Q2 FY2024 Production Results

JSE share code: THA

LSE share code: THS

A2X share code: THA

('Tharisa' or the 'Company')

PRODUCTION REPORT FOR THE SECOND QUARTER FY2024 ENDED 31 MARCH 2024

Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock exchanges, announces its production results for Q2 FY2024[1] and cash balance as at quarter end.

Quarter highlights

‒ Lost Time Injury Frequency Rate ('LTIFR') of

‒ 0.05 per 200 000-man hours worked at Tharisa Minerals

‒ 0.11 per 200 000-man hours worked at Karo Platinum

‒ PGM output consistent at 35.3 koz (Q1 FY2024: 35.7 koz)

‒ PGM basket price at US$1 343/oz (6E basis) (Q1 FY2024: US$1 344/oz)

‒ Chrome output lower than previous quarter record production at 402.7 kt (Q1 FY2024: 462.8 kt)

‒ Average metallurgical grade chrome concentrate price held steady at US$286/t (Q1 FY2024: US$291/t)

‒ Cash of US$184.6 million (31 December 2023: US$221.5 million), and debt of US$114.0 million (31 December 2023: US$126.6 million), resulting in a net cash position of US$70.6 million (31 December 2024: US$94.9 million)

‒ Announced US$5 million share repurchase on 26 March 2024

‒ Official launch of Redox One at the Africa Energy Indaba

‒ Production guidance for FY2024 remains between 145 koz and 155 koz PGMs (6E basis) and 1.7 Mt to 1.8 Mt of chrome concentrates

Key Operating Numbers

Phoevos Pouroulis, CEO of Tharisa, commented:

"Operationally we performed well, building on a record first quarter and on track to meet guidance. Most pleasing is the continued trend in our improved safety record. We continue to drive improvement in recoveries and efficiencies which is highly sensitive to the variability and oxidisation of the feed into our processing plants.

The Karo Platinum Project development continues with smaller work packages aligned to capital availability, focusing on civil and infrastructure development, as we progress on the road to procure the necessary third-party financing to deliver the first phase into production.

A milestone in our innovation strategy was the official launch of Redox One, which is at the forefront of developing long-term energy storage solutions, using proprietary proven technology, to deliver a 'Mine-to-Megawatt' solution at a competitive storage cost compared to existing technologies.

We also commenced with a US$5 million share repurchase programme to the benefit of our shareholders and reflecting our firm belief in the current and future prospects of our company.

As we celebrate ten years of our JSE listing today, I reflect on the original vision of our Chairman, which has been brought to fruition, a sustainable co-producer of PGMs and chrome from the MG reef horizon. We have delivered deep value for our stakeholders, and building off our multi-generational resources we look to unlock latent value in process optimisation and novel downstream technologies."

Health & Safety

‒ LTIFR of

‒ 0.05 per 200 000-man hours worked at Tharisa Minerals

‒ 0.11 per 200 000-man hours worked at Karo Platinum

Market Update

‒ PGM prices have stabilised after a pricing correction driven in the main by negative sentiment around long-term demand drivers. The chrome market remained robust with continued tight supply-demand fundamentals. Chrome output by the major UG2 PGM producers has further tightened. We see continued strong demand by ferrochrome and downstream stainless steel producers in China and, while port stocks have risen marginally this calendar year, most of these stocks are already accounted for and the market remains tight.

Operational Update

‒ Total reef mined marginally lower at 1 035.0 kt (Q1 FY2024: 1 058.6 kt)

‒ Milling throughput was also slightly lower at 1 378.5 kt (Q1 FY2024: 1 424.4kt)

‒ Quarterly PGM production at 35.3 koz (Q1 FY2024: 35.7 koz)

‒ Rougher feed grade of 1.66 g/t (Q1 FY2024: 1.60g/t)

‒ Recovery of 62.9% (Q1 FY2024: 66.1%)

‒ Quarterly chrome production of 402.7 kt (Q1 FY2024: 462.8kt)

‒ Grade of 18.1% Cr2O3 (Q1 FY2024: 19.1%)

‒ Recovery at 66.4% (Q1 FY2024: 70.3%)

Cash Balance and Debt Position

‒ Group cash on hand at US$184.6 million (31 December 2023: US$221.5 million), and debt of US$114.0 million (31 December 2023: US$126.6 million), resulting in a net cash position of US$70.6 million (31 December 2024: US$94.9 million).

Guidance

Production guidance for FY2024 remains between 145 koz and 155 koz PGMs (6E basis) and 1.7 Mt to 1.8 Mt of chrome concentrates.

Production Numbers

Paphos, Cyprus

JSE Sponsor

Investec Bank Limited

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