Tharisa : TFY2026 Interim Results Presentation (21 May 2026)

Redefining resources Innovating with purpose Empowering futures

H1 FY2026 Results Presentation

2 1 M AY 2 0 2 6

Agenda

01 About Tharisa	02 Financial highlights	03 Redefining resources
04	05	06
Innovating with purpose	Empowering futures	Vision 2030
		2

About Tharisa

An integrated PGM and chrome resource group, playing a pivotal role in the global energy transition and the decarbonisation of economies, committed to sustainability, building multigenerational growth

East pit drilling, May 2026 3

About us

Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030

H1 FY2026 key highlights

Safety

LOST TIME INJURY FREQUENCY RATE

('LTIFR') OF:

0.03

per 200 000 man hours worked at Tharisa Minerals

0.00

per 200 000 man hours worked at Karo Platinum

MINING

3 year LTI free

Tharisa Minerals

125 Mt

Moved during this period

Production

CHROME PRODUCTION

753.3 kt

at an average metallurgical grade chrome price of US$284/t (2025: US$253/t)

PGM PRODUCTION

73.1 koz

at an average PGM basket price of US$2 599/oz (2025: US$1 403/oz)

Tharisa Mine

Successful first blast at the Tharisa Mine Apollo portal

APRIL 2026

DEVELOPMENT RATES

134% of plan

Underground development project fully funded

Redox One

Successful factory acceptance testing on the first MWh-class, high-voltage iron-chromium flow battery system

Capital Markets

Establishment of a Level 1 American Depositary Receipt (ADR) programme

J.P. Morgan appointed as the depositary bank

Karo Platinum

INVESTMENT TO DATE

US$241m

(2025: US$185.0 million)

Mobilisation on track with open pit

waste stripping underway

UNDERGROUND DRILLING COMPLETED

26 km

to confirm +50-year potential

226 kozpa

Phase 1 open pit

5

About us

Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030

Our three pillars

Our strategy is built on three pillars that harness our people and innovation to drive sustainable growth, operational excellence and long-term, shared stakeholder value

7

Financial highlights

MG3 blast, 31 March 2026 8

About us

Financial highlights

Redefining resources Innovating with purpose Empowering futures Vision 2030

Co-product model underpinning value

Strong commodity prices for both PGMs and chrome support capital investment for long-term sustainable growth Reducing peak funding for the underground mining transition

Continued disciplined investment in the Karo Platinum Project

Commodity fundamentals

Major PGM elements forecast to remain in deficit

Declining new PGM supply ensuring deficits remain

Demand for chrome concentrates is robust

Chrome prices have been supported by steady consumption in infrastructure and manufacturing sectors

Chrome market has also benefited from increased attention to environmental and sustainability standards

Cash generation & leverage

Enhanced operational cash flows

• US$96.4 million

• Net cash US$54.0 million

Project peak funding of US$173.0 million reduced by ~US$45.0 million due to strong commodity prices

Underground project funding finalised (US$179.0 million)

Invest into the future

Capex of US$103.5 million Sustaining capital US$65.5 million UG capex US$16.3 million

Continued derisking of Karo Platinum project through disciplined investment - US$21.4m

9

About us

Financial highlights

Redefining resources Innovating with purpose Empowering futures Vision 2030

Building for multigenerational growth

REVENUE US$ 359.4m Up 28.0% (2025: 280.8m)	EBITDA US$ 104.3m Up 138.1% (2025: 43.8m)	PROFIT BEFORE TAX US$ 69.9m Up 578.6% (2025: 10.3m)	NET CASH FLOW FROM OPERATIONS US$ 96.4m Up 167.8% (2025:$36.0m)	NET CASH US$ 54.0m
HEPS US cents	EARNINGS PER SHARE US cents	INTERIM DIVIDEND US cents	PGM OUNCES PRODUCED	CHROME CONCENTRATES PRODUCED
16.6	15.8	2.5	73.1 koz	753.3 kt
Up 472.4% (2025: 2.9 cents)	Up 532% (2025: 2.5 cents)	15.9% payout	Up 17.2% Recovery of 78.2%	Down 0.3% Recovery of 70.0%

10

About us

Revenue

Financial highlights

Redefining resources Innovating with purpose Empowering futures Vision 2030

A multicommodity revenue set, anchored by chrome and PGMs and driving resilient earnings

Revenue

US$359.4m

• An increase of 28.0%, due to:

  • 85.3% increase in the average PGM basket price to US$2 599/oz

  • an increase of 17.4% in the PGM ounces sold

  • 12.3% increase in the average metallurgical grade chrome price to US$284/t

  • a decrease in chrome concentrate tonnes

    sold of 714.6 kt

    FCA revenue*

    PGM revenue

    43%

    57%

    6%

    7%

    10%

    41%

    35%

    1%

    PGM Chrome
    
    

    *net of inland logistics and freight costs

    Pt Rh Pd Ir Ru Au Ni Cu
    
    

    11

    About us

    Financial highlights

    Redefining resources Innovating with purpose Empowering futures Vision 2030

    Gross profit and margin

    Gross profit

    US$108.9m

• Gross profit margin of 30.3%

Gross profit and margin

(US$ m)

35.8%

245.7

184.6

191.3

25.6%

23.6%

30.3%

31.7%

FY2022 FY2023 FY2024 FY2025 H1 FY2026

PGM price (US$/oz)	2 564	1 893	1 362	1 615	2 599
Chrome price (US$/t CIF China)	209	263	299	266	284
Exchange rate (ZAR:US$)	15.8	18.2	18.2	18.1	16.7

FY2025 GP margin includes royalty reversal

12

About us

Financial highlights

Redefining resources Innovating with purpose Empowering futures Vision 2030

EBITDA waterfall

US$104.3m

US$43.8m

350.0%

300.0%

250.0%

200.0%

150.0%

100.0%

50.0%

0.0%

HY2025 EBITDA

PGM

volumes

PGM

prices

Chrome volumes

Mining cost

Mining commodities

Processing cost

Inventories Other HY2026 EBITDA

13

About us

Unit costs

Financial highlights

Redefining resources Innovating with purpose Empowering futures Vision 2030

On mine cash costs

	Units	H12026	H12025 % change
Cubes mined	Mm3	7.8	7.2 8.3
Cost per cube mined1	US$/m3	13.5	13.0 3.8
Reef tonnes mined	Mt	2.1	2.4 (12.5)
Cost per reef tonne mined1	US$/t	49.8	38.5 29.4
Tonnes milled	Mt	2.7	2.7 -
On mine cash cost per tonne milled2	US$/t	51.8	56.8 (8.8)
Chrome inland logistics and freight costs	US$/t	86.5	81.0 6.8
Average exchange rate	US$:ZAR	16.7	18.2 (8.2)
All in cost per Pt ounce sold3	US$/oz	(2 822)	(746)
All in cost per PGM ounce sold (6E)3	US$/oz	268	306

0.6%

6.0%

7.0%

8.9%

38.8%

8.9%

19%

10.9%

Deferred stripping amounts to US$33.5 m (H12025: US$11,6 m)

1 Inclusive of deferred stripping and exclusive of ore purchases

2 Exclusive of capitalised deferred stripping and selling expenses and inclusive of ore purchases

3 All in cost calculated on a byproduct basis include operating costs, administration costs, deferred stripping and capital expenditure excluding Karo Platinum

Mining Diesel

Ore purchases Consumables

Overheads Electricity and utilities

Labour Royalties

14

About us

Capex

Financial highlights

Redefining resources Innovating with purpose Empowering futures Vision 2030

Investing in the future to drive growth over the next decade and beyond

15.0

21.4

17.3

16.3

33.5

Capex

US$103.5m

• Deferred stripping US$33.5 million

• Total capital commitments at March 2026: US$120.2 million

  • Karo Platinum: US$27.7 million

• Capital budget for FY2026 US$165.9 million

• Excluding Karo Platinum and Tharisa Minerals deferred stripping

• Includes US$76.7 million on Tharisa Minerals underground development

  Additions to mining fleet Other mining assets Deferred stripping
  
  UG development Karo Platinum
  
  

  17

  About us

  Financial highlights

  Redefining resources Innovating with purpose Empowering futures Vision 2030

  Balance sheet

  Cash and cash equivalents

  US$184.3m

• Highly cash generative into a strong pricing cycle

• Net cash flow from operations of US$96.4 m

• Net cash of US$54.0 m

  Free cash flow

  (US$ m)

  Debt

  (US$ m)

  Total debt

  US$130.3m

• Short term US$42.1 m

• 80.7% US$ denominated and 19.3% ZAR denominated

• Current ratio of 2.3

• Net debt to equity (6.1%)

• Undrawn facilities of US$118.7 m excluding trade finance facilities

  Net cash from operations

  Capital sustaining incl UG

  FCF

  sustaining

  ( 21.4)

Capital growth + Karo +

R+D

2%

11%

7%

22%

37%

21%

( 8.9)

FCF

growth + sustaining

Commodity offtake Term loan and RCF

Bond Asset backed

Leases Trade finance

18

About us

Dividend

Financial highlights

Redefining resources Innovating with purpose Empowering futures Vision 2030

Interim dividend

US 2.5 cents

• Annual policy minimum of 15% of NPAT

• Interim dividend represents 15.9% of NPAT

17.7% 17.3%

22.2%

17.2% 15.9%

% NPAT*

% Policy

1.5

1.5

3.0

3.0

FY2022 FY2023 FY2024 FY2025 FY2026

• Interim ■ Final ■ Repurchases

*including repurchase programme

19

Redefining resources

Building sustainability throughout our value chain

MG reef loading east pit, May 2026 20

About us Financial Highlights

PGMs and Chrome

Redefining resources

Innovating with purpose Empowering futures Vision 2030

US$2 805/oz

SPOT PGM THARISA BASKET PRICE 18 May 2026

US$2 359/oz

SPOT PGM THARISA BASKET PRICE 18 May 2026

Both chrome and PGMs are critical today and increasingly important to decarbonisation, supporting applications across data storage, renewable energy, construction and hybrid vehicles

Platinum Group

Metals

Autocatalyst demand remains strong, supported by tighter emissions standards and hybrid vehicle growth.

Industrial demand is resilient across chemicals, petroleum, electronics and glass, with rhodium linked to high-spec applications.

Emerging technologies, including fuel cells - underpin medium to long term

demand. Rising data storage needs additionally supports ruthenium demand.

Investment and jewellery demand is strengthening, particularly in China, providing additional support to platinum markets.

Chrome

Demand supported by stainless steel production, with additional upside from renewable and green economy metals

Chrome is a key contributor to South Africa's economy, with 9.6% export

CAGR over the past decade

Global stainless steel production reached 64.2 Mt in 2025, up 2.1%YoY

China produced more than 40.8 Mt, 64% of global output

23

About us Financial Highlights

Market outlook

Redefining resources

Innovating with purpose Empowering futures Vision 2030

24

US$2 805/oz

SPOT PGM THARISA BASKET PRICE 18 May 2026

US$2 359/oz

SPOT PGM THARISA BASKET PRICE 18 May 2026

Constructive outlook underpinned by structural supply constraints and diversified exposure

PGM markets remain in structural deficit	Supportive PGM price environment	Chrome market provides stable, counter-cyclical earnings base	Favourable industry dynamics
Third consecutive year of platinum deficit, with ~690koz shortfall in 2025 and deficits expected through the decade Constrained primary supply (South Africa) and limited new project pipeline supporting pricing	Strong rally into 2025/26, with prices exceeding ~$2,200/oz in recent periods Management expects current or higher price levels to persist near term Demand resilience from autocatalysts, industrial uses, and emerging hydrogen economy	Continued demand from stainless steel sector, particularly China Tight supply conditions supporting pricing stability and margin resilience	Limited new PGM supply globally; declining shaft base and high capital barriers Recycling growth insufficient to close supply-demand gap Transition to underground mining unlocks long-life, scalable production

About us Financial Highlights

Redefining resources

Innovating with purpose Empowering futures Vision 2030

Tharisa Minerals

Large-scale, stable, long-life asset with a strong operating track record

Diversified revenue from PGMs and chrome

Three active pits, with open-pit mining to end 2032

Transition to underground well underway, extending life by a further 60 years.

FLAG SHIP, CO- PRODUCT MINE

Tharisa mines and processes the MG Chromitite Layers of the Bushveld Complex

MINING RIGHT OVER

5 475 ha

RESOURCES

655.7 Mt

containing 31.2 Moz PGMs and 130.9 Mt chrome

RESERVES

108.9 Mt

containing 5.0 Moz PGMs and 18.4 Mt chrome

25

About us Financial Highlights

Redefining resources

Innovating with purpose Empowering futures Vision 2030

Tharisa Minerals underground

26