Approval of increase in Revolving Credit Facility

Petra Diamonds Limited

("Petra" or the "Company")

Approval of increase in Petra's First Lien Revolving Credit Facility to c. US$93m

As previously announced, the Company has been in discussions with Absa Bank to increase its commitments under the ZAR1 billion (c. US$53 million) First Lien Revolving Credit Facility ("1L RCF") by up to ZAR750 million (c. US$40 million).

Petra is pleased to announce that Absa Bank has approved the increase of ZAR750 million, bringing the total commitments under the facility to ZAR1.75 billion (c. US$93 million). This increase is subject to completion of an amendment to the existing facility agreement but the existing covenants, margin, fees, and maturity date will remain unchanged. A total of ZAR850 million (US$45 million) is currently drawn leaving a balance of ZAR900 million (US$48 million) that will be available under the upsized facility.

Richard Duffy, Chief Executive Officer of Petra, commented:

"Securing this increased facility, coupled with the recently announced capital deferrals and cost optimisation, further improves our resilience and operational and sales flexibility in the event of a weaker-for-longer diamond market."

The details of the 1L RCF can be found on our website, https://www.petradiamonds.com/investors/fixed-income-centre/debt-facilities/

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