Slide 1: Karo Project Update
KARO PROJECT UPDATE - Construction well advanced - Development significantly derisked 5 February 2026
Slide 2: Ownership Structure
OWNERSHIP STRUCTURE KMH BOARD OF DIRECTORS Phoevos Pouroulis | Chairman Bernie Pryor | Managing Director Medway Tharisa plc Developments Chester Goodburn| Finance Director 76.22% 23.78% Josephat Zimba | Country Director Gloria Zvaravanhu | Independent non executive Karo Mining Shawn McCormick | Inde
Slide 3: Zimbabwe | At a Glance
ZIMBABWE | AT A GLANCE LAND SIZE | 390 757 km2 16 million people [2024 estimate] POPULATION | ~35% urban and ~65% rural GDP | USD35 billion LITERACY RATE | +90% RELIGION | ~85% Christian, ~0.5% Muslim, ~14.5% Other LANGUAGES | 16 official languages CURRENCY | Multiple – USD, ZAR, ZIG (ZWG) 3
Slide 4: Zimbabwe | Mining Industry
ZIMBABWE |MINING INDUSTRY Lithium 12% • Abundant natural resources with over 60 minerals present in PGMs Other 28% Zimbabwe and 200 active mine sites 10% • Modern mining began in 1892 and by 1990 over 40 minerals were being exploited HC • PGM was discovered on the Great Dyke in 1925 Ferrochrome 6% •
Slide 5: Platinum Mines on the Great Dyke
PLATINUM MINES |ON THE GREAT DYKE Great Dyke Zimplats Investments Bravura Global Platinum Resources Karo Platinum Zimplats 5
Slide 6: Zimbabwe | PGM Resources
ZIMBABWE |PGM RESOURCES ZIMBABWE’S PGM MINES AT HIGHER GRADES - POISED TO TAKE OVER RSA SUPPLY SHORTFALLS OPERATION OWNERSHIP PRODUCTION REMAINING LIFE PGM PRODUCTION Operating mines Mimosa Impala Platinum - 50% Underground mining 10 years 255 koz Darwendale Sibanye Stillwater - 50% Concentrator (+1
Slide 7: PGMs | Zimbabwe Poised to Take Over Supply Shortfall
PGMS |ZIMBABWE POISED TO TAKE OVER SUPPLY SHORTFALL GLOBAL PLATINUM PRODUCTION POTENTIAL PLATINUM PRODUCTION (2024) (2026) • Zimbabwe has the potential to take over any 3% 3% shortfalls from South African producers • Increasing Zimbabwe’s share of global platinum 12% 14% production South Africa 4% Z
Slide 8: Zimbabwe Minerals Production (2023 – 2025)
ZIMBABWE MINERALS PRODUCTION (2023 – 2025) Mineral TOTAL 2023 TOTAL 2024 2025 Projections Gold (kgs) 31,964.27 38,633.33 42,000 Platinum (kgs) 15,541.12 18,910.90 19,600 Palladium (kgs) 12,785.38 15,603.22 16,000 Rhodium (kgs) 1,308.07 1,703.65 Data unavailable Iridium (kgs) 608.62 806.44 Data unava
Slide 9: Karo Phase 1 Overview
KARO PHASE 1 OVERVIEW WORLD CLASS PGM ASSET LOM OPEN PIT ANNUAL PGM PRODUCTION (6E) Tier 1 10 years 226 koz 2,200 t Copper 2,500 t Nickel OPEN PIT, SCALABLE, INVESTMENT TIME TO PRODUCTION PHASED TO UNDERGROUND c. US$ 543 million 15 months Long life (+50yrs) from funding close (+US$190 million spent)
Slide 10: Project Overview
PROJECT OVERVIEW Ru Ir 4.2% 1.9% Rh 4.3% Pt PROPERTY LOCATION KARO RESOURCES Au PRILL SPLIT + 42.0% • Located on the Great Dyke in Zimbabwe, 80 km southwest of Harare STRONG BASE 8.0% METAL CREDITS • The project area covers 23,903 ha RESOURCE AND RESERVE Pd Hartley Platinum 39.6% • Open pit resource
Slide 11: Project Overview | Karo mining lease area and open pit layout
PROJECT OVERVIEW | Karo mining lease area and open pit layout 11
Slide 12: Open Pit Mineral Resource and Reserves
Open Pit Mineral Resource as at June 2024 and Reserves as at September 2024 Table 5: Mineral Resource Declaration (June 2024)(100%) SAMREC Code (2016) Category Tonnage Thick-ness (m) Density (t/m3) 3PGE+Au (g/t) 5PGE+Au (g/t) Cu (%) Ni (%) Co (%) Totals 178.22 3.35 2.93 1.97 2.09 0.10 0.12 0.005 Min
Slide 13: Mineral Resource Estimation Over the Karo Lease Area
MINERAL RESOURCE ESTIMATION AS DECLARED BY ZIMPLATS OVER THE KARO LEASE AREA Underground resource potential Key assumptions Inferred Mineral Resource calculations The PGM orebody is continuous throughout the Karo mining area • Mining area = 100Mm² Estimate length of available mining area is 25km
Slide 14: Mining Development Strategy | Great Dyke Deposit
MINING DEVELOPMENT STRATEGY | GREAT DYKE DEPOSIT • The Great Dyke deposit is often referred to as a “canoe shape”, with the deposit structured similar to the hull of a ship. Phase Phase 1 1 Phase 2 [1] Phase 1 – open pit • The edges of the deposit are close to the surface and amenable to open pit mi
Slide 15: Mine Design
MINE DESIGN • Optimised mine plan delivering 3.0 g/t (6E) ROM grade 1 Bush clearing Mine benches 7 6 Selective waste and • Single seam mining berms to design Topsoil removal ore load and haul 2 • Open pit mining for Phase 1 – four open pits to be developed sequentially • Contractor mining strategy •
Slide 16: Metallurgy
METALLURGY • Processing 2.6 Mtpa of ROM (220 ktpm) • Annual production of 226 kozpa PGM concentrate & base metals – Phase 1 • MF2 circuit – proven technology and beneficiation process • High energy PGM flotation process • Locked cycle tests by two independent laboratories • Performed for each of the
Slide 17: Infrastructure and Concentrator Layout
INFRASTRUCTURE AND CONCENTRATOR LAYOUT Solar plant Camp Chirundazi Dam 132kV Powerline TSF Karo Mine pit Substation KPE SE Concentrator Chiganzi Dam Mining Contractor 17
Slide 18: Execution Has Substantially Derisked Project
EXECUTION HAS SUBSTANTIALLY DERISKED PROJECT EXPLORATION Competent Persons Report – high level of | PROGRAMME confidence MINE DESIGN AND 10 year open pit design and detailed mine plan | PLANNING complete – ready for mining to commence Mining Contractor Contract awarded to | EPSA and equipment mobili
Slide 19: PGM Production Profile
PGM PRODUCTION PROFILE Phase 2 – Underground (+- 20 years) Steady state circa 360 koz/annum Ounces per annum 400 000 350 000 Phase 1 – Open pit (+- 10 years) 300 000 Steady state 220-230 koz/annum 250 000 200 000 150 000 100 000 50 000 - 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 20
Slide 20: Value Enhancements
VALUE ENHANCEMENTS BASE METAL REEF (‘BMR’) UNDERGROUND DEVELOPMENT • Adjacent to PGM resource c. 0.49 g/t 6E − Conceptual study completed and 0.24% base metals − The exploration drill plan of 27 000 m, • Conceptual study concluded, findings: commenced June 2025 • Targeted production through a Base −
Slide 21: Project Valuations
PROJECT VALUATIONS Net present value at various pricing scenarios Bloomberg - Jan 2026 Bloomberg - Feb 2026 Spot - 26 Jan 2026 Noah - Dec 25 Open pit* $ 315m $ 394m $ 1,228m $ 1,464m Open pit plus underground ** $1,126m $ 1,321m $ 3,548m $ 5,810m Key inputs: Price deck Bloomberg - Jan 2026 Bloomberg
Slide 22: Margin Analysis
MARGIN ANALYSIS Financial Overview Bloomberg - Jan 26 Bloomberg - Feb 26 Spot - 26 Jan 26 Noah Basket Price*3 USD/oz 6E $1,718.3/oz $1,806.7/oz $2,879.4/oz $3,328.1/oz Net Revenue - PGM USD/oz 6E $1,426/oz $1,500/oz $2,393/oz $2,750/oz Operating Cost - Total USD/oz 6E ($908/oz) ($908/oz) ($908/oz) (
Slide 23: Group Funding Overview
GROUP FUNDING OVERVIEW • Karo is a profitable project at the current basket price Tharisa plc Lender syndicate VFEX bond Equity Project finance c. USD37 m • PGM market fundamentals are supportive USD190 m USD208 m (Karo received USD26 m) • Prices have been increasing to previous highs, improving the
Slide 24: Renewable Energy Strategy
RENEWABLE ENERGY STRATEGY Agreement with the Republic of Zimbabwe to construct 300 MW of Solar Power First phase being implemented Solar plant consisting of two phases • Phase 1: circa 40 MW (PGM & Base metal plants) • Phase 2: Underground mining Proposed contracting model • Build-Own-Operate – init
Slide 25: ESIA
ESIA ESIA STATUS Mine, plant and associated facilities IFC compliant ESIA approved and certificate issued Bulk power supply IFC compliant ESIA approved and certificate issued Bulk water supply IFC compliant ESIA approved and certificate issued Chirundazi dam Certificate issued with no CPs Disclosure
Slide 26: Positive Impact
POSITIVE IMPACT Karo Platinum set to be a significant shared value contributor • Prioritising local recruitment and skill development • ±98% of employees are Zimbabwean, one third local • ±1 200 permanent jobs ±8 400 indirect jobs KARO PLATINUM IN THE COMMUNITY • Youth and skills development, adult
Slide 27: Project Photos | Concentrator area
PROJECT PHOTOS | Concentrator area 28
Slide 28: Project Photos | Concentrator
PROJECT PHOTOS | Concentrator Cleaner Mill Building Flotation Steel Steel Erection Erection Thickener Area MV Substation Civils Building 29
Slide 29: Project Photos | Concentrator
PROJECT PHOTOS | Concentrator Laboratory Brickwork Control Construction Room Wet End LV Screens in Substation bonded Store 30
Slide 30: Project Photos | Chirundazi Dam
PROJECT PHOTOS | Chirundazi Dam 31