Director Share Awards

Petra Diamonds Limited

(Petra or the Company)

Director Share Awards

In accordance with and as contemplated by the Directors' Annual Remuneration Report ("Report") for the year ended 30 June 2023 (as contained in the FY 2023 Annual Report) which was approved by shareholders (by way of advisory vote) at the Company's Annual General Meeting in November 2023, the Company announces the grant of performance-based share awards under the Company's 2021 Performance Share Plan ("2021 PSP") over ordinary shares in the Company.

These outperformance share awards represent 50% of the Executive Directors' salaries and allow Executive Directors to earn an increased award for achieving very stretching share price targets, as outlined in greater detail on pages 148 and 149 of the Report. They are in addition to the FY 2024 PSP 'core' awards of 150% of salary ("Core Award"), the granting of which was announced on 19 October 2023.

Note that in order for the outperformance shares to start vesting, absolute TSR performance must exceed a Compound Annual Growth Rate of 25% over the three-year performance period. This involves an approximate doubling of the share price, using a base share price of 66.9 pence per share. No outperformance shares will vest at or below this level, which is the maximum absolute TSR target for the Core Award.

The awards made are as follows, with full vesting of the maximum awards requiring performance conditions to be met in full:

Notes:

• The 30-day VWAP to 17 October 2023 for these FY 2024 PSP outperformance awards is 66.9 pence per share. This is the same VWAP as for the Core Award.
• All awards under the 2021 PSP are granted as conditional awards over ordinary shares in Petra of 0.05 pence each.
• These FY 2024 outperformance awards under the 2021 PSP are subject to performance conditions that are based solely on achieving 'super stretch' absolute total shareholder return growth targets over the three year period (with reference to 30-day VWAP at date of the final award), as outlined on pages 148 and 149 of the Report. The same base share price of 66.9 pence per share used for the Core Award will be used to determine whether these 'super stretch' absolute total shareholder return growth targets have been met for these outperformance awards.
• No consideration was payable for the grant of these awards.
• The grant of these awards does not affect Petra's Total Voting Rights.

• Details of the person discharging managerial responsibilities / person closely associated
• Name Richard Duffy
• Reason for the notification
• Position/status Chief Executive
• Initial notification/Amendment Initial Notification
• Name Petra Diamonds Limited
• LEI 213800X4QZIAVSA12860
• Description of the Financial instrument, type of instrument Identification code Ordinary shares of 0.05p per share par value BMG702782084
• Nature of the transaction Grant of performance based share awards
• Price(s) and volume(s) Price(s) Volume(s) N il 3 58,475
• Aggregated information · Aggregated volume · Price 3 58,475 N il
• Place of the transaction London Stock Exchange, Main Market (XLON)
• Details of the person discharging managerial responsibilities / person closely associated
• Name Jacques Breytenbach
• Reason for the notification
• Position/status Finance Director
• Initial notification/Amendment Initial Notification
• Name Petra Diamonds Limited
• LEI 213800X4QZIAVSA12860
• Description of the Financial instrument, type of instrument Identification code Ordinary shares of 0.05p per share par value BMG702782084
• Nature of the transaction Grant of performance based share awards
• Price(s) and volume(s) Price(s) Volume(s) N il 2 38,986
• Aggregated information · Aggregated volume · Price 2 38,986 N il

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