Independent Competent Persons' Report Karo Project

JSE share code: THA

LSE share code: THS

A2X share code: THA

('Tharisa' or the 'Company')

INDEPENDENT COMPETENT PERSONS' REPORT ON THE KARO PLATINUM PROJECT

Tharisa is pleased to announce that it has uploaded the Independent Competent Persons' Report ('CPR') on the Karo Platinum PGE Project ('the Project') in Zimbabwe dated 9 April 2025 on its website www.tharisa.com.

The Company is an effective 65.59% shareholder in Karo Platinum (Private) Limited ('Karo Platinum') and is listed on the Johannesburg Stock Exchange ('JSE') and the London Stock Exchange. The CPR has been commissioned to comply with the regulations of the JSE for listed companies, with the purpose of presenting the Mineral Resources and Mineral Reserves of the Project and of valuing the mineral asset.

The CPR is compiled in compliance with the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2016 Edition) (SAMREC Code), and the South African Code for the Reporting of Mineral Asset Valuation (2016 Edition) (SAMVAL Code). All requirements of Section 12.10 of the JSE Listings Requirements for Mineral Companies and the SAMREC Code and SAMVAL Code have been complied with.

The Competent Persons responsible for this CPR are Kenneth Graham Lomberg (Geology and Mineral Resources), Otto Wilhelm Warschkuhl (Mineral Processing, Mineral Extraction, and Mineral Reserves) and Jacobus Adriaan Myburgh (Mineral Economics). Iaan Myburgh also acts as the Competent Valuator for this CPR.

Karo Platinum is a PGM asset under construction, located some 85 km west-southwest of Harare in the Mashonaland West Province of Zimbabwe. Mine development will initially comprise the sequential development of four open pits. Ore will be processed at an on-site, 220 ktpm processing facility.

All licences and permits are held in the name of Karo Platinum. Karo Platinum has addressed Zimbabwean legal compliance requirements, including licencing and environmental and social aspects. There are no major risks identified in association with the current and planned permitting.

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