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In the last few years, the Company’s debt level became higher than anticipated, culminating in the need for a capital restructuring and debt for equity swap that completed in March 2021.

Since this time, the Company’s debt level has reduced considerably, aided by strong operational performance, the sale of exceptional diamonds and the buoyant diamond market. This has transformed the Company’s balance sheet and places Petra on a sustainable footing for the future. However, the financing agreement with our bondholders contains certain restrictions on dividend payments, which Petra must be in a position to comply with before declaring a dividend.