Q4 and FY 2025 Operating Update & Vivek Gadodia and Juan Kemp, interim joint Chief Executive Officers of Petra Diamonds, commented, “We have taken significant steps this year to deliver a simpler and streamlined business, capable of delivering long term value, through the implementation of our internal Business Restructuring Plan.
The updated business plan, with a lower cost profile resulting in a saving of c. $18-20 million in cost reductions against prior guidance and a further optimised capital profile, has formed the basis of engagement with our lenders on Refinancing our debt maturing in Q1 CY26.
We are pleased to have announced an update on our Refinancing efforts today in a separate market release. The focus of the Refinancing discussions has been to preserve cash in the business, while solving for the need to complete our extension projects, both at the Cullinan Mine and Finsch, to unlock long-term value. Our focus remains on closing out the Refinancing over the next few months, while ensuring delivery of our updated business plan.
Both Cullinan Mine and Finsch are performing well, and despite multiple internal restructuring and cost reduction initiatives over the year, we have delivered overall annual production within guidance for FY 2025. Finsch is now operating in line with expectations on the 2-shift system that was implemented at the beginning of FY25.
The change from continuous operations to a 3-shift configuration has been completed at Cullinan Mine which also concludes our internal Business Restructuring Plan announced in January 2025.
During Q4 FY25, Petra achieved a significant milestone of 8 million fatality-free shifts, a commendable accomplishment in a year marked by substantial changes in shift configurations, team structures, and reporting lines. While we have experienced an uptick in our Lost Time Injury Frequency Rate (LTIFR), we remain focused on reducing our LTIFR to ensure our operations continue to reflect a strong “health and safety first” culture.
Highlights vs Q3 FY 2025 are
1: Ore processed increased 3% to 1.77Mt at the Cullinan and Finsch Mines, showing steady state of production while the Company went through the labour restructures,
2: Total revenue amounted to US$50 million (Q3 FY 2025: US$42 million),
3: The South African Rand strengthened during the quarter, averaging.
4: ZAR18.29:US$1 (Q3 FY 2025: ZAR18.48:US$1),
5: The ZAR1.75 billion (US$99 million) Revolving Credit Facility with Absa Bank was fully drawn at 30 June 2025 (31 March 2025: US$66 million) &
6: Consolidated net debt increased to US$264 million as at 30 June 2025 (31 March 2025: US$258 million).
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