Slide 1: FY2025 Interim Results Presentation
FY2025 INTERIM RESULTS PRESENTATION 22 MAY 2025
Slide 2: Innovating the Resources Company of the Future
INNOVATING THE RESOURCES COMPANY OF THE FUTURE GLOBALLY SIGNIFICANT, VERTICALLY INTEGRATED LOW-COST PRODUCER AND DEVELOPER OF CRITICAL STRATEGIC METALS PRECIOUS METALS CHROME ALLOYS MARKETS, SALES EXPLORATION MINING PROCESSING SMELTING REFINING & LOGISTICS ENERGY STORAGE BASE METALS 2
Slide 3: HY2025 Key Highlights
HY2025 KEY HIGHLIGHTS − SAFETY − Lost Time Injury Frequency Rate per 200 000 man hours of: − 0.02 at Tharisa Minerals − 0.08 at Karo Platinum − OPERATIONS − PGM production of 62.4 koz − Chrome production of 755.4 kt − DEVELOPMENT − Tharisa Minerals underground expansion DFS nearing completion − Karo
Slide 4: The Vital Numbers
US$1 403/oz US$253/t THE VITAL NUMBERS up 4.4% PGM BASKET PRICE down 12.2% MET GRADE PRICE REVENUE EBITDA NET PROFIT AFTER TAX US$280.8 m US$43.8 m US$8.2 m down 23.9% down 45.0% down 78.9% (HY2024: US$369.1 m) (HY2024: US$79.6 m) (HY2024: US$38.8 m) NET CASH FROM OPERATING ACTIVITIES CAPITAL EXPEND
Slide 5: Critical Metal Applications: PGMs
US$1 500/oz CRITICAL METAL APPLICATIONS SPOT PGM BASKET PRICE 21 May 2025 PGMS PLAY VITAL ROLE IN DECARBONISING THE PLANET Producing Catalysing nitric fibreglass, used acid for to make wind − Tariffs have complicated demand outlook for PGMs, focus shifts to supply turbine blades fertilisers − Capita
Slide 6: Critical Metal Applications: Chrome
US$295/t SPOT MET GRADE PRICE CRITICAL METAL APPLICATIONS 21 May 2025 CHROME PLAYS VITAL ROLE IN DECARBONISING THE PLANET Chrome is key ingredient in Durable and stainless steel – 100% construction, − Chrome is a designated critical metal recyclable white goods, − No substitution for chrome in stain
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 8: Co-Product Business Model Proves Its Mettle
CO-PRODUCT BUSINESS MODEL PROVES ITS METTLE INVESTING THROUGH THE CYCLE MULTI COMMODITIES CASH FLOW GENERATIVE CAPITAL DISCIPLINE − Co-production model remains the − Net cash flows from operations − Continued investment both on cornerstone of US$36.0 m existing operations and new − Providing critica
Slide 9: Multi Commodity Revenue Stream
MULTI COMMODITY REVENUE STREAM Agency and Manufacturing and trading consulting 3.9% 1.2% FCA REVENUE* Chrome PGM 68.7% 26.2% US$280.8 m Revenue decrease of 23.9% Benefits of co-production model PGM sales of 61.0 koz Average PGM basket price of US$1 403/oz Metallurgical grade chrome sales of 705.8 kt
Slide 10: Unit Costs
UNIT COSTS % Units HY2025 HY2024 change Overheads 15.7% Cubes mined Mm3 7.2 8.7 (17.2) Cost per cube mined* US$/m3 13.0 10.6 22.6 Labour 18.9% Reef tonnes mined Mt 2.4 2.1 14.3 Cost per reef tonne mined* US$/t 38.5 44.1 (12.7) ON MINE CASH Mining Tonnes milled Mt 2.7 2.8 (3.6) COSTS 33.2% On mine ca
Slide 11: EBITDA Waterfall
EBITDA WATERFALL 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% -20.0% -40.0% HY2024 PGM PGM Chrome Chrome Mining Mining Processing State Selling HY2025 EBITDA volumes prices volumes prices cost commodities cost royalties expenses EBITDA 11
Slide 12: Gross Profit
GROSS PROFIT GROSS PROFIT AND MARGIN 300.0 (US$ m) 40.0% 34.8% 35.8% 35.0% 32.1% 250.0 245.7 30.0% 25.6% US$39.9 m 200.0 207.4 25.0% 23.6% Gross profit decrease of 51.0% for the six months 184.6 150.0 20.0% 153.3 14.2% 130.4 15.0% 100.0 10.0% 50.0 5.0% 39.9 0.0 0.0% FY2020 FY2021 FY2022 FY2023 FY202
Slide 13: Investing in the Future
INVESTING IN THE FUTURE Land and buildings Other US$0.1 m US$0.6 m R+D and innovation US$3.5 m Mining fleet US$11.3 m US$52.5 m HY2025 Total capital spent CAPITAL SPENT* Deferred stripping Cash generative operations enabled continued investment in the asset base US$11.6 m Includes: Assets and - US$1
Slide 14: Balance Sheet
BALANCE SHEET FREE CASH FLOW (US$ m) US$193.6 m Cash and cash equivalents* 36.0 Cash generative despite pricing environment (36.2) (0.2) Net cash flow from operations of US$36.0 m Net cash of US$87.6 m* (16.3) (16.5) Net cash Capital FCF Capital FCF from sustaining sustaining growth + growth + opera
Slide 15: Returns to Shareholders
5.8% RETURNS TO SHAREHOLDERS DIVIDEND YIELD (TTM) US 1.5 cents Interim dividend 54.3% of NPAT Policy minimum of 15% of NPAT 20.0 18.0 54.3% 50.0% 16.0 30.0% 14.0 US$114.9 m 12.0 16.3% 19.2% 20.5% 17.8% 17.1% 18.5% 17.7% 17.3% 16.1% 10.0% Cumulative distributions to shareholders over 10 years 10.0 8.
Slide 16: Strategy
tharisa STRATEGY Tharisa plc
Slide 17: Shallow Multigenerational Mineral Assets Unlocked by Innovation
Karo Platinum Arxo Metals Renewable Redox One Tharisa Mine Energy Centre SHALLOW MULTIGENERATIONAL MINERAL ASSETS Dortmund Victoria Falls Harare Arxo Metals Beneficiation Site UNLOCKED BY INNOVATION Paphos Johannesburg Maputo Richards Bay Arxo Logistics Durban Cape Town 17
Slide 18: Core Investment Thesis
CORE INVESTMENT THESIS GROWTH FOCUSED, PATIENT DIVIDEND PAYING EXPANSION INTO VALUE INVESTOR IN LONG LIFE UNIQUELY POSITIONED TO ACCRETIVE DOWNSTREAM AND CRITICAL METAL ASSETS BENEFIT FROM COMMODITY ENERGY SECTORS CYCLES THARISA MINERALS KARO PLATINUM BENEFICIATION HUB − Flagship co-product mine − S
Slide 19: Tharisa Minerals
THARISA MINERALS PHASED TRANSITION TO MECHANISED UNDERGROUND MINING TO ENSURE OPERATIONAL FLEXIBILITY − ADVANTAGES OF A SHALLOW ORE BODY − Significantly lower capital requirements − Mining process relies mostly on on-reef decline development − Delivery of cleaner ROM units to the processing plants −
Slide 20: Tharisa Minerals: Positive Definitive Feasibility Study
THARISA MINERALS POSITIVE DEFINITIVE FEASIBILITY STUDY MINING VOLUME VS PROCESSING CAPACITY − EXPLORATION 6 Completed – enhancing resource confidence Million tonnes − − Geotechnical and geohydrological studies completed 5 − First 10 years of underground operations in mineral reserves 4 − OPTIMISED A
Slide 21: Karo Project Update
KARO PROJECT UPDATE 21
Slide 22: Karo Transforming Tharisa's PGM Production
KARO TRANSFORMING THARISA’S PGM PRODUCTION − Long life – extends from 10 year open pit to +40 years underground − Project set to double Tharisa’s PGM production enhancing market share − Karo’s grade profile higher than Tharisa Minerals − Aligned with the company's long term growth strategy − Higher
Slide 23: Zimbabwe Host of the Second Largest PGM Resource Globally
ZIMBABWE HOST OF THE SECOND LARGEST PGM RESOURCE GLOBALLY ZIMBABWE’S PGM MINES AT HIGHER GRADES - POISED TO TAKE OVER RSA SUPPLY SHORTFALLS OWNERSHIP PRODUCTION PGM OPERATION REMAINING LIFE STRUCTURE INFRASTRUCTURE PRODUCTION*1 Operating mines Impala Platinum (50%) 10 years Mimosa Sibanye Stillwater
Slide 24: Karo – One of Only Two Greenfields PGM Projects
KARO – ONE OF ONLY TWO GREENFIELDS PGM PROJECTS RESOURCE AND RESERVE − Open pit resource & reserve: 12 Moz 6E PGMs − Total resource: 96 Moz 4E PGMs − Potential underground mining: +50 years LICENCE TO OPERATE − Regulatory approvals, licences and authorisations in place INFRASTRUCTURE − Water, electr
Slide 25: Execution to Date Has Substantially Derisked the Project
EXECUTION TO DATE HAS SUBSTANTIALLY DERISKED THE PROJECT − Exploration programme completed over a period of 6 years – Competent Persons Report complete – HIGH LEVEL OF CONFIDENCE IN RESERVES / RESOURCES − 10 year open pit mine design and detailed mine plan completed – READY FOR MINING TO COMMENCE −
Slide 26: Project Facilities Layout
PROJECT FACILITIES LAYOUT Camp Chirundazi Dam 132 kV Powerline TSF Karo Mine pit Substation KPE SE Concentrator Chiganzi Dam Mining Contractor 26
Slide 27: Concentrator Area
CONCENTRATOR AREA 27
Slide 28: Concentrator - Long Lead Items Secured
CONCENTRATOR - LONG LEAD ITEMS SECURED Secondary ball mill - complete Primary mill - complete Flotation cells - complete 28 175 kVA transformer - complete
Slide 29: Value Enhancement: Base Metals Co-Production Opportunity
VALUE ENHANCEMENT: BASE METALS – CO-PRODUCTION OPPORTUNITY SUPPORTS UNDERGROUND PRODUCTION HIGH GRADE BASE METALS REEF UNDERGROUND DEVELOPMENT (‘BMR’) − The exploration drill plan of 27 000 m commencing Adjacent to PGM resource c. 0.49 g/t 6E and 0.47% June 2025 base metals − Resources down dip of t
Slide 30: BMR Enhancement – Production Impact (6E Equivalents)
BMR ENHANCEMENT – PRODUCTION IMPACT (6E EQUIVALENTS) 1. Production of 220 kozpa from open pit and PGM plant 2. Production from open pit and BMR plant increases production to ~350 kozpa (6E equivalent processed) 3. PGM plant then processes PGM ore mined from underground 4. BMR plant is switched to pr
Slide 31: Karo Group Funding Overview
KARO GROUP FUNDING OVERVIEW Tharisa plc Lender syndicate VFEX bond Equity Project finance US$160 m US$165 m US$37 m Committed Advanced Closed KARO PROJECT Gold stream Strategic investment − Karo is a profitable project at the current basket price − PGM market fundamentals are supportive US$50 m – US
Slide 32: Enriching Lives Through Innovating the Resources Company of the Future
ENRICHING LIVES THROUGH INNOVATING THE RESOURCES COMPANY OF THE FUTURE 16 years 11 years 10 years ~US$115 m ~US$832 m operations cash generative profitable returned to capital invested shareholders
Slide 33: Questions
é enriching lives through innovating the resources company of the future QUESTIONS DEVELOP DELIVER DIVERSIFY
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