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1. Material accounting policies
Petra Diamonds Limited (Petra or the Company), a limited liability company listed on the Main Market of the London Stock Exchange, is
registered in Bermuda and domiciled in the United Kingdom. The Company\u2019s registered address is 2 Church Street, Hamilton, Bermuda.
The Consolidated Annual Financial Statements incorporate the material accounting policies set out below and in the subsequent notes
to these Consolidated Annual Financial Statements, which are consistent with those adopted in the previous Year\u2019s Consolidated
Annual Financial Statements, apart from the adoption of new standards, interpretations and amendments where applicable as detailed
in note 1.4.
1.1 Basis of preparation
The Consolidated Annual Financial Statements of the Company and its subsidiaries (the Group) are prepared in accordance with
IFRS Accounting Standards (IFRS) issued by the International Accounting Standards Board (IASB), as adopted by the European Union.
Going concern
Since 30 June 2024, the Group has taken significant steps to improve its balance sheet through securing a comprehensive refinancing
plan. Through FY 2025 the Group fully drew on the US$99 million Revolving Credit Facility (RCF) from Absa Bank and, through an
open market repurchase programme, purchased and cancelled 2L Notes with a nominal value of US$24 million. Consolidated net
debt increased by US$60 million, closing at US$261 million on 30 June 2025. As at 31 December 2024 and 30 June 2025, the Group
was in technical breach of its RCF covenant (both net debt : EBITDA as well as interest cover ratios). For both the reporting periods,
Absa waived any default or event of default which could have happened under the covenant breaches.
A critical milestone in the going concern assessment was the successful agreement on the implementation of the Refinancing, which,
as of the date of the financial statements, remains subject to the completion of a Rights Issue. This is expected to include the receipt
of proceeds from a US$25 million rights issue, backstopped by key shareholders, and the signing of lock-up agreements in support
of the wider Refinancing. The Refinancing also provides for the intention to restructure both the RCF and 2L Notes, which mature in
January 2026 and March 2026 respectively. The Directors believe that the progress made so far, including the announcement of the
refinancing plan, has reduced the Group refinancing risk.
The Board acknowledges that the successful completion of the refinancing plan, including the rights issue and associated debt
restructuring, remains critical to the Group\u2019s ongoing liquidity and financial stability. If the Refinancing is not successfully concluded,
the Group would not have sufficient working capital for its present requirements, being at least the next 12 months from the date of
approval of the financial statements. In such circumstances there would be significant uncertainty regarding the Group\u2019s ability to
continue as a going concern, which could have a material adverse impact on the Group\u2019s financial position. The Directors have
concluded that the available alternatives would be highly limited and highly unlikely to deliver a better outcome for Shareholders,
Noteholders or other creditors than the Rights Issue and the Refinancing.
The Group continues to monitor liquidity, which remains highly sensitive to fluctuations in production, product prices, product mix,
and exchange rates. These factors continue to present uncertainty and liquidity risk. Working capital forecasts through to December
2026, incorporates revised production levels, updated diamond pricing assumptions, and the impact of cost savings and capital
optimisation measures. Under these base-case assumptions, the Group expects to maintain adequate liquidity, supported by the
refinancing plan and rights issue proceeds.
The diamond industry has continued to face unprecedented challenges, with significant pressure on rough diamond prices in FY 2024
and FY 2025 due to high pipeline inventories, weaker demand from key markets (particularly the prolonged slowdown in China),
increased competition from laboratory-grown diamonds, and an unstable geopolitical landscape. These factors contributed to average
like-for-like prices declining by approximately 35% in FY 2025 compared to the post-COVID-19 high of FY 2022. Price fluctuations
were further exacerbated by tariffs announced by the US, particularly those impacting India, where the majority of global diamond
cutting and polishing takes place, while the US represents 40\u201345% of global natural diamond demand. Although some positive
momentum has been observed more recently, with like-for-like prices in June 2025 (Tender 7) showing a 3% improvement across
most product categories compared to April/May 2025 (Tenders 5 and 6), volatility is expected to continue in the short-term. Average
prices achieved during Tender 1 and Tender 2 of FY 2026 was 26.3% higher than the average price of US$87 per carat for FY 2025,
at US$110 per carat. Market uncertainty continues to put pressure on like-for-like prices.
Over the medium to long term, however, the structural supply deficit resulting from the continued contraction in the number of
producing mines has the potential to support a recovery in diamond prices. Notwithstanding these views, our liquidity projections
assume conservative real flat market prices.
Cullinan Mine has shown improvement following prior product mix variability, which had been caused by a lower incidence of
gem-quality stones, particularly in the +10.8 carat category. This had negatively impacted revenues and average prices during
FY 2025. With the increasing contribution of fresh ore from the CC1E project, the product mix at Cullinan Mine has started to
normalise. This is evidenced by improved realised prices in the first and second Tender of FY 2026, where Cullinan Mine achieved
US$130/ct. Finsch also continues to perform in line with expectations under the two-shift system. These developments provide
greater confidence in the stability of operating performance and support the Group\u2019s going concern assessment. However, cash
flows remain sensitive to changes in product mix and market prices.
In parallel, the Group has taken decisive actions to restructure and strengthen its financial position. Over the past two years, the Group has successfully implemented capital deferral programmes, cost reduction initiatives, and restructuring measures across its Group functions, Finsch and Cullinan Mine. In addition, the Group sold its interest in Koffiefontein in October 2024, avoiding closure costs of US$23 million, and completed the sale of the Williamson mine in May 2025, avoiding liabilities of about US$100 million. These steps, collectively, have strengthened the Group\u2019s financial resilience and liquidity profile. The Group has modelled reasonable worst-case sensitivity to test the robustness of its forecasts. The Sensitised Case reflects a combined: \u2022 10% reduction in diamond prices; \u2022 10% reduction in production; \u2022 Reduction in exchange rate assumptions of 5%; Without mitigation, this results in a projected breach in the liquidity covenant in the projection period. To address this, management has identified a number of mitigating actions that can be implemented if required. These include: (i) payment in cash or equity (PICE) settlement of bond interest; (ii) monetisation of polished stones held in partnership (iii) liquidation of diamond inventory, expected to provide additional liquidity in early 2026; and (iv) deferral of sustaining and expansionary capital expenditure programmes, which could deliver net savings after taking into account production shortfalls. After applying these mitigating measures, sufficient liquidity headroom is restored throughout the projection period, providing resilience against the downside assumptions. The Board considers these actions to be within its control and achievable within the timeframe required, thereby supporting the Group\u2019s reasonable expectation that it can remain a going concern. The refinancing of the Senior Secured Bank Debt and 2L Notes, while now advanced and de-risked by the lock-up agreement, backstop agreement, Absa commitment agreement, and planned rights issue, is not yet fully concluded and is not within the control of the Directors. Furthermore, persistent market volatility may exert further pressure on pricing and covenant headroom. These factors give rise to a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern and, therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Based on the assessment of forecasts, risks, and mitigation measures available, and in light of the significant progress achieved on the refinancing and equity raise, the Board has a reasonable expectation that the Group will remain a going concern for at least 12 months from the date of approval of the annual financial statements. Accordingly, the financial statements have been prepared on a going concern basis. The financial statements do not include any adjustments that would result if the Group were unable to continue as a going concern. Currency reporting The functional currency of the Company is Pounds Sterling (GBP). The functional currency of the South African operations is South African Rand (ZAR or R) with diamond sales being made in US Dollars. The Consolidated Annual Financial Statements are presented in US Dollars (US$ millions), the currency in which Group revenue is generated. ZAR balances are translated to US Dollars at ZAR17.75 as at 30 June 2025 (2024: ZAR18.19) and at an average rate of ZAR18.15 for transactions during the year ended 30 June 2025 (2024: ZAR18.70). Financial Statements of foreign entities Assets and liabilities of foreign entities (those with a functional currency other than US$) are translated at rates of exchange ruling at the financial year end; income and expenditure and cashflow items are translated at rates of exchange ruling at the date of the transaction or at rates approximating the rates of exchange at the date of the translation where appropriate. Exchange differences arising from the translation of foreign entities are recorded in the Consolidated Statement of Other Comprehensive Income and reclassified to the Consolidated Income Statement on disposal of the foreign entity. Foreign currency transactions Transactions in foreign currencies are recorded at rates of exchange ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Gains and losses arising on translation are credited to, or charged against, income. The issue of shares is included in share capital and share premium at the prevailing US$/GBP spot rate at the date of the transaction. Net investments in foreign operations Management assesses the extent to which intra-group loans to foreign operations that give rise to unrealised foreign exchange gains and losses are considered to be permanent as equity or repayable in the foreseeable future. The judgement is based upon factors including the life-of-mine (LOM) plans, cashflow forecasts and strategic plans. The unrealised foreign exchange gains or losses on permanent as equity loans are recognised in the foreign currency translation reserve until such time as the operation is sold, whilst the foreign exchange gains or losses on loans repayable in the foreseeable future is recognised in the Consolidated Income Statement. 1.2 Basis of consolidation Subsidiaries Subsidiaries are those entities over whose financial and operating policies the Group has the power to exercise control. Control is achieved where the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group Consolidated Annual Financial Statements incorporate the assets, liabilities and results of operations of the Company and its subsidiaries. The results of subsidiaries acquired and disposed of during a financial year are included from the effective dates of acquisition to the date control ceases. Where necessary, the accounting policies of subsidiaries are changed to ensure consistency with the policies adopted by the Group. Subsidiaries are deconsolidated from the date control ceases. The interest of non-controlling shareholders in the acquiree is initially measured at the non-controlling shareholders\u2019 proportionate share of the acquiree\u2019s identifiable net assets (after any relevant fair value adjustments to the assets, liabilities and contingent liabilities recognised as part of the business combination). Changes in the Group\u2019s ownership interests that do not result in a loss of control are accounted for as equity transactions with the existing shareholders. Transactions eliminated on consolidation Intra-group balances and transactions, and any gains or losses arising from intra-group transactions, are eliminated in preparing the Consolidated Annual Financial Statements. Non-controlling interests Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity. Non- controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholders\u2019 share of changes in equity since the date of the combination. The non-controlling interests\u2019 share of losses, where applicable, is attributed to the non-controlling interests irrespective of whether the non-controlling shareholders have a binding obligation and are able to make an additional investment to cover the losses. 1.3 Key estimates and judgements The preparation of the Consolidate Annual Financial Statements requires management to make estimates and judgements and form assumptions that affect the reported amounts of the assets and liabilities, reported revenue and costs during the periods presented therein. The estimates and assumptions that have a significant risk of causing a material adjustment to the financial results of the Group in future reporting periods are discussed in the relevant sections of this Report and summarised as follows:
Key estimate or judgement
Note
Going concern
1.1
Life-of-mine and ore reserves and resources estimates and judgements
6
Impairment review estimates and judgements
6
Taxation
8 and 24
Depreciation judgements
11
B-BBEE guarantee and expected credit loss assessment for loans receivable
14
Inventory and inventory stockpiles
17
Provision for rehabilitation estimates
23
Provision for Human rights settlement claims estimates
23
Pension scheme estimates
29
Post-retirement medical fund estimates
30
Recoverability of Blocked Diamond Parcel proceeds in Tanzania
33
Discontinued operations
33
1.4 Accounting standards that are newly effective in the current year
No new standards and amendments which became effective during the year ended 30 June 2025, have had a material impact on
the Group.
Accounting standards that are not yet mandatory and have not been applied by the Group
At the date of authorisation of these Consolidated Annual Financial Statements, the Group has not applied the following revised
IFRS Accounting Standards that have been issued but are not yet effective. The Group is currently assessing the effect of these
new accounting statements and amendments.
Effective 1 July 2025:
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability.
Effective 1 July 2026:
\u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and
IFRS 7 Financial Instruments: Disclosures).
\u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).
Effective 1 July 2027:
\u2022 IFRS 18 Presentation and Disclosure in Consolidated Annual Financial Statements.
Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated annual financial
statements, it is expected to have a significant effect on the presentation and disclosure of certain items.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures.
Accounting policy Revenue comprises gross invoiced diamond sales to customers excluding VAT. Revenue is split between rough diamond sales and revenue from interest in polished diamonds, when applicable. Diamond sales are made through a competitive tender process or private sales and recognised when control passes to the buyer, costs can be measured reliably and receipt of future economic benefits is probable. The performance obligation for tender sales is met at the point at which the tender is awarded. The performance obligation for private sales is met at the point at which the agreement on pricing and terms of sale are confirmed and control is transferred between both parties. Where the Group makes rough diamond sales to customers and also retains a right to an interest in their future sale as polished diamonds, the Group records the sale of the rough diamonds but such contingent revenue on the onward sale is only recognised at the date when the polished diamonds are sold. Revenue on rough diamond sales, where the Group retains an interest, is recognised when point of control passes to the buyer, costs can be measured reliably and receipt of future economic benefits is probable. The performance obligation is met at the point at which the control of the rough diamond passes to the buyer. The onward sale of the polished diamonds contains elements of variable consideration, as the Group\u2019s right to consideration is contingent on the occurrence of the future sale by the buyer. The variable consideration is not recognised as the Group is unable to ascertain the future sale amount of the polished diamonds and cannot determine that it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. The Group has entered into a partnership revenue contract to cut and polish a specific rough diamond. The transaction price of the unenhanced stone, of US$2.8m, has been recognised as variable revenue in profit and loss at 30 June 2025. The unenhanced stone value is based on the agreed value at transaction date. The probability of revenue reversal is highly unlikely for the unenhanced stone. At 30 June 2025, a GIA certificate has been received but no variable revenue for the polished stone has been recognised for the year The uplift revenue is expected to be earned during the next 12 months and will be settled in cash. Accounting policies The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If there is any indication that an asset may be impaired, its recoverable amount is estimated. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing the recoverable amount, the expected future post-tax cashflows from the asset are discounted to their fair value less cost to sell using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Discounting the future cashflows to their present value using a pre-tax rate would not materially change the outcome. The mine plan for each mine is the approved management plan at the reporting date for ore extraction and its associated capital expenditure. The capital expenditure included in the impairment model does not include capital expenditure to enhance the asset performance outside of the existing mine plan. The ore tonnes included in the Resource Statement, which management considers economically viable, often include ore tonnes in excess of those used in the mine model and therefore the impairment test. For an asset that does not generate cash inflows that are largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Each mine represents a separate cash-generating unit. An impairment loss is recognised in the Consolidated Income Statement whenever the carrying amount of the cash-generating unit exceeds its recoverable amount.
Significant judgements and estimates relevant to impairment of non-financial assets
Life-of-mine and ore reserves/resources
There are numerous risks inherent in estimating ore reserves and resources and the associated current mine plan. The mine plan
for each mine is the current approved management plan for ore extraction that considers specific ore reserves and resources and
associated capital expenditure. The mine plan frequently includes fewer tonnes than the total reserves and resources that are set out
in the Group\u2019s Resource Statement and which management may consider to be economically viable and capable of future extraction.
Management must make a number of assumptions when making estimates of reserves and resources, including assumptions as to exchange
rates, rough diamond and other commodity prices, extraction costs and recovery and production rates. Any such estimates and assumptions
may change as new information becomes available. Changes in exchange rates, rough diamond and commodity prices, extraction
and recovery costs and production rates may change the economic viability of ore reserves and resources and may ultimately result in
the restatement of the ore reserves and resources and potential impairment to the carrying value of the mining assets and mine plan.
The current mine plans are used to determine the ore tonnes and capital expenditure in the impairment tests.
Ore reserves and resources, both those included in the mine plan and certain additional tonnes contained within the Group\u2019s Resource
Statement, which form part of reserves and resources considered to be sufficiently certain and economically viable, also impact the
depreciation of mining assets depreciated on a units-of-production basis (refer to note 11). Ore reserves and resources further impact
the estimated date of decommissioning and rehabilitation (refer to note 23).
Impairment reviews
While conducting an impairment review of its assets using the fair value less cost to sell basis, the Group exercises judgement in
making assumptions about future exchange rates, rough diamond prices, contribution from Exceptional Diamonds, volumes of
production, ore reserves and resources included in the current mine plans, feasibility studies, future development and production
costs and macro-economic factors such as inflation and discount rates. Changes in estimates used can result in significant changes
to the Consolidated Income Statement and the Consolidated Statement of Financial Position.
US$ million
2025
2024
Cullinan Mine
70
33
Finsch
37
45
Total impairment charge of non-financial assets
107
78
The key inputs and sensitivities are detailed in this note.
30 June 2025
In line with the requirements of IAS 36 Impairment of Assets, the Group carried out impairment testing for its main cash-generating
units (CGUs), being Cullinan Mine and Finsch.
The impairment tests were influenced by a number of factors, including:
\u2022 weakness in the rough diamond market during FY 2025;
\u2022 product mix variability at Cullinan Mine, driven by a lower incidence of gem-quality stones in the +10.8 carat category, which
negatively impacted revenues and average prices;
\u2022 ongoing competition from lab-grown diamonds; and
\u2022 changes to life-of-mine (LOM) plans following the deferral of capital projects and implementation of cost reductions.
The recoverable amount of Cullinan Mine was assessed as at 30 June 2025 and an impairment of US$70 million was recorded to reduce
the carrying value to the recoverable amount of US$277 million, calculated using a discount rate of 13.5% (2024: 13.5%). The impairment
was allocated primarily to property, plant and equipment.
The recoverable amount of Finsch was assessed as at 30 June 2025 and an impairment of US$37 million was recorded to reduce the
carrying value to the recoverable amount of US$132 million, calculated using a discount rate of 13.5% (2024: 13.5%). The impairment
was allocated primarily to property, plant and equipment.
30 June 2024
During FY 2024, the Group reviewed the carrying value of its investments, loan receivables and operational assets for indicators of
impairment. Following the assessment, impairment of property, plant and equipment was considered appropriate for Cullinan Mine
and Finsch. The Group recognised an asset level net impairment of US$78 million. The impairment comprised a US$45 million
impairments at Finsch, and impairment charges of US$33 million at Cullinan Mine.
Significant judgments and estimates relevant to taxation
The Group primarily operates in South Africa, and accordingly it is subject to, and pays annual income taxes under, the various income
tax regimes in the countries in which it operates. From time to time the Group is subject to a review of its income tax filings and in
connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the
Group\u2019s business conducted within the country involved. Management evaluates each of the assessments and recognises a provision
based on its best estimate of the ultimate resolution of the assessment, through either negotiation or through a legal process.
Accounting policy
Basic loss per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders of the parent
by the weighted average number of Ordinary Shares outstanding during the year. Diluted loss per share amounts are calculated
by dividing the net loss attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares
outstanding during the year plus the weighted average number of Ordinary Shares that would be issued on conversion of all the
dilutive potential Ordinary Shares into Ordinary Shares.
Accounting policies
Stripping costs
Costs associated with the removal of waste overburden at the Group\u2019s open cast mine are classified as stripping costs within property,
plant and equipment or inventory, depending on whether the works provide access to future ore tonnes in a specific orebody section
or generate ore as part of waste removal. The stripping asset is depreciated on a units-of-production basis over the tonnes of the
relevant orebody section to which it provides future access.
Depreciation
The Group depreciates its mining assets using a units-of-production or straight-line basis, depending on its assessment of the most
appropriate method for the individual asset. When a units-of-production basis is used, the relevant assets are depreciated at a rate
determined as the tonnes of ore treated (typically production facility assets) or hoisted (typically underground development and conveying
assets) from the relevant orebody section, divided by the Group\u2019s estimate of ore tonnes held in reserves and resources which have sufficient
geological and geophysical certainty and are economically viable. The relevant reserves and resources are matched to the existing assets
which will be utilised for their extraction. Where an operation is on care and maintenance, non-mining assets will continue to be depreciated
over their useful life. The Group depreciates its assets according to the relevant sections of the orebody over which they will be utilised.
A key estimate involves determination of future production units assigned to on-mine shared infrastructure, which is an ongoing assessment
given the mining plan and development projects. Shared infrastructure is defined as common infrastructure enabling ore extraction,
treatment and related support services, shared across more than one section of the orebody (such as the mine shaft or processing plant).
When the shared infrastructure assets provide benefit over multiple sections of the orebody they are depreciated over the reserves
of the relevant sections of the orebody. When the shared infrastructure is expected to be utilised to access or process ore tonnes
from deeper areas of the mine, which frequently represent ore resources that are outside of the current approved current mine plan
but for which the Group considers there to be sufficient certainty of future extraction, such assets are depreciated over those
reserves and resources.
The depreciation rates are as follows:
Mining assets
Plant, machinery and equipment Units-of-production method or 4\u201333% straight-line basis depending on the nature of the asset
Mineral properties Units-of-production method
Other assets
Plant and machinery 10\u201325% straight-line basis
Refer to notes 6, and 23 for the Group\u2019s policy on impairment, rehabilitation provisions and associated decommissioning assets.
Accounting policies
An intangible asset is recognised when:
\u2022 it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and
\u2022 the cost of the asset can be measured reliably.
Intangible assets are carried at cost less any accumulated amortisation and any impairment losses.
Depreciation
Amortisation is provided to write down the intangible assets, on a straight-line basis, to their residual values as follows:
The depreciation rates are as follows:
Item Useful life
Computer software 4 years
Refer to note 31 for the Group\u2019s policy in respect of financial instruments, which include loans receivables. Significant judgements and estimates relevant to loans receivable Refer below for significant judgements in respect of the loans receivable and expected credit loss provision recorded in respect of loans receivables.
Accounting policy
The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision
for trade receivables and the 12-month approach, unless a specific risk exists, for other receivables. To measure expected credit
losses on a collective basis, trade receivables and other receivables are grouped based on similar credit risk and ageing.
Accounting policy
Inventories, which include rough diamonds, are stated at the lower of cost of production on the weighted average basis or estimated
net realisable value. Cost of production includes direct labour, other direct costs and related production overheads. Net realisable
value is the estimated selling price in the ordinary course of business less marketing costs. Net realisable value also incorporates
costs of processing in the case of the ore stockpiles. Consumable stores are stated at the lower of cost on the weighted average
basis or estimated replacement value. Work in progress stockpiles is stated at raw material cost including allocated labour and
overhead costs.
Significant judgements and estimates relevant to diamond inventories
Judgement is applied in making assumptions about the value of inventories and inventory stockpiles, including diamond prices,
production grade and expenditure, to determine the extent to which the Group values inventory and inventory stockpiles. The Group
uses empirical data on prices achieved, grade and expenditure in forming its assessment.
Accounting policy including policy for substantial modification of financial liabilities
Loan notes are recognised initially at fair value less attributable transaction costs. Such interest-bearing liabilities are subsequently
measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to
repayment is at a constant rate on the balance of liability carried in the Statement of Financial Position. \u2018Interest expense\u2019 in this
context includes initial transaction costs, as well as any interest or coupon payable while the liability is outstanding.
When the Group\u2019s borrowings are refinanced, and the refinancing is considered to be a substantial modification, the difference
between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the
consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised as a charge in the income statement.
Under the quantitative test, the modification is classed as substantial if the present value of the modified cashflows is at least 10%
different to the present value of the remaining original cashflows. There may be circumstances where the 10% test is not met, but
other qualitative factors indicate there has been a substantial modification.
Accounting policy\u2013 Decommissioning, mine closure and environmental rehabilitation
The obligation to restore environmental damage caused through mining is raised as the relevant mining takes place. Assumptions are
made as to the remaining life of existing operations based on the approved current mine plan and assessments of extensions to the
mine plans to access resources in the Resources Statement that are considered sufficiently certain of extraction.
Decommissioning and rehabilitation will generally occur on or after the closure of the mine, based on current legal requirements and
existing technology. A rehabilitation provision is raised based on the present value of the estimated rehabilitation costs. These costs
are included in the cost of the related asset. The capitalised assets are depreciated in accordance with the accounting policy for
property, plant and equipment. Increases in the provision, as a result of the unwinding of discounting, are charged to the Consolidated
Income Statement within finance expense. The cost of the ongoing programmes to prevent and control pollution, and ongoing
rehabilitation costs of the Group\u2019s operations, is charged to profit and loss as incurred.
Changes to the present value of the obligation due to changes in assumptions are recognised as adjustments to the provision together
with an associated increase/(decrease) in the related rehabilitation asset. In circumstances where the rehabilitation asset has been
fully amortised, reductions in the provision give rise to other direct income.
Accounting policies
Employee and Director share schemes
The Long Term incentive plan (LTIP) award fair value is measured annually at the date of grant with reference to the Company share
price and award quantum. The amount recognised as an expense is then adjusted to reflect the final number of LTIPs which vest once
the final performance conditions and weighted average share price are determined. Measurement of the expense is calculated on a
straight-line basis (LTIP award multiplied by the vesting percentage, multiplied by the Company\u2019s share price, multiplied by the foreign
exchange rate).
The Company operates a defined benefit pension scheme and defined contribution pension scheme. The defined benefit scheme
was acquired as part of the acquisitions of Cullinan Mine and Finsch and is closed to new members. The rules of the scheme do not
currently indicate that surpluses will be allocated to the employer. Therefore, the Company has not recognised fund surpluses. Plan
assets are therefore limited to the value of the funded obligations.
All new employees are required to join the defined contribution scheme. The assets of the pension schemes are held separately from
those of the Group\u2019s assets.
The Group\u2019s post-retirement medical fund is unfunded and recognised as a liability on the Consolidated Statement of Financial
Position within provisions.
The scheme was acquired as part of the acquisitions of Cullinan Mine and Finsch and is closed to new members. The Group\u2019s
post-employment healthcare liability consists of a commitment to pay a portion of the members\u2019 post-employment medical scheme
contributions. This liability is also generated in respect of dependants who are offered continued membership of the medical scheme
on the death of the primary member.
Significant judgements and estimates relevant to medical funds
The post-employment medical liability is annually calculated by a qualified actuary using the projected unit credit method. The most
recent actuarial valuation was at 30 June 2025. Assumptions made in connection with the scheme valuation include the health care
cost of inflation, the average yield of South African Government long-dated bonds and withdrawal rates and life expectancies.
Accounting policies
The Group classifies its financial assets (excluding derivatives) into the following categories and the Group\u2019s accounting policy for the
categories is as follows:
Financial assets
Amortised cost
These assets arise principally through the provision of goods and services to customers (eg trade receivables) but also incorporate
other types of contractual monetary assets where the objective is to hold these assets in order to collect contractual cashflows and
the contractual cashflows are solely payments of principal and interest. They are initially recognised at the fair value plus transaction
costs that are directly attributable to the acquisition or issue and subsequently carried at amortised cost using the effective interest
method, less provision for impairment.
Impairment
Impairment provisions for current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision
matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade
receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the
lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in
a separate provision account with the loss being recognised within operating costs in the Consolidated Income Statement. On
confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated
provision.
Impairment provisions/reversals for receivables from related parties, B-BBEE Partners and other third parties are recognised based
on a forward-looking expected credit loss model. The methodology used to determine the amount of the provision is based on
whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit
risk has not increased significantly since initial recognition of the financial asset, 12-month expected credit losses along with gross
interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with
the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along
with interest income on a net basis are recognised.
The Group\u2019s financial assets measured at amortised cost comprise non-current receivables, trade and other receivables and cash
and cash equivalents in the Consolidated Statement of Financial Position.
Segment information is presented in respect of the Group\u2019s operating and geographical segments:
\u2022 Mining \u2013 the extraction and sale of rough diamonds from mining operations in South Africa and Tanzania
\u2022 Corporate \u2013 administrative activities in the United Kingdom
\u2022 Beneficiation \u2013 beneficiation activities in South Africa
Segments are based on the Group\u2019s management and internal reporting structure. Management reviews the Group\u2019s performance by
reviewing the results of the mining activities in South Africa and Tanzania, and reviewing the corporate administration expenses in the
United Kingdom. Each segment derives, or aims to derive, its revenue from diamond mining and diamond sales, except for the United
Kingdom corporate and administration cost centre.
During the year, the Group classified its Williamson operation as a discontinued operation in accordance with IFRS 5. Following this
classification, the Chief Operating Decision Maker (CODM) no longer reviews its financial performance separately. Accordingly, the
results of the discontinued operation have been excluded from the segment information presented below, which reflects only the
Group\u2019s continuing operations.
Two customers individually contributed 10% or more to total revenue, amounting to US$94 million from all mining operations and
these two customers accounted for revenue of US$51 million and US$43 million in the year (2024: US$78 million and US$48 million).
A component of the Group should be classified as a discontinued operation when it has been disposed of, or abandoned, and
represents a separate major line of business or geographical area of operations.
Significant accounting policies relevant to non-current assets held for sale and discontinued operations
A component of the Group should be classified as a discontinued operation when it has been disposed of, or abandoned, and
represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of
such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued
operations are presented separately in the statement of profit or loss.
The Group designates the results of discontinued activities, separately and reclassifies the results of the operation in the comparative
period from continuing to discontinued operations. The Group does not consider mines held on care and maintenance to be
discontinued activities unless the mine is abandoned and the discontinued criteria are met. The results of discontinued operations
are presented separately in the Consolidated Income Statement. This classification as a discontinued operation was applied to
Koffiefontein and Williamson mines at 30 June 2025 as both operations were sold during the Year.
Unrealised foreign exchange gains and losses on historical retranslation of the subsidiaries\u2019 results into US Dollars are recycled to
the consolidated income statement upon completion of the disposal. The non-controlling interest attributable to minority shareholders
is recycled to the consolidated income statement upon completion of the disposal. The Group designates the results of discontinued
activities, including those of disposed subsidiaries, separately in accordance with IFRS and reclassifies the results of the operation in
the comparative period from continuing to discontinued operations. The Group does not consider mines held on care and
maintenance to be discontinued activities unless the mine is abandoned.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-384": { "value": "Petra Diamonds Limited (Petra or the Company), a limited liability company listed on the Main Market of the London Stock Exchange, is registered in Bermuda and domiciled in the United Kingdom. The Company\u2019s registered address is 2 Church Street, Hamilton, Bermuda. The Consolidated Annual Financial Statements incorporate the material accounting policies set out below and in the subsequent notes to these Consolidated Annual Financial Statements, which are consistent with those adopted in the previous Year\u2019s Consolidated Annual Financial Statements, apart from the adoption of new standards, interpretations and amendments where applicable as detailed in note 1.4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-4": { "value": "Petra Diamonds Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-377": { "value": "Petra Diamonds Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-5": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-6": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-378": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-7": { "value": "2 Church Street, Hamilton, Bermuda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-385": { "value": "1.1 Basis of preparation The Consolidated Annual Financial Statements of the Company and its subsidiaries (the Group) are prepared in accordance with IFRS Accounting Standards (IFRS) issued by the International Accounting Standards Board (IASB), as adopted by the European Union. Going concern Since 30 June 2024, the Group has taken significant steps to improve its balance sheet through securing a comprehensive refinancing plan. Through FY 2025 the Group fully drew on the US$99 million Revolving Credit Facility (RCF) from Absa Bank and, through an open market repurchase programme, purchased and cancelled 2L Notes with a nominal value of US$24 million. Consolidated net debt increased by US$60 million, closing at US$261 million on 30 June 2025. As at 31 December 2024 and 30 June 2025, the Group was in technical breach of its RCF covenant (both net debt : EBITDA as well as interest cover ratios). For both the reporting periods, Absa waived any default or event of default which could have happened under the covenant breaches. A critical milestone in the going concern assessment was the successful agreement on the implementation of the Refinancing, which, as of the date of the financial statements, remains subject to the completion of a Rights Issue. This is expected to include the receipt of proceeds from a US$25 million rights issue, backstopped by key shareholders, and the signing of lock-up agreements in support of the wider Refinancing. The Refinancing also provides for the intention to restructure both the RCF and 2L Notes, which mature in January 2026 and March 2026 respectively. The Directors believe that the progress made so far, including the announcement of the refinancing plan, has reduced the Group refinancing risk. The Board acknowledges that the successful completion of the refinancing plan, including the rights issue and associated debt restructuring, remains critical to the Group\u2019s ongoing liquidity and financial stability. If the Refinancing is not successfully concluded, the Group would not have sufficient working capital for its present requirements, being at least the next 12 months from the date of approval of the financial statements. In such circumstances there would be significant uncertainty regarding the Group\u2019s ability to continue as a going concern, which could have a material adverse impact on the Group\u2019s financial position. The Directors have concluded that the available alternatives would be highly limited and highly unlikely to deliver a better outcome for Shareholders, Noteholders or other creditors than the Rights Issue and the Refinancing. The Group continues to monitor liquidity, which remains highly sensitive to fluctuations in production, product prices, product mix, and exchange rates. These factors continue to present uncertainty and liquidity risk. Working capital forecasts through to December 2026, incorporates revised production levels, updated diamond pricing assumptions, and the impact of cost savings and capital optimisation measures. Under these base-case assumptions, the Group expects to maintain adequate liquidity, supported by the refinancing plan and rights issue proceeds. The diamond industry has continued to face unprecedented challenges, with significant pressure on rough diamond prices in FY 2024 and FY 2025 due to high pipeline inventories, weaker demand from key markets (particularly the prolonged slowdown in China), increased competition from laboratory-grown diamonds, and an unstable geopolitical landscape. These factors contributed to average like-for-like prices declining by approximately 35% in FY 2025 compared to the post-COVID-19 high of FY 2022. Price fluctuations were further exacerbated by tariffs announced by the US, particularly those impacting India, where the majority of global diamond cutting and polishing takes place, while the US represents 40\u201345% of global natural diamond demand. Although some positive momentum has been observed more recently, with like-for-like prices in June 2025 (Tender 7) showing a 3% improvement across most product categories compared to April/May 2025 (Tenders 5 and 6), volatility is expected to continue in the short-term. Average prices achieved during Tender 1 and Tender 2 of FY 2026 was 26.3% higher than the average price of US$87 per carat for FY 2025, at US$110 per carat. Market uncertainty continues to put pressure on like-for-like prices. Over the medium to long term, however, the structural supply deficit resulting from the continued contraction in the number of producing mines has the potential to support a recovery in diamond prices. Notwithstanding these views, our liquidity projections assume conservative real flat market prices. Cullinan Mine has shown improvement following prior product mix variability, which had been caused by a lower incidence of gem-quality stones, particularly in the +10.8 carat category. This had negatively impacted revenues and average prices during FY 2025. With the increasing contribution of fresh ore from the CC1E project, the product mix at Cullinan Mine has started to normalise. This is evidenced by improved realised prices in the first and second Tender of FY 2026, where Cullinan Mine achieved US$130/ct. Finsch also continues to perform in line with expectations under the two-shift system. These developments provide greater confidence in the stability of operating performance and support the Group\u2019s going concern assessment. However, cash flows remain sensitive to changes in product mix and market prices. In parallel, the Group has taken decisive actions to restructure and strengthen its financial position. Over the past two years, the Group has successfully implemented capital deferral programmes, cost reduction initiatives, and restructuring measures across its Group functions, Finsch and Cullinan Mine. In addition, the Group sold its interest in Koffiefontein in October 2024, avoiding closure costs of US$23 million, and completed the sale of the Williamson mine in May 2025, avoiding liabilities of about US$100 million. These steps, collectively, have strengthened the Group\u2019s financial resilience and liquidity profile. The Group has modelled reasonable worst-case sensitivity to test the robustness of its forecasts. The Sensitised Case reflects a combined: \u2022 10% reduction in diamond prices; \u2022 10% reduction in production; \u2022 Reduction in exchange rate assumptions of 5%; Without mitigation, this results in a projected breach in the liquidity covenant in the projection period. To address this, management has identified a number of mitigating actions that can be implemented if required. These include: (i) payment in cash or equity (PICE) settlement of bond interest; (ii) monetisation of polished stones held in partnership (iii) liquidation of diamond inventory, expected to provide additional liquidity in early 2026; and (iv) deferral of sustaining and expansionary capital expenditure programmes, which could deliver net savings after taking into account production shortfalls. After applying these mitigating measures, sufficient liquidity headroom is restored throughout the projection period, providing resilience against the downside assumptions. The Board considers these actions to be within its control and achievable within the timeframe required, thereby supporting the Group\u2019s reasonable expectation that it can remain a going concern. The refinancing of the Senior Secured Bank Debt and 2L Notes, while now advanced and de-risked by the lock-up agreement, backstop agreement, Absa commitment agreement, and planned rights issue, is not yet fully concluded and is not within the control of the Directors. Furthermore, persistent market volatility may exert further pressure on pricing and covenant headroom. These factors give rise to a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern and, therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Based on the assessment of forecasts, risks, and mitigation measures available, and in light of the significant progress achieved on the refinancing and equity raise, the Board has a reasonable expectation that the Group will remain a going concern for at least 12 months from the date of approval of the annual financial statements. Accordingly, the financial statements have been prepared on a going concern basis. The financial statements do not include any adjustments that would result if the Group were unable to continue as a going concern. Currency reporting The functional currency of the Company is Pounds Sterling (GBP). The functional currency of the South African operations is South African Rand (ZAR or R) with diamond sales being made in US Dollars. The Consolidated Annual Financial Statements are presented in US Dollars (US$ millions), the currency in which Group revenue is generated. ZAR balances are translated to US Dollars at ZAR17.75 as at 30 June 2025 (2024: ZAR18.19) and at an average rate of ZAR18.15 for transactions during the year ended 30 June 2025 (2024: ZAR18.70). Financial Statements of foreign entities Assets and liabilities of foreign entities (those with a functional currency other than US$) are translated at rates of exchange ruling at the financial year end; income and expenditure and cashflow items are translated at rates of exchange ruling at the date of the transaction or at rates approximating the rates of exchange at the date of the translation where appropriate. Exchange differences arising from the translation of foreign entities are recorded in the Consolidated Statement of Other Comprehensive Income and reclassified to the Consolidated Income Statement on disposal of the foreign entity. Foreign currency transactions Transactions in foreign currencies are recorded at rates of exchange ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Gains and losses arising on translation are credited to, or charged against, income. The issue of shares is included in share capital and share premium at the prevailing US$/GBP spot rate at the date of the transaction. Net investments in foreign operations Management assesses the extent to which intra-group loans to foreign operations that give rise to unrealised foreign exchange gains and losses are considered to be permanent as equity or repayable in the foreseeable future. The judgement is based upon factors including the life-of-mine (LOM) plans, cashflow forecasts and strategic plans. The unrealised foreign exchange gains or losses on permanent as equity loans are recognised in the foreign currency translation reserve until such time as the operation is sold, whilst the foreign exchange gains or losses on loans repayable in the foreseeable future is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-416": { "value": "The Consolidated Annual Financial Statements of the Company and its subsidiaries (the Group) are prepared in accordance with IFRS Accounting Standards (IFRS) issued by the International Accounting Standards Board (IASB), as adopted by the European Union. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-417": { "value": "Going concern Since 30 June 2024, the Group has taken significant steps to improve its balance sheet through securing a comprehensive refinancing plan. Through FY 2025 the Group fully drew on the US$99 million Revolving Credit Facility (RCF) from Absa Bank and, through an open market repurchase programme, purchased and cancelled 2L Notes with a nominal value of US$24 million. Consolidated net debt increased by US$60 million, closing at US$261 million on 30 June 2025. As at 31 December 2024 and 30 June 2025, the Group was in technical breach of its RCF covenant (both net debt : EBITDA as well as interest cover ratios). For both the reporting periods, Absa waived any default or event of default which could have happened under the covenant breaches. A critical milestone in the going concern assessment was the successful agreement on the implementation of the Refinancing, which, as of the date of the financial statements, remains subject to the completion of a Rights Issue. This is expected to include the receipt of proceeds from a US$25 million rights issue, backstopped by key shareholders, and the signing of lock-up agreements in support of the wider Refinancing. The Refinancing also provides for the intention to restructure both the RCF and 2L Notes, which mature in January 2026 and March 2026 respectively. The Directors believe that the progress made so far, including the announcement of the refinancing plan, has reduced the Group refinancing risk. The Board acknowledges that the successful completion of the refinancing plan, including the rights issue and associated debt restructuring, remains critical to the Group\u2019s ongoing liquidity and financial stability. If the Refinancing is not successfully concluded, the Group would not have sufficient working capital for its present requirements, being at least the next 12 months from the date of approval of the financial statements. In such circumstances there would be significant uncertainty regarding the Group\u2019s ability to continue as a going concern, which could have a material adverse impact on the Group\u2019s financial position. The Directors have concluded that the available alternatives would be highly limited and highly unlikely to deliver a better outcome for Shareholders, Noteholders or other creditors than the Rights Issue and the Refinancing. The Group continues to monitor liquidity, which remains highly sensitive to fluctuations in production, product prices, product mix, and exchange rates. These factors continue to present uncertainty and liquidity risk. Working capital forecasts through to December 2026, incorporates revised production levels, updated diamond pricing assumptions, and the impact of cost savings and capital optimisation measures. Under these base-case assumptions, the Group expects to maintain adequate liquidity, supported by the refinancing plan and rights issue proceeds. The diamond industry has continued to face unprecedented challenges, with significant pressure on rough diamond prices in FY 2024 and FY 2025 due to high pipeline inventories, weaker demand from key markets (particularly the prolonged slowdown in China), increased competition from laboratory-grown diamonds, and an unstable geopolitical landscape. These factors contributed to average like-for-like prices declining by approximately 35% in FY 2025 compared to the post-COVID-19 high of FY 2022. Price fluctuations were further exacerbated by tariffs announced by the US, particularly those impacting India, where the majority of global diamond cutting and polishing takes place, while the US represents 40\u201345% of global natural diamond demand. Although some positive momentum has been observed more recently, with like-for-like prices in June 2025 (Tender 7) showing a 3% improvement across most product categories compared to April/May 2025 (Tenders 5 and 6), volatility is expected to continue in the short-term. Average prices achieved during Tender 1 and Tender 2 of FY 2026 was 26.3% higher than the average price of US$87 per carat for FY 2025, at US$110 per carat. Market uncertainty continues to put pressure on like-for-like prices. Over the medium to long term, however, the structural supply deficit resulting from the continued contraction in the number of producing mines has the potential to support a recovery in diamond prices. Notwithstanding these views, our liquidity projections assume conservative real flat market prices. Cullinan Mine has shown improvement following prior product mix variability, which had been caused by a lower incidence of gem-quality stones, particularly in the +10.8 carat category. This had negatively impacted revenues and average prices during FY 2025. With the increasing contribution of fresh ore from the CC1E project, the product mix at Cullinan Mine has started to normalise. This is evidenced by improved realised prices in the first and second Tender of FY 2026, where Cullinan Mine achieved US$130/ct. Finsch also continues to perform in line with expectations under the two-shift system. These developments provide greater confidence in the stability of operating performance and support the Group\u2019s going concern assessment. However, cash flows remain sensitive to changes in product mix and market prices.
In parallel, the Group has taken decisive actions to restructure and strengthen its financial position. Over the past two years, the
Group has successfully implemented capital deferral programmes, cost reduction initiatives, and restructuring measures across its
Group functions, Finsch and Cullinan Mine. In addition, the Group sold its interest in Koffiefontein in October 2024, avoiding closure
costs of US$23 million, and completed the sale of the Williamson mine in May 2025, avoiding liabilities of about US$100 million.
These steps, collectively, have strengthened the Group\u2019s financial resilience and liquidity profile.
The Group has modelled reasonable worst-case sensitivity to test the robustness of its forecasts. The Sensitised Case reflects a combined:
\u2022 10% reduction in diamond prices;
\u2022 10% reduction in production;
\u2022 Reduction in exchange rate assumptions of 5%;
Without mitigation, this results in a projected breach in the liquidity covenant in the projection period.
To address this, management has identified a number of mitigating actions that can be implemented if required. These include:
(i) payment in cash or equity (PICE) settlement of bond interest; (ii) monetisation of polished stones held in partnership (iii) liquidation
of diamond inventory, expected to provide additional liquidity in early 2026; and (iv) deferral of sustaining and expansionary capital
expenditure programmes, which could deliver net savings after taking into account production shortfalls.
After applying these mitigating measures, sufficient liquidity headroom is restored throughout the projection period, providing
resilience against the downside assumptions. The Board considers these actions to be within its control and achievable within the
timeframe required, thereby supporting the Group\u2019s reasonable expectation that it can remain a going concern.
The refinancing of the Senior Secured Bank Debt and 2L Notes, while now advanced and de-risked by the lock-up agreement,
backstop agreement, Absa commitment agreement, and planned rights issue, is not yet fully concluded and is not within the control
of the Directors. Furthermore, persistent market volatility may exert further pressure on pricing and covenant headroom. These
factors give rise to a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern and,
therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business.
Based on the assessment of forecasts, risks, and mitigation measures available, and in light of the significant progress achieved
on the refinancing and equity raise, the Board has a reasonable expectation that the Group will remain a going concern for at least
12 months from the date of approval of the annual financial statements. Accordingly, the financial statements have been prepared
on a going concern basis.
The financial statements do not include any adjustments that would result if the Group were unable to continue as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-418": { "value": "
Currency reporting
The functional currency of the Company is Pounds Sterling (GBP). The functional currency of the South African operations is South African
Rand (ZAR or R) with diamond sales being made in US Dollars. The Consolidated Annual Financial Statements are presented in US Dollars
(US$ millions), the currency in which Group revenue is generated. ZAR balances are translated to US Dollars at ZAR17.75 as at 30 June
2025 (2024: ZAR18.19) and at an average rate of ZAR18.15 for transactions during the year ended 30 June 2025 (2024: ZAR18.70).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-419": { "value": "
Foreign currency transactions
Transactions in foreign currencies are recorded at rates of exchange ruling at the transaction date. Monetary assets and liabilities
denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Gains and losses arising on
translation are credited to, or charged against, income. The issue of shares is included in share capital and share premium at the
prevailing US$/GBP spot rate at the date of the transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-386": { "value": "1.2 Basis of consolidation Subsidiaries Subsidiaries are those entities over whose financial and operating policies the Group has the power to exercise control. Control is achieved where the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group Consolidated Annual Financial Statements incorporate the assets, liabilities and results of operations of the Company and its subsidiaries. The results of subsidiaries acquired and disposed of during a financial year are included from the effective dates of acquisition to the date control ceases. Where necessary, the accounting policies of subsidiaries are changed to ensure consistency with the policies adopted by the Group. Subsidiaries are deconsolidated from the date control ceases. The interest of non-controlling shareholders in the acquiree is initially measured at the non-controlling shareholders\u2019 proportionate share of the acquiree\u2019s identifiable net assets (after any relevant fair value adjustments to the assets, liabilities and contingent liabilities recognised as part of the business combination). Changes in the Group\u2019s ownership interests that do not result in a loss of control are accounted for as equity transactions with the existing shareholders. Transactions eliminated on consolidation Intra-group balances and transactions, and any gains or losses arising from intra-group transactions, are eliminated in preparing the Consolidated Annual Financial Statements. Non-controlling interests Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity. Non- controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholders\u2019 share of changes in equity since the date of the combination. The non-controlling interests\u2019 share of losses, where applicable, is attributed to the non-controlling interests irrespective of whether the non-controlling shareholders have a binding obligation and are able to make an additional investment to cover the losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-420": { "value": "
Subsidiaries
Subsidiaries are those entities over whose financial and operating policies the Group has the power to exercise control. Control is
achieved where the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to
affect those returns through its power over the investee. The Group Consolidated Annual Financial Statements incorporate the assets,
liabilities and results of operations of the Company and its subsidiaries. The results of subsidiaries acquired and disposed of during a
financial year are included from the effective dates of acquisition to the date control ceases. Where necessary, the accounting policies
of subsidiaries are changed to ensure consistency with the policies adopted by the Group.
Subsidiaries are deconsolidated from the date control ceases. The interest of non-controlling shareholders in the acquiree is initially
measured at the non-controlling shareholders\u2019 proportionate share of the acquiree\u2019s identifiable net assets (after any relevant fair
value adjustments to the assets, liabilities and contingent liabilities recognised as part of the business combination).
Changes in the Group\u2019s ownership interests that do not result in a loss of control are accounted for as equity transactions with the
existing shareholders.
28. Subsidiaries
At 30 June 2025 the Group held ordinary shares in the following significant subsidiaries:
Class of share Direct percentage Direct percentage
Country of incorporation capital held held 30 June 2025
held 30 June 2024
Nature of business
Cullinan Diamond Mine (Pty) Ltd
1
South Africa
Ordinary
74%
74%
Mining and exploration
Ealing Management Services (Pty) Ltd
1
South Africa
Ordinary
100%
100%
Treasury
Finsch Diamond Mine (Pty) Ltd
1
South Africa
Ordinary
74%
74%
Mining and exploration
Johannesburg Diamond Trading Company
(Pty) Ltd
South Africa
Ordinary
100%
100%
Dormant
Kalahari Diamonds Ltd
United Kingdom
Ordinary
100%
100%
Dormant
Petra Diamonds Angola Holdings Ltd
BVI
Ordinary
100%
100%
Dormant
Petra Diamonds Belgium BV
Belgium
Ordinary
100%
100%
Services provision
Petra Diamonds Foundation PPC
South Africa
Ordinary
100%
100%
Community development
Petra Diamonds Holdings SA (Pty) Ltd
1
South Africa
Ordinary
100%
100%
Investment holding
Petra Diamonds Netherlands Treasury B.V.
1
Netherlands
Ordinary
100%
100%
Dormant
Petra Diamonds Southern Africa (Pty) Ltd1
1
South Africa
Ordinary
100%
100%
Services provision
Petra Diamonds UK Services Ltd
United Kingdom
Ordinary
100%
100%
Services provision
Petra Diamonds UK Treasury Ltd
1
United Kingdom
Ordinary
100%
100%
Treasury
Petra Diamonds US$ Treasury Plc
1
United Kingdom
Ordinary
100%
100%
Treasury
Premier Transvaal Diamond Mining
Company (Pty) Ltd
South Africa
Ordinary
100%
100%
Mining and exploration
Tarorite (Pty) Ltd
1
South Africa
Ordinary
74%
74%
Beneficiation
Willcroft Company Ltd
1
Bermuda
Ordinary
100%
100%
Investment holding
1. The companies are guarantors to the senior secured second lien notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-421": { "value": "
Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity. Non-
controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling
shareholders\u2019 share of changes in equity since the date of the combination. The non-controlling interests\u2019 share of losses, where
applicable, is attributed to the non-controlling interests irrespective of whether the non-controlling shareholders have a binding
obligation and are able to make an additional investment to cover the losses.
15. Non-controlling interests
The non-controlling interests of the Group\u2019s partners in its operations are presented in the table below:
US$ million
Cullinan Mine
Finsch
Koffiefontein
Tarorite
Williamson
1
Total
Effective interest %
21.6%
21.6%
21.6%
17.8 %
0.0%
Country
South Africa
South Africa
South Africa
South Africa
Tanzania
As at 1 July 2024
7
5
(39)
\u2013
\u2013
(27)
Loss for the year
(19)
(11)
\u2013
\u2013
\u2013
(30)
Derecognition on disposal
\u2013
\u2013
41
\u2013
\u2013
41
Translation difference
1
\u2013
(2)
\u2013
\u2013
(1)
At 30 June 2025
(11)
(6)
\u2013
\u2013
\u2013
(17)
US$ million
Cullinan Mine
Finsch
Koffiefontein
Tarorite
Williamson
1
Total
Effective interest %
21.6%
21.6%
21.6%
17.8 %
25.0%
Country
South Africa
South Africa
South Africa
South Africa
Tanzania
As at 1 July 2023
16
17
(37)
\u2013
\u2013
(4)
Loss for the year
(7)
(13)
(1)
\u2013
\u2013
(21)
Dividend paid to non-controlling interest shareholders
(2)
\u2013
\u2013
\u2013
\u2013
(2)
Translation difference
\u2013
1
(1)
\u2013
\u2013
\u2013
At 30 June 2024
7
5
(39)
\u2013
\u2013
(27)
1. Non-controlling interest at Williamson was not recognised as the Government of Tanzania did not contribute in respect of accumulated losses.
No dividends were declared during the year, in the prior year, Cullinan Mine declared and paid a dividend out of profits generated in
FY 2023 to its non-controlling interests of US$2 million. The B-BBEE Partners repaid US$nil (2024: US$nil) towards their loans owing
to the Group. For additional information on total assets, total liabilities and segment results for each operation in the table above refer
to note 32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-477": { "value": "1.3 Key estimates and judgements The preparation of the Consolidate Annual Financial Statements requires management to make estimates and judgements and form assumptions that affect the reported amounts of the assets and liabilities, reported revenue and costs during the periods presented therein. The estimates and assumptions that have a significant risk of causing a material adjustment to the financial results of the Group in future reporting periods are discussed in the relevant sections of this Report and summarised as follows:
Key estimate or judgement
Note
Going concern
1.1
Life-of-mine and ore reserves and resources estimates and judgements
6
Impairment review estimates and judgements
6
Taxation
8 and 24
Depreciation judgements
11
B-BBEE guarantee and expected credit loss assessment for loans receivable
14
Inventory and inventory stockpiles
17
Provision for rehabilitation estimates
23
Provision for Human rights settlement claims estimates
23
Pension scheme estimates
29
Post-retirement medical fund estimates
30
Recoverability of Blocked Diamond Parcel proceeds in Tanzania
33
Discontinued operations
33
134 Petra Diamonds Limited\u2002Annual Significant judgements and estimates relevant to impairment of non-financial assets Life-of-mine and ore reserves/resources There are numerous risks inherent in estimating ore reserves and resources and the associated current mine plan. The mine plan for each mine is the current approved management plan for ore extraction that considers specific ore reserves and resources and associated capital expenditure. The mine plan frequently includes fewer tonnes than the total reserves and resources that are set out in the Group\u2019s Resource Statement and which management may consider to be economically viable and capable of future extraction. Management must make a number of assumptions when making estimates of reserves and resources, including assumptions as to exchange rates, rough diamond and other commodity prices, extraction costs and recovery and production rates. Any such estimates and assumptions may change as new information becomes available. Changes in exchange rates, rough diamond and commodity prices, extraction and recovery costs and production rates may change the economic viability of ore reserves and resources and may ultimately result in the restatement of the ore reserves and resources and potential impairment to the carrying value of the mining assets and mine plan. The current mine plans are used to determine the ore tonnes and capital expenditure in the impairment tests. Ore reserves and resources, both those included in the mine plan and certain additional tonnes contained within the Group\u2019s Resource Statement, which form part of reserves and resources considered to be sufficiently certain and economically viable, also impact the depreciation of mining assets depreciated on a units-of-production basis (refer to note 11). Ore reserves and resources further impact the estimated date of decommissioning and rehabilitation (refer to note 23). Impairment reviews While conducting an impairment review of its assets using the fair value less cost to sell basis, the Group exercises judgement in making assumptions about future exchange rates, rough diamond prices, contribution from Exceptional Diamonds, volumes of production, ore reserves and resources included in the current mine plans, feasibility studies, future development and production costs and macro-economic factors such as inflation and discount rates. Changes in estimates used can result in significant changes to the Consolidated Income Statement and the Consolidated Statement of Financial Position.
US$ million
2025
2024
Cullinan Mine
70
33
Finsch
37
45
Total impairment charge of non-financial assets
107
78
The key inputs and sensitivities are detailed in this note.
Key estimates and assumptions
The key estimates used in determining the recoverable amount calculated, determined on a fair value less cost to sell, are listed in
the table below:
Key Estimate
Explanation
Current mine plan Economically recoverable reserves and resources are based on management\u2019s expectations based on the availability
and recoverable of reserves and resources at mine sites and technical studies undertaken in-house and by third party specialists.
value of reserves The end of life-of-mine based on current mine plans for the operations are as follows:
and resources
\u2022
Cullinan Mine: FY 2035 (FY 2024: FY 2032)
\u2022
Finsch : FY 2033 (FY 2024: FY 2031)
Resources remaining after the current mine plans have not been included in impairment testing for the operations.
Current reserves
\u2022
Cullinan Mine: 38.6 Mt (FY 2024: 33.6 Mt)
\u2022
Finsch: 16.4 Mt (FY 2024: 18.3 Mt)
Current \u2013 capital Management has estimated the timing and quantum of the capital expenditure based on the Group\u2019s current mine
expenditure plans for each operation. There is no inclusion of capital expenditure to enhance the asset beyond exploitation of
the current mine plan orebody.
Diamond prices
Diamond prices used in the impairment test were based on actual pricing achieved during FY 2025, adjusted for
current market trends. The Group no longer applies a uniform run-of-mine (ROM) or homogeneous pricing assumption;
prices are now determined by both market conditions and expected product mix from each orebody, reflecting
differences in size, quality and colour profiles. The long-term models incorporate normalised real diamond price growth
of 2.0% per annum (FY 2024: 1.9% above a long-term US inflation rate of 2.0%). Exceptional Stones, defined as those
valued above US$15 million, are excluded from price assumptions and would represent windfall earnings for the Group.
At Cullinan Mine:
\u2022
The starting price for FY 2026 is the average actual prices achieved during FY 2025, adjusted for a 2% market
price uplift
\u2022
Forecast prices are within the range estimates provided to the market during August 2025
\u2022
This represents an approximate 10% increase year-on-year for FY 2027 and FY 2028, and 2% market price increase
thereafter
At Finsch:
\u2022
The starting price for FY 2026 is the average actual prices achieved during FY 2024, being the most representative
price for the orebody
\u2022
Forecast prices are within the range estimates provided to the market during August 2025
\u2022
This represents an approximate 6% increase year-on-year for FY 2027, and 2% market price increase thereafter
Discount rates A discount rate of 13.5% (2024: 13.5%) was used for the South African operations. Discount rates were calculated based
on a nominal weighted cost of capital including the effect of factors such as market risk and country risk as at the Year
end. US$ and ZAR discount rates are applied based on the respective functional currency of the cash-generating unit.
Cost inflation
Long-term inflation rates of 4.0%-10.0% (2024: 4.0%\u201310.0%) above the long-term US$ inflation rate were used
for operating and capital expenditure escalators.
Exchange rates
Exchange rates are estimated based on an assessment of current market fundamentals and long-term expectations.
The US$/ZAR exchange rate range used for all South African operations commenced at ZAR19.00 (2024: ZAR18.36)
for FY 2025, thereafter devaluing at 3.5% per annum. Given the volatility in the US$/ZAR exchange rate and the
current levels of economic uncertainty, the determination of the exchange rate assumptions required significant
judgement.
Valuation basis
Discounted present value of future cashflows. Fair value hierarchy level 3.
Significant judgments and estimates relevant to taxation The Group primarily operates in South Africa, and accordingly it is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. From time to time the Group is subject to a review of its income tax filings and in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Group\u2019s business conducted within the country involved. Management evaluates each of the assessments and recognises a provision based on its best estimate of the ultimate resolution of the assessment, through either negotiation or through a legal process.
Judgements
Judgements are applied to property, plant and equipment as follows:
\u2022 When using the units-of-production depreciation method in estimating the ore tonnes held in reserves and resources which
have sufficient geological and geophysical certainty of being economically viable and are extractable using existing assets.
\u2022 The future production unit assigned to on-mine shared infrastructure which is utilised over more than one section of the orebody
or is used to access ore tonnes outside the current approved mine plan
\u2022 When assessing the estimated useful life of individual assets and residual values.
Judgements
Judgements are applied to intangible assets when assessing the estimated useful life of individual assets and residual values:
Significant judgements and estimates relevant to loans receivable Refer below for significant judgements in respect of the loans receivable and expected credit loss provision recorded in respect of loans receivables. Significant judgements and estimates relevant to diamond inventories Judgement is applied in making assumptions about the value of inventories and inventory stockpiles, including diamond prices, production grade and expenditure, to determine the extent to which the Group values inventory and inventory stockpiles. The Group uses empirical data on prices achieved, grade and expenditure in forming its assessment. Significant estimates and judgements related to deferred tax assets Judgement is applied in making assumptions about recognition of deferred tax assets in respect of the timing and value of estimated future taxable income and available tax losses, as well as the timing of rehabilitation costs and the availability of associated taxable income. Significant judgements and estimates relevant to medical funds The post-employment medical liability is annually calculated by a qualified actuary using the projected unit credit method. The most recent actuarial valuation was at 30 June 2025. Assumptions made in connection with the scheme valuation include the health care cost of inflation, the average yield of South African Government long-dated bonds and withdrawal rates and life expectancies. Significant accounting policies relevant to non-current assets held for sale and discontinued operations A component of the Group should be classified as a discontinued operation when it has been disposed of, or abandoned, and represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. The Group designates the results of discontinued activities, separately and reclassifies the results of the operation in the comparative period from continuing to discontinued operations. The Group does not consider mines held on care and maintenance to be discontinued activities unless the mine is abandoned and the discontinued criteria are met. The results of discontinued operations are presented separately in the Consolidated Income Statement. This classification as a discontinued operation was applied to Koffiefontein and Williamson mines at 30 June 2025 as both operations were sold during the Year. Unrealised foreign exchange gains and losses on historical retranslation of the subsidiaries\u2019 results into US Dollars are recycled to the consolidated income statement upon completion of the disposal. The non-controlling interest attributable to minority shareholders is recycled to the consolidated income statement upon completion of the disposal. The Group designates the results of discontinued activities, including those of disposed subsidiaries, separately in accordance with IFRS and reclassifies the results of the operation in the comparative period from continuing to discontinued operations. The Group does not consider mines held on care and maintenance to be discontinued activities unless the mine is abandoned. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-388": { "value": "1.4 Accounting standards that are newly effective in the current year No new standards and amendments which became effective during the year ended 30 June 2025, have had a material impact on the Group. Accounting standards that are not yet mandatory and have not been applied by the Group At the date of authorisation of these Consolidated Annual Financial Statements, the Group has not applied the following revised IFRS Accounting Standards that have been issued but are not yet effective. The Group is currently assessing the effect of these new accounting statements and amendments. Effective 1 July 2025: \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability. Effective 1 July 2026: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures). \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). Effective 1 July 2027: \u2022 IFRS 18 Presentation and Disclosure in Consolidated Annual Financial Statements. Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated annual financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-422": { "value": "1.4 Accounting standards that are newly effective in the current year No new standards and amendments which became effective during the year ended 30 June 2025, have had a material impact on the Group. Accounting standards that are not yet mandatory and have not been applied by the Group At the date of authorisation of these Consolidated Annual Financial Statements, the Group has not applied the following revised IFRS Accounting Standards that have been issued but are not yet effective. The Group is currently assessing the effect of these new accounting statements and amendments. Effective 1 July 2025: \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability. Effective 1 July 2026: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures). \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). Effective 1 July 2027: \u2022 IFRS 18 Presentation and Disclosure in Consolidated Annual Financial Statements. Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated annual financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-387": { "value": "
2. Revenue
Accounting policy
Revenue comprises gross invoiced diamond sales to customers excluding VAT. Revenue is split between rough diamond sales and revenue
from interest in polished diamonds, when applicable. Diamond sales are made through a competitive tender process or private sales and
recognised when control passes to the buyer, costs can be measured reliably and receipt of future economic benefits is probable. The
performance obligation for tender sales is met at the point at which the tender is awarded. The performance obligation for private sales is met
at the point at which the agreement on pricing and terms of sale are confirmed and control is transferred between both parties. Where the
Group makes rough diamond sales to customers and also retains a right to an interest in their future sale as polished diamonds, the Group
records the sale of the rough diamonds but such contingent revenue on the onward sale is only recognised at the date when the polished
diamonds are sold. Revenue on rough diamond sales, where the Group retains an interest, is recognised when point of control passes to
the buyer, costs can be measured reliably and receipt of future economic benefits is probable. The performance obligation is met at the point
at which the control of the rough diamond passes to the buyer. The onward sale of the polished diamonds contains elements of variable
consideration, as the Group\u2019s right to consideration is contingent on the occurrence of the future sale by the buyer. The variable consideration
is not recognised as the Group is unable to ascertain the future sale amount of the polished diamonds and cannot determine that it is highly
probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved.
The Group has entered into a partnership revenue contract to cut and polish a specific rough diamond. The transaction price of the
unenhanced stone, of US$2.8m, has been recognised as variable revenue in profit and loss at 30 June 2025. The unenhanced stone
value is based on the agreed value at transaction date. The probability of revenue reversal is highly unlikely for the unenhanced stone.
At 30 June 2025, a GIA certificate has been received but no variable revenue for the polished stone has been recognised for the year
The uplift revenue is expected to be earned during the next 12 months and will be settled in cash.
Re-presented
US$ million
2025
2024
Sale of rough diamonds
206
309
Sale of polished stones
1
1
207
310
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-457": { "value": "Accounting policy Revenue comprises gross invoiced diamond sales to customers excluding VAT. Revenue is split between rough diamond sales and revenue from interest in polished diamonds, when applicable. Diamond sales are made through a competitive tender process or private sales and recognised when control passes to the buyer, costs can be measured reliably and receipt of future economic benefits is probable. The performance obligation for tender sales is met at the point at which the tender is awarded. The performance obligation for private sales is met at the point at which the agreement on pricing and terms of sale are confirmed and control is transferred between both parties. Where the Group makes rough diamond sales to customers and also retains a right to an interest in their future sale as polished diamonds, the Group records the sale of the rough diamonds but such contingent revenue on the onward sale is only recognised at the date when the polished diamonds are sold. Revenue on rough diamond sales, where the Group retains an interest, is recognised when point of control passes to the buyer, costs can be measured reliably and receipt of future economic benefits is probable. The performance obligation is met at the point at which the control of the rough diamond passes to the buyer. The onward sale of the polished diamonds contains elements of variable consideration, as the Group\u2019s right to consideration is contingent on the occurrence of the future sale by the buyer. The variable consideration is not recognised as the Group is unable to ascertain the future sale amount of the polished diamonds and cannot determine that it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. The Group has entered into a partnership revenue contract to cut and polish a specific rough diamond. The transaction price of the unenhanced stone, of US$2.8m, has been recognised as variable revenue in profit and loss at 30 June 2025. The unenhanced stone value is based on the agreed value at transaction date. The probability of revenue reversal is highly unlikely for the unenhanced stone. At 30 June 2025, a GIA certificate has been received but no variable revenue for the polished stone has been recognised for the year The uplift revenue is expected to be earned during the next 12 months and will be settled in cash. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-390": { "value": "
3. Mining and processing costs
Refer to notes 9, 12, 13 and 17 for the Group\u2019s policies, relevant to the significant cost lines below, on employment costs, depreciation,
inventories, share-based payments and related key judgements and estimates.
Re-presented
US$ million
2025
2024
Raw materials and consumables used
97
104
Employee expenses
83
93
Depreciation of mining assets and amortisation
75
75
Diamond royalty
1
2
Changes in inventory of finished goods and stockpiles
(1)
39
255
313
", "dimensions": { "concept": "petradiamondslimited:DisclosureOfMiningAndProcessingCosts", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-389": { "value": "
4. Other corporate expenditure
Re-presented
US$ million
2025
2024
Depreciation of property, plant and equipment
1
1
London Stock Exchange and other regulatory expenses
1
1
Legal fees
2
3
Other
3
4
Staff costs:
4
4
Share-based expense \u2013 Directors
1
1
Salaries and other staff costs
3
3
11
13
", "dimensions": { "concept": "petradiamondslimited:DisclosureOfOtherCorporateExpenditure", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-391": { "value": "
5. Auditor\u2019s remuneration
US$ million
2025
2024
Audit services
1
2
2
Audit-related assurance services
2
\u2013
\u2013
Non-audit services
3
\u2013
\u2013
2
2
1. Audit services are in respect of audit fees for the Group. They comprise of amounts payable to BDO UK US$1.1 million (FY 2024:US$1 million). BDO SA US$0.3 million (FY
2024:US$ 0.3 million) and KPMG Tanzania US$0.1 million (FY 2024:US$0.1 million).
2. Audit-related services are in respect of the interim review of US$0.2 million (FY 2024: US$0.2 million).
3. Specific agreed upon procedures in relation to the Sustainability Report, under the International Standard on Related Services 4400 as issued by the International Auditing
and Assurances Standards Board, of US$nil (FY 2024: US$0.006 million) ) and IAASA query US$0.01 million (2024: US$nil), and tax advice US$nil (2024: US$0.01 million) and
US$0.3 million for the Reporting Accounting for the Group\u2019s planned rights issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-423": { "value": "5. Auditor\u2019s remuneration
US$ million
2025
2024
Audit services
1
2
2
Audit-related assurance services
2
\u2013
\u2013
Non-audit services
3
\u2013
\u2013
2
2
1. Audit services are in respect of audit fees for the Group. They comprise of amounts payable to BDO UK US$1.1 million (FY 2024:US$1 million). BDO SA US$0.3 million (FY 2024:US$ 0.3 million) and KPMG Tanzania US$0.1 million (FY 2024:US$0.1 million). 2. Audit-related services are in respect of the interim review of US$0.2 million (FY 2024: US$0.2 million). 3. Specific agreed upon procedures in relation to the Sustainability Report, under the International Standard on Related Services 4400 as issued by the International Auditing and Assurances Standards Board, of US$nil (FY 2024: US$0.006 million) ) and IAASA query US$0.01 million (2024: US$nil), and tax advice US$nil (2024: US$0.01 million) and US$0.3 million for the Reporting Accounting for the Group\u2019s planned rights issue.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-392": { "value": "
6. Impairment charge of non-financial assets
Accounting policies
The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any
indication of impairment. If there is any indication that an asset may be impaired, its recoverable amount is estimated. Recoverable
amount is the higher of fair value less costs to sell and value in use.
In assessing the recoverable amount, the expected future post-tax cashflows from the asset are discounted to their fair value less
cost to sell using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset. Discounting the future cashflows to their present value using a pre-tax rate would not materially change the outcome.
The mine plan for each mine is the approved management plan at the reporting date for ore extraction and its associated capital
expenditure. The capital expenditure included in the impairment model does not include capital expenditure to enhance the asset
performance outside of the existing mine plan. The ore tonnes included in the Resource Statement, which management considers
economically viable, often include ore tonnes in excess of those used in the mine model and therefore the impairment test.
For an asset that does not generate cash inflows that are largely independent of those from other assets, the recoverable amount
is determined for the cash-generating unit to which the asset belongs. Each mine represents a separate cash-generating unit.
An impairment loss is recognised in the Consolidated Income Statement whenever the carrying amount of the cash-generating
unit exceeds its recoverable amount.
Significant judgements and estimates relevant to impairment of non-financial assets Life-of-mine and ore reserves/resources There are numerous risks inherent in estimating ore reserves and resources and the associated current mine plan. The mine plan for each mine is the current approved management plan for ore extraction that considers specific ore reserves and resources and associated capital expenditure. The mine plan frequently includes fewer tonnes than the total reserves and resources that are set out in the Group\u2019s Resource Statement and which management may consider to be economically viable and capable of future extraction. Management must make a number of assumptions when making estimates of reserves and resources, including assumptions as to exchange rates, rough diamond and other commodity prices, extraction costs and recovery and production rates. Any such estimates and assumptions may change as new information becomes available. Changes in exchange rates, rough diamond and commodity prices, extraction and recovery costs and production rates may change the economic viability of ore reserves and resources and may ultimately result in the restatement of the ore reserves and resources and potential impairment to the carrying value of the mining assets and mine plan. The current mine plans are used to determine the ore tonnes and capital expenditure in the impairment tests. Ore reserves and resources, both those included in the mine plan and certain additional tonnes contained within the Group\u2019s Resource Statement, which form part of reserves and resources considered to be sufficiently certain and economically viable, also impact the depreciation of mining assets depreciated on a units-of-production basis (refer to note 11). Ore reserves and resources further impact the estimated date of decommissioning and rehabilitation (refer to note 23). Impairment reviews While conducting an impairment review of its assets using the fair value less cost to sell basis, the Group exercises judgement in making assumptions about future exchange rates, rough diamond prices, contribution from Exceptional Diamonds, volumes of production, ore reserves and resources included in the current mine plans, feasibility studies, future development and production costs and macro-economic factors such as inflation and discount rates. Changes in estimates used can result in significant changes to the Consolidated Income Statement and the Consolidated Statement of Financial Position.
US$ million
2025
2024
Cullinan Mine
70
33
Finsch
37
45
Total impairment charge of non-financial assets
107
78
The key inputs and sensitivities are detailed in this note. 30 June 2025 In line with the requirements of IAS 36 Impairment of Assets, the Group carried out impairment testing for its main cash-generating units (CGUs), being Cullinan Mine and Finsch. The impairment tests were influenced by a number of factors, including: \u2022 weakness in the rough diamond market during FY 2025; \u2022 product mix variability at Cullinan Mine, driven by a lower incidence of gem-quality stones in the +10.8 carat category, which negatively impacted revenues and average prices; \u2022 ongoing competition from lab-grown diamonds; and \u2022 changes to life-of-mine (LOM) plans following the deferral of capital projects and implementation of cost reductions. The recoverable amount of Cullinan Mine was assessed as at 30 June 2025 and an impairment of US$70 million was recorded to reduce the carrying value to the recoverable amount of US$277 million, calculated using a discount rate of 13.5% (2024: 13.5%). The impairment was allocated primarily to property, plant and equipment. The recoverable amount of Finsch was assessed as at 30 June 2025 and an impairment of US$37 million was recorded to reduce the carrying value to the recoverable amount of US$132 million, calculated using a discount rate of 13.5% (2024: 13.5%). The impairment was allocated primarily to property, plant and equipment. 30 June 2024 During FY 2024, the Group reviewed the carrying value of its investments, loan receivables and operational assets for indicators of impairment. Following the assessment, impairment of property, plant and equipment was considered appropriate for Cullinan Mine and Finsch. The Group recognised an asset level net impairment of US$78 million. The impairment comprised a US$45 million impairments at Finsch, and impairment charges of US$33 million at Cullinan Mine. Key estimates and assumptions The key estimates used in determining the recoverable amount calculated, determined on a fair value less cost to sell, are listed in the table below:
Key Estimate
Explanation
Current mine plan Economically recoverable reserves and resources are based on management\u2019s expectations based on the availability
and recoverable of reserves and resources at mine sites and technical studies undertaken in-house and by third party specialists.
value of reserves The end of life-of-mine based on current mine plans for the operations are as follows:
and resources
\u2022
Cullinan Mine: FY 2035 (FY 2024: FY 2032)
\u2022
Finsch : FY 2033 (FY 2024: FY 2031)
Resources remaining after the current mine plans have not been included in impairment testing for the operations.
Current reserves
\u2022
Cullinan Mine: 38.6 Mt (FY 2024: 33.6 Mt)
\u2022
Finsch: 16.4 Mt (FY 2024: 18.3 Mt)
Current \u2013 capital Management has estimated the timing and quantum of the capital expenditure based on the Group\u2019s current mine
expenditure plans for each operation. There is no inclusion of capital expenditure to enhance the asset beyond exploitation of
the current mine plan orebody.
Diamond prices
Diamond prices used in the impairment test were based on actual pricing achieved during FY 2025, adjusted for
current market trends. The Group no longer applies a uniform run-of-mine (ROM) or homogeneous pricing assumption;
prices are now determined by both market conditions and expected product mix from each orebody, reflecting
differences in size, quality and colour profiles. The long-term models incorporate normalised real diamond price growth
of 2.0% per annum (FY 2024: 1.9% above a long-term US inflation rate of 2.0%). Exceptional Stones, defined as those
valued above US$15 million, are excluded from price assumptions and would represent windfall earnings for the Group.
At Cullinan Mine:
\u2022
The starting price for FY 2026 is the average actual prices achieved during FY 2025, adjusted for a 2% market
price uplift
\u2022
Forecast prices are within the range estimates provided to the market during August 2025
\u2022
This represents an approximate 10% increase year-on-year for FY 2027 and FY 2028, and 2% market price increase
thereafter
At Finsch:
\u2022
The starting price for FY 2026 is the average actual prices achieved during FY 2024, being the most representative
price for the orebody
\u2022
Forecast prices are within the range estimates provided to the market during August 2025
\u2022
This represents an approximate 6% increase year-on-year for FY 2027, and 2% market price increase thereafter
Discount rates A discount rate of 13.5% (2024: 13.5%) was used for the South African operations. Discount rates were calculated based
on a nominal weighted cost of capital including the effect of factors such as market risk and country risk as at the Year
end. US$ and ZAR discount rates are applied based on the respective functional currency of the cash-generating unit.
Cost inflation
Long-term inflation rates of 4.0%-10.0% (2024: 4.0%\u201310.0%) above the long-term US$ inflation rate were used
for operating and capital expenditure escalators.
Exchange rates
Exchange rates are estimated based on an assessment of current market fundamentals and long-term expectations.
The US$/ZAR exchange rate range used for all South African operations commenced at ZAR19.00 (2024: ZAR18.36)
for FY 2025, thereafter devaluing at 3.5% per annum. Given the volatility in the US$/ZAR exchange rate and the
current levels of economic uncertainty, the determination of the exchange rate assumptions required significant
judgement.
Valuation basis
Discounted present value of future cashflows. Fair value hierarchy level 3.
Sensitivity analysis
The impairment outcome of applying sensitivities on the key inputs would have been::
US$ Million
Cullinan Mine
Finsch
Base case
70
37
Increase in discount rate by 100 basis points
79
42
Increase in discount rate by 200 basis points
87
47
Reduction in pricing forecasts by 5% over mine plan
109
63
Reduction in pricing forecasts by 10% over mine plan
156
90
Reduction of 10% carats production
141
63
Increase in operating expenditure by 5%
91
52
ZAR stronger by 5% through the LOM period
110
63
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-471": { "value": "Accounting policies The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If there is any indication that an asset may be impaired, its recoverable amount is estimated. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing the recoverable amount, the expected future post-tax cashflows from the asset are discounted to their fair value less cost to sell using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Discounting the future cashflows to their present value using a pre-tax rate would not materially change the outcome. The mine plan for each mine is the approved management plan at the reporting date for ore extraction and its associated capital expenditure. The capital expenditure included in the impairment model does not include capital expenditure to enhance the asset performance outside of the existing mine plan. The ore tonnes included in the Resource Statement, which management considers economically viable, often include ore tonnes in excess of those used in the mine model and therefore the impairment test. For an asset that does not generate cash inflows that are largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Each mine represents a separate cash-generating unit. An impairment loss is recognised in the Consolidated Income Statement whenever the carrying amount of the cash-generating unit exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-458": { "value": "Accounting policies The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If there is any indication that an asset may be impaired, its recoverable amount is estimated. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing the recoverable amount, the expected future post-tax cashflows from the asset are discounted to their fair value less cost to sell using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Discounting the future cashflows to their present value using a pre-tax rate would not materially change the outcome. The mine plan for each mine is the approved management plan at the reporting date for ore extraction and its associated capital expenditure. The capital expenditure included in the impairment model does not include capital expenditure to enhance the asset performance outside of the existing mine plan. The ore tonnes included in the Resource Statement, which management considers economically viable, often include ore tonnes in excess of those used in the mine model and therefore the impairment test. For an asset that does not generate cash inflows that are largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Each mine represents a separate cash-generating unit. An impairment loss is recognised in the Consolidated Income Statement whenever the carrying amount of the cash-generating unit exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-393": { "value": "
7. Net finance expense
Re-presented
US$ million
2025
2024
Interest received on loans and other receivables
6
6
Interest received on bank deposits
2
3
Interest received from Revenue Authority (SARS)
6
\u2013
Net unrealised foreign exchange profits
8
7
Foreign exchange gains realised on settlement of forward exchange contracts
6
5
Finance income
28
21
Gross interest on senior secured second lien notes, bank loans
(34)
(33)
Other debt finance costs, including facility fees and charges
(2)
(2)
Unwinding of rehabilitation obligations
(5)
(5)
Note redemption premium and acceleration of unamortised bank facility and Notes costs
(1)
\u2013
Finance expense
(42)
(40)
Gain on extinguishment of Notes
5
1
Net finance expense
(9)
(18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-456": { "value": "7. Net finance expense
Re-presented
US$ million
2025
2024
Interest received on loans and other receivables
6
6
Interest received on bank deposits
2
3
Interest received from Revenue Authority (SARS)
6
\u2013
Net unrealised foreign exchange profits
8
7
Foreign exchange gains realised on settlement of forward exchange contracts
6
5
Finance income
28
21
Gross interest on senior secured second lien notes, bank loans
(34)
(33)
Other debt finance costs, including facility fees and charges
(2)
(2)
Unwinding of rehabilitation obligations
(5)
(5)
Note redemption premium and acceleration of unamortised bank facility and Notes costs
(1)
\u2013
Finance expense
(42)
(40)
Gain on extinguishment of Notes
5
1
Net finance expense
(9)
(18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-454": { "value": "7. Net finance expense
Re-presented
US$ million
2025
2024
Interest received on loans and other receivables
6
6
Interest received on bank deposits
2
3
Interest received from Revenue Authority (SARS)
6
\u2013
Net unrealised foreign exchange profits
8
7
Foreign exchange gains realised on settlement of forward exchange contracts
6
5
Finance income
28
21
Gross interest on senior secured second lien notes, bank loans
(34)
(33)
Other debt finance costs, including facility fees and charges
(2)
(2)
Unwinding of rehabilitation obligations
(5)
(5)
Note redemption premium and acceleration of unamortised bank facility and Notes costs
(1)
\u2013
Finance expense
(42)
(40)
Gain on extinguishment of Notes
5
1
Net finance expense
(9)
(18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-451": { "value": "7. Net finance expense
Re-presented
US$ million
2025
2024
Interest received on loans and other receivables
6
6
Interest received on bank deposits
2
3
Interest received from Revenue Authority (SARS)
6
\u2013
Net unrealised foreign exchange profits
8
7
Foreign exchange gains realised on settlement of forward exchange contracts
6
5
Finance income
28
21
Gross interest on senior secured second lien notes, bank loans
(34)
(33)
Other debt finance costs, including facility fees and charges
(2)
(2)
Unwinding of rehabilitation obligations
(5)
(5)
Note redemption premium and acceleration of unamortised bank facility and Notes costs
(1)
\u2013
Finance expense
(42)
(40)
Gain on extinguishment of Notes
5
1
Net finance expense
(9)
(18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-439": { "value": "7. Net finance expense
Re-presented
US$ million
2025
2024
Interest received on loans and other receivables
6
6
Interest received on bank deposits
2
3
Interest received from Revenue Authority (SARS)
6
\u2013
Net unrealised foreign exchange profits
8
7
Foreign exchange gains realised on settlement of forward exchange contracts
6
5
Finance income
28
21
Gross interest on senior secured second lien notes, bank loans
(34)
(33)
Other debt finance costs, including facility fees and charges
(2)
(2)
Unwinding of rehabilitation obligations
(5)
(5)
Note redemption premium and acceleration of unamortised bank facility and Notes costs
(1)
\u2013
Finance expense
(42)
(40)
Gain on extinguishment of Notes
5
1
Net finance expense
(9)
(18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-424": { "value": "7. Net finance expense
Re-presented
US$ million
2025
2024
Interest received on loans and other receivables
6
6
Interest received on bank deposits
2
3
Interest received from Revenue Authority (SARS)
6
\u2013
Net unrealised foreign exchange profits
8
7
Foreign exchange gains realised on settlement of forward exchange contracts
6
5
Finance income
28
21
Gross interest on senior secured second lien notes, bank loans
(34)
(33)
Other debt finance costs, including facility fees and charges
(2)
(2)
Unwinding of rehabilitation obligations
(5)
(5)
Note redemption premium and acceleration of unamortised bank facility and Notes costs
(1)
\u2013
Finance expense
(42)
(40)
Gain on extinguishment of Notes
5
1
Net finance expense
(9)
(18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-394": { "value": "8. Taxation Significant judgments and estimates relevant to taxation The Group primarily operates in South Africa, and accordingly it is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. From time to time the Group is subject to a review of its income tax filings and in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Group\u2019s business conducted within the country involved. Management evaluates each of the assessments and recognises a provision based on its best estimate of the ultimate resolution of the assessment, through either negotiation or through a legal process.
Re-presented
US$ million
2025
2024
Current taxation:
\u2013 Current tax charge
10
2
Deferred taxation:
\u2013 Current period
(47)
(34)
(37)
(32)
Reconciliation of tax rate:
\u2013 Loss before taxation (including loss on discontinued operation)
1
(153)
(139)
Tax at South African corporate rate of 27% (2024: 27%)
(41)
(38)
Effects of:
\u2013 Tax charge at different rates in foreign jurisdictions
\u2013
(1)
\u2013 Non-deductible expenses
3
2
\u2013 Tax losses and temporary differences not recognised
12
5
\u2013 Prior year under provision of tax (current and deferred)
1
\u2013
\u2013 Non taxable income (profit on sale of subsidiaries)
(12)
\u2013
Total tax release
(37)
(32)
1. Loss before tax of US$202 million (2024: loss US$114 million) less profit on sale of US$26 million (2024: loss of US$25 million). In the current year the movement in unrecognised tax losses and temporary differences totalled US$13 million (2024: US$ 5 million). Tax losses not recognised do not have an expiry period in the country in which they arise unless the entity ceases to continue trading. Gross tax losses available but not recognised as at 30 June 2025 amount to US$114 million (2024: US$154 million) and primarily arise in South Africa and the United Kingdom; amounts stated provide tax benefit at 27%, being the tax rate in South Africa, and 25%, being the tax rate in the United Kingdom. There is no taxation arising from items of other comprehensive income and expense. Refer to note 24 for further information regarding deferred tax balances and movements. 24. Deferred tax liabilities Significant estimates and judgements related to deferred tax assets Judgement is applied in making assumptions about recognition of deferred tax assets in respect of the timing and value of estimated future taxable income and available tax losses, as well as the timing of rehabilitation costs and the availability of associated taxable income.
US$ million
2025
2024
Balance at the beginning of the year
50
82
Income statement credit
(47)
(34)
Foreign currency translation difference
\u2013
2
Balance at the end of the year
3
50
Deferred taxation comprises:
2025 2025
US$ million
Total
Recognised Unrecognised
Deferred tax liability
\u2013 Property, plant and equipment
103
103
\u2013
103
103
\u2013
Deferred tax asset
\u2013 Capital allowances
(78)
(76)
(2)
\u2013 Provisions and accruals
(27)
(23)
(4)
\u2013 Tax losses
(31)
(1)
(30)
(136)
(100)
(36)
Net deferred taxation (asset)/liability
(33)
3
(36)
2024 2024
US$ million
Total
Recognised Unrecognised
Deferred tax liability
\u2013 Property, plant and equipment
132
132
\u2013
132
132
\u2013
Deferred tax asset
\u2013 Capital allowances
(96)
(61)
(35)
\u2013 Provisions and accruals
(37)
(19)
(18)
\u2013 Tax losses
(73)
(2)
(71)
(206)
(82)
(124)
Net deferred taxation (asset)/liability
(74)
50
(124)
No deferred tax liabilities (2024: US$nil) have been recognised in relation to US$305 million (2024: US$310 million) of gross temporary differences associated with investments in subsidiaries as the Company is able to control the timing and amount of dividends from the related subsidiaries and there are no plans for future dividend payments and therefore it is probable that the reversal of the related temporary differences will not occur in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-395": { "value": "
9. Director remuneration and employee costs
Refer to note 25 for the Group\u2019s policy in respect of share-based payments and related key judgements and estimates.
Staff costs during the year were as follows:
Re-presented
US$ million
2025
2024
Wages and salaries \u2013 included in mining and processing costs
83
93
Wages and salaries \u2013 Included in corporate expenditure
4
4
87
97
Re-presented
Number Number
Number of employees (excluding the Non-Executive Directors and contractors)
1,911
2,396
Key management personnel
Key management is considered to be the Non-Executive Directors and the Executive Committee (Exco). The Exco comprises the Joint
Interim Chief Executive Officers, the Chief Financial Officer, the Group Head of Human Resources, the Group Head of Legal and Company
Secretary and the Group Head of Sales and Marketing. Remuneration for the year for key management is disclosed in the table below:
US$ million
2025
2024
Salary and benefits
3
3
Annual bonus \u2013 paid in cash
\u2013
1
Share-based payment charge
\u2013
1
3
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-425": { "value": "Key management personnel Key management is considered to be the Non-Executive Directors and the Executive Committee (Exco). The Exco comprises the Joint Interim Chief Executive Officers, the Chief Financial Officer, the Group Head of Human Resources, the Group Head of Legal and Company Secretary and the Group Head of Sales and Marketing. Remuneration for the year for key management is disclosed in the table below:
US$ million
2025
2024
Salary and benefits
3
3
Annual bonus \u2013 paid in cash
\u2013
1
Share-based payment charge
\u2013
1
3
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-396": { "value": "10. Loss per share Accounting policy Basic loss per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the year. Diluted loss per share amounts are calculated by dividing the net loss attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the year plus the weighted average number of Ordinary Shares that would be issued on conversion of all the dilutive potential Ordinary Shares into Ordinary Shares.
Continuing Discontinued Continuing Discontinued
operations operation Total operations operation Total
30 June 30 June 30 June 30 June 30 June 30 June
2025 2025 2025 2024 2024 2024
Numerator US$ million US$ million US$ million US$ million US$ million US$ million
Profit/(loss) for the year
(124)
38
(86)
(84)
(2)
(86)
Denominator
Shares
Shares
Shares
Shares
Shares
Shares
Weighted average number of Ordinary Shares
used in basic loss per share:
As at 30 June
194,201,785
194,201,785
194,201,785
194,201,785
194,201,785
194,201,785
Re-presented
US$ cents
US$ cents
US$ cents
US$ cents
US$ cents
US$ cents
Basic and diluted profit/(loss) per share
(64)
19
(45)
(43)
(1)
(44)
The number of potentially dilutive Ordinary Shares, in respect of employee share options and Executive Director and Senior Management share award schemes, is nil (2024: nil). There have been no significant post-balance sheet changes to the number of options and awards under the share schemes to impact the dilutive number of Ordinary Shares. See note 35: Events after the reporting period for the planned refinancing terms and its possible effects on dilution of shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-459": { "value": "Accounting policy Basic loss per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the year. Diluted loss per share amounts are calculated by dividing the net loss attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the year plus the weighted average number of Ordinary Shares that would be issued on conversion of all the dilutive potential Ordinary Shares into Ordinary Shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-397": { "value": "11. Property, plant and equipment Accounting policies Stripping costs Costs associated with the removal of waste overburden at the Group\u2019s open cast mine are classified as stripping costs within property, plant and equipment or inventory, depending on whether the works provide access to future ore tonnes in a specific orebody section or generate ore as part of waste removal. The stripping asset is depreciated on a units-of-production basis over the tonnes of the relevant orebody section to which it provides future access. Depreciation The Group depreciates its mining assets using a units-of-production or straight-line basis, depending on its assessment of the most appropriate method for the individual asset. When a units-of-production basis is used, the relevant assets are depreciated at a rate determined as the tonnes of ore treated (typically production facility assets) or hoisted (typically underground development and conveying assets) from the relevant orebody section, divided by the Group\u2019s estimate of ore tonnes held in reserves and resources which have sufficient geological and geophysical certainty and are economically viable. The relevant reserves and resources are matched to the existing assets which will be utilised for their extraction. Where an operation is on care and maintenance, non-mining assets will continue to be depreciated over their useful life. The Group depreciates its assets according to the relevant sections of the orebody over which they will be utilised. A key estimate involves determination of future production units assigned to on-mine shared infrastructure, which is an ongoing assessment given the mining plan and development projects. Shared infrastructure is defined as common infrastructure enabling ore extraction, treatment and related support services, shared across more than one section of the orebody (such as the mine shaft or processing plant). When the shared infrastructure assets provide benefit over multiple sections of the orebody they are depreciated over the reserves of the relevant sections of the orebody. When the shared infrastructure is expected to be utilised to access or process ore tonnes from deeper areas of the mine, which frequently represent ore resources that are outside of the current approved current mine plan but for which the Group considers there to be sufficient certainty of future extraction, such assets are depreciated over those reserves and resources. The depreciation rates are as follows: Mining assets Plant, machinery and equipment Units-of-production method or 4\u201333% straight-line basis depending on the nature of the asset Mineral properties Units-of-production method Other assets Plant and machinery 10\u201325% straight-line basis Refer to notes 6, and 23 for the Group\u2019s policy on impairment, rehabilitation provisions and associated decommissioning assets. Judgements Judgements are applied to property, plant and equipment as follows: \u2022 When using the units-of-production depreciation method in estimating the ore tonnes held in reserves and resources which have sufficient geological and geophysical certainty of being economically viable and are extractable using existing assets. \u2022 The future production unit assigned to on-mine shared infrastructure which is utilised over more than one section of the orebody or is used to access ore tonnes outside the current approved mine plan \u2022 When assessing the estimated useful life of individual assets and residual values.
Plant and Mineral Assets under
US$ million machinery properties
construction
Total
Cost
Balance at 1 July 2023
978
50
87
1,115
Additions
\u2013
\u2013
84
84
Disposals
(25)
\u2013
\u2013
(25)
Transfer of assets under construction
43
\u2013
(46)
(3)
Translation difference
35
2
4
41
Balance at 30 June 2024
1 031
52
129
1,212
Additions
\u2013
\u2013
76
76
Disposals
(2)
\u2013
\u2013
(2)
Transfer of assets under construction
31
\u2013
(31)
\u2013
Disposal of subsidiaries
(201)
\u2013
(5)
(206)
Translation difference
26
1
4
31
Balance at 30 June 2025
885
53
173
1,111
Depreciation and impairment
Balance at 1 July 2023
477
41
1
519
Depreciation for the year
85
4
\u2013
89
Disposals
(21)
\u2013
\u2013
(21)
Impairments
78
\u2013
\u2013
78
Translation difference
18
1
\u2013
19
Balance at 30 June 2024
637
46
1
684
Disposals
(2)
\u2013
\u2013
(2)
Depreciation for the year
79
5
\u2013
84
Impairments
107
\u2013
\u2013
107
Disposal of subsidiaries
(176)
\u2013
\u2013
(176)
Translation difference
20
1
\u2013
21
Balance at 30 June 2025
665
52
1
718
Net book value
At 30 June 2024
1
394
6
128
528
At 30 June 2025
220
1
172
393
1. During the year, Intangible assets, previously disclosed as Property, plant and equipment (PPE) were removed from the PPE (Plant and machinery) disclosures and separately disclosed under Non-current assets as Intangible assets on the Statement of Financial Position. Refer to note 12 for details. The 30 June 2024 PPE balance was reclassified to disclose the Intangible Assets separately. The reclasified Intangible Assets net book value at 30 June 2024 was $4 million. The reclassification had no effect on earnings per share. Capital commitments The Group has total commitments of US$31 million (2024: US$29 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-472": { "value": "Accounting policies Stripping costs Costs associated with the removal of waste overburden at the Group\u2019s open cast mine are classified as stripping costs within property, plant and equipment or inventory, depending on whether the works provide access to future ore tonnes in a specific orebody section or generate ore as part of waste removal. The stripping asset is depreciated on a units-of-production basis over the tonnes of the relevant orebody section to which it provides future access. Depreciation The Group depreciates its mining assets using a units-of-production or straight-line basis, depending on its assessment of the most appropriate method for the individual asset. When a units-of-production basis is used, the relevant assets are depreciated at a rate determined as the tonnes of ore treated (typically production facility assets) or hoisted (typically underground development and conveying assets) from the relevant orebody section, divided by the Group\u2019s estimate of ore tonnes held in reserves and resources which have sufficient geological and geophysical certainty and are economically viable. The relevant reserves and resources are matched to the existing assets which will be utilised for their extraction. Where an operation is on care and maintenance, non-mining assets will continue to be depreciated over their useful life. The Group depreciates its assets according to the relevant sections of the orebody over which they will be utilised. A key estimate involves determination of future production units assigned to on-mine shared infrastructure, which is an ongoing assessment given the mining plan and development projects. Shared infrastructure is defined as common infrastructure enabling ore extraction, treatment and related support services, shared across more than one section of the orebody (such as the mine shaft or processing plant). When the shared infrastructure assets provide benefit over multiple sections of the orebody they are depreciated over the reserves of the relevant sections of the orebody. When the shared infrastructure is expected to be utilised to access or process ore tonnes from deeper areas of the mine, which frequently represent ore resources that are outside of the current approved current mine plan but for which the Group considers there to be sufficient certainty of future extraction, such assets are depreciated over those reserves and resources. The depreciation rates are as follows: Mining assets Plant, machinery and equipment Units-of-production method or 4\u201333% straight-line basis depending on the nature of the asset Mineral properties Units-of-production method Other assets Plant and machinery 10\u201325% straight-line basis Refer to notes 6, and 23 for the Group\u2019s policy on impairment, rehabilitation provisions and associated decommissioning assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-460": { "value": "Accounting policies Stripping costs Costs associated with the removal of waste overburden at the Group\u2019s open cast mine are classified as stripping costs within property, plant and equipment or inventory, depending on whether the works provide access to future ore tonnes in a specific orebody section or generate ore as part of waste removal. The stripping asset is depreciated on a units-of-production basis over the tonnes of the relevant orebody section to which it provides future access. Depreciation The Group depreciates its mining assets using a units-of-production or straight-line basis, depending on its assessment of the most appropriate method for the individual asset. When a units-of-production basis is used, the relevant assets are depreciated at a rate determined as the tonnes of ore treated (typically production facility assets) or hoisted (typically underground development and conveying assets) from the relevant orebody section, divided by the Group\u2019s estimate of ore tonnes held in reserves and resources which have sufficient geological and geophysical certainty and are economically viable. The relevant reserves and resources are matched to the existing assets which will be utilised for their extraction. Where an operation is on care and maintenance, non-mining assets will continue to be depreciated over their useful life. The Group depreciates its assets according to the relevant sections of the orebody over which they will be utilised. A key estimate involves determination of future production units assigned to on-mine shared infrastructure, which is an ongoing assessment given the mining plan and development projects. Shared infrastructure is defined as common infrastructure enabling ore extraction, treatment and related support services, shared across more than one section of the orebody (such as the mine shaft or processing plant). When the shared infrastructure assets provide benefit over multiple sections of the orebody they are depreciated over the reserves of the relevant sections of the orebody. When the shared infrastructure is expected to be utilised to access or process ore tonnes from deeper areas of the mine, which frequently represent ore resources that are outside of the current approved current mine plan but for which the Group considers there to be sufficient certainty of future extraction, such assets are depreciated over those reserves and resources. The depreciation rates are as follows: Mining assets Plant, machinery and equipment Units-of-production method or 4\u201333% straight-line basis depending on the nature of the asset Mineral properties Units-of-production method Other assets Plant and machinery 10\u201325% straight-line basis Refer to notes 6, and 23 for the Group\u2019s policy on impairment, rehabilitation provisions and associated decommissioning assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-426": { "value": "
Capital commitments
The Group has total commitments of US$31 million (2024: US$29 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-440": { "value": "Capital commitments The Group has total commitments of US$31 million (2024: US$29 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-427": { "value": "12. Intangible assets Accounting policies An intangible asset is recognised when: \u2022 it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and \u2022 the cost of the asset can be measured reliably. Intangible assets are carried at cost less any accumulated amortisation and any impairment losses. Depreciation Amortisation is provided to write down the intangible assets, on a straight-line basis, to their residual values as follows: The depreciation rates are as follows: Item Useful life Computer software 4 years Judgements Judgements are applied to intangible assets when assessing the estimated useful life of individual assets and residual values:
Computer
US$ million
software
Total
Cost
Balance at 1 July 2023
7
7
Disposals
(3)
(3)
Transfer of assets under construction
3
3
Balance at 30 June 2024
7
7
Disposal of subsidiaries
(1)
(1)
Balance at 30 June 2025
6
6
Amortisation and impairment
Balance at 1 July 2023
5
5
Amortisation for the year
1
1
1
Disposals
(3)
(3)
Balance at 30 June 2024
3
3
Amortisation for the year
1
1
1
Disposal of subsidiaries
(1)
(1)
Balance at 30 June 2025
3
3
Net book value
At 30 June 2024
4
4
At 30 June 2025
3
3
1. Amortisation is included in mining and processing cost on the Income Statement. Intangibles comprise of computer software. During the Year, Intangible assets, previously disclosed as Property, Plant and Equipment (PPE) were removed from the PPE disclosures and separately disclosed as Intangible assets on the Statement of Financial Position. The, 30 June 2024 PPE balance were reclassified to disclose the Intangible Assets separately. The re-allocation net book value at 30 June 2024 was US$4 million. On the SOFP, 30 June 2024 was reclassified as follows: \u2022 PPE decreased by US$4 million; and \u2022 Intangible Assets increased by US$4 million. \u2022 The reclassification had no effect on earnings per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-398": { "value": "12. Intangible assets Accounting policies An intangible asset is recognised when: \u2022 it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and \u2022 the cost of the asset can be measured reliably. Intangible assets are carried at cost less any accumulated amortisation and any impairment losses. Depreciation Amortisation is provided to write down the intangible assets, on a straight-line basis, to their residual values as follows: The depreciation rates are as follows: Item Useful life Computer software 4 years Judgements Judgements are applied to intangible assets when assessing the estimated useful life of individual assets and residual values:
Computer
US$ million
software
Total
Cost
Balance at 1 July 2023
7
7
Disposals
(3)
(3)
Transfer of assets under construction
3
3
Balance at 30 June 2024
7
7
Disposal of subsidiaries
(1)
(1)
Balance at 30 June 2025
6
6
Amortisation and impairment
Balance at 1 July 2023
5
5
Amortisation for the year
1
1
1
Disposals
(3)
(3)
Balance at 30 June 2024
3
3
Amortisation for the year
1
1
1
Disposal of subsidiaries
(1)
(1)
Balance at 30 June 2025
3
3
Net book value
At 30 June 2024
4
4
At 30 June 2025
3
3
1. Amortisation is included in mining and processing cost on the Income Statement. Intangibles comprise of computer software. During the Year, Intangible assets, previously disclosed as Property, Plant and Equipment (PPE) were removed from the PPE disclosures and separately disclosed as Intangible assets on the Statement of Financial Position. The, 30 June 2024 PPE balance were reclassified to disclose the Intangible Assets separately. The re-allocation net book value at 30 June 2024 was US$4 million. On the SOFP, 30 June 2024 was reclassified as follows: \u2022 PPE decreased by US$4 million; and \u2022 Intangible Assets increased by US$4 million. \u2022 The reclassification had no effect on earnings per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-461": { "value": "Accounting policies An intangible asset is recognised when: \u2022 it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and \u2022 the cost of the asset can be measured reliably. Intangible assets are carried at cost less any accumulated amortisation and any impairment losses. Depreciation Amortisation is provided to write down the intangible assets, on a straight-line basis, to their residual values as follows: The depreciation rates are as follows: Item Useful life Computer software 4 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-399": { "value": "
13. Leases
Information for leases for which the Group is a lessee is presented below:
Right-of-use assets
Plant and
US$ million
Buildings
machinery
Total
Cost
Balance at 1 July 2023
6
39
45
Balance at 30 June 2024
6
39
45
Disposal of subsidiary
\u2013
(39)
(39)
Balance at 30 June 2025
6
\u2013
6
Amortisation and impairment
Balance at 1 July 2023
3
15
18
Amortisation for the year
\u2013
5
5
Balance at 30 June 2024
3
20
23
Amortisation for the year
1
2
3
Disposal of subsidiary
\u2013
(22)
(22)
Balance at 30 June 2025
4
\u2013
4
Net book value
At 30 June 2024
3
19
22
At 30 June 2025
2
\u2013
2
Lease liabilities
Plant and
US$ million
Buildings
machinery
Total
Balance at 1 July 2023
3
26
29
Finance charges
\u2013
2
2
Lease payments
(1)
(5)
(6)
Balance at 30 June 2024
2
23
25
Finance charges
\u2013
2
2
Lease payments
\u2013
(5)
(5)
Disposal of subsidiary
\u2013
(20)
(20)
Balance at 30 June 2025
2
\u2013
2
US$ million
2025
2024
Current
\u2013
4
Non-current
2
21
At 30 June
2
25
The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s
treasury function.
Amounts recognised in profit and loss
US$ million
2025
2024
Amortisation on right-of-use assets
(3)
(5)
Finance expense on lease liabilities
2
(2)
(1)
(7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-428": { "value": "Right-of-use assets
Plant and
US$ million
Buildings
machinery
Total
Cost
Balance at 1 July 2023
6
39
45
Balance at 30 June 2024
6
39
45
Disposal of subsidiary
\u2013
(39)
(39)
Balance at 30 June 2025
6
\u2013
6
Amortisation and impairment
Balance at 1 July 2023
3
15
18
Amortisation for the year
\u2013
5
5
Balance at 30 June 2024
3
20
23
Amortisation for the year
1
2
3
Disposal of subsidiary
\u2013
(22)
(22)
Balance at 30 June 2025
4
\u2013
4
Net book value
At 30 June 2024
3
19
22
At 30 June 2025
2
\u2013
2
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-400": { "value": "
14. Loans receivable
Refer to note 31 for the Group\u2019s policy in respect of financial instruments, which include loans receivables.
Significant judgements and estimates relevant to loans receivable
Refer below for significant judgements in respect of the loans receivable and expected credit loss provision recorded in respect
of loans receivables.
US$ million
2025
2024
Non-current assets
Loans receivable
1
27
42
1. Interest on the loans receivable is charged at the prevailing South African JIBAR plus an interest margin of 5.25%.
Loans receivable
The non-current loans receivable represents those amounts receivable from the Group\u2019s (Broad-Based Black Economic Empowerment
(B-BBEE) Partners (Kago Diamonds and the Itumeleng Petra Diamonds Employee Trusts (IPDET)) in respect of advances historically
provided to the Group\u2019s B-BBEE Partners to enable them to discharge interest and capital commitments under the B-BBEE Lender
facilities, advances to the B-BBEE Partners to enable trickle payment distributions to both Kago Diamonds shareholders and to the
beneficiaries of the IPDET (Petra Directors and Senior Managers do not qualify as beneficiaries under the IPDET Trust Deed), and
financing of their interests in Koffiefontein.
As a result of historical delays in the Cullinan Mine plant ramp-up and the Finsch SLC ramp-up, the Group has historically elected
to advance the B-BBEE Partners\u2019 funds using Group treasury to enable the B-BBEE Partners to service their interest and capital
commitments under the B-BBEE Lender facilities (refer below). These receivables, including interest raised, will be recoverable
from the B-BBEE Partners\u2019 share of future cashflows from the underlying mining operations.
The Group has applied the expected credit loss impairment model to its financial assets and the loans receivable. In determining
the extent to which expected credit losses may apply, the Group assessed the future free cashflows to be generated by the mining
operations, based on the current life-of-mine plans. In assessing the future cashflows, the Group considered a probability weighted
range of diamond price outlooks. Based on the assessment, an expected credit loss provision of US$23 million (2024: US$3 million)
has been recognised in the Consolidated Income Statement for the year.
US$ million
2025
2024
As at 1 July
42
37
Interest receivable
6
6
Expected credit loss provision
(23)
(3)
Translation difference
2
2
As at 30 June
27
42
The IPDET holds a 12% interest in each of the Group\u2019s South African operations, with Petra\u2019s commercial B-BBEE Partners holding the
remaining 14% interest through their respective shareholdings in Kago Diamonds, in which Petra has a 31.46% interest. The effective
interest percentages attributable to the remaining operations for the Group\u2019s shareholders are disclosed in the table below:
Resultant
Group\u2019s
B-BBEE interest effective
Mine
B-BBEE Partner
% interest %
Cullinan Mine
Kago Diamonds and IPDET
26.0
78.4
Finsch
Kago Diamonds and IPDET
26.0
78.4
Further details of the transactions with the B-BBEE Partners are included in note 26.
The loans receivable is measured at the estimated recoverable amount and are based on level 2 of the fair value hierarchy. Refer to
Note 31 for additional disclosures related to financial assets.
The expected credit loss is sensitive to changes in the underlying assumptions. A reduction of 20% in the probability assigned to the
base case scenario would increase the relative weighting and impact at more severe downside scenarios, resulting in a corresponding
increase in the ECL of approximately US$2 million.
", "dimensions": { "concept": "petradiamondslimited:DisclosureOfLoansReceivables", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-462": { "value": "Refer to note 31 for the Group\u2019s policy in respect of financial instruments, which include loans receivables. Significant judgements and estimates relevant to loans receivable Refer below for significant judgements in respect of the loans receivable and expected credit loss provision recorded in respect of loans receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-452": { "value": "16. Trade and other receivables Accounting policy The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and the 12-month approach, unless a specific risk exists, for other receivables. To measure expected credit losses on a collective basis, trade receivables and other receivables are grouped based on similar credit risk and ageing.
Restated
US$ million
2025
2024
Current
Diamond debtors
12
30
Trade receivables
2
5
Other receivables \u2013 net
1
9
Prepayments
7
9
22
53
Non-current
Williamson VAT receivable
\u2013
5
Environmental rehabilitation investment
1
1
5
Other receivables
1
10
1. Environmental rehabilitation investment held by Guardrisk as part of the mining rehabilitation guarantee provided to South Africa\u2019s Department of Mineral Resources. As at 30 June 2025 diamond debtors of US$12 million (2024: US$30 million) all settled post Year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-441": { "value": "16. Trade and other receivables Accounting policy The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and the 12-month approach, unless a specific risk exists, for other receivables. To measure expected credit losses on a collective basis, trade receivables and other receivables are grouped based on similar credit risk and ageing.
Restated
US$ million
2025
2024
Current
Diamond debtors
12
30
Trade receivables
2
5
Other receivables \u2013 net
1
9
Prepayments
7
9
22
53
Non-current
Williamson VAT receivable
\u2013
5
Environmental rehabilitation investment
1
1
5
Other receivables
1
10
1. Environmental rehabilitation investment held by Guardrisk as part of the mining rehabilitation guarantee provided to South Africa\u2019s Department of Mineral Resources. As at 30 June 2025 diamond debtors of US$12 million (2024: US$30 million) all settled post Year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-429": { "value": "16. Trade and other receivables Accounting policy The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and the 12-month approach, unless a specific risk exists, for other receivables. To measure expected credit losses on a collective basis, trade receivables and other receivables are grouped based on similar credit risk and ageing.
Restated
US$ million
2025
2024
Current
Diamond debtors
12
30
Trade receivables
2
5
Other receivables \u2013 net
1
9
Prepayments
7
9
22
53
Non-current
Williamson VAT receivable
\u2013
5
Environmental rehabilitation investment
1
1
5
Other receivables
1
10
1. Environmental rehabilitation investment held by Guardrisk as part of the mining rehabilitation guarantee provided to South Africa\u2019s Department of Mineral Resources. As at 30 June 2025 diamond debtors of US$12 million (2024: US$30 million) all settled post Year end.
18. Other financial asset
US$ million
2025
2024
At fair value
Guardrisk environmental rehabilitation investment
14
14
Legislation stipulates that all mining operations within South Africa are required to make a provision for environmental rehabilitation
during the life-of-mine and at closure. In line with this requirement, the Group has entered into policies with a reputable insurance
broker to set aside funds for the aforementioned purposes. On the back of these policies, the insurance broker provides the required
mining rehabilitation guarantees which are accepted by South Africa's Department of Mineral Resources. The Group makes periodic
premium payments towards structured products that will allow the matching of the environmental rehabilitation liability against the
Group assets over a period of time. The rehabilitation provisions are disclosed in note 23.
The fair value of the asset is based on valuations supplied by Guardrisk.
These assets are highly liquid restricted access assets held by Guardrisk to secure the liability to the Department of Mineral
Resources.
The Group has identified climate-related projects and assessed for any financial environmental liabilities. The climate-related projects
in place have not resulted in any financial liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-401": { "value": "16. Trade and other receivables Accounting policy The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and the 12-month approach, unless a specific risk exists, for other receivables. To measure expected credit losses on a collective basis, trade receivables and other receivables are grouped based on similar credit risk and ageing.
Restated
US$ million
2025
2024
Current
Diamond debtors
12
30
Trade receivables
2
5
Other receivables \u2013 net
1
9
Prepayments
7
9
22
53
Non-current
Williamson VAT receivable
\u2013
5
Environmental rehabilitation investment
1
1
5
Other receivables
1
10
1. Environmental rehabilitation investment held by Guardrisk as part of the mining rehabilitation guarantee provided to South Africa\u2019s Department of Mineral Resources. As at 30 June 2025 diamond debtors of US$12 million (2024: US$30 million) all settled post Year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-463": { "value": "Accounting policy The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and the 12-month approach, unless a specific risk exists, for other receivables. To measure expected credit losses on a collective basis, trade receivables and other receivables are grouped based on similar credit risk and ageing. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-455": { "value": "
Restated
US$ million
2025
2024
Current
Diamond debtors
12
30
Trade receivables
2
5
Other receivables \u2013 net
1
9
Prepayments
7
9
22
53
Non-current
Williamson VAT receivable
\u2013
5
Environmental rehabilitation investment
1
1
5
Other receivables
1
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-403": { "value": "17. Inventories Accounting policy Inventories, which include rough diamonds, are stated at the lower of cost of production on the weighted average basis or estimated net realisable value. Cost of production includes direct labour, other direct costs and related production overheads. Net realisable value is the estimated selling price in the ordinary course of business less marketing costs. Net realisable value also incorporates costs of processing in the case of the ore stockpiles. Consumable stores are stated at the lower of cost on the weighted average basis or estimated replacement value. Work in progress stockpiles is stated at raw material cost including allocated labour and overhead costs. Significant judgements and estimates relevant to diamond inventories Judgement is applied in making assumptions about the value of inventories and inventory stockpiles, including diamond prices, production grade and expenditure, to determine the extent to which the Group values inventory and inventory stockpiles. The Group uses empirical data on prices achieved, grade and expenditure in forming its assessment.
US$ million
2025
2024
Diamonds held for sale, including US$4 million for diamond inventory written down to cost in FY 2025
26
32
Work in progress stockpiles
\u2013
1
Consumables and stores (net of provision)
9
18
35
51
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-464": { "value": "Accounting policy Inventories, which include rough diamonds, are stated at the lower of cost of production on the weighted average basis or estimated net realisable value. Cost of production includes direct labour, other direct costs and related production overheads. Net realisable value is the estimated selling price in the ordinary course of business less marketing costs. Net realisable value also incorporates costs of processing in the case of the ore stockpiles. Consumable stores are stated at the lower of cost on the weighted average basis or estimated replacement value. Work in progress stockpiles is stated at raw material cost including allocated labour and overhead costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-404": { "value": "18. Other financial asset
US$ million
2025
2024
At fair value
Guardrisk environmental rehabilitation investment
14
14
Legislation stipulates that all mining operations within South Africa are required to make a provision for environmental rehabilitation during the life-of-mine and at closure. In line with this requirement, the Group has entered into policies with a reputable insurance broker to set aside funds for the aforementioned purposes. On the back of these policies, the insurance broker provides the required mining rehabilitation guarantees which are accepted by South Africa's Department of Mineral Resources. The Group makes periodic premium payments towards structured products that will allow the matching of the environmental rehabilitation liability against the Group assets over a period of time. The rehabilitation provisions are disclosed in note 23. The fair value of the asset is based on valuations supplied by Guardrisk. These assets are highly liquid restricted access assets held by Guardrisk to secure the liability to the Department of Mineral Resources. The Group has identified climate-related projects and assessed for any financial environmental liabilities. The climate-related projects in place have not resulted in any financial liability. 21. Loans and borrowings Accounting policy including policy for substantial modification of financial liabilities Loan notes are recognised initially at fair value less attributable transaction costs. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of liability carried in the Statement of Financial Position. \u2018Interest expense\u2019 in this context includes initial transaction costs, as well as any interest or coupon payable while the liability is outstanding. When the Group\u2019s borrowings are refinanced, and the refinancing is considered to be a substantial modification, the difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised as a charge in the income statement. Under the quantitative test, the modification is classed as substantial if the present value of the modified cashflows is at least 10% different to the present value of the remaining original cashflows. There may be circumstances where the 10% test is not met, but other qualitative factors indicate there has been a substantial modification. The following table summarises the Group\u2019s current and non-current interest-bearing borrowings:
US$ million
2025
2024
Current
Loans and borrowings \u2013 senior secured lender debt facilities
99
\u2013
Loans and borrowings \u2013 senior secured second lien notes
226
25
Total current borrowings
325
25
Non-current
Loans and borrowings \u2013 senior secured lender debt facilities
\u2013
25
Loans and borrowings \u2013 senior secured second lien notes
\u2013
221
Total non-current borrowings
\u2013
246
Total borrowings
325
271
(a) US$337 million senior secured second lien notes
A wholly owned subsidiary of the Company, Petra Diamonds US$ Treasury Plc, issued debt securities consisting of US$337 million
five-year senior secured second lien Loan Notes, with a maturity date of 8 March 2026. The Notes carry a coupon from:
\u2022 1 July 2024 to 31 December 2025 of 9.75% per annum on the aggregate principal amount outstanding which is payable in cash
semi-annually in arrears on 31 December and 30 June of each year
\u2022 1 January 2026 to 8 March 2026 (final coupon payment) of 9.75% per annum on the aggregate principal amount outstanding which
is payable in cash.
Redemption
price
Period of 12 months from 9 March 2025
100.00%
During FY 2025, the Group, through the Issuer of the Notes, repurchased and cancelled Notes with a nominal value of US$24 million
at a cash value of US$19 million. The principal outstanding after these Notes repurchases is US$226 million, including previously
capitalised interest and unamortised loan fees.
The Notes are guaranteed by the Company and by the Group\u2019s material subsidiaries and are secured on a second-priority basis on
the assets of the Group\u2019s material subsidiaries (refer to note 28 for further detail). The Notes are listed on the Irish Stock Exchange
and traded on the Regulated Market of Euronext Dublin. The Company has the right to redeem all or part of the Notes at par, plus any
unpaid accrued interest:
The Notes are secured on a second-priority basis to the senior secured lender debt facilities by:
\u2022 The cession of all claims and shareholdings held by the Company and certain of the guarantors within the Group
\u2022 The cession of all unsecured cash balances held by the Company and certain of the guarantors
\u2022 The creation of liens over the moveable assets of the Company and certain of the guarantors
\u2022 The creation of liens over the mining rights and immovable assets held and owned by certain of the guarantors
(b) Senior secured lender debt facilities
Effective 15 February 2024, following the completion of an amendment agreement, Absa approved the increased commitments under
the existing RCF from ZAR1 billion (US$54 million) to ZAR1.75 billion (US$99 million), providing an additional c. US$41 million of liquidity
headroom at that time.
The terms of the Revolving Credit Facility (RCF) with Absa are:
\u2022 Maturity date 7 January 2026. The final repayment date is 60 days prior to 8 March 2026 creating a 60-day buffer between the
redemption of the Notes and the maturity of the RCF
\u2022 To maintain a net debt: EBITDA ratio tested semi-annually on a rolling 12-month basis
\u2022 To maintain an interest cover ratio tested semi-annually on a rolling 12-month basis, which if breached will give rise to an event of
default under the bank facilities
\u2022 To maintain a minimum 12-month forward-looking liquidity requirement that consolidated cash and equivalents shall not fall below
US$20.0 million
\u2022 Interest rate of SA JIBAR + 4.15% per annum, payable monthly (with the margin to be reassessed annually based on Petra\u2019s credit
metrics). The year-end interest rate was 12.65% (2024: 12.65%)
\u2022 Foreign exchange settlement facility of ZAR300 million, no additional settlement fees
\u2022 The RCF facility is secured on the Group\u2019s interests in Finsch and Cullinan Mine
The Company\u2019s covenant levels for the respective measurement periods are outlined below:
FY25
FY26 H1
Consolidated net debt:EBITDA leverage ratio (maximum)
3.25
3.00
Interest cover ratio (minimum)
2.75
3.00
Fees, comprising commitment fees of 1.25% per annum of the principal amount.
Consolidated net debt for covenant measurement purposes is bank loans and borrowings plus Loan Notes, less cash, restricted cash,
bank overdraft and diamond debtors.
As at 30 June 2025, the Group's Net Debt:Adjusted EBITDA ratio was 9.52 times, exceeding the maximum RCF covenant of 3.25
times, and its interest cover ratio was 1.20 times, below the RCF\u2019s minimum covenant of 2.75 times. When Petra publishes these
annual results, it is required to submit a certificate to Absa Bank that it is in compliance with such covenants. The reported information
in these annual results would result in a breach of the RCF covenants. Management, therefore, approached Absa Bank after the
Period end to seek a waiver of these covenant breaches to prevent the occurrence of an event of default under the RCF and Absa
Bank has provided such waiver. The waiver is applicable only to the June 2025 covenant measurements and is unconditional.
See note 35 Events after the reporting period for the planned refinancing terms and how it may impact existing borrowings.
At 30 June 2025, the RCF was fully drawn, following drawdowns totalling ZAR2 billion (US$110 million) and repayments of ZAR660
million (US$36 million) during FY 2025 for working capital requirements.
(b) Financing activities \u2013 change in loans and borrowings and change in lease liability (per note 13)
Senior Senior Senior Senior
secured second secured lender secured second secured lender
lien notes debt facilities Lease liability Total lien notes debt facilities Lease liability Total
US$ million 2025 2025 2025 2025 2024 2024 2024 2024
Loans and borrowings
At 1 July
246
25
25
296
247
\u2013
29
276
Cash draw-downs
\u2013
107
\u2013
107
\u2013
45
\u2013
45
Capital repayments
\u2013
(36)
(36)
\u2013
(21)
_
(21)
Interest repayment
(22)
(8)
\u2013
(30)
(25)
(5)
\u2013
(30)
Lease payments
\u2013
\u2013
(5)
(5)
\u2013
\u2013
(6)
(6)
Redemption of Notes
(24)
\u2013
\u2013
(24)
(5)
\u2013
\u2013
(5)
Disposal of subsidiaries
\u2013
\u2013
(20)
(20)
\u2013
\u2013
\u2013
\u2013
Interest
26
7
2
35
29
5
2
36
Effect of foreign
exchange
\u2013
4
\u2013
4
\u2013
1
\u2013
1
At 30 June
226
99
2
327
246
25
25
296
31. Financial instruments Accounting policies The Group classifies its financial assets (excluding derivatives) into the following categories and the Group\u2019s accounting policy for the categories is as follows: Financial assets Amortised cost These assets arise principally through the provision of goods and services to customers (eg trade receivables) but also incorporate other types of contractual monetary assets where the objective is to hold these assets in order to collect contractual cashflows and the contractual cashflows are solely payments of principal and interest. They are initially recognised at the fair value plus transaction costs that are directly attributable to the acquisition or issue and subsequently carried at amortised cost using the effective interest method, less provision for impairment. Impairment Impairment provisions for current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised within operating costs in the Consolidated Income Statement. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Impairment provisions/reversals for receivables from related parties, B-BBEE Partners and other third parties are recognised based on a forward-looking expected credit loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of the financial asset, 12-month expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised. The Group\u2019s financial assets measured at amortised cost comprise non-current receivables, trade and other receivables and cash and cash equivalents in the Consolidated Statement of Financial Position. The financial assets classified at amortised cost included in receivables are as follows:
Total Total
US$ million 2025 2024
Diamond debtors
12
30
Trade receivables
2
5
Other receivables (excluding taxation, VAT and prepayments)
1
15
Non-current receivables (excluding VAT)
44
47
59
97
The trade receivables are all due within normal trading terms. Diamond debtors are due within two days of awarding the rough diamond sales tender to the successful bidder. The trade receivables relating to the year-end tender have all been received post Year End. No trade receivables are considered to be subject to credit loss or impaired. The carrying values of financial assets held at amortised cost are denominated in the following currencies:
Total Total
US$ million 2025 2024
Pound Sterling
1
1
South African Rand
31
54
US Dollar
27
42
59
97
The financial assets classified at fair value through profit or loss (FVTPL) are held within the Guardrisk rehabilitation policy (refer note 18). Fair value is measured at the market price for the listed investments. Inputs to the fair value are based on level 2 of the fair value hierarchy. Fair value at 30 June is US$14 million (2024: US$14 million). Financial liabilities The Group classifies its financial liabilities (excluding derivatives) into one category: other financial liabilities. The Group\u2019s accounting policy is as follows: Other financial liabilities Trade payables, other payables and leases Trade payables, other payables and leases, which are initially recognised at fair value, are subsequently carried at amortised cost using the effective interest rate method. The other financial liabilities included in trade and other payables (which exclude taxation) are as follows:
Total Total
US$ million 2025 2024
Trade payables
12
48
Other payables (excluding taxation, VAT and derivatives)
27
33
Current lease liability
\u2013
4
Bank overdraft
\u2013
8
Non-current lease liability
2
21
41
114
The carrying values of other financial liabilities are denominated in the following currencies:
Total Total
US$ million 2025 2024
Pound Sterling
\u2013
14
South African Rand
40
30
EURO
1
\u2013
US Dollar
\u2013
70
41
114
Interest-bearing borrowings Refer to note 19 for the Group\u2019s policy on interest-bearing borrowings. The details of the categories of financial instruments of the Group are as follows:
Total Total
US$ million 2025 2024
Financial assets
Held at amortised cost:
\u2013 Non-current trade and other receivables (excluding VAT)
44
47
\u2013 Trade receivables
14
35
\u2013 Other receivables (excluding taxation, prepayments and VAT)
1
15
\u2013 Cash and cash equivalents \u2013 unrestricted
34
28
\u2013 Cash and cash equivalents \u2013 restricted
3
1
Held at Fair value through profit and loss
\u2013 Environmental rehabilitation investment
1
5
97
131
Financial liabilities
Held at amortised cost:
\u2013 Non-current lease liability
2
21
\u2013 Non-current loans and borrowings
\u2013
246
\u2013 Current loans and borrowings
325
25
\u2013 Bank overdraft
\u2013
8
\u2013 Trade and other payables (excluding taxation, VAT and derivatives)
39
78
\u2013 Current lease liability
\u2013
4
366
382
There is no significant difference between the fair value of financial assets and other financial liabilities and the carrying values set
out in the table above, noting that non-current loan receivables and payables bear interest. The loan notes are illiquid and trading
at a significant discount to the face value of the loan notes. The planned refinancing of the loan notes will result in all notes being
exchanged at par, with amended terms. The fair value is therefore considered to be equal to the amortised cost of the liability.
The currency profile of the Group\u2019s financial assets and liabilities is as follows:
US$ million
Total 2025
Total 2024
Financial assets
Pound Sterling
1
1
South African Rand
42
62
US Dollar
54
68
97
131
Financial liabilities
Pound Sterling
1
11
South African Rand
139
54
US Dollar
226
317
366
382
Further quantitative information in respect of these risks is presented throughout these Consolidated Annual Financial Statements.
Exposures to currency, liquidity, market price, credit and interest rate risk arise in the normal course of the Group\u2019s business.
This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure
them. The Group uses financial instruments, in particular forward currency option contracts, to help manage foreign exchange risk.
The Directors review and agree policies for managing each of these risks.
Credit risk
A significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. A default
on a financial asset is when the counterparty fails to make contractual payments within 60 days of when they fall due. The Group
considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit
risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk, the Group
compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial
recognition. It considers available reasonable and supportive forwarding-looking information.
The Group sells its rough diamond production through a tender process on a recognised bourse. This mitigates the need to undertake
credit evaluations. Where production is not sold on a tender basis, the Directors undertake suitable credit evaluations before passing
ownership of the product. At the reporting date there were significant concentrations of credit risk in respect of the loans receivable.
The maximum exposure to credit risk is represented by the carrying amount of the financial assets in the Consolidated Statement of
Financial Position. The material financial assets are carried at amortised cost, with no indication of impairment. The Group considers
the credit quality of loans and receivables to be good with expected losses incurred as disclosed in note 14.
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment
plan with the Group. Where loans or receivables have been written off, and in the absence of any mutual agreed settlement, the Group
continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised
in profit or loss. The loans receivable represents those amounts receivable from the Group\u2019s B-BBEE Partners (Kago Diamonds and
the IPDET) in respect of advances historically provided to the Group\u2019s B-BBEE Partners to enable them to discharge interest and
capital commitments under the B-BBEE Lender facilities, advances to the B-BBEE Partners to enable trickle payment distributions
to both Kago Diamonds shareholders and to the beneficiaries of the IPDET (Petra Directors and Senior Managers do not qualify
as beneficiaries under the IPDET Trust Deed). These receivables, including interest raised, will be recoverable from the B-BBEE
Partners\u2019 share of future cashflows from the underlying mining operations, Cullinan Mine and Finsch.
The Group applies the expected lifetime credit loss model to the loans receivable. In determining the extent to which expected credit
losses may apply, the Group assesses the future free cashflows to be generated by its mining operations, Cullinan Mine and Finsch.
In the estimation of these future cashflows, management are required to consider available reasonable and supportive forwarding-
looking information relating to reserves and resources, assumptions related to exchange rates, rough diamond and other commodity
prices, extraction costs and recovery and production rates. Any such estimates and assumptions may change as new information
becomes available. Changes in exchange rates, rough diamond and commodity prices, extraction and recovery costs and production
rates may change the economic viability of ore reserves and resources and may ultimately result in a significant increase in credit risk
related to the loans receivable.
During the Year, Management revised its estimation technique to incorporate additional factors around: Diamond prices, the ability to
refinance the Group\u2019s debt which matures in FY2026, Production and all other residual risks. The impact of this change resulted in an
increase in the loss allowance for FY2025 of circa US$6 million.
Based on the assessment, an expected credit loss provision of US$23 million (2024: US$3 million) has been recognised in the
Consolidated Income Statement for the year.
The loss allowance for the BEE and Other receivables as at 30 June 2024 and 30 June 2025 reconciles as follows:
BEE Other
US$ million receivables
receivables
Total
Opening loss allowance at 1 July 2023
5
\u2013
5
Allowance for the year
3
\u2013
3
Translation differences
(1)
\u2013
(1)
Loss allowance at 30 June 2024
7
\u2013
7
Allowance for the year
22
1
23
Translation differences
1
\u2013
1
Loss allowance at 30 June 2025
30
1
31
Group cash balances are deposited with reputable banking institutions within the countries in which it operates. Excess cash is held in
overnight call accounts and term deposits ranging from seven to 30 days. Refer to notes 18 for environmental rehabilitation investment
secured in respect of rehabilitation obligations. At Year End the Group had no undrawn borrowing facilities (2024: US$72 million).
Derivatives
The fair values of derivatives are recorded on the Consolidated Statement of Financial Position within \u2018Trade and other receivables\u2019
or \u2018Trade and other payables\u2019. Derivatives are classified as current or non-current depending on the date of expected settlement of
the derivative.
The Group utilises derivative instruments to manage certain market risk exposures. The Group does not use derivative financial
instruments for speculative purposes; however, it may choose not to designate certain derivatives as hedges for accounting
purposes. Such derivatives are classified as \u2018non-hedges\u2019 and fair value movements are recorded in the Consolidated Income
Statement. At Year End the Group had a derivative asset of US$ 5 million (2024: US$3 million asset) recognised in the Consolidated
Statement of Financial Position and a net realised foreign exchange gain of US$6 million (2024: US$5 million gain) and an unrealised
foreign exchange gain of US$8 million (2024: US$3 million gain) recognised in the Consolidated Income Statement.
The use of derivative instruments is subject to limits and the positions are regularly monitored and reported to the Board.
Foreign exchange risk
Foreign exchange risk arises because the Group has operations located in parts of the world where the functional currency is not
US Dollars. The Group\u2019s net assets arising from its foreign operations are exposed to currency risk resulting in gains and losses on
translation into US Dollars.
Foreign exchange risk also arises when individual Group operations enter into transactions denominated in a currency other than
their functional currency. The policy of the Group is, where possible, to allow Group entities to settle liabilities denominated in their
local currency with the cash generated from their own operations in that currency, having converted US Dollar diamond revenues to
local currencies. In the case of the funding of non-current assets, such as projects to expand productive capacity entailing material
levels of capital expenditure, the central Group treasury function will assist the foreign operation to obtain matching funding in the
functional currency of that operation and shall provide additional funding where required. The currency in which the additional
funding is provided is determined by taking into account the following factors:
\u2022 The currency in which the revenue expected to be generated from the commissioning of the capital expenditure will be
denominated
\u2022 The degree to which the currency in which the funding is provided is a currency normally used to effect business transactions
in the business environment in which the foreign operation conducts business
\u2022 The currency of any funding derived by the Company for onward funding to the foreign operation and the degree to which it is
considered necessary to hedge the currency risk of the Company represented by such derived funding
The sensitivity analysis to foreign currency rate changes is as follows:
30 June 2025
US$
Year-end Year-end strengthens US$
US$ million US$ rate amount 10% weakens 10%
Financial assets
South African Rand
0.0563
51
48
54
US Dollar
1.0000
16
16
16
67
64
70
Financial liabilities
Pound Sterling
0.7282
1
1
1
South African Rand
0.0563
139
136
140
US Dollar
1.0000
226
225
226
366
362
367
30 June 2024
US$
Year-end Year-end strengthens US$
US$ million US$ rate amount 10% weakens 10%
Financial assets
Pound Sterling
0.7910
1
1
1
South African Rand
0.0550
71
63
73
US Dollar
1.0000
68
69
69
140
133
143
Financial liabilities
Pound Sterling
0.7910
14
13
15
South African Rand
0.0550
54
48
59
US Dollar
1.0000
317
317
317
385
378
391
The tables above reflect the impact of a 10% cumulative currency movement over the next 12 months and are shown for illustrative
purposes.
Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital, capital expenditure, finance charges and principal repayments
on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations and when necessary
will seek to raise funds through the issue of shares and/or debt.
It is the policy of the Group to ensure that it will always have sufficient cash to allow it to meet its liabilities when they fall due. To achieve
this, the Group maintains cash balances and funding facilities at levels considered appropriate to meet ongoing obligations.
Cashflow is monitored on a regular basis. The maturity analysis of the actual cash payments due in respect of loans and borrowings is
set out in the table below. The maturity analysis of trade and other payables is in accordance with those terms and conditions agreed
between the Group and its suppliers. For trade and other payables, payment terms are 30 days, provided all terms and conditions
have been complied with.
Maturity analysis
The below maturity analysis reflects cash and cash equivalents and loans and borrowings based on actual cashflows rather than
carrying values.
30 June 2025
3 months
US$ million
Notes
Interest rate
Total
or less
3\u20136 months
6\u201312 months
1\u20132 years
2\u20135 years
Cash
Cash \u2013 unrestricted
19
0.1\u2013 5.1%
34
34
\u2013
\u2013
\u2013
\u2013
Cash \u2013 restricted
19
0.1\u20135.1%
3
3
\u2013
\u2013
\u2013
\u2013
Total cash
37
37
\u2013
\u2013
\u2013
\u2013
Loans and borrowings
Bank loan \u2013 secured
19
11.25%
105
3
3
99
\u2013
\u2013
Trade payables
22
\u2013
12
12
\u2013
\u2013
\u2013
\u2013
Senior secured second
lien notes
19
9.75%
237
\u2013
11
226
\u2013
\u2013
Cashflow of loans
and borrowings
354
15
14
325
\u2013
\u2013
30 June 2024
3 months
US$ million
Notes
Interest rate
Total
or less
3\u20136 months
6\u201312 months
1\u20132 years
2\u20135 years
Cash
Cash \u2013 unrestricted
17
0.1\u2013 5 .1%
28
28
\u2013
\u2013
\u2013
\u2013
Cash \u2013 restricted
17
0.1\u20135.1%
1
1
\u2013
\u2013
\u2013
\u2013
Total cash
29
29
\u2013
\u2013
\u2013
\u2013
Loans and borrowings
Bank loan \u2013 secured
19
12.38%
30
\u2013
1
1
28
\u2013
Trade payables
22
\u2013
48
48
\u2013
\u2013
\u2013
\u2013
Bank overdraft
17
5.00\u20139.00%
8
8
\u2013
\u2013
\u2013
\u2013
Senior secured second
lien notes
19
9.75%
294
\u2013
12
12
270
\u2013
Lease liabilities
11
5.98%
31
2
1
3
6
19
Cashflow of loans
and borrowings
411
58
14
16
304
19
Interest rate risk The Group has borrowings that incur interest at fixed and floating rates. The Group\u2019s fixed rate borrowings comprise the senior secured second lien notes which incur interest at a fixed interest rate of 9.75%. Management constantly monitors the floating interest rates so that action can be taken should it be considered necessary. Management considered the impact of a change in the floating interest rate to the Group\u2019s financial results as the quantum of borrowings at floating rates is US$99 million (2024: US$25 million). The impact of a 100 basis point increase/decrease in the rate would result in a financial loss/gain of US$1 million (2024: US$nil). Other market price risk The Group predominantly generates revenue from the sale of rough and polished diamonds, as well as occasionally from polished stones. The significant number of variables involved in determining the selling prices of rough diamonds, such as the uniqueness of each individual rough stone, the content of the rough diamond parcel and the ruling US$/ZAR spot rate at the date of sale, makes it difficult to accurately extrapolate the impact the fluctuations in diamond prices would have on the Group\u2019s revenue. Capital disclosures Capital is defined by the Group to be the capital and reserves attributable to equity holders of the parent company. The Group\u2019s objectives when maintaining capital are: \u2022 To safeguard the ability of the entity to continue as a going concern \u2022 To provide an adequate return to shareholders The Group monitors capital on the basis of the consolidated debt to equity ratio. This ratio is calculated as net debt to equity. Net debt is calculated as US$ Loan Notes (less transaction costs), bank loans and borrowings less restricted and unrestricted cash and cash equivalents (as defined by the RCF agreement) and bank overdraft. Equity comprises all components of equity attributable to equity holders of the parent company. The debt to equity ratios at 30 June 2025 and 30 June 2024 are as follows:
Represented
US$ million
2025
2024
Total debt
325
271
Net cash and cash equivalents
(37)
(21)
Net debt
288
250
Diamond debtors
(12)
(30)
Environmental rehabilitation investment (restricted)
(15)
(19)
Consolidated net debt
261
201
Total equity attributable to equity holders of the parent company
93
201
Net debt to equity ratio
2.81:1
1.00:1
The Group manages its capital structure by the issue of Ordinary Shares, raising debt finance where appropriate and managing Group cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-442": { "value": "18. Other financial asset
US$ million
2025
2024
At fair value
Guardrisk environmental rehabilitation investment
14
14
Legislation stipulates that all mining operations within South Africa are required to make a provision for environmental rehabilitation during the life-of-mine and at closure. In line with this requirement, the Group has entered into policies with a reputable insurance broker to set aside funds for the aforementioned purposes. On the back of these policies, the insurance broker provides the required mining rehabilitation guarantees which are accepted by South Africa's Department of Mineral Resources. The Group makes periodic premium payments towards structured products that will allow the matching of the environmental rehabilitation liability against the Group assets over a period of time. The rehabilitation provisions are disclosed in note 23. The fair value of the asset is based on valuations supplied by Guardrisk. These assets are highly liquid restricted access assets held by Guardrisk to secure the liability to the Department of Mineral Resources. The Group has identified climate-related projects and assessed for any financial environmental liabilities. The climate-related projects in place have not resulted in any financial liability. Financial assets Amortised cost These assets arise principally through the provision of goods and services to customers (eg trade receivables) but also incorporate other types of contractual monetary assets where the objective is to hold these assets in order to collect contractual cashflows and the contractual cashflows are solely payments of principal and interest. They are initially recognised at the fair value plus transaction costs that are directly attributable to the acquisition or issue and subsequently carried at amortised cost using the effective interest method, less provision for impairment. Impairment Impairment provisions for current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised within operating costs in the Consolidated Income Statement. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Impairment provisions/reversals for receivables from related parties, B-BBEE Partners and other third parties are recognised based on a forward-looking expected credit loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of the financial asset, 12-month expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised. The Group\u2019s financial assets measured at amortised cost comprise non-current receivables, trade and other receivables and cash and cash equivalents in the Consolidated Statement of Financial Position. The financial assets classified at amortised cost included in receivables are as follows:
Total Total
US$ million 2025 2024
Diamond debtors
12
30
Trade receivables
2
5
Other receivables (excluding taxation, VAT and prepayments)
1
15
Non-current receivables (excluding VAT)
44
47
59
97
The trade receivables are all due within normal trading terms. Diamond debtors are due within two days of awarding the rough diamond sales tender to the successful bidder. The trade receivables relating to the year-end tender have all been received post Year End. No trade receivables are considered to be subject to credit loss or impaired. The carrying values of financial assets held at amortised cost are denominated in the following currencies:
Total Total
US$ million 2025 2024
Pound Sterling
1
1
South African Rand
31
54
US Dollar
27
42
59
97
The financial assets classified at fair value through profit or loss (FVTPL) are held within the Guardrisk rehabilitation policy (refer note 18). Fair value is measured at the market price for the listed investments. Inputs to the fair value are based on level 2 of the fair value hierarchy. Fair value at 30 June is US$14 million (2024: US$14 million). Financial liabilities The Group classifies its financial liabilities (excluding derivatives) into one category: other financial liabilities. The Group\u2019s accounting policy is as follows: ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-402": { "value": "
19. Cash and cash equivalents
US$ million
2025
2024
Cash and cash equivalents \u2013 unrestricted
34
28
Cash \u2013 restricted
1
3
1
37
29
Bank overdraft
\u2013
(8)
37
21
1. The Group\u2019s environmental rehabilitation insurance product, which currently includes Finsch and Cullinan Mine, has secured cash assets of US$2 million (2024: US$1 million) held
in a cell captive and by the Group\u2019s bankers. The Group has a commitment to pay insurance premiums over the next year of US$1 million (2024: US$nil) to fund the environmental
rehabilitation insurance product for the South African operations. The rehabilitation provisions are disclosed in note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-405": { "value": "
20. Equity and reserves
Share capital
US$ million
Number of shares
2025
Number of shares
2024
Authorised \u2013 Ordinary Shares of 0.05 pence (2024: 0.05 pence) each
At 30 June
10,000,000,000
164
10,000,000,000
164
Issued and fully paid
At 30 June
194,201,785
146
194,201,785
146
The Group\u2019s equity and reserve balances include the following:
Share capital
The share capital comprises the issued Ordinary Shares of the Company at par.
Share premium account
The share premium account comprises the excess value recognised from the issue of Ordinary Shares at par less share issue costs.
Foreign currency translation reserve
The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of entities with a
functional currency other than US Dollars and foreign exchange differences on net investments in foreign operations.
Share-based payment reserve
The share-based payment reserve comprises:
\u2022 The fair value of shares awarded under the Performance Share Plan measured at grant date (inclusive of market-based vesting
conditions) with estimated numbers of awards to vest due to non-market-based vesting conditions evaluated each period and
the fair value spread over the period during which the employees or Directors become unconditionally entitled to the awards
\u2022 Foreign exchange translation of the reserve
\u2022 Amounts derecognised as part of cash settlement of vested awards originally planned for equity settlement
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-443": { "value": "20. Equity and reserves Share capital
US$ million
Number of shares
2025
Number of shares
2024
Authorised \u2013 Ordinary Shares of 0.05 pence (2024: 0.05 pence) each
At 30 June
10,000,000,000
164
10,000,000,000
164
Issued and fully paid
At 30 June
194,201,785
146
194,201,785
146
The Group\u2019s equity and reserve balances include the following: Share capital The share capital comprises the issued Ordinary Shares of the Company at par. Share premium account The share premium account comprises the excess value recognised from the issue of Ordinary Shares at par less share issue costs. Foreign currency translation reserve The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of entities with a functional currency other than US Dollars and foreign exchange differences on net investments in foreign operations. Share-based payment reserve The share-based payment reserve comprises: \u2022 The fair value of shares awarded under the Performance Share Plan measured at grant date (inclusive of market-based vesting conditions) with estimated numbers of awards to vest due to non-market-based vesting conditions evaluated each period and the fair value spread over the period during which the employees or Directors become unconditionally entitled to the awards \u2022 Foreign exchange translation of the reserve \u2022 Amounts derecognised as part of cash settlement of vested awards originally planned for equity settlement", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-430": { "value": "20. Equity and reserves Share capital
US$ million
Number of shares
2025
Number of shares
2024
Authorised \u2013 Ordinary Shares of 0.05 pence (2024: 0.05 pence) each
At 30 June
10,000,000,000
164
10,000,000,000
164
Issued and fully paid
At 30 June
194,201,785
146
194,201,785
146
The Group\u2019s equity and reserve balances include the following: Share capital The share capital comprises the issued Ordinary Shares of the Company at par. Share premium account The share premium account comprises the excess value recognised from the issue of Ordinary Shares at par less share issue costs. Foreign currency translation reserve The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of entities with a functional currency other than US Dollars and foreign exchange differences on net investments in foreign operations. Share-based payment reserve The share-based payment reserve comprises: \u2022 The fair value of shares awarded under the Performance Share Plan measured at grant date (inclusive of market-based vesting conditions) with estimated numbers of awards to vest due to non-market-based vesting conditions evaluated each period and the fair value spread over the period during which the employees or Directors become unconditionally entitled to the awards \u2022 Foreign exchange translation of the reserve \u2022 Amounts derecognised as part of cash settlement of vested awards originally planned for equity settlement", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-431": { "value": "21. Loans and borrowings Accounting policy including policy for substantial modification of financial liabilities Loan notes are recognised initially at fair value less attributable transaction costs. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of liability carried in the Statement of Financial Position. \u2018Interest expense\u2019 in this context includes initial transaction costs, as well as any interest or coupon payable while the liability is outstanding. When the Group\u2019s borrowings are refinanced, and the refinancing is considered to be a substantial modification, the difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised as a charge in the income statement. Under the quantitative test, the modification is classed as substantial if the present value of the modified cashflows is at least 10% different to the present value of the remaining original cashflows. There may be circumstances where the 10% test is not met, but other qualitative factors indicate there has been a substantial modification. The following table summarises the Group\u2019s current and non-current interest-bearing borrowings:
US$ million
2025
2024
Current
Loans and borrowings \u2013 senior secured lender debt facilities
99
\u2013
Loans and borrowings \u2013 senior secured second lien notes
226
25
Total current borrowings
325
25
Non-current
Loans and borrowings \u2013 senior secured lender debt facilities
\u2013
25
Loans and borrowings \u2013 senior secured second lien notes
\u2013
221
Total non-current borrowings
\u2013
246
Total borrowings
325
271
(a) US$337 million senior secured second lien notes A wholly owned subsidiary of the Company, Petra Diamonds US$ Treasury Plc, issued debt securities consisting of US$337 million five-year senior secured second lien Loan Notes, with a maturity date of 8 March 2026. The Notes carry a coupon from: \u2022 1 July 2024 to 31 December 2025 of 9.75% per annum on the aggregate principal amount outstanding which is payable in cash semi-annually in arrears on 31 December and 30 June of each year \u2022 1 January 2026 to 8 March 2026 (final coupon payment) of 9.75% per annum on the aggregate principal amount outstanding which is payable in cash.
Redemption
price
Period of 12 months from 9 March 2025
100.00%
During FY 2025, the Group, through the Issuer of the Notes, repurchased and cancelled Notes with a nominal value of US$24 million at a cash value of US$19 million. The principal outstanding after these Notes repurchases is US$226 million, including previously capitalised interest and unamortised loan fees. The Notes are guaranteed by the Company and by the Group\u2019s material subsidiaries and are secured on a second-priority basis on the assets of the Group\u2019s material subsidiaries (refer to note 28 for further detail). The Notes are listed on the Irish Stock Exchange and traded on the Regulated Market of Euronext Dublin. The Company has the right to redeem all or part of the Notes at par, plus any unpaid accrued interest: The Notes are secured on a second-priority basis to the senior secured lender debt facilities by: \u2022 The cession of all claims and shareholdings held by the Company and certain of the guarantors within the Group \u2022 The cession of all unsecured cash balances held by the Company and certain of the guarantors \u2022 The creation of liens over the moveable assets of the Company and certain of the guarantors \u2022 The creation of liens over the mining rights and immovable assets held and owned by certain of the guarantors (b) Senior secured lender debt facilities Effective 15 February 2024, following the completion of an amendment agreement, Absa approved the increased commitments under the existing RCF from ZAR1 billion (US$54 million) to ZAR1.75 billion (US$99 million), providing an additional c. US$41 million of liquidity headroom at that time. The terms of the Revolving Credit Facility (RCF) with Absa are: \u2022 Maturity date 7 January 2026. The final repayment date is 60 days prior to 8 March 2026 creating a 60-day buffer between the redemption of the Notes and the maturity of the RCF \u2022 To maintain a net debt: EBITDA ratio tested semi-annually on a rolling 12-month basis \u2022 To maintain an interest cover ratio tested semi-annually on a rolling 12-month basis, which if breached will give rise to an event of default under the bank facilities \u2022 To maintain a minimum 12-month forward-looking liquidity requirement that consolidated cash and equivalents shall not fall below US$20.0 million \u2022 Interest rate of SA JIBAR + 4.15% per annum, payable monthly (with the margin to be reassessed annually based on Petra\u2019s credit metrics). The year-end interest rate was 12.65% (2024: 12.65%) \u2022 Foreign exchange settlement facility of ZAR300 million, no additional settlement fees \u2022 The RCF facility is secured on the Group\u2019s interests in Finsch and Cullinan Mine The Company\u2019s covenant levels for the respective measurement periods are outlined below:
FY25
FY26 H1
Consolidated net debt:EBITDA leverage ratio (maximum)
3.25
3.00
Interest cover ratio (minimum)
2.75
3.00
Fees, comprising commitment fees of 1.25% per annum of the principal amount. Consolidated net debt for covenant measurement purposes is bank loans and borrowings plus Loan Notes, less cash, restricted cash, bank overdraft and diamond debtors. As at 30 June 2025, the Group's Net Debt:Adjusted EBITDA ratio was 9.52 times, exceeding the maximum RCF covenant of 3.25 times, and its interest cover ratio was 1.20 times, below the RCF\u2019s minimum covenant of 2.75 times. When Petra publishes these annual results, it is required to submit a certificate to Absa Bank that it is in compliance with such covenants. The reported information in these annual results would result in a breach of the RCF covenants. Management, therefore, approached Absa Bank after the Period end to seek a waiver of these covenant breaches to prevent the occurrence of an event of default under the RCF and Absa Bank has provided such waiver. The waiver is applicable only to the June 2025 covenant measurements and is unconditional. See note 35 Events after the reporting period for the planned refinancing terms and how it may impact existing borrowings. At 30 June 2025, the RCF was fully drawn, following drawdowns totalling ZAR2 billion (US$110 million) and repayments of ZAR660 million (US$36 million) during FY 2025 for working capital requirements. (b) Financing activities \u2013 change in loans and borrowings and change in lease liability (per note 13)
Senior Senior Senior Senior
secured second secured lender secured second secured lender
lien notes debt facilities Lease liability Total lien notes debt facilities Lease liability Total
US$ million 2025 2025 2025 2025 2024 2024 2024 2024
Loans and borrowings
At 1 July
246
25
25
296
247
\u2013
29
276
Cash draw-downs
\u2013
107
\u2013
107
\u2013
45
\u2013
45
Capital repayments
\u2013
(36)
(36)
\u2013
(21)
_
(21)
Interest repayment
(22)
(8)
\u2013
(30)
(25)
(5)
\u2013
(30)
Lease payments
\u2013
\u2013
(5)
(5)
\u2013
\u2013
(6)
(6)
Redemption of Notes
(24)
\u2013
\u2013
(24)
(5)
\u2013
\u2013
(5)
Disposal of subsidiaries
\u2013
\u2013
(20)
(20)
\u2013
\u2013
\u2013
\u2013
Interest
26
7
2
35
29
5
2
36
Effect of foreign
exchange
\u2013
4
\u2013
4
\u2013
1
\u2013
1
At 30 June
226
99
2
327
246
25
25
296
Interest-bearing borrowings
Refer to note 19 for the Group\u2019s policy on interest-bearing borrowings.
The details of the categories of financial instruments of the Group are as follows:
Total Total
US$ million 2025 2024
Financial assets
Held at amortised cost:
\u2013 Non-current trade and other receivables (excluding VAT)
44
47
\u2013 Trade receivables
14
35
\u2013 Other receivables (excluding taxation, prepayments and VAT)
1
15
\u2013 Cash and cash equivalents \u2013 unrestricted
34
28
\u2013 Cash and cash equivalents \u2013 restricted
3
1
Held at Fair value through profit and loss
\u2013 Environmental rehabilitation investment
1
5
97
131
Financial liabilities
Held at amortised cost:
\u2013 Non-current lease liability
2
21
\u2013 Non-current loans and borrowings
\u2013
246
\u2013 Current loans and borrowings
325
25
\u2013 Bank overdraft
\u2013
8
\u2013 Trade and other payables (excluding taxation, VAT and derivatives)
39
78
\u2013 Current lease liability
\u2013
4
366
382
There is no significant difference between the fair value of financial assets and other financial liabilities and the carrying values set out in the table above, noting that non-current loan receivables and payables bear interest. The loan notes are illiquid and trading at a significant discount to the face value of the loan notes. The planned refinancing of the loan notes will result in all notes being exchanged at par, with amended terms. The fair value is therefore considered to be equal to the amortised cost of the liability. The currency profile of the Group\u2019s financial assets and liabilities is as follows:
US$ million
Total 2025
Total 2024
Financial assets
Pound Sterling
1
1
South African Rand
42
62
US Dollar
54
68
97
131
Financial liabilities
Pound Sterling
1
11
South African Rand
139
54
US Dollar
226
317
366
382
Further quantitative information in respect of these risks is presented throughout these Consolidated Annual Financial Statements. Exposures to currency, liquidity, market price, credit and interest rate risk arise in the normal course of the Group\u2019s business. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. The Group uses financial instruments, in particular forward currency option contracts, to help manage foreign exchange risk. The Directors review and agree policies for managing each of these risks. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-476": { "value": "Accounting policy including policy for substantial modification of financial liabilities Loan notes are recognised initially at fair value less attributable transaction costs. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of liability carried in the Statement of Financial Position. \u2018Interest expense\u2019 in this context includes initial transaction costs, as well as any interest or coupon payable while the liability is outstanding. When the Group\u2019s borrowings are refinanced, and the refinancing is considered to be a substantial modification, the difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised as a charge in the income statement. Under the quantitative test, the modification is classed as substantial if the present value of the modified cashflows is at least 10% different to the present value of the remaining original cashflows. There may be circumstances where the 10% test is not met, but other qualitative factors indicate there has been a substantial modification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-473": { "value": "Accounting policy including policy for substantial modification of financial liabilities Loan notes are recognised initially at fair value less attributable transaction costs. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of liability carried in the Statement of Financial Position. \u2018Interest expense\u2019 in this context includes initial transaction costs, as well as any interest or coupon payable while the liability is outstanding. When the Group\u2019s borrowings are refinanced, and the refinancing is considered to be a substantial modification, the difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised as a charge in the income statement. Under the quantitative test, the modification is classed as substantial if the present value of the modified cashflows is at least 10% different to the present value of the remaining original cashflows. There may be circumstances where the 10% test is not met, but other qualitative factors indicate there has been a substantial modification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-465": { "value": "Accounting policy including policy for substantial modification of financial liabilities Loan notes are recognised initially at fair value less attributable transaction costs. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of liability carried in the Statement of Financial Position. \u2018Interest expense\u2019 in this context includes initial transaction costs, as well as any interest or coupon payable while the liability is outstanding. When the Group\u2019s borrowings are refinanced, and the refinancing is considered to be a substantial modification, the difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised as a charge in the income statement. Under the quantitative test, the modification is classed as substantial if the present value of the modified cashflows is at least 10% different to the present value of the remaining original cashflows. There may be circumstances where the 10% test is not met, but other qualitative factors indicate there has been a substantial modification. Accounting policies The Group classifies its financial assets (excluding derivatives) into the following categories and the Group\u2019s accounting policy for the categories is as follows: Financial assets Amortised cost These assets arise principally through the provision of goods and services to customers (eg trade receivables) but also incorporate other types of contractual monetary assets where the objective is to hold these assets in order to collect contractual cashflows and the contractual cashflows are solely payments of principal and interest. They are initially recognised at the fair value plus transaction costs that are directly attributable to the acquisition or issue and subsequently carried at amortised cost using the effective interest method, less provision for impairment. Impairment Impairment provisions for current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised within operating costs in the Consolidated Income Statement. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Impairment provisions/reversals for receivables from related parties, B-BBEE Partners and other third parties are recognised based on a forward-looking expected credit loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of the financial asset, 12-month expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised. The Group\u2019s financial assets measured at amortised cost comprise non-current receivables, trade and other receivables and cash and cash equivalents in the Consolidated Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-406": { "value": "
22. Trade and other payables
US$ million
2025
2024
Current
Trade payables
12
48
Accruals and other payables
27
30
39
78
Income tax payable
8
23
47
101
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-432": { "value": "22. Trade and other payables
US$ million
2025
2024
Current
Trade payables
12
48
Accruals and other payables
27
30
39
78
Income tax payable
8
23
47
101
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-453": { "value": "22. Trade and other payables
US$ million
2025
2024
Current
Trade payables
12
48
Accruals and other payables
27
30
39
78
Income tax payable
8
23
47
101
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-444": { "value": "22. Trade and other payables
US$ million
2025
2024
Current
Trade payables
12
48
Accruals and other payables
27
30
39
78
Income tax payable
8
23
47
101
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-407": { "value": "23. Provisions Accounting policy\u2013 Decommissioning, mine closure and environmental rehabilitation The obligation to restore environmental damage caused through mining is raised as the relevant mining takes place. Assumptions are made as to the remaining life of existing operations based on the approved current mine plan and assessments of extensions to the mine plans to access resources in the Resources Statement that are considered sufficiently certain of extraction. Decommissioning and rehabilitation will generally occur on or after the closure of the mine, based on current legal requirements and existing technology. A rehabilitation provision is raised based on the present value of the estimated rehabilitation costs. These costs are included in the cost of the related asset. The capitalised assets are depreciated in accordance with the accounting policy for property, plant and equipment. Increases in the provision, as a result of the unwinding of discounting, are charged to the Consolidated Income Statement within finance expense. The cost of the ongoing programmes to prevent and control pollution, and ongoing rehabilitation costs of the Group\u2019s operations, is charged to profit and loss as incurred. Changes to the present value of the obligation due to changes in assumptions are recognised as adjustments to the provision together with an associated increase/(decrease) in the related rehabilitation asset. In circumstances where the rehabilitation asset has been fully amortised, reductions in the provision give rise to other direct income. Significant estimates and assumptions are made in determining the amount attributable to decommissioning and rehabilitation provisions. These deal with uncertainties such as the legal and regulatory framework, timing and future costs. In determining the amount attributable to decommissioning and rehabilitation provisions, management used a discount rate range of 10.0%\u201311.2% (2024: 6.8\u201312.1%), estimated decommissioning and rehabilitation timing of 10 to 19 years (2024: 6 to 20 years) and an inflation rate range of 7.5%\u20138.7% (2024: 4.0\u20139.6%). The Group estimates the cost of decommissioning and rehabilitation with reference to approved environmental plans.
Provisions for
unsettled and Provision for
Human rights disputed tax claims, closure of Pension and
settlement and severance Provision for Koffiefontein post-retirement Decommissioning
US$ million claims payments TSF costs mine medical fund
and rehabilitation
Total
Balance at 1 July 2024 (Restated)
8
2
1
7
11
71
100
Disposal of subsidiary
\u2013
(2)
\u2013
(5)
\u2013
(25)
(32)
Change in estimate
(3)
2
(1)
(2)
2
(5)
(7)
Unwinding of present value adjustment
of rehabilitation provision
\u2013
\u2013
\u2013
\u2013
\u2013
6
6
Translation difference
1
\u2013
\u2013
\u2013
\u2013
1
2
Balance at 30 June 2025
6
2
\u2013
\u2013
13
48
69
US$ million
2025
2024
Current
7
8
Non-current
62
92
Balance at 30 June 2025
69
100
Human rights settlement claims The Independent Grievance Mechanism (IGM) is a non-judicial process that has the capacity to investigate and resolve complaints alleging severe human rights impacts in connection with security operations at the Williamson diamond mine. It is being overseen by an Independent Panel of Tanzanian experts taking an approach informed by principles of Tanzanian law, and with complainants having access to free and independent advice from local lawyers. The overall aim of the IGM is to promote reconciliation between the Williamson diamond mine, directly affected parties and the broader community by providing remedy to those individuals who have suffered severe human rights impacts. Petra Diamonds Limited (Petra) has agreed to fund the remedies determined by the IGM. On 28 November 2023, the IGM became operational with the commencement of the IGM\u2019s pilot phase. The pilot phase, which was completed in May 2024, has allowed the IGM\u2019s systems and procedures to be further developed and adjusted to take into account learnings. The Independent Panel (IP) has started making decisions on the merits of the cases considered during the pilot phase and the associated remedies for successful grievances. Registration of new grievances closed on 31 January 2024 and first remedy payments to claimants were made on 14 June 2024. Judgement has been applied by management in assessing the estimated future cost of remedies for successful grievances based on the outcome of claims investigated during the pilot phase. Management has assessed the results of these investigated claims and performed its own estimate based on calculations received from consultants. The estimate makes a number of different assumptions, including, amongst others, the categories of the grievances, the number of non-returning claimants, the success rates of the grievances and the settlement payment that apply to successful grievances due to, for example, limitation periods, contributory negligence, the involvement of the Tanzanian police, self-defence and a lack of supporting evidence. These estimates also do not make any allowance for non-financial remedies that the IP may award. The outcomes of the concluded cases, spread across all categories, have been extrapolated across the grievance population, based on the average claim settlement per category and the various categories of the grievances (nature of claims). Management\u2019s assessment resulted in estimated aggregate costs of US$6 million provided at Year End (2024: US$ 8 million). It is anticipated that the project will be concluded during the next financial year. Employee entitlements and other provisions The provisions relate to provision for an unfunded post-retirement medical fund, pension fund and retrenchment costs. Details in respect of the post-retirement medical and pension schemes and related key judgements and estimates are disclosed in notes 29 and 30. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-474": { "value": "Accounting policy\u2013 Decommissioning, mine closure and environmental rehabilitation The obligation to restore environmental damage caused through mining is raised as the relevant mining takes place. Assumptions are made as to the remaining life of existing operations based on the approved current mine plan and assessments of extensions to the mine plans to access resources in the Resources Statement that are considered sufficiently certain of extraction. Decommissioning and rehabilitation will generally occur on or after the closure of the mine, based on current legal requirements and existing technology. A rehabilitation provision is raised based on the present value of the estimated rehabilitation costs. These costs are included in the cost of the related asset. The capitalised assets are depreciated in accordance with the accounting policy for property, plant and equipment. Increases in the provision, as a result of the unwinding of discounting, are charged to the Consolidated Income Statement within finance expense. The cost of the ongoing programmes to prevent and control pollution, and ongoing rehabilitation costs of the Group\u2019s operations, is charged to profit and loss as incurred. Changes to the present value of the obligation due to changes in assumptions are recognised as adjustments to the provision together with an associated increase/(decrease) in the related rehabilitation asset. In circumstances where the rehabilitation asset has been fully amortised, reductions in the provision give rise to other direct income. Significant estimates and assumptions are made in determining the amount attributable to decommissioning and rehabilitation provisions. These deal with uncertainties such as the legal and regulatory framework, timing and future costs. In determining the amount attributable to decommissioning and rehabilitation provisions, management used a discount rate range of 10.0%\u201311.2% (2024: 6.8\u201312.1%), estimated decommissioning and rehabilitation timing of 10 to 19 years (2024: 6 to 20 years) and an inflation rate range of 7.5%\u20138.7% (2024: 4.0\u20139.6%). The Group estimates the cost of decommissioning and rehabilitation with reference to approved environmental plans. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-466": { "value": "Accounting policy\u2013 Decommissioning, mine closure and environmental rehabilitation The obligation to restore environmental damage caused through mining is raised as the relevant mining takes place. Assumptions are made as to the remaining life of existing operations based on the approved current mine plan and assessments of extensions to the mine plans to access resources in the Resources Statement that are considered sufficiently certain of extraction. Decommissioning and rehabilitation will generally occur on or after the closure of the mine, based on current legal requirements and existing technology. A rehabilitation provision is raised based on the present value of the estimated rehabilitation costs. These costs are included in the cost of the related asset. The capitalised assets are depreciated in accordance with the accounting policy for property, plant and equipment. Increases in the provision, as a result of the unwinding of discounting, are charged to the Consolidated Income Statement within finance expense. The cost of the ongoing programmes to prevent and control pollution, and ongoing rehabilitation costs of the Group\u2019s operations, is charged to profit and loss as incurred. Changes to the present value of the obligation due to changes in assumptions are recognised as adjustments to the provision together with an associated increase/(decrease) in the related rehabilitation asset. In circumstances where the rehabilitation asset has been fully amortised, reductions in the provision give rise to other direct income.
Significant estimates and assumptions are made in determining the amount attributable to decommissioning and rehabilitation
provisions. These deal with uncertainties such as the legal and regulatory framework, timing and future costs. In determining the
amount attributable to decommissioning and rehabilitation provisions, management used a discount rate range of 10.0%\u201311.2%
(2024: 6.8\u201312.1%), estimated decommissioning and rehabilitation timing of 10 to 19 years (2024: 6 to 20 years) and an inflation rate
range of 7.5%\u20138.7% (2024: 4.0\u20139.6%). The Group estimates the cost of decommissioning and rehabilitation with reference to
approved environmental plans.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-433": { "value": "
24. Deferred tax liabilities
Significant estimates and judgements related to deferred tax assets
Judgement is applied in making assumptions about recognition of deferred tax assets in respect of the timing and value of estimated future
taxable income and available tax losses, as well as the timing of rehabilitation costs and the availability of associated taxable income.
US$ million
2025
2024
Balance at the beginning of the year
50
82
Income statement credit
(47)
(34)
Foreign currency translation difference
\u2013
2
Balance at the end of the year
3
50
Deferred taxation comprises:
2025 2025
US$ million
Total
Recognised Unrecognised
Deferred tax liability
\u2013 Property, plant and equipment
103
103
\u2013
103
103
\u2013
Deferred tax asset
\u2013 Capital allowances
(78)
(76)
(2)
\u2013 Provisions and accruals
(27)
(23)
(4)
\u2013 Tax losses
(31)
(1)
(30)
(136)
(100)
(36)
Net deferred taxation (asset)/liability
(33)
3
(36)
2024 2024
US$ million
Total
Recognised Unrecognised
Deferred tax liability
\u2013 Property, plant and equipment
132
132
\u2013
132
132
\u2013
Deferred tax asset
\u2013 Capital allowances
(96)
(61)
(35)
\u2013 Provisions and accruals
(37)
(19)
(18)
\u2013 Tax losses
(73)
(2)
(71)
(206)
(82)
(124)
Net deferred taxation (asset)/liability
(74)
50
(124)
No deferred tax liabilities (2024: US$nil) have been recognised in relation to US$305 million (2024: US$310 million) of gross
temporary differences associated with investments in subsidiaries as the Company is able to control the timing and amount of
dividends from the related subsidiaries and there are no plans for future dividend payments and therefore it is probable that the
reversal of the related temporary differences will not occur in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-445": { "value": "24. Deferred tax liabilities Significant estimates and judgements related to deferred tax assets Judgement is applied in making assumptions about recognition of deferred tax assets in respect of the timing and value of estimated future taxable income and available tax losses, as well as the timing of rehabilitation costs and the availability of associated taxable income.
US$ million
2025
2024
Balance at the beginning of the year
50
82
Income statement credit
(47)
(34)
Foreign currency translation difference
\u2013
2
Balance at the end of the year
3
50
Deferred taxation comprises:
2025 2025
US$ million
Total
Recognised Unrecognised
Deferred tax liability
\u2013 Property, plant and equipment
103
103
\u2013
103
103
\u2013
Deferred tax asset
\u2013 Capital allowances
(78)
(76)
(2)
\u2013 Provisions and accruals
(27)
(23)
(4)
\u2013 Tax losses
(31)
(1)
(30)
(136)
(100)
(36)
Net deferred taxation (asset)/liability
(33)
3
(36)
2024 2024
US$ million
Total
Recognised Unrecognised
Deferred tax liability
\u2013 Property, plant and equipment
132
132
\u2013
132
132
\u2013
Deferred tax asset
\u2013 Capital allowances
(96)
(61)
(35)
\u2013 Provisions and accruals
(37)
(19)
(18)
\u2013 Tax losses
(73)
(2)
(71)
(206)
(82)
(124)
Net deferred taxation (asset)/liability
(74)
50
(124)
No deferred tax liabilities (2024: US$nil) have been recognised in relation to US$305 million (2024: US$310 million) of gross temporary differences associated with investments in subsidiaries as the Company is able to control the timing and amount of dividends from the related subsidiaries and there are no plans for future dividend payments and therefore it is probable that the reversal of the related temporary differences will not occur in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-409": { "value": "25. Share-based payments Accounting policies Employee and Director share schemes The Long Term incentive plan (LTIP) award fair value is measured annually at the date of grant with reference to the Company share price and award quantum. The amount recognised as an expense is then adjusted to reflect the final number of LTIPs which vest once the final performance conditions and weighted average share price are determined. Measurement of the expense is calculated on a straight-line basis (LTIP award multiplied by the vesting percentage, multiplied by the Company\u2019s share price, multiplied by the foreign exchange rate). Company schemes The total share-based payment charge of US$1 million (2024: US$1 million) for the Performance Share Plan (PSP) was charged to the Consolidated Income Statement. There was no charge for the LTIP share plan to the Consolidated Income Statement (2024: US$nil). Share grants to Directors and Senior Management: PSP and deferred awards The share-based payment awards are considered to be equity-settled, albeit they can be cash settled at the Company\u2019s option. The PSP granted during the current year comprised the PSP with duration from FY 2025 to FY 2027. The PSP granted during the current and prior year are as follows:
2025 2024 2024
PSP \u2013 market and non-market-based performance conditions (FY 2025\u2013FY 2027) (FY 2024\u2013FY 2026) (FY 2024\u2013FY 2026)
Grant date
27 September 2024
18 January 2024
19 October 2023
Share price at grant date (30-day VWAP)
27.1p
60.5p
51.9 p
Performance period
3 years
3 years
3 years
During the year, 8,281,632 (2024: 2,643,805 under the FY 2024\u2013FY 2026 PSP) PSP shares were awarded under the FY 2025\u2013 FY 2027 plan to Senior Management at a fair value price of 27.1 pence (2024: 66.98 pence). The awards were granted under the Company\u2019s 2021 PSP rules. The awards have no exercise price. Senior Management (LTIP) The LTIP scheme is a cash-based reward scheme with each LTIP unit equivalent in value to a Petra share award at time of vesting. Awards will vest with reference to set performance criteria covering a three-year measurement period. The LTIP scorecard includes a component measuring Petra\u2019s sustainability performance with a focus on GHG emission reduction efforts in support of the Group\u2019s FY 2030 GHG emission reduction target, as well as the Company\u2019s longer-term commitment to be net zero for Scope 1 and 2 emissions by 2050 while aspiring to reach this by 2040. Upon vesting, awards will be settled in cash. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-467": { "value": "Accounting policies Employee and Director share schemes The Long Term incentive plan (LTIP) award fair value is measured annually at the date of grant with reference to the Company share price and award quantum. The amount recognised as an expense is then adjusted to reflect the final number of LTIPs which vest once the final performance conditions and weighted average share price are determined. Measurement of the expense is calculated on a straight-line basis (LTIP award multiplied by the vesting percentage, multiplied by the Company\u2019s share price, multiplied by the foreign exchange rate). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-408": { "value": "
26. Related parties
Subsidiaries
Details of subsidiaries are disclosed in note 28.
Directors
Details relating to key management personnel (including Directors) are disclosed in note 9.
B-BBEE Partners and related party balances
Details relating to the Group\u2019s interests in its B-BBEE Partners are disclosed in note 14.
The Group\u2019s related party B-BBEE Partner, Kago Diamonds, and its gross interests in the mining operations of the Group are
disclosed in the table below.
Partner and respective Partner and respective
Mine interest as at 30 June 2025 interest as at 30 June 2024
Cullinan Mine
Kago Diamonds (14%)
Kago Diamonds (14%)
Finsch
Itumeleng Petra Diamonds
Itumeleng Petra Diamonds
Employee Trust (12%) Employee Trust (12%)
The non-current loans receivable, finance income and finance expense due from and due to the related party B-BBEE Partner and
other related parties are disclosed in the table below:
US$ million
2025
2024
Non-current receivable
Itumeleng Petra Diamonds Employee Trust
13
21
Kago Diamonds
14
21
27
42
Finance income
Itumeleng Petra Diamonds Employee Trust
3
2
Kago Diamonds
3
3
6
5
Dividend paid
Itumeleng Petra Diamonds Employee Trust
\u2013
\u2013
Kago Diamonds
\u2013
1
\u2013
1
Interest on the loans receivables is charged at South African JIBAR plus 5.25% (2024: South African JIBAR plus 5.25%).
Kago Diamonds is one of the B-BBEE Partners which obtained bank financing from the B-BBEE Lenders to acquire its interests in
Cullinan Mine and Finsch. Itumeleng Petra Diamonds Employee Trust holds investments in Petra Group\u2019s mining operations for the
benefit of the beneficiaries.
Impairment charged of US$23 million (2024: US$3 million) relating to the loans receivable from the Group\u2019s B-BBEE Partners.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-434": { "value": "26. Related parties Subsidiaries Details of subsidiaries are disclosed in note 28. Directors Details relating to key management personnel (including Directors) are disclosed in note 9. B-BBEE Partners and related party balances Details relating to the Group\u2019s interests in its B-BBEE Partners are disclosed in note 14. The Group\u2019s related party B-BBEE Partner, Kago Diamonds, and its gross interests in the mining operations of the Group are disclosed in the table below.
Partner and respective Partner and respective
Mine interest as at 30 June 2025 interest as at 30 June 2024
Cullinan Mine
Kago Diamonds (14%)
Kago Diamonds (14%)
Finsch
Itumeleng Petra Diamonds
Itumeleng Petra Diamonds
Employee Trust (12%) Employee Trust (12%)
The non-current loans receivable, finance income and finance expense due from and due to the related party B-BBEE Partner and other related parties are disclosed in the table below:
US$ million
2025
2024
Non-current receivable
Itumeleng Petra Diamonds Employee Trust
13
21
Kago Diamonds
14
21
27
42
Finance income
Itumeleng Petra Diamonds Employee Trust
3
2
Kago Diamonds
3
3
6
5
Dividend paid
Itumeleng Petra Diamonds Employee Trust
\u2013
\u2013
Kago Diamonds
\u2013
1
\u2013
1
Interest on the loans receivables is charged at South African JIBAR plus 5.25% (2024: South African JIBAR plus 5.25%). Kago Diamonds is one of the B-BBEE Partners which obtained bank financing from the B-BBEE Lenders to acquire its interests in Cullinan Mine and Finsch. Itumeleng Petra Diamonds Employee Trust holds investments in Petra Group\u2019s mining operations for the benefit of the beneficiaries. Impairment charged of US$23 million (2024: US$3 million) relating to the loans receivable from the Group\u2019s B-BBEE Partners.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-410": { "value": "
27. Notes to the cashflow statement
(a) Cash generated from operations
Re-presented
US$ million
2025
2024
Loss before taxation for the year from continuing and discontinued operations
(153)
(139)
Depreciation of property, plant and equipment
76
95
Amortisation of right-of-use asset
\u2013
1
Net impairment charge
130
75
Gain on extinguishment of Notes
(5)
(1)
Movement in provisions
(6)
(3)
Finance income
(28)
(21)
Finance expense
42
40
(Profit)/loss on sale of property, plant and equipment
\u2013
(1)
Non-cash items on discontinued operation
(33)
2
Share-based payment expense
1
1
Operating profit before working capital changes
24
49
Decrease/(increase) in trade and other receivables
15
(19)
Increase in trade and other payables
1
2
Decrease in inventories
12
35
Cash generated from operations
52
67
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-411": { "value": "29. Post retirement pension scheme The Company operates a defined benefit pension scheme and defined contribution pension scheme. The defined benefit scheme was acquired as part of the acquisitions of Cullinan Mine and Finsch and is closed to new members. The rules of the scheme do not currently indicate that surpluses will be allocated to the employer. Therefore, the Company has not recognised fund surpluses. Plan assets are therefore limited to the value of the funded obligations. All new employees are required to join the defined contribution scheme. The assets of the pension schemes are held separately from those of the Group\u2019s assets. Defined benefit scheme The defined benefit scheme, which is contributory for members, provides benefits based on final pensionable salary and contributions. The pension charge or income for the defined benefit scheme is assessed in accordance with the advice of a qualified actuary using the projected unit credit method.
US$ million
2025
2024
Defined benefit scheme
Defined benefit obligations
(8)
(8)
Plan assets
8
8
Plan assets
At 1 July
8
7
Return on plan assets \u2013 net of actuarial movements
1
1
Benefits paid to members
(1)
\u2013
At 30 June
8
8
Defined benefit obligations
At 1 July
(8)
(7)
Benefits paid to members`
1
\u2013
Finance expense
(1)
(1)
At 30 June
(8)
(8)
Effect of the asset ceiling
1
1
The previous statutory valuation showed that no further deficit funding was required from the employer.
US$ million
2025
2024
Estimation of future pension benefit payments (for the next 5 years)
Benefit payments 2026
\u2013
1
Benefit payments 2027
1
1
Benefit payments 2028
1
1
Benefit payments 2029
1
1
Benefit payments 2030
1
\u2013
Liabilities at fair market value at 30 June
4
4
30. Post-retirement medical fund The Group\u2019s post-retirement medical fund is unfunded and recognised as a liability on the Consolidated Statement of Financial Position within provisions. The scheme was acquired as part of the acquisitions of Cullinan Mine and Finsch and is closed to new members. The Group\u2019s post-employment healthcare liability consists of a commitment to pay a portion of the members\u2019 post-employment medical scheme contributions. This liability is also generated in respect of dependants who are offered continued membership of the medical scheme on the death of the primary member. Significant judgements and estimates relevant to medical funds The post-employment medical liability is annually calculated by a qualified actuary using the projected unit credit method. The most recent actuarial valuation was at 30 June 2025. Assumptions made in connection with the scheme valuation include the health care cost of inflation, the average yield of South African Government long-dated bonds and withdrawal rates and life expectancies.
US$ million
2025
2024
Unfunded post-retirement medical fund
Present value of post-employment medical liability
13
11
Movements in the present value of the post-retirement medical liability recognised in the Consolidated
Statement of Financial Position
Net liability for the post-retirement medical fund obligation as at 1 July
11
10
Net expense recognised in the income statement
2
1
Membership changes
\u2013
1
Benefit payments
\u2013
(1)
Net liability for post-employment medical care obligations at 30 June
13
11
The expense is recognised in the following line items in the income statement
Finance expense
2
1
Principal actuarial assumptions
Discount rate
11.2 %
12.4%
Health care cost inflation
6.6%
7.9%
Net discount rate
4.3%
4.1%
US$ million
2025
2024
Estimated future benefit payments (for the next 5 years)
The following future benefit payments, which reflect the expected future services, as appropriate,
are expected to be paid:
2026
\u2013
1
2027
1
1
2028
1
1
2029
1
1
2030
1
\u2013
4
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-468": { "value": "The Company operates a defined benefit pension scheme and defined contribution pension scheme. The defined benefit scheme was acquired as part of the acquisitions of Cullinan Mine and Finsch and is closed to new members. The rules of the scheme do not currently indicate that surpluses will be allocated to the employer. Therefore, the Company has not recognised fund surpluses. Plan assets are therefore limited to the value of the funded obligations. All new employees are required to join the defined contribution scheme. The assets of the pension schemes are held separately from those of the Group\u2019s assets. The Group\u2019s post-retirement medical fund is unfunded and recognised as a liability on the Consolidated Statement of Financial Position within provisions. The scheme was acquired as part of the acquisitions of Cullinan Mine and Finsch and is closed to new members. The Group\u2019s post-employment healthcare liability consists of a commitment to pay a portion of the members\u2019 post-employment medical scheme contributions. This liability is also generated in respect of dependants who are offered continued membership of the medical scheme on the death of the primary member. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-435": { "value": "
Defined benefit scheme
The defined benefit scheme, which is contributory for members, provides benefits based on final pensionable salary and contributions.
The pension charge or income for the defined benefit scheme is assessed in accordance with the advice of a qualified actuary using
the projected unit credit method.
US$ million
2025
2024
Defined benefit scheme
Defined benefit obligations
(8)
(8)
Plan assets
8
8
Plan assets
At 1 July
8
7
Return on plan assets \u2013 net of actuarial movements
1
1
Benefits paid to members
(1)
\u2013
At 30 June
8
8
Defined benefit obligations
At 1 July
(8)
(7)
Benefits paid to members`
1
\u2013
Finance expense
(1)
(1)
At 30 June
(8)
(8)
Effect of the asset ceiling
1
1
The previous statutory valuation showed that no further deficit funding was required from the employer.
US$ million
2025
2024
Estimation of future pension benefit payments (for the next 5 years)
Benefit payments 2026
\u2013
1
Benefit payments 2027
1
1
Benefit payments 2028
1
1
Benefit payments 2029
1
1
Benefit payments 2030
1
\u2013
Liabilities at fair market value at 30 June
4
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-475": { "value": "Financial assets Amortised cost These assets arise principally through the provision of goods and services to customers (eg trade receivables) but also incorporate other types of contractual monetary assets where the objective is to hold these assets in order to collect contractual cashflows and the contractual cashflows are solely payments of principal and interest. They are initially recognised at the fair value plus transaction costs that are directly attributable to the acquisition or issue and subsequently carried at amortised cost using the effective interest method, less provision for impairment. Impairment Impairment provisions for current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised within operating costs in the Consolidated Income Statement. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Impairment provisions/reversals for receivables from related parties, B-BBEE Partners and other third parties are recognised based on a forward-looking expected credit loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of the financial asset, 12-month expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised. The Group\u2019s financial assets measured at amortised cost comprise non-current receivables, trade and other receivables and cash and cash equivalents in the Consolidated Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-436": { "value": "
Other financial liabilities
Trade payables, other payables and leases
Trade payables, other payables and leases, which are initially recognised at fair value, are subsequently carried at amortised cost
using the effective interest rate method.
The other financial liabilities included in trade and other payables (which exclude taxation) are as follows:
Total Total
US$ million 2025 2024
Trade payables
12
48
Other payables (excluding taxation, VAT and derivatives)
27
33
Current lease liability
\u2013
4
Bank overdraft
\u2013
8
Non-current lease liability
2
21
41
114
The carrying values of other financial liabilities are denominated in the following currencies:
Total Total
US$ million 2025 2024
Pound Sterling
\u2013
14
South African Rand
40
30
EURO
1
\u2013
US Dollar
\u2013
70
41
114
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-446": { "value": "Interest-bearing borrowings Refer to note 19 for the Group\u2019s policy on interest-bearing borrowings. The details of the categories of financial instruments of the Group are as follows:
Total Total
US$ million 2025 2024
Financial assets
Held at amortised cost:
\u2013 Non-current trade and other receivables (excluding VAT)
44
47
\u2013 Trade receivables
14
35
\u2013 Other receivables (excluding taxation, prepayments and VAT)
1
15
\u2013 Cash and cash equivalents \u2013 unrestricted
34
28
\u2013 Cash and cash equivalents \u2013 restricted
3
1
Held at Fair value through profit and loss
\u2013 Environmental rehabilitation investment
1
5
97
131
Financial liabilities
Held at amortised cost:
\u2013 Non-current lease liability
2
21
\u2013 Non-current loans and borrowings
\u2013
246
\u2013 Current loans and borrowings
325
25
\u2013 Bank overdraft
\u2013
8
\u2013 Trade and other payables (excluding taxation, VAT and derivatives)
39
78
\u2013 Current lease liability
\u2013
4
366
382
There is no significant difference between the fair value of financial assets and other financial liabilities and the carrying values set out in the table above, noting that non-current loan receivables and payables bear interest. The loan notes are illiquid and trading at a significant discount to the face value of the loan notes. The planned refinancing of the loan notes will result in all notes being exchanged at par, with amended terms. The fair value is therefore considered to be equal to the amortised cost of the liability. The currency profile of the Group\u2019s financial assets and liabilities is as follows:
US$ million
Total 2025
Total 2024
Financial assets
Pound Sterling
1
1
South African Rand
42
62
US Dollar
54
68
97
131
Financial liabilities
Pound Sterling
1
11
South African Rand
139
54
US Dollar
226
317
366
382
Further quantitative information in respect of these risks is presented throughout these Consolidated Annual Financial Statements. Exposures to currency, liquidity, market price, credit and interest rate risk arise in the normal course of the Group\u2019s business. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. The Group uses financial instruments, in particular forward currency option contracts, to help manage foreign exchange risk. The Directors review and agree policies for managing each of these risks. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-447": { "value": "Credit risk A significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. A default on a financial asset is when the counterparty fails to make contractual payments within 60 days of when they fall due. The Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk, the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group sells its rough diamond production through a tender process on a recognised bourse. This mitigates the need to undertake credit evaluations. Where production is not sold on a tender basis, the Directors undertake suitable credit evaluations before passing ownership of the product. At the reporting date there were significant concentrations of credit risk in respect of the loans receivable. The maximum exposure to credit risk is represented by the carrying amount of the financial assets in the Consolidated Statement of Financial Position. The material financial assets are carried at amortised cost, with no indication of impairment. The Group considers the credit quality of loans and receivables to be good with expected losses incurred as disclosed in note 14. Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where loans or receivables have been written off, and in the absence of any mutual agreed settlement, the Group continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. The loans receivable represents those amounts receivable from the Group\u2019s B-BBEE Partners (Kago Diamonds and the IPDET) in respect of advances historically provided to the Group\u2019s B-BBEE Partners to enable them to discharge interest and capital commitments under the B-BBEE Lender facilities, advances to the B-BBEE Partners to enable trickle payment distributions to both Kago Diamonds shareholders and to the beneficiaries of the IPDET (Petra Directors and Senior Managers do not qualify as beneficiaries under the IPDET Trust Deed). These receivables, including interest raised, will be recoverable from the B-BBEE Partners\u2019 share of future cashflows from the underlying mining operations, Cullinan Mine and Finsch. The Group applies the expected lifetime credit loss model to the loans receivable. In determining the extent to which expected credit losses may apply, the Group assesses the future free cashflows to be generated by its mining operations, Cullinan Mine and Finsch. In the estimation of these future cashflows, management are required to consider available reasonable and supportive forwarding- looking information relating to reserves and resources, assumptions related to exchange rates, rough diamond and other commodity prices, extraction costs and recovery and production rates. Any such estimates and assumptions may change as new information becomes available. Changes in exchange rates, rough diamond and commodity prices, extraction and recovery costs and production rates may change the economic viability of ore reserves and resources and may ultimately result in a significant increase in credit risk related to the loans receivable. During the Year, Management revised its estimation technique to incorporate additional factors around: Diamond prices, the ability to refinance the Group\u2019s debt which matures in FY2026, Production and all other residual risks. The impact of this change resulted in an increase in the loss allowance for FY2025 of circa US$6 million. Based on the assessment, an expected credit loss provision of US$23 million (2024: US$3 million) has been recognised in the Consolidated Income Statement for the year. The loss allowance for the BEE and Other receivables as at 30 June 2024 and 30 June 2025 reconciles as follows:
BEE Other
US$ million receivables
receivables
Total
Opening loss allowance at 1 July 2023
5
\u2013
5
Allowance for the year
3
\u2013
3
Translation differences
(1)
\u2013
(1)
Loss allowance at 30 June 2024
7
\u2013
7
Allowance for the year
22
1
23
Translation differences
1
\u2013
1
Loss allowance at 30 June 2025
30
1
31
Group cash balances are deposited with reputable banking institutions within the countries in which it operates. Excess cash is held in overnight call accounts and term deposits ranging from seven to 30 days. Refer to notes 18 for environmental rehabilitation investment secured in respect of rehabilitation obligations. At Year End the Group had no undrawn borrowing facilities (2024: US$72 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-437": { "value": "Credit risk A significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. A default on a financial asset is when the counterparty fails to make contractual payments within 60 days of when they fall due. The Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk, the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group sells its rough diamond production through a tender process on a recognised bourse. This mitigates the need to undertake credit evaluations. Where production is not sold on a tender basis, the Directors undertake suitable credit evaluations before passing ownership of the product. At the reporting date there were significant concentrations of credit risk in respect of the loans receivable. The maximum exposure to credit risk is represented by the carrying amount of the financial assets in the Consolidated Statement of Financial Position. The material financial assets are carried at amortised cost, with no indication of impairment. The Group considers the credit quality of loans and receivables to be good with expected losses incurred as disclosed in note 14. Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where loans or receivables have been written off, and in the absence of any mutual agreed settlement, the Group continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. The loans receivable represents those amounts receivable from the Group\u2019s B-BBEE Partners (Kago Diamonds and the IPDET) in respect of advances historically provided to the Group\u2019s B-BBEE Partners to enable them to discharge interest and capital commitments under the B-BBEE Lender facilities, advances to the B-BBEE Partners to enable trickle payment distributions to both Kago Diamonds shareholders and to the beneficiaries of the IPDET (Petra Directors and Senior Managers do not qualify as beneficiaries under the IPDET Trust Deed). These receivables, including interest raised, will be recoverable from the B-BBEE Partners\u2019 share of future cashflows from the underlying mining operations, Cullinan Mine and Finsch. The Group applies the expected lifetime credit loss model to the loans receivable. In determining the extent to which expected credit losses may apply, the Group assesses the future free cashflows to be generated by its mining operations, Cullinan Mine and Finsch. In the estimation of these future cashflows, management are required to consider available reasonable and supportive forwarding- looking information relating to reserves and resources, assumptions related to exchange rates, rough diamond and other commodity prices, extraction costs and recovery and production rates. Any such estimates and assumptions may change as new information becomes available. Changes in exchange rates, rough diamond and commodity prices, extraction and recovery costs and production rates may change the economic viability of ore reserves and resources and may ultimately result in a significant increase in credit risk related to the loans receivable. During the Year, Management revised its estimation technique to incorporate additional factors around: Diamond prices, the ability to refinance the Group\u2019s debt which matures in FY2026, Production and all other residual risks. The impact of this change resulted in an increase in the loss allowance for FY2025 of circa US$6 million. Based on the assessment, an expected credit loss provision of US$23 million (2024: US$3 million) has been recognised in the Consolidated Income Statement for the year. The loss allowance for the BEE and Other receivables as at 30 June 2024 and 30 June 2025 reconciles as follows:
BEE Other
US$ million receivables
receivables
Total
Opening loss allowance at 1 July 2023
5
\u2013
5
Allowance for the year
3
\u2013
3
Translation differences
(1)
\u2013
(1)
Loss allowance at 30 June 2024
7
\u2013
7
Allowance for the year
22
1
23
Translation differences
1
\u2013
1
Loss allowance at 30 June 2025
30
1
31
Group cash balances are deposited with reputable banking institutions within the countries in which it operates. Excess cash is held in overnight call accounts and term deposits ranging from seven to 30 days. Refer to notes 18 for environmental rehabilitation investment secured in respect of rehabilitation obligations. At Year End the Group had no undrawn borrowing facilities (2024: US$72 million). Foreign exchange risk Foreign exchange risk arises because the Group has operations located in parts of the world where the functional currency is not US Dollars. The Group\u2019s net assets arising from its foreign operations are exposed to currency risk resulting in gains and losses on translation into US Dollars. Foreign exchange risk also arises when individual Group operations enter into transactions denominated in a currency other than their functional currency. The policy of the Group is, where possible, to allow Group entities to settle liabilities denominated in their local currency with the cash generated from their own operations in that currency, having converted US Dollar diamond revenues to local currencies. In the case of the funding of non-current assets, such as projects to expand productive capacity entailing material levels of capital expenditure, the central Group treasury function will assist the foreign operation to obtain matching funding in the functional currency of that operation and shall provide additional funding where required. The currency in which the additional funding is provided is determined by taking into account the following factors: \u2022 The currency in which the revenue expected to be generated from the commissioning of the capital expenditure will be denominated \u2022 The degree to which the currency in which the funding is provided is a currency normally used to effect business transactions in the business environment in which the foreign operation conducts business \u2022 The currency of any funding derived by the Company for onward funding to the foreign operation and the degree to which it is considered necessary to hedge the currency risk of the Company represented by such derived funding The sensitivity analysis to foreign currency rate changes is as follows:
30 June 2025
US$
Year-end Year-end strengthens US$
US$ million US$ rate amount 10% weakens 10%
Financial assets
South African Rand
0.0563
51
48
54
US Dollar
1.0000
16
16
16
67
64
70
Financial liabilities
Pound Sterling
0.7282
1
1
1
South African Rand
0.0563
139
136
140
US Dollar
1.0000
226
225
226
366
362
367
30 June 2024
US$
Year-end Year-end strengthens US$
US$ million US$ rate amount 10% weakens 10%
Financial assets
Pound Sterling
0.7910
1
1
1
South African Rand
0.0550
71
63
73
US Dollar
1.0000
68
69
69
140
133
143
Financial liabilities
Pound Sterling
0.7910
14
13
15
South African Rand
0.0550
54
48
59
US Dollar
1.0000
317
317
317
385
378
391
The tables above reflect the impact of a 10% cumulative currency movement over the next 12 months and are shown for illustrative purposes. Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital, capital expenditure, finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations and when necessary will seek to raise funds through the issue of shares and/or debt. It is the policy of the Group to ensure that it will always have sufficient cash to allow it to meet its liabilities when they fall due. To achieve this, the Group maintains cash balances and funding facilities at levels considered appropriate to meet ongoing obligations. Cashflow is monitored on a regular basis. The maturity analysis of the actual cash payments due in respect of loans and borrowings is set out in the table below. The maturity analysis of trade and other payables is in accordance with those terms and conditions agreed between the Group and its suppliers. For trade and other payables, payment terms are 30 days, provided all terms and conditions have been complied with. Maturity analysis The below maturity analysis reflects cash and cash equivalents and loans and borrowings based on actual cashflows rather than carrying values.
30 June 2025
3 months
US$ million
Notes
Interest rate
Total
or less
3\u20136 months
6\u201312 months
1\u20132 years
2\u20135 years
Cash
Cash \u2013 unrestricted
19
0.1\u2013 5.1%
34
34
\u2013
\u2013
\u2013
\u2013
Cash \u2013 restricted
19
0.1\u20135.1%
3
3
\u2013
\u2013
\u2013
\u2013
Total cash
37
37
\u2013
\u2013
\u2013
\u2013
Loans and borrowings
Bank loan \u2013 secured
19
11.25%
105
3
3
99
\u2013
\u2013
Trade payables
22
\u2013
12
12
\u2013
\u2013
\u2013
\u2013
Senior secured second
lien notes
19
9.75%
237
\u2013
11
226
\u2013
\u2013
Cashflow of loans
and borrowings
354
15
14
325
\u2013
\u2013
30 June 2024
3 months
US$ million
Notes
Interest rate
Total
or less
3\u20136 months
6\u201312 months
1\u20132 years
2\u20135 years
Cash
Cash \u2013 unrestricted
17
0.1\u2013 5 .1%
28
28
\u2013
\u2013
\u2013
\u2013
Cash \u2013 restricted
17
0.1\u20135.1%
1
1
\u2013
\u2013
\u2013
\u2013
Total cash
29
29
\u2013
\u2013
\u2013
\u2013
Loans and borrowings
Bank loan \u2013 secured
19
12.38%
30
\u2013
1
1
28
\u2013
Trade payables
22
\u2013
48
48
\u2013
\u2013
\u2013
\u2013
Bank overdraft
17
5.00\u20139.00%
8
8
\u2013
\u2013
\u2013
\u2013
Senior secured second
lien notes
19
9.75%
294
\u2013
12
12
270
\u2013
Lease liabilities
11
5.98%
31
2
1
3
6
19
Cashflow of loans
and borrowings
411
58
14
16
304
19
Interest rate risk The Group has borrowings that incur interest at fixed and floating rates. The Group\u2019s fixed rate borrowings comprise the senior secured second lien notes which incur interest at a fixed interest rate of 9.75%. Management constantly monitors the floating interest rates so that action can be taken should it be considered necessary. Management considered the impact of a change in the floating interest rate to the Group\u2019s financial results as the quantum of borrowings at floating rates is US$99 million (2024: US$25 million). The impact of a 100 basis point increase/decrease in the rate would result in a financial loss/gain of US$1 million (2024: US$nil). Other market price risk The Group predominantly generates revenue from the sale of rough and polished diamonds, as well as occasionally from polished stones. The significant number of variables involved in determining the selling prices of rough diamonds, such as the uniqueness of each individual rough stone, the content of the rough diamond parcel and the ruling US$/ZAR spot rate at the date of sale, makes it difficult to accurately extrapolate the impact the fluctuations in diamond prices would have on the Group\u2019s revenue. Capital disclosures Capital is defined by the Group to be the capital and reserves attributable to equity holders of the parent company. The Group\u2019s objectives when maintaining capital are: \u2022 To safeguard the ability of the entity to continue as a going concern \u2022 To provide an adequate return to shareholders The Group monitors capital on the basis of the consolidated debt to equity ratio. This ratio is calculated as net debt to equity. Net debt is calculated as US$ Loan Notes (less transaction costs), bank loans and borrowings less restricted and unrestricted cash and cash equivalents (as defined by the RCF agreement) and bank overdraft. Equity comprises all components of equity attributable to equity holders of the parent company. The debt to equity ratios at 30 June 2025 and 30 June 2024 are as follows:
Represented
US$ million
2025
2024
Total debt
325
271
Net cash and cash equivalents
(37)
(21)
Net debt
288
250
Diamond debtors
(12)
(30)
Environmental rehabilitation investment (restricted)
(15)
(19)
Consolidated net debt
261
201
Total equity attributable to equity holders of the parent company
93
201
Net debt to equity ratio
2.81:1
1.00:1
The Group manages its capital structure by the issue of Ordinary Shares, raising debt finance where appropriate and managing Group cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-438": { "value": "Derivatives The fair values of derivatives are recorded on the Consolidated Statement of Financial Position within \u2018Trade and other receivables\u2019 or \u2018Trade and other payables\u2019. Derivatives are classified as current or non-current depending on the date of expected settlement of the derivative. The Group utilises derivative instruments to manage certain market risk exposures. The Group does not use derivative financial instruments for speculative purposes; however, it may choose not to designate certain derivatives as hedges for accounting purposes. Such derivatives are classified as \u2018non-hedges\u2019 and fair value movements are recorded in the Consolidated Income Statement. At Year End the Group had a derivative asset of US$ 5 million (2024: US$3 million asset) recognised in the Consolidated Statement of Financial Position and a net realised foreign exchange gain of US$6 million (2024: US$5 million gain) and an unrealised foreign exchange gain of US$8 million (2024: US$3 million gain) recognised in the Consolidated Income Statement. The use of derivative instruments is subject to limits and the positions are regularly monitored and reported to the Board. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-448": { "value": "Foreign exchange risk Foreign exchange risk arises because the Group has operations located in parts of the world where the functional currency is not US Dollars. The Group\u2019s net assets arising from its foreign operations are exposed to currency risk resulting in gains and losses on translation into US Dollars. Foreign exchange risk also arises when individual Group operations enter into transactions denominated in a currency other than their functional currency. The policy of the Group is, where possible, to allow Group entities to settle liabilities denominated in their local currency with the cash generated from their own operations in that currency, having converted US Dollar diamond revenues to local currencies. In the case of the funding of non-current assets, such as projects to expand productive capacity entailing material levels of capital expenditure, the central Group treasury function will assist the foreign operation to obtain matching funding in the functional currency of that operation and shall provide additional funding where required. The currency in which the additional funding is provided is determined by taking into account the following factors: \u2022 The currency in which the revenue expected to be generated from the commissioning of the capital expenditure will be denominated \u2022 The degree to which the currency in which the funding is provided is a currency normally used to effect business transactions in the business environment in which the foreign operation conducts business \u2022 The currency of any funding derived by the Company for onward funding to the foreign operation and the degree to which it is considered necessary to hedge the currency risk of the Company represented by such derived funding The sensitivity analysis to foreign currency rate changes is as follows:
30 June 2025
US$
Year-end Year-end strengthens US$
US$ million US$ rate amount 10% weakens 10%
Financial assets
South African Rand
0.0563
51
48
54
US Dollar
1.0000
16
16
16
67
64
70
Financial liabilities
Pound Sterling
0.7282
1
1
1
South African Rand
0.0563
139
136
140
US Dollar
1.0000
226
225
226
366
362
367
30 June 2024
US$
Year-end Year-end strengthens US$
US$ million US$ rate amount 10% weakens 10%
Financial assets
Pound Sterling
0.7910
1
1
1
South African Rand
0.0550
71
63
73
US Dollar
1.0000
68
69
69
140
133
143
Financial liabilities
Pound Sterling
0.7910
14
13
15
South African Rand
0.0550
54
48
59
US Dollar
1.0000
317
317
317
385
378
391
The tables above reflect the impact of a 10% cumulative currency movement over the next 12 months and are shown for illustrative purposes.
Interest rate risk
The Group has borrowings that incur interest at fixed and floating rates. The Group\u2019s fixed rate borrowings comprise the senior
secured second lien notes which incur interest at a fixed interest rate of 9.75%. Management constantly monitors the floating interest
rates so that action can be taken should it be considered necessary. Management considered the impact of a change in the floating
interest rate to the Group\u2019s financial results as the quantum of borrowings at floating rates is US$99 million (2024: US$25 million).
The impact of a 100 basis point increase/decrease in the rate would result in a financial loss/gain of US$1 million (2024: US$nil).
Other market price risk
The Group predominantly generates revenue from the sale of rough and polished diamonds, as well as occasionally from polished
stones. The significant number of variables involved in determining the selling prices of rough diamonds, such as the uniqueness
of each individual rough stone, the content of the rough diamond parcel and the ruling US$/ZAR spot rate at the date of sale,
makes it difficult to accurately extrapolate the impact the fluctuations in diamond prices would have on the Group\u2019s revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-449": { "value": "Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital, capital expenditure, finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations and when necessary will seek to raise funds through the issue of shares and/or debt. It is the policy of the Group to ensure that it will always have sufficient cash to allow it to meet its liabilities when they fall due. To achieve this, the Group maintains cash balances and funding facilities at levels considered appropriate to meet ongoing obligations. Cashflow is monitored on a regular basis. The maturity analysis of the actual cash payments due in respect of loans and borrowings is set out in the table below. The maturity analysis of trade and other payables is in accordance with those terms and conditions agreed between the Group and its suppliers. For trade and other payables, payment terms are 30 days, provided all terms and conditions have been complied with. Maturity analysis The below maturity analysis reflects cash and cash equivalents and loans and borrowings based on actual cashflows rather than carrying values.
30 June 2025
3 months
US$ million
Notes
Interest rate
Total
or less
3\u20136 months
6\u201312 months
1\u20132 years
2\u20135 years
Cash
Cash \u2013 unrestricted
19
0.1\u2013 5.1%
34
34
\u2013
\u2013
\u2013
\u2013
Cash \u2013 restricted
19
0.1\u20135.1%
3
3
\u2013
\u2013
\u2013
\u2013
Total cash
37
37
\u2013
\u2013
\u2013
\u2013
Loans and borrowings
Bank loan \u2013 secured
19
11.25%
105
3
3
99
\u2013
\u2013
Trade payables
22
\u2013
12
12
\u2013
\u2013
\u2013
\u2013
Senior secured second
lien notes
19
9.75%
237
\u2013
11
226
\u2013
\u2013
Cashflow of loans
and borrowings
354
15
14
325
\u2013
\u2013
30 June 2024
3 months
US$ million
Notes
Interest rate
Total
or less
3\u20136 months
6\u201312 months
1\u20132 years
2\u20135 years
Cash
Cash \u2013 unrestricted
17
0.1\u2013 5 .1%
28
28
\u2013
\u2013
\u2013
\u2013
Cash \u2013 restricted
17
0.1\u20135.1%
1
1
\u2013
\u2013
\u2013
\u2013
Total cash
29
29
\u2013
\u2013
\u2013
\u2013
Loans and borrowings
Bank loan \u2013 secured
19
12.38%
30
\u2013
1
1
28
\u2013
Trade payables
22
\u2013
48
48
\u2013
\u2013
\u2013
\u2013
Bank overdraft
17
5.00\u20139.00%
8
8
\u2013
\u2013
\u2013
\u2013
Senior secured second
lien notes
19
9.75%
294
\u2013
12
12
270
\u2013
Lease liabilities
11
5.98%
31
2
1
3
6
19
Cashflow of loans
and borrowings
411
58
14
16
304
19
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-450": { "value": "
Capital disclosures
Capital is defined by the Group to be the capital and reserves attributable to equity holders of the parent company. The Group\u2019s
objectives when maintaining capital are:
\u2022 To safeguard the ability of the entity to continue as a going concern
\u2022 To provide an adequate return to shareholders
The Group monitors capital on the basis of the consolidated debt to equity ratio. This ratio is calculated as net debt to equity.
Net debt is calculated as US$ Loan Notes (less transaction costs), bank loans and borrowings less restricted and unrestricted cash
and cash equivalents (as defined by the RCF agreement) and bank overdraft. Equity comprises all components of equity attributable
to equity holders of the parent company.
The debt to equity ratios at 30 June 2025 and 30 June 2024 are as follows:
Represented
US$ million
2025
2024
Total debt
325
271
Net cash and cash equivalents
(37)
(21)
Net debt
288
250
Diamond debtors
(12)
(30)
Environmental rehabilitation investment (restricted)
(15)
(19)
Consolidated net debt
261
201
Total equity attributable to equity holders of the parent company
93
201
Net debt to equity ratio
2.81:1
1.00:1
The Group manages its capital structure by the issue of Ordinary Shares, raising debt finance where appropriate and managing
Group cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-412": { "value": "32. Segment information Segment information is presented in respect of the Group\u2019s operating and geographical segments: \u2022 Mining \u2013 the extraction and sale of rough diamonds from mining operations in South Africa and Tanzania \u2022 Corporate \u2013 administrative activities in the United Kingdom \u2022 Beneficiation \u2013 beneficiation activities in South Africa Segments are based on the Group\u2019s management and internal reporting structure. Management reviews the Group\u2019s performance by reviewing the results of the mining activities in South Africa and Tanzania, and reviewing the corporate administration expenses in the United Kingdom. Each segment derives, or aims to derive, its revenue from diamond mining and diamond sales, except for the United Kingdom corporate and administration cost centre. During the year, the Group classified its Williamson operation as a discontinued operation in accordance with IFRS 5. Following this classification, the Chief Operating Decision Maker (CODM) no longer reviews its financial performance separately. Accordingly, the results of the discontinued operation have been excluded from the segment information presented below, which reflects only the Group\u2019s continuing operations. Two customers individually contributed 10% or more to total revenue, amounting to US$94 million from all mining operations and these two customers accounted for revenue of US$51 million and US$43 million in the year (2024: US$78 million and US$48 million). The Group\u2019s non-current assets located in South Africa are US$402 million (2024: US$549 million) and in Tanzania are US$nil (2024: US$57 million) following the disposal of Williamson in May 2025. The Group\u2019s property, plant and equipment included in non-current assets located in South Africa are US$521 million (2024: US$685 million) and in Tanzania are US$nil (2024: US$87 million) following the disposal of Williamson in May 2025.
Tanzania \u2013 United
South Africa \u2013 mining activities mining activities Kingdom South Africa
Corporate
Operating segments Cullinan Mine Finsch
Koffiefontein
5
Williamson
6
and treasury
Beneficiation
4
Inter-segment Consolidated
US$ million 2025 2025 2025 2025 2025 2025 2025 2025
Revenue
137
70
\u2013
\u2013
\u2013
\u2013
\u2013
207
Segment result
1
(12)
(36)
\u2013
\u2013
(10)
\u2013
\u2013
(58)
Impairment charge \u2013 property,
plant and equipment and other
receivables
(70)
(37)
\u2013
\u2013
(23)
\u2013
\u2013
(130)
Other direct income
\u2013
6
\u2013
\u2013
\u2013
\u2013
\u2013
6
Operating loss
2
(82)
(67)
\u2013
\u2013
(33)
\u2013
\u2013
(182)
Financial income
28
Financial expense
(42)
Gain on extinguishment of
Notes net of unamortised costs
5
Income tax charge
37
Profit on discontinued operation
including associated impairment
charges (net of tax)
38
Non-controlling interest
30
Loss attributable to equity
holders of the parent company
(86)
Segment assets
3
314
151
\u2013
\u2013
3,366
\u2013
(3,292)
539
Segment liabilities
3
359
151
\u2013
\u2013
2,192
8
(2,264)
446
Cash flow from
operating activities
40
(7)
\u2013
\u2013
\u2013
\u2013
\u2013
33
Capital expenditure
36
27
\u2013
\u2013
1
\u2013
\u2013
64
1. Total depreciation of US$76 million included in the segmental result comprises depreciation incurred at the Cullinan Mine of US$44 million, Finsch of US$31 million and Corporate and treasury of US$1 million. 2. Operating profit/(loss) is equivalent to revenue of US$207 million less total costs of US$400 million as disclosed in the Consolidated Income Statement. 3. Segment assets and liabilities include inter-company receivables and payables which are eliminated on consolidation. 4. The beneficiation segment represents Tarorite, a cutting and polishing business in South Africa, which can on occasion cut and polish select rough diamonds. Current year segment result is the inventory adjustment (note 17). 5. The operating results of Koffiefontein are included under lprofit on discontinued operation including associated impairment (net of tax) as the operation has been disposed effective 18 October 2024. 6. Williamson results are included under profit on discontinued operation including associated impairment (net of tax) as the operation has been disposed effective 14 May 2025.
Tanzania \u2013 United
South Africa \u2013 mining activities mining activities Kingdom South Africa
Corporate
Operating segments Re-presented Cullinan Mine Finsch
Koffiefontein
5
Williamson
6
and treasury
Beneficiation
4
Inter-segment Consolidated
US$ million 2024 2024 2024 2024 2024 2024 2024 2024
Revenue
190
120
\u2013
\u2013
\u2013
\u2013
\u2013
310
Segment result
1
22
(21)
\u2013
\u2013
(14)
\u2013
(3)
(16)
Impairment charge \u2013 property,
plant and equipment and other
receivables
(33)
(45)
\u2013
\u2013
(3)
(1)
\u2013
(82)
Other direct income
1
1
\u2013
\u2013
\u2013
\u2013
\u2013
2
Operating loss
2
(10)
(65)
\u2013
\u2013
(17)
(1)
(3)
(96)
Financial income
21
Financial expense
(40)
Gain on extinguishment of
Notes net of unamortised costs
1
Income tax charge
32
Loss on discontinued operation
including associated impairment
charges (net of tax)
(25)
Non-controlling interest
21
Loss attributable to equity
holders of the parent company
(86)
Segment assets
3
395
199
1
87
3,159
5
(3,074)
772
Segment liabilities
3
349
153
57
114
2,049
7
(2,174)
555
Cash flow from operating
activities
68
12
\u2013
(7)
(3)
\u2013
\u2013
70
Capital expenditure
48
25
\u2013
10
1
\u2013
\u2013
84
1. Total depreciation of US$90 million included in the segmental result comprises depreciation incurred at the Cullinan mine of US$45 million, Finsch mine of US$30 million,
Williamson of US$14 million and Corporate and treasury of US$1 million.
2. Operating profit/(loss) is equivalent to revenue of US$310 million less total costs of US$406 million as disclosed in the Consolidated Income Statement.
3. Segment assets and liabilities include inter-company receivables and payables which are eliminated on consolidation.
4. The beneficiation segment represents Tarorite, a cutting and polishing business in South Africa, which can on occasion cut and polish select rough diamonds.
5. The operating results of Koffiefontein are included under loss on discontinued operation including associated impairment (net of tax) as the operation has been placed on permanent
care and maintenance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-469": { "value": "Segment information is presented in respect of the Group\u2019s operating and geographical segments: \u2022 Mining \u2013 the extraction and sale of rough diamonds from mining operations in South Africa and Tanzania \u2022 Corporate \u2013 administrative activities in the United Kingdom \u2022 Beneficiation \u2013 beneficiation activities in South Africa Segments are based on the Group\u2019s management and internal reporting structure. Management reviews the Group\u2019s performance by reviewing the results of the mining activities in South Africa and Tanzania, and reviewing the corporate administration expenses in the United Kingdom. Each segment derives, or aims to derive, its revenue from diamond mining and diamond sales, except for the United Kingdom corporate and administration cost centre. During the year, the Group classified its Williamson operation as a discontinued operation in accordance with IFRS 5. Following this classification, the Chief Operating Decision Maker (CODM) no longer reviews its financial performance separately. Accordingly, the results of the discontinued operation have been excluded from the segment information presented below, which reflects only the Group\u2019s continuing operations. Two customers individually contributed 10% or more to total revenue, amounting to US$94 million from all mining operations and these two customers accounted for revenue of US$51 million and US$43 million in the year (2024: US$78 million and US$48 million). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-413": { "value": "33. Discontinued operations A component of the Group should be classified as a discontinued operation when it has been disposed of, or abandoned, and represents a separate major line of business or geographical area of operations. Significant accounting policies relevant to non-current assets held for sale and discontinued operations A component of the Group should be classified as a discontinued operation when it has been disposed of, or abandoned, and represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. The Group designates the results of discontinued activities, separately and reclassifies the results of the operation in the comparative period from continuing to discontinued operations. The Group does not consider mines held on care and maintenance to be discontinued activities unless the mine is abandoned and the discontinued criteria are met. The results of discontinued operations are presented separately in the Consolidated Income Statement. This classification as a discontinued operation was applied to Koffiefontein and Williamson mines at 30 June 2025 as both operations were sold during the Year. Unrealised foreign exchange gains and losses on historical retranslation of the subsidiaries\u2019 results into US Dollars are recycled to the consolidated income statement upon completion of the disposal. The non-controlling interest attributable to minority shareholders is recycled to the consolidated income statement upon completion of the disposal. The Group designates the results of discontinued activities, including those of disposed subsidiaries, separately in accordance with IFRS and reclassifies the results of the operation in the comparative period from continuing to discontinued operations. The Group does not consider mines held on care and maintenance to be discontinued activities unless the mine is abandoned. Profit/(loss) on discontinued operations:
Total Total
US$ million 2025 2024
Williamson operation (note 33 (a))
26
\u2013
Koffiefontein operation (note 33 (b))
12
(3)
38
(3)
(a)\u2002Disposal of Williamson At 31 December 2024, the Board reviewed its strategic options at Williamson and the asset was classified as an asset held for sale. On 22 January 2025 the Company announced that it had entered into an agreement to sell its entire shareholding in the entity that holds Petra's interest in Williamson, together with all the shareholder loans such entity owes Petra, to Pink Diamonds Investments Limited (Pink Diamonds) for a headline consideration of up to US$16 million. Management has concluded that the collectability of the contingent consideration is uncertain and therefore recognition of the consideration has been deferred until the uncertainty is resolved. The fair value of the contingent consideration has been assessed to be nil, as the key assumption made in deriving that estimate is the probablility of the mine making the required level of profit in future periods being remote. In May 2025, the Group disposed of its entire interest in Williamson, including any rights in respect of Parcel 1 and related claims against the Government of Tanzania. As a result, no assets or liabilities related to Williamson remains on the Group\u2019s balance sheet at 30 June 2025. The transaction was completed during May 2025. Effect of the transaction The transaction had the following effect on the Group\u2019s assets and liabilities (a) (i) Net liabilities of Williamson:
US$ million
2025
Mining property, plant and equipment
30
Right-of-use asset
17
Non-current trade and other receivables
2
Trade and other receivables
16
Inventory
5
Assets disposed (other than cash)
70
Environmental liabilities
8
Provisions
22
Deferred tax
1
Lease liabilities
20
Trade and other payables
43
Bank overdraft
9
Liabilities disposed
103
Net liabilities disposed
33
(a) (ii) Post-tax gain on disposal of Williamson:
US$ million
2025
Net liabilities disposed of
33
Less: other costs related to the disposal of Williamson
\u2013
Gain on disposal of discontinued operation
33
Consideration received
1
\u2013
Less: cash and cash equivalents disposed
\u2013
Gain on disposal before tax
33
Tax
\u2013
Gain on disposal, net of tax
33
1. Deferred consideration receivable is $16 million. At 30 June 2025, management concluded that the fair value of the consideration receivable cannot be reliably measured and
accordingly the fair value is nil.
(a) (iii) Result of Williamson:
1 July 2024\u2013 1 July 2023\u2013
US$ million 14 May 2025 30 June 2024
Revenue
54
57
Cost of sales
(60)
(79)
Gross loss
(6)
(22)
Impairment reversal \u2013 other receivables
2
7
Gain on disposal (refer to a(ii) above)
33
\u2013
Financial expense
(3)
(6)
Profit/(loss) before tax
26
(21)
Income tax charge
\u2013
(1)
Net profit/(loss) for the year
26
(22)
Attributable to:
Equity holders of the parent
26
(22)
Non-controlling interest
\u2013
\u2013
26
(22)
1 July 2024\u2013 1 July 2023\u2013
US$ million 14 May 2025 30 June 2024
Operating activities
13
8
Investing activities
(9)
(10)
Financing activities
(5)
(6)
(1)
(8)
Above cash flows for Williamson are included within the group cash flow statement.
b)\u2002Disposal of Koffiefontein
During FY 2023 Management took the decision to put the Koffiefontein mine on care and maintenance. In the current financial year,
Petra entered into a definitive sale agreement for the sale of Koffiefontein.
On 7 October 2024, the Company announced that unconditional consent in terms of section 11 of the Mineral and Petroleum
Resources Development Act, No. 28 of 2002 had been granted for the sale of the entire issued share capital of Blue Diamond Mines
(Pty) Ltd to Koffiefontein Holdings (Pty) Ltd, an affiliate of the Stargems Group.
Effect of the transaction
The transaction had the following effect on the Group\u2019s assets and liabilities
(b) (i) Net liabilities of Koffiefontein:
US$ million
2025
Provisions and trade payables
23
Net liabilities disposed (other than cash)
23
(b) (ii) Post-tax gain on disposal of Koffiefontein:
US$ million
2025
Net liabilities disposed of
23
Add: foreign currency translation recycled on disposal
31
Less: non-controlling interest derecognised
(41)
Less: other costs related to the disposal of Koffiefontein
(1)
Gain on disposal of discontinued operation
12
Less: cash and cash equivalents disposed
\u2013
Gain on disposal, net of tax
12
(b) (iii) Result of Koffiefontein:
1 July 2024\u2013 1 July 2023\u2013
US$ million 30 June 2025 30 June 2024
Revenue
\u2013
\u2013
Cost of sales
\u2013
\u2013
Gross loss
\u2013
\u2013
Provisions for rehabilitation and closure costs
\u2013
(1)
Gain on disposal (refer to b(ii) above)
12
\u2013
Financial expense
\u2013
(2)
Net profit/(loss) for the year
12
(3)
Attributable to:
Equity holders of the parent
12
(2)
Non-controlling interest
\u2013
(1)
Gain/(loss) on disposal
12
(3)
The Consolidated Cashflow Statement includes the following amounts relating to Koffiefontein:
1 July 2024\u2013 1 July 2023\u2013
US$ million 30 June 2025 30 June 2024
Operating activities
(2)
(3)
Net cash utilised in discontinued operations
(2)
(3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-470": { "value": "A component of the Group should be classified as a discontinued operation when it has been disposed of, or abandoned, and represents a separate major line of business or geographical area of operations. Significant accounting policies relevant to non-current assets held for sale and discontinued operations A component of the Group should be classified as a discontinued operation when it has been disposed of, or abandoned, and represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. The Group designates the results of discontinued activities, separately and reclassifies the results of the operation in the comparative period from continuing to discontinued operations. The Group does not consider mines held on care and maintenance to be discontinued activities unless the mine is abandoned and the discontinued criteria are met. The results of discontinued operations are presented separately in the Consolidated Income Statement. This classification as a discontinued operation was applied to Koffiefontein and Williamson mines at 30 June 2025 as both operations were sold during the Year. Unrealised foreign exchange gains and losses on historical retranslation of the subsidiaries\u2019 results into US Dollars are recycled to the consolidated income statement upon completion of the disposal. The non-controlling interest attributable to minority shareholders is recycled to the consolidated income statement upon completion of the disposal. The Group designates the results of discontinued activities, including those of disposed subsidiaries, separately in accordance with IFRS and reclassifies the results of the operation in the comparative period from continuing to discontinued operations. The Group does not consider mines held on care and maintenance to be discontinued activities unless the mine is abandoned. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-414": { "value": "
34. Prior year restatements
The following tables summarise the impacts of prior year restatements on the consolidated annual financial statements:
US$ million
30 June 2024
30 June 2023
As previously As previously
reported
Adjustments
Restated
reported
Adjustments
Restated
Consolidated Statement of Financial Position
Property, Plant and Equipment
1
532
(4)
528
598
(2)
596
Intangible assets
1
\u2013
4
4
\u2013
2
2
Total non-current assets
606
\u2013
606
673
\u2013
673
Trade and other receivables
2
65
(12)
53
41
(12)
29
Inventories
3
55
(4)
51
88
(4)
84
Total current assets
166
(16)
150
188
(16)
172
Total assets
772
(16)
756
861
(16)
845
Income tax payables
4
3
20
23
1
20
21
Total current liabilities
126
20
146
115
20
135
Provisions
4
112
(20)
92
99
(20)
79
Total non-current liabilities
429
(20)
409
429
(20)
409
Accumulated reserves/(losses)
2,\u200a3
(23)
(16)
(39)
62
(16)
46
Total equity
217
(16)
201
1317
(16)
301
Total equity and liabilities
772
(16)
756
861
(16)
845
1. During FY 2025, management separately disclosed intangible assets on the Statement of Financial Position which were previously incorrectly disclosed as Property, Plant and
Equipment. The net book value of intangible assets re-allocated from PPE for FY 2024 was $4m. The error has been corrected by restating each of the affected financial statement
line items for prior periods. The reclassification had no effect on retained earnings or earnings per share.
2. During FY 2025, management concluded that the Parcel 1 receivable recognised in the prior periods represents a prior period error under IAS 8 due to the misapplication of IFRS 9
recognition criteria at the original recognition date in FY 2023. For recognition of a receivable, IFRS 9 requires a contractual right to receive cash. A legal opinion received during
FY 2025 indicated that the contractual right to receive cash has not been established and is not enforceable. Therefore, the receivable and its related income should not have been
recognised in FY 2023 and receivables and income were overstated by $12m. The errors have been corrected by restating each of the affected financial statement line items for prior
periods. The restatement had no effect on earnings per share.
3. During FY 2025, management identified that diamond inventory incorrectly included an element of unrealized profit of $4m from prior years from intercompany sales. The inventory
and profit in prior years were overstated by the unrealized amount before FY 2023. Therefore, a prior period adjustment was recorded to eliminate the unrealized profit and recognise
inventory at cost. The error has been corrected by restating each of the affected financial statement line items for prior periods. The restatement had no effect on earnings per share.
4. During FY 2025, management concluded that following a reassessment, the $20m liability in respect of unsettled and disputed tax claims was incorrectly recognised in prior periods
as a provision under IAS 37. Management concluded that it was an IAS 12 tax liability. Therefore, a prior period adjustment was recorded to reclassify the liability. The error has been
corrected by restating each of the affected financial statement line items for prior periods. The restatement had no effect on retained earnings or earnings per share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureAmountAndCorrectionOfAccountingErrorsInPriorPeriodsEstimate", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-415": { "value": "
35. Events after the reporting period
Refinancing
Subsequent to the Year end, the Group progressed its refinancing strategy to address the maturity of the US$228 million senior
secured notes due March 2026 and associated revolving credit facilities. On 8 August 2025, the Group announced the proposed
execution of a comprehensive refinancing package (the Refinancing), subject to shareholder approval, which includes:
\u2022 an extension to the maturity date of the Senior Secured Bank Debt to December 2029 and certain other changes to the terms
of the Senior Secured Bank Debt. The lender\u2019s credit committee approved the terms on 16 September 2025;
\u2022 an extension to the maturity date of the Notes to March 2030 alongside concurrent amendments to the Notes; and
\u2022 a US$25 million rights issue at 16.5 pence per share that is to be underwritten by certain existing shareholders.
These measures strengthen the Group\u2019s liquidity position, extend its debt maturity profile, and provide greater financial flexibility
to support ongoing operational requirements and strategic initiatives.
The Refinancing constitutes a non-adjusting event after the reporting date in terms of IAS 10 Events after the Reporting Period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800X4QZIAVSA12860", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } } } }