Tharisa plc

(Incorporated in the Republic of Cyprus with limited liability)

(Registration number HE223412)

JSE share code: THA

LSE share code: THS

A2X share code: THA

ISIN: CY0103562118

LEI: 213800WW4YWMVVZIJM90

('Tharisa' or the 'Company')

PRODUCTION REPORT FOR THE FIRST QUARTER FY2024 ENDED 31 DECEMBER 2023

Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock exchanges, announces its production results for Q1 FY2024^[1] and cash balance as at quarter end.

Quarter highlights

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

?     0.09 per 200 000-man hours worked at Tharisa Minerals

?     0.13 per 200 000-man hours worked at Karo Platinum

?     Increased mill throughput of 8.7% at 1 424.4 kt, with improvements in both grade and recovery for PGMs and chrome concentrate leads to

?     PGM output increasing to 35.7 koz (Q4 FY2023: 30.7 koz)

?     Record quarterly chrome output at 462.8 kt (Q4 FY2023: 413.4 kt)

?     PGM basket price showed slight improvement of 1% to US$1 344/oz (6E basis) (Q4 FY2023: US$1 331/oz)

?     Average metallurgical grade chrome concentrate prices held steady at US$291/t (Q4 FY2023: US$291/t)

?     Group cash on hand at US$221.5 million (30 September 2023: US$268.8 million), and debt of US$126.6 million (30 September 2023: US$142.2 million), resulting in a net cash position of US$94.9 million (30 September 2023: US$126.6 million)

?     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:

"A positive start to our new financial year in what is traditionally a tough quarter with the festive season and inclement weather typically causing challenges to operations. We have made good operational improvements, with waste mining advances leading to a better mining and plant performance, resulting in record quarterly chrome production.

This performance is vital and underpins our development of the Karo Platinum Project and sets the trajectory for the coming decades at our multi-generational Tharisa Mine.

PGM prices remain subdued, negatively affecting many of the PGM miners in South Africa, once again our co-product business model continues to be operationally cash-generative, and the chrome market continues to enjoy strong demand as we enter the Chinese New Year.

This year we will be expanding and rolling out our R&D projects in distinct stages of development and commercialisation. With a solid foundation we can re-frame the operating context and re-focus our energy on our key competencies ultimately unlocking value to all stakeholders."

Health & Safety

?     The health and safety of our stakeholders remains a core value to the Group and Tharisa continues to strive for zero harm at its operations

?     LTIFR of

?     0.09 per 200 000-man hours worked at Tharisa Minerals

?     0.13 per 200 000-man hours worked at Karo Platinum

Market Update

?     Continued strong demand was evident in the chrome market, particularly in the lead up to, these days, a less disruptive Chinese New Year period (official start date 10 February 2024), with demand underpinned by economic fundamentals and continued concerns about inland logistics in South Africa. Freight rates are ticking up on the back of geo-political events impacting maritime shipping routes

?     The PGM market has continued to suffer from pricing pressure, however, a short-term reprieve towards the end of the quarter, driven by technical short covering, saw some price spikes. The effect of these low prices is evident on the PGM mines in South Africa, with shaft and even mine closures underway. The major pressure on PGM prices remains the (perceived) excess inventory in the PGM pipeline. We expect this to be balanced once the real demand we have seen from end users becomes evident, in particular as further supply cuts are implemented and, on a macro level, policy reduction of subsidies for EV vehicles influences demand

Operational Update

?     Total reef mined slightly down at 1 058.6 kt (Q4 FY2023: 1 158.9 kt)

?     Strategic ROM ore purchases supplemented own mine production with Q1 FY2024 milling at 1 424.4 kt (Q4 FY2023: 1 310.2kt)

?     Quarterly chrome production at a record 462.8 kt (Q4 FY2023: 413.4 kt)

?     Grade of 19.1% Cr₂O₃ (Q4 FY2023: 18.7%)

?     Recovery at 70.3% (Q4 FY2023: 70.0%)

?     Quarterly PGM production at 35.7 koz (Q4 FY2023: 30.7 koz)

?     Rougher feed grade of 1.60 g/t (Q4 FY2023: 1.57 g/t)

?     Recovery of 66.1% (Q4 FY2023: 62.7%)

Karo Platinum Update

?     The previously announced review of the commissioning timeline of the Karo Platinum Project remains on track for first ore in mill (FOIM) for June 2025

?     Funding solutions ring fenced to Karo Platinum are being pursued in line with the revised production timeline

Cash Balance and Debt Position

?     Group cash on hand at US$221.5 million (30 September 2023: US$268.8 million), and debt of US$126.6 million (30 September 2023: US$142.2 million), resulting in a net cash position of US$94.9 million (30 September 2023: US$126.6 million)

Guidance

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

Any forward looking statements have not been reported on or reviewed by Tharisa's auditors.

Paphos, Cyprus

11 January 2024

JSE Sponsor

Investec Bank Limited

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Investor Relations Contacts:

Ilja Graulich (Head of Investor Relations and Communications)

+27 11 996 3500

+27 83 604 0820

igraulich@tharisa.com

Broker Contacts:

Peel Hunt LLP (UK Joint Broker)

Ross Allister / Georgia Langoulant

+44 207 418 8900

BMO Capital Markets Limited (UK Joint Broker)

Thomas Rider / Nick Macann

+44 207 236 1010

Berenberg (UK Joint Broker)

Matthew Armitt / Jennifer Lee / Detlir Elezi

+44 203 207 7800

About Tharisa

Tharisa is an integrated resource group critical to the energy transition and decarbonisation of economies. It incorporates exploration, mining, processing and the beneficiation, marketing, sales, and logistics of PGMs and chrome concentrates, using innovation and technology as enablers. Its principal operating asset is the Tharisa Mine, located in the south-western limb of the Bushveld Complex, South Africa. The mine has a 13-year open pit life and is strategically advancing the vast mechanised underground resource which extends for over 60 years. Tharisa is developing the Karo Platinum Project, a low-cost, open-pit PGM asset located on the Great Dyke in Zimbabwe. The Company is committed to reducing its carbon emissions by 30% by 2030 and the development of a roadmap to become net carbon neutral by 2050. As part of this energy transition, the 40 MW solar project adjacent to the Tharisa Mine is well advanced. Redox One is accelerating the development of a proprietary iron chromium redox flow long duration battery utilising the commodities we mine. Tharisa plc is listed on the Johannesburg Stock Exchange (JSE: THA) and the Main Board of the London Stock Exchange (LSE: THS).