Debt facilities with Absa Bank and Standard Bank

In brief · summary, not quotable

Tharisa plc has secured new debt facilities totaling US$130 million, comprising a four-year term loan of US$80 million with a US$20 million accordion and a ZAR900 million (approximately US$50 million) revolving credit facility. These funds will be used to prepay existing debt, for general corporate and working capital purposes, and to invest in the sustainability of the Tharisa Mine, supporting its transition to underground mining. As of September 30, 2025, the company reported a cash balance of US$173.0 million and debt of US$104.4 million, resulting in a net cash position of US$68.6 million.

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JSE share code: THA

LSE share code: THS

A2X share code: THA

('Tharisa' or the 'Company' or the 'Group')

THARISA SIGNS NEW DEBT FACILITIES WITH ABSA BANK LIMITED AND THE STANDARD BANK OF SOUTH AFRICA LIMITED

Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock exchanges, is pleased to announce it has, subject to the fulfilment of certain conditions precedent, signed a US$130 million debt facility (the 'Facility') with Absa Bank Limited (acting through its Corporate & Investment Banking division), as initial mandated lead arranger and co-mandated lead arranger, and the Standard Bank of South Africa Limited (acting through its Corporate & Investment Banking division) as co-mandated lead arranger, as part of the Company's ongoing debt capital programme.

The Facility comprises a four-year term loan of US$80 million (with an accordion of

US$20 million) and a revolving ZAR900 million (c.US$50 million) credit facility, with the application of funds being applied in prepaying the balance of the existing term loan and revolving credit facility, general corporate and working capital purposes including investing in the sustainability of the Tharisa Mine.

Michael Jones, CFO of Tharisa, commented:

"We are pleased to have successfully executed the debt facilities agreement, an important milestone in strengthening our capital structure and positioning the Tharisa Mine for long-term sustainable growth, as we transition to underground mining. This transaction reduces our overall cost of capital, extends our debt maturities, and enhances financial flexibility-allowing us to better navigate changing market conditions and continue investing in our strategic priorities.

The enhanced balance sheet reinforces our commitment to prudent financial management and value creation for shareholders. I want to thank our lending partners for walking this exciting journey with us, and our advisors for their support throughout this process."

Cash Balance and Debt Position as at 30 September 2025

Group cash on hand of US$173.0 million (30 June 2025: US$164.6 million), and debt of US$104.4 million (30 June 2025: US$121.5 million), resulting in a net cash position of US$68.6 million (30 June 2025: US$43.1 million).

Paphos, Cyprus