Tharisa Plc · JSE:THA
Tharisa — H1 FY2026 Earnings Presentation
37 slides from Tharisa's earnings presentation, May 21, 2026
Slide 1: H1 FY2026 Results Presentation
Redefining resources Innovating with purpose Empowering futures H1 FY2026 Results Presentation 2 1 M AY 2 0 2 6
Slide 2: Agenda
Agenda 01 02 03 About Financial Redefining Tharisa highlights resources 04 05 06 Innovating Empowering Vision with purpose futures 2030 2
Slide 3: About Tharisa
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 4
Slide 4: H1 FY2026 key highlights
Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 About us H1 FY2026 key highlights Safety Production Tharisa Mine Karo Platinum LOST TIME INJURY FREQUENCY RATE CHROME PRODUCTION Successful first blast at the INVESTMENT TO DATE (‘LTIFR’) OF: Tharisa Min
Slide 5: Our three pillars
Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 About us 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 Redefi
Slide 6: Financial highlights
Financial highlights MG3 blast, 31 March 2026 8
Slide 7: Co-product model underpinning value
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights 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
Slide 8: Building for multigenerational growth
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights Building for multigenerational growth US$2 599/oz US$284/t 16.7 AVG PGM BASKET PRICE AVG MET GRADE PRICE AVG USDZAR REVENUE EBITDA PROFIT BEFORE TAX NET CASH FLOW NET CASH US$ US$ US$ FROM OPERA
Slide 9: Revenue
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights Revenue A multicommodity revenue set, anchored by chrome and PGMs and driving resilient earnings Revenue FCA revenue* PGM revenue US$359.4m 1% • An increase of 28.0%, due to: 6% – 85.3% increase
Slide 10: Gross profit and margin
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights Gross profit and margin Gross profit Gross profit and margin US$108.9m (US$ m) 40.0% 35.8% 300.0 31.7% 35.0% 250.0 30.3% • Gross profit margin of 30.3% 245.7 30.0% 25.6% 200.0 23.6% 25.0% 191.3
Slide 11: EBITDA waterfall
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights EBITDA waterfall 350.0% 300.0% 250.0% US$104.3m 200.0% 150.0% US$43.8m 100.0% 50.0% 0.0% HY2025 PGM PGM Chrome Mining Mining Processing Inventories Other HY2026 EBITDA volumes prices volumes cos
Slide 12: Unit costs
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights Unit costs On mine cash costs 0.6% Units H12026 H12025 % change Cubes mined Mm3 7.8 7.2 8.3 6.0% 7.0% Cost per cube mined1 US$/m3 13.5 13.0 3.8 Reef tonnes mined Mt 2.1 2.4 (12.5) 8.9% 38.8% Cos
Slide 13: Capex
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights Capex Investing in the future to drive growth over the next decade and beyond Capex US$103.5m 21.4 15.0 • Deferred stripping US$33.5 million • Total capital commitments at March 2026: US$120.2 m
Slide 14: Balance sheet
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights Balance sheet Cash and cash equivalents Free cash flow Debt US$184.3m (US$ m) (US$ m) • Highly cash generative into a strong pricing cycle 2% 11% 7% • Net cash flow from operations of US$96.4 m
Slide 15: Dividend
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights Dividend 20.0 50.0% 18.0 40.0% 16.0 30.0% Interim dividend US 2.5 cents 14.0 22.2% 17.7% 17.3% 17.2% 20.0% 12.0 15.9% % NPAT* % Policy • Annual policy minimum of 15% of NPAT 10.0 10.0% • Interim
Slide 16: Redefining resources
Redefining resources Building sustainability throughout our value chain MG reef loading east pit, May 2026 20
Slide 17: PGMs and Chrome
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources US$2 805/oz US$2 359/oz US$305/Mt PGMs and Chrome SPOT PGM THARISA BASKET PRICE 18 May 2026 SPOT PGM THARISA BASKET PRICE 18 May 2026 SPOT MET GRADE PRICE 18 May 2026 Both chrome and PGMs are cr
Slide 18: Market outlook
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources US$2 805/oz US$2 359/oz US$305/Mt Market outlook SPOT PGM THARISA BASKET PRICE 18 May 2026 SPOT PGM THARISA BASKET PRICE 18 May 2026 SPOT MET GRADE PRICE 18 May 2026 Constructive outlook underpi
Slide 19: Tharisa Minerals
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals F LA G SHIP, CO -PRODU C T M INE Tharisa mines and processes the MG Chromitite Layers of the Bushveld Complex MINING RIGHT OVER 2026 OPERATIONAL HIGHLIGHTS 5 475 ha Large-scale,
Slide 20: Tharisa Minerals underground
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals underground 26
Slide 21: Karo Platinum
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Karo Platinum NEXT GENERA TION PGM GROW TH A SSET MINING RIGHT OVER Mine and processing of the 23 903 ha main Sulphide Zone of the Great Dyke of Zimbabwe RESOURCES 178.2 Mt containing 12.0 Moz P
Slide 22: Karo Platinum open pit development
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Karo Platinum open pit development 28
Slide 23: Innovating with purpose
Innovating with purpose Unlocking value today, building for generations tomorrow Thapelo Machethe – Lab operator 29
Slide 24: Arxo Metals
About us Financial Highlights Redefining resources Empowering futures Vision 2030 Innovating with purpose Arxo Metals DRIV ING INNOV A TION & V A LUE CREA TION Integrated research hub that takes raw materials from lab to commercial scale. FIVE DEDICATED SITES: 2026 OPERATIONAL HIGHLIGHTS Amrec Recov
Slide 25: Redox One
About us Financial Highlights Redefining resources Empowering futures Vision 2030 Innovating with purpose Redox One POW ERING TOM ORROW , SUSTA I NA B IL I TY Batteries can last up to 20 years, providing an uninterrupted power supply and are easy to dispose: a true sustainable energy source. 2026 OP
Slide 26: Arxo Resources & Logistics
About us Financial Highlights Redefining resources Empowering futures Vision 2030 Innovating with purpose Arxo Resources & Logistics INTEGRA TIO N A S A CUSTOM ER LOYA LTY POW ER Marketing and logistics arm giving the Group control over pricing, customers, contracts and distribution. M A RKETING LOG
Slide 27: Empowering futures
Empowering futures Unlocking value today, building for generations tomorrow Karo Katawa school building & water supply 37
Slide 28: Securing sustainable growth for multiple generations
About us Financial Highlights Redefining resources Innovating with purpose Vision 2030 Empowering futures Securing sustainable growth for multiple generations Our strategy is built on three pillars that harness our people and innovation to drive sustainable growth, operational excellence and long-te
Slide 29: Vision 2030 and beyond
Vision 2030 and beyond Delivering on expansion and growth opportunities, commercialising technology solutions Angel Nqotshana – UG construction team 41
Slide 30: Vision 2030 and beyond
About us Financial Highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Vision 2030 and beyond At the heart Tharisa’s strategic evolution is a commitment to innovation driven, sustainable resource extraction. Tharisa’svalues drive the Group’s responsible mining prac
Slide 31: Investment case
About us Financial Highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Investment case Ultra long-life resources underpinned by innovation, technology and R&D to build multigenerational growth Experienced management team with a strong track record Innovation embedd
Slide 32: Investment case
About us Financial Highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Investment case Deep value backed by proven track record, cash generation and sector leading growth GLOBAL PGM COST CURVE — H1 2026 UPDATE VALUATION COMPARISON All-in Sustaining Cost (R/oz 6E)
Slide 33: Questions
Questions Meet SPOT 45
Slide 34: 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
Slide 35: Appendix
Appendix Lorem ipsum dolor sit amet 47
Slide 36: Tharisa structure
Tharisa structure (Registered in Cyprus) JSE (THA) • LSE (THS) Cyprus 78% 100% 100% Karo Mining Holdings Redox One Arxo Resources Zimbabwe 100% Karo Zimbabwe Holdings South Africa 85% 100% 100% 100% Karo Platinum* Arxo Metals Arxo Logistics Tharisa Minerals *Government of Zimbabwe spv held by the Mi
Slide 37: Corporate profile
Corporate profile (THS:LSE THA:JSE A2X:THA) Directors of Tharisa Capital structure • Loucas Christos Pouroulis (Executive Chairman) Issued shares 302.6 million • Phoevos Pouroulis (Chief Executive Officer) Market capitalisation GBP384.3m ZAR8.52bn • Michael Gifford Jones (Chief Finance Officer) Avg