**Petra Diamonds Limited Q1 FY 2026 Operating Update Summary**
**Key Highlights**
1. **Financial Performance**
Revenue increased by 4% to **US$52 million** compared to Q4 FY 2025 (US$50 million), despite a 32% drop in carats sold (469,286 carats vs. 687,870 carats).
Average diamond prices surged by **53%** to **US$110/carat** (Q4 FY 2025: US$72/carat), driven by a **61%** improvement in product mix, partially offset by an **8%** decline in like-for-like prices.
Consolidated net debt rose to **US$287 million** (30 September 2025) from US$264 million (30 June 2025), attributed to only two tenders during the quarter.
2. **Operational Updates**
**Cullinan Mine** faced initial productivity challenges transitioning to a 3-shift configuration but has since stabilized.
**Finsch Mine** maintained steady production as new parts of the orebody are being opened up.
Total ore processed decreased marginally by **1%** to **1.74 million tonnes** (Q4 FY 2025: 1.77 million tonnes), reflecting steady-state production.
3. **Safety Performance**
Achieved **8.5 million fatality-free shifts** by Q1 FY 2026, with a **50% reduction** in Lost Time Injuries (LTIs) to **2** (Q4 FY 2025: 4).
Lost Time Injury Frequency Rate (LTIFR) improved to **0.27** from **0.58** in Q4 FY 2025.
Safety initiatives include increased management visibility, empowerment of Health and Safety Representatives, and targeted safety blitzes.
4. **Strategic Focus**
Continued execution of the updated business plan, emphasizing value over volume production.
Confident in meeting FY 2026 guidance released in August 2025.
5. **Investor Engagement**
A live presentation by Joint Interim Chief Executive Officers and the Chief Financial Officer is scheduled for **30 October 2025, 11:30 GMT** via Investor Meet Company.
6. **Pricing Assumptions**
FY 2026 pricing assumptions remain unchanged: **US$85–105/carat** for Cullinan Mine and **US$75–95/carat** for Finsch Mine.
**Conclusion**
Petra Diamonds demonstrated resilience in Q1 FY 2026, with improved revenue and diamond prices despite lower carat sales. Operational stability, safety enhancements, and strategic focus on value production position the company to meet its FY 2026 guidance. However, rising net debt and external price volatility remain areas to monitor.