Petra Diamonds Limited (LSE:PDL, OTC:PDLMF) has reported US$53 million of sales from its mines in South Africa, comprising 613,682 carats worth of stones.
The sales were made across two tender events, which saw an average price per carat of US$86.
It sees the firm’s year-to-date sales tally reach US$239 million, 2.39 million carats.
Petra told investors that the Cullinan Mine experienced continued product mix issues, while the Finsch Mine saw an improvement in pricing due to better ore access.
The company will now report diamond sales results on a quarterly basis rather than tender-by-tender.
Also, it noted that a return to a more ad hoc tendering approach is planned, aligning sales volumes with demand.
“LFL pricing improved tender-on-tender for the first time in over 12 months, suggesting we may be nearing an inflexion point for rough pricing,” Peel Hunt analyst Peter Mallin-Jones said in a note.
“This raises hopes for further price gains through FY26.”
Peel Hunt rates Petra as a ‘buy’, and pitches a price target of 30p, implying around 50% to the current price of 19.6p in London.
At the current share price, Petra has a market value of just under £40 million.