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Production Report for the First Quarter of 2023

25 Apr 2023

De Beers(1) (000 carats)

Q1 2023

Q1 2022

Q1 2023
vs.
Q1 2022

Q4 2022

Q1 2023
vs.
Q4 2022

Botswana

6,899

6,184

12%

5,790

19%

Namibia

619

451

37%

590

5%

South Africa

739

1,696

(56)%

948

(22)%

Canada

673

604

11%

827

(19)%

Total carats recovered

8,930

8,935

0%

8,155

10%

Rough diamond production was flat at 8.9 million carats, as the planned treatment of higher grade ore and strong operational performance across most of the assets was offset by the planned end of operations in Venetia's open pit in December 2022 as the mine transitions to underground operations during 2023.

In Botswana, production increased by 12% to 6.9 million carats, primarily driven by the planned treatment of higher grade ore and continued strong plant performance at Orapa.

Namibia production increased by 37% to 0.6 million carats, primarily driven by the contribution from the Benguela Gem vessel, which commenced production in March 2022.

South Africa production decreased by 56% to 0.7 million carats, due to the planned completion of the Venetia open pit in December 2022. Venetia continues to process lower grade surface stockpiles, which will result in temporary lower production levels as it transitions to underground operations.

Production in Canada increased by 11% to 0.7 million carats, despite unplanned maintenance challenges.

Sales were in line with expectations given that Sightholders have taken a more cautious approach in planning their 2023 allocation schedule in light of the current uncertain macroeconomic outlook, with a greater weighting of goods expected to be purchased as the year progresses. Rough diamond sales totalled 9.7 million carats (8.9 million carats on a consolidated basis)(2) from three Sights, compared with 7.9 million carats (7.0 million carats on a consolidated basis)(2) from two Sights in Q1 2022, and 7.3 million carats (6.6 million carats on a consolidated basis)(2) from two Sights in Q4 2022.

2023 Guidance

Production guidance(1) for 2023 is unchanged at 30–33 million carats (100% basis), subject to trading conditions.

Unit cost guidance for 2023 is unchanged at c.$80/ct(3).

(1) De Beers Group production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
(2) Consolidated sales volumes exclude De Beers Group’s JV partners’ 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(3) FX assumption of ~17 ZAR:USD.