Tharisa Plc · JSE:THA
Tharisa — Investor Presentation (August 2026)
59 slides from Tharisa's investor presentation, Aug 20, 2026
Slide 1: Investor Presentation August 2026
Redefining resources Innovating with purpose Empowering futures Investor Presentation August 2026
Slide 2: Agenda
Agenda 01 02 03 About Financial Redefining Tharisa highlights resources 04 05 06 Innovating Empowering Vision 2030 and with purpose futures Karo Platinum 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 3
Slide 4: At a glance
Redefining resources Karo Platinum About us At a glance O P E R AT I O N S Tharisa Minerals Karo Platinum Tharisa is an integrated PGM and chrome resource group OPEN PIT LOM OPEN PIT LOM advancing the global energy transition and the decarbonisation of economies. 8+ years 10+ years UNDERGROUND POTEN
Slide 5: 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 6: Q3 FY2026 production highlights
Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 About us Q3 FY2026 production highlights PGM PRODUCTION TREND (koz, 6E basis) PGM PRODUCTION CHROME PRODUCTION 40 39.6 koz 393.8 kt 35 34 +15.5% QoQ (2.5)% QoQ CASH ON HAND NET CASH POSITION Q3 FY25 Q2 F
Slide 7: 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 8: Geographical and operational footprint
Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 About us Geographical and operational footprint DORTMUND & CYPRUS CYPRUS Redox One Arxo Resources Our trading division, has built a robust, Our proprietary iron chromium redox flow established platform o
Slide 9: Financial highlights
Financial highlights MG3 blast, 31 March 2026 9
Slide 10: 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 11: Building for multigenerational growth
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights Building for multigenerational growth H1 FY2026 31 March 2026 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 CAS
Slide 12: 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 13: 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 14: 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$43.8m 100.0% 50.0% 0.0% HY2025 PGM PGM Chrome Mining Mining Processing Inventories Other HY2026 EBITDA volumes prices volumes cos
Slide 15: Unit costs
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights Unit costs On mine cash costs 0.6% Units H12026 H12025 % change Cubes mined Mm3 7.8 7.2 8.3 6.0% 7.0% Cost per cube mined1 US$/m3 13.5 13.0 3.8 Reef tonnes mined Mt 2.1 2.4 (12.5) 8.9% 38.8% Cos
Slide 16: 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 17: 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 18: 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 19: Historical sources & uses of capital
About us Redefining resources Innovating with purpose Empowering futures Vision 2030 Financial highlights Historical sources & uses of capital US$2.4 bn Capital raised and generated since inception (2009 – H1 2026) Lease principal paid Share Pref shares redemption Proceeds from interest Cash (incl.
Slide 20: Redefining resources
Redefining resources Building sustainability throughout our value chain MG reef loading east pit, May 2026 20
Slide 21: Critical minerals palette
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Critical minerals palette 9 of the 60 critical minerals are in Tharisa plc’s inventory 4E RESOURCES PRILL SPLIT 1 (%) Platinum Palladium Rhodium Gold 12 8 7 7 5 9 5 7 10 8 6 4 5 21 30 28 28 31 4
Slide 22: PGMs: six future-proof demand engines
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources PGMs: six future-proof demand engines Increasing demand from AI, hydrogen, defence, health and the energy transition; layered onto record deficits Pt Pd Rh Ru Ir THARISA + KARO PGM BASKET 1 082
Slide 23: Chrome: the strategic metal of the build-out
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Chrome: the strategic metal of the build-out No substitute to stainless steel — the structural backbone of AI data centres, robotics, defence and energy storage additional chrome concentrate Cr
Slide 24: 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 25: Tharisa Minerals underground
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals underground 25
Slide 26: Tharisa Minerals underground
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals underground July 2026 26
Slide 27: Tharisa Minerals underground
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals underground July 2026 27
Slide 28: Tharisa Minerals underground
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals underground July 2026 28
Slide 29: Tharisa Minerals underground
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals underground July 2026 29
Slide 30: Tharisa Minerals underground
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals underground July 2026 30
Slide 31: Tharisa Minerals underground
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals underground July 2026 31
Slide 32: Tharisa Minerals underground
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals underground • Surveyor completes scan after blasting and cleaning and constructing of 3D Models • Lidar data shared with MRM for further processing. – Survey: Accurate accountin
Slide 33: Tharisa Minerals underground
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals underground July 2026 33
Slide 34: Tharisa Minerals underground
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Tharisa Minerals underground July 2026 34
Slide 35: Karo Platinum
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Karo Platinum MINING RIGHT OVER MULTIGENERATIONAL 23 903 ha Unlocking Zimbabwe’s mineral wealth MINE UNDER for a sustainable future CONSTRUCTION RESOURCES 178.2 Mt containing 12.0 Moz PGMs Histo
Slide 36: Locality
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources LOCALITY Ru Ir Rh 4% 2% o Safety 4% Hartley Platinu Zimplats • 2025 LTIFR: 0.00 Au m 641 kozpa 8% Pt Karo Ngezi Platinum o Mineral Resource and Mineral Reserve 42% Mine Unki Mine US$2 012/oz 244
Slide 37: Mining right over 23 903 ha
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources MINING RIGHT OVER 23 903 HA • Compact site development with access to national roads Solar plant Chirundazi Dam Camp 132kV Powerline TSF Karo Substation Mine Pit KPE SE Concentrator Chingazi Dam
Slide 38: Project derisked
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources PROJECT DERISKED o Exploration • 70 km of open pit exploration drilling; high level of confidence in both resource and reserves • Underground exploration drilling of 26 km completed, +50 year po
Slide 39: Karo Platinum open pit development
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Karo Platinum OPEN PIT DEVELOPMENT July 2026 39
Slide 40: Karo Platinum open pit development
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Karo Platinum OPEN PIT DEVELOPMENT August 2026 40
Slide 41: Karo Platinum contractor engineering works
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources Karo Platinum CONTRACTOR ENGINEERING WORKS August 2026 41
Slide 42: Unlocking world class value
About us Financial Highlights Innovating with purpose Empowering futures Vision 2030 Redefining resources UNLOCKING WORLD CLASS VALUE • Tier 1 asset, multi-generational • De-risked, near term production • Exceptional returns & low cost • Strong ESG commitment and partnerships • Strategic location
Slide 43: Innovating with purpose
Innovating with purpose Unlocking value today, building for generations tomorrow Thapelo Machethe – Lab operator 43
Slide 44: 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 45: 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 46: 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 47: Empowering futures
Empowering futures Unlocking value today, building for generations tomorrow Karo Katawa school building & water supply 47
Slide 48: 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 49: Socio-economic contribution
About us Financial Highlights Redefining resources Innovating with purpose Vision 2030 Empowering futures Group employees and Female AET, bursars, contractors employees interns & learners 4 483 27% 35 Currency inflows into South Global direct, Amount spent on BEE, HDP, women Africa (direct + indirec
Slide 50: Vision 2030 and beyond
Vision 2030 and beyond Delivering on expansion and growth opportunities, commercialising technology solutions Angel Nqotshana – UG construction team 50
Slide 51: 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 52: 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 53: 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 54: Questions
Questions Meet SPOT 54
Slide 55: Appendix
Appendix Tharisa metallurgical complex with Voyager Plant in focus 55
Slide 56: 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 57: Corporate profile
Corporate profile (THS:LSE THA:JSE A2X:THA ADR:THARY) Directors of Tharisa Capital structure (13 July 2026) Issued shares 302.6 million • Loucas Christos Pouroulis (Executive Chairman) Market capitalisation GBP344.1m ZAR7.57bn • Phoevos Pouroulis (Chief Executive Officer) Avg daily volume (‘000) 231
Slide 58: History and evolution
History and evolution Aug AMBS launched (Brits beneficiation Mar Redox One Jun site) launches at Establishment Oct African of ADR Commissioned the Energy programme unique fine Indaba chrome recovery Mar Jul Jan Vulcan Plant Tharisa 15 year PPA Feb Jun Minerals wheeling Tharisa plc US$95m equity Thar
Slide 59: 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