Results of AGM and dividend conversion rates

JSE share code: THA

LSE share code: THS

A2X share code: THA

('Tharisa' or the 'Company')

Results of the Annual General Meeting and dividend conversion rates and timetable

Shareholders are advised that all the resolutions tabled at the Annual General Meeting of shareholders held on Wednesday, 21 February 2024 (in terms of the notice dispatched on Friday, 22 December 2023), were passed by the requisite majority. A poll was conducted on each resolution.

Details of the results of voting at the Annual General Meeting are as follows:

Total number of shares in issue on 21 February 2024: 302 596 743

Total number of shares entitled to vote at the Annual General Meeting: 300 030 151

In response to questions raised by shareholders at the Annual General Meeting and on social and investment chat groups, management responded as follows:

Local communities action plan

During 2023 Tharisa appointed Digby Wells to undertake a Socio-Economic Baseline study of the Mmaditlokwe and Lapologang communities. This report has been finalised and is being reviewed by management. Following completion of which a consultation process and the next steps will be communicated through the relevant structures.

Tharisa has and will continue to assist the local communities with basic services (waste collection, sewerage collection, water supply and the maintenance of roads). In line with our social commitments to our local and doorstep communities Tharisa will continue it's:

• Local recruitment including a focus on women in mining
• Enterprise development initiatives and business opportunities
• Skills development and training opportunities
• Bursaries for top achievers and
• Portable skills training

Tharisa will continue to monitor it's impacts related to it's mining activities in line with our Environmental Authorisations, this will include:

• continuous dust suppression and monitoring
• noise monitoring
• water quality monitoring and
• blasting practices

The results will be shared through our current community engagement structures. Tharisa will further continue research into technologies to further mitigate the impacts on the receiving environment.

Tharisa's investment in the Karo Platinum Project

The total investment by the Company in acquiring its current 75% shareholding in Karo Mining Holdings is US$135.3 million, imputing an entry valuation of US$180.4 million. Karo Mining Holdings has an indirect shareholding of 85% in Karo Platinum and therefore the entry valuation for Karo Platinum is US$212.3 million. Karo Platinum is a multi-generational asset and the valuation is for phase one of the project only. In valuing a long-life asset, the longer-term sustainable commodity prices are used and not the spot commodity prices, and it was at the higher longer term analyst price forecasts that were used in valuing the project.

The recent rights offer undertaken by Karo Mining Holdings raised US$65.0 million. The Company's shareholding in Karo Mining Holdings was 70%. To follow its rights and maintain its shareholding required the Company to invest US$45.5 million. The minority shareholder did not follow its rights and renounced its rights to the Company. The Company followed these rights and, in so doing, increased its shareholding in Karo Mining Holdings by a further 5% to 75%, at a cost of US$19.5 million. Applying the rights offer subscription for the additional 5% shareholding imputes a value of US$390.0 million to Karo Mining Holdings and thus US$457.8 million for Karo Platinum.

There are 96 million inferred PGM ounces (on a 6E basis) deriving a value of US$4.8/oz, which compares favourably to comparable transactions.

Dividend currency conversion rates and timetable

The final dividend of US 2.0 cents per share having been approved by shareholders, Tharisa advises as follows:

Shareholders on the principal Cyprus register will be paid in USD, shareholders whose shares are held through Central Securities Depositary Participants (CSDPs) and brokers and are traded on the JSE will be paid in ZAR and holders of Depositary Interests traded on the LSE will be paid in GBP. The dividend will be paid from income reserves and may therefore be subject to dividend withholding tax depending on the tax residency of the shareholder.

The currency equivalents of the dividend, based on the weighted average of the South African Reserve Bank's daily rate at approximately 10:30 (UTC +2) on 14 December 2023, being the currency conversion date, are as follows:

The timetable for payment of the dividend is as follows:

No dematerialisation or rematerialisation of shares within Strate will be permitted between Wednesday, 28 February 2024 and Friday, 1 March 2024, both days inclusive. No transfers between registers will be permitted between Thursday, 22 February 2024 and Friday, 1 March 2022, both days inclusive.

Tax implications of the dividend

South African tax residents

South African shareholders are advised that the dividend constitutes a foreign dividend. For individual South African tax resident shareholders, dividend withholding tax of 20% will be applied to the gross dividend of 37.22260 South African cents per share. Therefore, the net dividend of 29.77808 South African cents per share will be paid after 7.44452 South African cents in terms of dividend withholding tax has been applied. Shareholders who are South African tax resident companies are exempt from dividend tax and will receive the dividend of 37.22260 South African cents per share. This does not constitute legal or tax advice and is based on taxation law and practice in South Africa. Shareholders should consult their brokers, financial and/or tax advisors with regard to how they will be impacted by the payment of the dividend.

UK tax residents

Cyprus tax residents

Additional information required by the JSE Listing Requirements

Tharisa has a total of 302 596 743 ordinary shares in issue on 21 February 2022, of which 300 030 151 carry voting rights and are eligible to receive dividends.

Paphos, Cyprus

JSE Sponsor

Investec Bank Limited

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