Tharisa Plc · JSE:THA
Tharisa — Investor Presentation (February 2026)
31 slides from Tharisa's investor presentation, Feb 19, 2026
Slide 1: THARISA plc February 2026
Redefining resources. Innovating with purpose. Empowering futures. THARISA plc FEBRUARY 2026
Slide 2: Group overview
Group overview Redefining resources. Innovating with purpose. Empowering futures. 2
Slide 3: Tharisa Group
THARISA GROUP EXPLORATION Tharisa Group Tharisa is a dual listed resources group that provides vertical integration to deliver into critical MARKETS AND SALES MINING metals applications. Its operations are located in key regions providing leading ENERGY STORAGE economies access to sustainably source
Slide 4: Shallow multigenerational mineral assets Unlocked by innovation
THARISA GROUP Karo Platinum Arxo Metals Renewable Redox One Tharisa Mine Energy Centre Shallow multigenerational mineral assets Dortmund Victoria Falls Harare Unlocked by innovation Arxo Metals Beneficiation Site Paphos Johannesburg Maputo Richards Bay Arxo Logistics Durban Cape Town Redefining reso
Slide 5: THARISA PLC
THARISA GROUP THARISA PLC (Registered in Cyprus) JSE (THA) • LSE (THS) Cyprus 78% 100% 100% Karo Mining Holdings Redox One Arxo Resources 100% Zimbabwe 100% 100% 100% 100% Karo Zimbabwe Holdings South Africa 85% Karo Platinum Arxo Metals Arxo Logistics MetQ Tharisa Minerals Redefining resources. Inn
Slide 6: Group evolution
THARISA GROUP Aug Mar AMBS launched Group evolution (Brits beneficiation site) Redox One launches at African Energy Indaba Oct Commissioned the Mar Jul unique fine chrome Tharisa Minerals recovery Vulcan 15 year PPA Jan Feb Jun US$130 m debt Feb Plant wheeling US$95 m ZAR1 bn Tharisa listed facility
Slide 7: Critical metal applications
US$2 887/oz US$2 534/oz Critical metal applications SPOT PGM THARISA BASKET PRICE SPOT PGM KARO BASKET PRICE 19 February 2026 19 February 2026 PGMs play vital role in decarbonising the planet Ir − Platinum and palladium markets remain central to catalytic applications 4.5% Ru − Global emissions stan
Slide 8: Critical metal applications
US$300/t Critical metal applications SPOT MET GRADE PRICE 12 February 2026 Chrome plays vital role in decarbonising the planet − Chrome industry is well positioned to benefit from structural global Chrome is key ingredient in demand for stainless steel, renewable technologies and green- Durable stai
Slide 9: Vision 2030
THARISA GROUP Vision 2030 Delivering on expansion and growth opportunities, commercialising technology solutions 01 02 03 04 05 ESG THARISA MINERALS KARO PLATINUM ARXO METALS REDOX ONE Smart operations, Phased transition to Steady state PGM Commercial Tharisa Minerals full striving for zero harm und
Slide 10: Operations overview
Operations overview Redefining resources. Innovating with purpose. Empowering futures. 10
Slide 11: Flagship co-product mine
THARISA MINERALS Flagship co-product mine − Tharisa Minerals is a large scale, stable, long life operation with a proven track record − Diversified co product commodity mix delivering into Far West Pit physical demand Samancor West Pit East Pit − Mining right over 5 475 ha − Mines and processes the
Slide 12: Established operations transitioning to underground
THARISA MINERALS Established operations transitioning to underground OPEN PIT UNDERGROUND TRANSITION − Open pit operations were established in 2008 − Development of mechanised underground mining to ensure operational flexibility − Three active pits : − Advantages of shallow ore body: − East, West an
Slide 13: Integrated innovation
THARISA MINERALS GENESIS PLANT Integrated innovation − Commissioned in 2011 − Nameplate capacity of 100 ktpm ROM − MG1 and MG4a reef horizons are processed − Two independent integrated processing plants producing both PGM and chrome concentrates − Operating in parallel, the plants provide processing
Slide 14: Strategic development asset
KARO PLATINUM Strategic development asset − Karo Platinum is a large scale project with development having been significantly derisked − PGM project with significant base metal credits Camp Chirundazi Dam − Mining right over 23 903 ha − Mine and processing of the Main Sulphide Zone of the Great Dyke
Slide 15: Multigenerational resource base
KARO PLATINUM Multigenerational resource base OPEN PIT UNDERGROUND phase 1 mining operations – 10 years phase 2 mining operations - +50 years − Exploration programme completed over six − Concept study completed years with 559 boreholes in database − Exploration drill campaign of 27 km has − 10 year
Slide 16: Project execution substantially derisked
Project execution substantially derisked Karo Platinum has advanced significantly, with exploration, mine planning, and infrastructure development largely complete. The project is derisked, part funded and positioned to commence production with high confidence in both geology and cost controls. EXPL
Slide 17: Proven technology
KARO PLATINUM 100% Design and engineering Proven technology 100% Earthworks − Processing of 2.6 Mtpa of ROM (220 ktpm) 68% Plant civil construction − Annual production of 220 koz PGM concentrate for phase 1 90% Long lead equipment ready − MF2 circuit – proven technology and beneficiation process wit
Slide 18: Challenging convention
ARXO METALS CHALLENGER PLANT Challenging convention − Produces specialty grade chrome concentrates − Downstream beneficiation opportunities in mineral processing to deliver final metals AMBS − Novel processes are developed from laboratory scale to commercial scale − Pyrometallurgical facility operat
Slide 19: Integrated marketing and sales platform
ARXO LOGISTICS AND ARXO RESOURCES Integrated marketing and sales platform ARXO RESOURCES ARXO LOGISTICS marketing and trading logistics − Built an established platform of global − Integrated logistics platform customers, including stainless steel and − Manages road transportation of PGM ferrochrome
Slide 20: Powering tomorrow, sustainably
REDOX ONE Powering tomorrow, sustainably Redox One’s Iron Chromium Redox Flow Batteries represent a significant leap forward in long duration energy storage technology. The innovative approach delivers a powerful combination of safety, sustainability and scalability. Anchored with its intellectual p
Slide 21: Financial overview
Financial overview Redefining resources. Innovating with purpose. Empowering futures. 21
Slide 22: Redefining resources
Redefining resources US$1 615/oz up 18.6% US$266/t down 11.0% PGM BASKET PRICE MET GRADE PRICE Revenue EBITDA Net profit after tax US$602.9 m US$187.3 m US$80.8 m down 16.4% up 5.5% down 2.2% (2024: US$721.4m) (2024: US$177.6m) (2024: US$82.6 m) Net cash from operating activities Capital expenditure
Slide 23: Multi commodity revenue stream
Multi commodity revenue stream Agency and Manufacturing and US$602.9 m trading 1.9% consulting 1.3% Revenue Benefits of co-production model as PGM revenue increased 24.2% PGM sales of 137.5 koz FCA Average PGM basket price of US$1 615/oz REVENUE* Metallurgical grade chrome sales of 1 377.5 kt Chrome
Slide 24: Investing in the future
Investing in the future US$118.5 m Land and buildings US$0.8 m Other US$2.5 m Total capital R+D and innovation US$3.0 m Cash generative operations enabled continued investment in the asset base Deferred stripping US$9.8 m FY2025 Mining fleet Includes: CAPITAL US$36.2 m • US$33.5 m on Karo Platinum S
Slide 25: Balance sheet
Balance sheet FREE CASH FLOW US$175.1 m (US$ m) Cash and cash equivalents* 94.0 Cash generative Net cash flow from operations of US$94.0 m (77.0) 17.0 Net cash of US$69.8 m* (43.5) (26.5) Net cash Capital FCF Capital FCF from sustaining sustaining growth + growth + operations R+D sustaining Trade fi
Slide 26: Returns to shareholders
Returns to shareholders 9.7% 11.8% ROIC 2.4% ROIC DIVIDEND YIELD (TTM) (excl Karo Platinum) 20.0 50.0% US 1.5 cents 18.0 Proposed final dividend 40.0% 17.2%* of NPAT including share repurchase programme 16.0 30.0% Policy minimum of 15% of NPAT 14.0 22.2%* 19.2% 20.5% 17.8% 18.5% 17.7% 17.3% 17.2%* 1
Slide 27: Empowering futures
EMPOWERING FUTURES Redefining resources. Innovating with purpose. Empowering futures. 27
Slide 28: Securing sustainable growth for multiple generations
Securing sustainable growth for multiple generations Given the strength and longevity of our resource base, combined with the global scramble for the critical metals that will enable a decarbonised economy, Tharisa is exceptionally well positioned to create enduring value. Our integrated model, from
Slide 29: Core investment thesis
Core investment thesis 01 02 03 04 05 STRATEGIC CLEAR GROWTH RESILIENT BALANCE CAPITAL DISCIPLINE FUNDAMENTAL DEEP COMMODITIES VISIBILITY SHEET Policy to balance VALUE Multigenerational Vision 2030 to deliver Strong cash generation returns to Consistent delivery with asset base of PGMs, on commercia
Slide 30: Vision 2030
Redefining resources. Innovating with purpose. Empowering futures. Vision 2030 Delivering on expansion and growth opportunities, commercialising technology solutions Redefining resources. Innovating with purpose. Empowering futures. 30 30
Slide 31: 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 ‘Company’) an