter Hill CBE has notified the Company that he will not offer himself for re-election at the Company's forthcoming Annual General Meeting and will retire from the Board at the conclusion of that meeting.

Peter Hill said:

"It has been an honour and a privilege to be a Director and Chair of Petra over the last almost four years. Petra has an exceptional management team and world-class diamond assets. It has successfully weathered a number of exogenous pressures over the last few years and is very well placed for the future and I feel it is now appropriate for a new Chair to take the Company on to its next phase of development and growth. I wish the Company, the Board and management all the very best for the future."

The Board has appointed Varda Shine, Senior Independent Director, as Chair of Petra with effect from the conclusion of the Annual General Meeting. Varda will lead a search for a permanent Chair and also become Chair of the Nomination and Investment Committees. Bernard Pryor, Non-Executive Director and Chair of the Health and Safety Committee, will become the Senior Independent Director. Varda will remain as Chair of the Remuneration Committee during this interim period.

Varda Shine, Chair designate of Petra, said:

"I would like to thank Peter for his service to Petra Diamonds as its Chair and look forward to working with my fellow Directors to ensure a smooth transition and continuation of Petra's robust Governance framework until a permanent replacement is sought.

Peter joined the Petra Board in January 2020 and became Chairman at the end of March that year, just as the COVID-19 pandemic was breaking. He helped steer Petra through the pandemic and the Company's successful financial restructuring. He has refreshed the Board and has worked with CEO Richard Duffy and his management team to stabilise the Company.

On behalf of the Board and Petra, we are grateful to Peter for the significant contribution he made during his tenure and wish him every success in his future endeavours."

Varda Shine is the Senior Independent Director of Ecora Resources plc and a Non-Executive Director of Sarine Technologies Limited (Singapore Listed). Varda is also an executive coach (Meryck & Co since 2014) and expert adviser in the diamond industry. A 30-year career with De Beers culminated in her appointment as CEO of De Beers Trading Company (a mid-stream business with a turnover of approximately US$6 billion). Varda was the first woman to be awarded honorary lifetime membership of the Israel Diamond Exchange and in 2011 was inducted into the Women's Jewellery Association Hall of Fame. Varda has also received Honorary Membership of the London Diamond Bourse. In addition to a number of appointments as a Non-Executive Director, Varda has worked extensively as an executive mentor focusing on leaders and business growth and transformation and has previously been a Non-Executive Director at Lonmin plc.

Petra's Annual General Meeting will be held at 9.00 am on 14 November 2023. Resolution 6, being the re-election of Peter Hill, has been withdrawn. When electronic voting closed he had received a majority of votes in favour of his re-election.