Slide 1: Mello Monday
% tharisa MELLO MONDAY GROWING SUSTAINABLY FROM A ROBUST OPERATIONAL BASE DRIVING RECORD FINANCIAL PERFORMANCE 12 December 2022 enriching lives through innovating the resources company of the future
Slide 2: Why Invest in Tharisa
WHY INVEST IN THARISA STRATEGIC COMMODITIES PRODUCTION AND MARGIN GROWTH — Supply China with ~10% of their chrome needs — Continued growth on chrome output with targets for FY2023 exceeding FY2022 record output — PGMs vital for a greener world — Karo Platinum will double PGM output in 24 months — Bo
Slide 3: Our Positive Impact
OUR POSITIVE IMPACT JOB CREATION — 3.965 employees at end September (Group employees and contractors) — +100 jobs created in Zimbabwe and 100 contractors on site — +22% female employees — No days lost to industrial action — Four year wage agreement ends in June 2024 Ae EDUCATION AND WELLNESS 7 a — A
Slide 4: The Vital Numbers
THE VITAL NUMBERS REEF MINED 5.50 Mt up 2.3% stripping ratio of 12.8 m3:m3 (2021: 5.38 Mt) REVENUE US$686.0 m up 15.0% (2021: US$596.3 m) PROFIT BEFORE TAX US$220.2 m up 18.9% (2021: US$185.3 m) US 53.8 cents up 44.1% (2021: US 37.4 cents) tharisa PGM PRODUCTION (6E) 179.2 koz up 13.6% ecovery of 76
Slide 5: Strategy
tharisa STRATEGY
Slide 6: An Ethos of Innovation
AN ETHOS OF INNOVATION + Greenfield discovery to mine development + Pit to port strategy + Disciplined, sustainable growth Innovation is at the core of Tharisa’s ethos Key strategic projects under R&D at AMBS Technology the key enabler for differentiation Energy storage solutions THARISA MINE . MG r
Slide 7: Karo Phase One - Key Highlights
KARO PHASE ONE - KEY HIGHLIGHTS WORLD CLASS PGM ASSET. Tier 1 MINING LEASE FOR LOM Licenced LOM OPEN PIT +17 years OPEN PIT, SCALABLE, LOW COST, PHASED Low risk ANNUAL PGM PRODUCTION (6E) 190 koz forme DEVELOPMENT TIMELINE 21 months (First ore in mill July 2024) DISCOVER tharisa enriching lives thro
Slide 8: Commodities
COMMODITIES USD2 312/oz USD220/t SPOT PGM BASKET PRICE SPOT MET GRADE PRICE tharisa PGMS - Primary supply growth constraints - Deficits in Rh, Pd to remain, Pt heading towards a deficit = ICE remains a major demand driver despite EV development - Hydrogen economy to supplement ICE demand CHROME = Ch
Slide 9: Operating and Financial Highlights
tharisa OPERATING AND FINANCIAL HIGHLIGHTS
Slide 10: Mining and Production
MINING AND PRODUCTION 5.5 Mt Reef mining increased by 2.3% Forecast reef mining of ~5.6 Mt for FY2023 LOM stripping ratio of 9.8 m?:m3 5.6 Mt Reef milled PGM production increased by 13.6% Chrome recovery increased by 7.9%. tharisa MINING AND STRIPPING RATIO. (Mt) and (m3:m3) FY2018 FY2019 FY2020 FY2
Slide 11: Revenue
REVENUE US$686.0 m Revenue increase of 15.0% Agency and trading 43% FCA REVENUE” (%) Chrome 32.5% Benefits of co-production model PGM sales of 168.3 koz Average PGM basket price of US$2 564/oz Metallurgical grade chrome sales of 1.2 Mt Average chrome price of US$209/t tharisa Ru ir 1.8% aol) Au NiCu
Slide 12: Unit Costs
UNIT COSTS Units FY2022.-FY2021 % change Overheads Cubes mined Mme 20.9 19.2 8.9 14.4% Cost per cube mined” US$/m? 8.5 8.9 (4.5) Labour 19.7% Reef tonnes mined Mt 5.5 5.4 2.3 ° Cost per reef tonne mined US$/t 32.4 31.9 1.5 Tonnes milled Mt 5.6 5.6 01 ON MINE CASH On mine cash cost per tonne milled’*
Slide 13: Record Gross Profit
RECORD GROSS PROFIT US$245.7 m Gross profit an increase of 18.4% Record gross profit margins despite input cost pressures*: — Explosives +49.1% Diesel +37.3% Electricity +2.7% Land side logistics +21.9% Sea freight +38.6% ‘in USS terms ~ZAR unit costs benefitting from weaker exchange rate GROSS PROF
Slide 14: Consistent Dividend Payer
CONSISTENT DIVIDEND PAYER US 7 cents Total annual dividend for FY2022 17.7% of adjusted NPAT Policy minirnum of 15% of NPAT Total annual dividend of US$21.0 m ° n 2 ~ Cumulative distributions to shareholders over 7 years FY2016 -FY2017 FY2018 -FY2019 FY2020 —-FY2021 FY2022 mmm Dividend (US cents) —@
Slide 15: Balance Sheet
BALANCE SHEET US$143.3 m Cash and cash equivalents Net cash flow from operations of US$173.7 m Net cash of US$80.4 m US$62.9 m Total debt Short term of US$39.8 m Unwind of limited recourse disclosed PGM discounting facility (U$33 m) Current ratio of 2.2 Net debt to EBITDA of (0.3) Net debt to equity
Slide 16: Capex
CAPEX US$105.0 m Capex spent Continued to invest in asset base = sustainable operations US$79.8 m Budgeted capex for FY2023 excluding Karo Platinum ~US$260 m Budgeted capex for FY2023 for Karo Platinum Fast track project Karo Platinum total capital of US$391 m Other Manufacturing US$15.5m US$1.7m BU
Slide 17: Value Proposition
tharisa VALUE PROPOSITION
Slide 18: FY2017 FY2018 FY2019
12.9 2.1 1.7 7.8 7.6 6.8 1.2 1.1 1.1 1.1 5.5 0.8 2.8 THA IMP SSW NTH AMS RBP FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 6.0 1.6 1.5 4.3 3.9 1.0 0.9 2.7 2.5 0.7 1.8 0.5 THA IMP SSW NTH AMS RBP THA SSW NTH IMP AMS RBP
Slide 19: Questions
QUESTIONS enriching lives through innovating the resources company of t re future
Slide 20: Disclaimer
DISCLAIMER These Presentation Materials are for information purposes only and must not be used or relied upon for the purpose of making any investment decision or engaging in any investment activity. Whilst the information contained herein has been prepared in good faith, neither Tharisa plc (the ‘C