Tharisa Plc · JSE:THA
Tharisa — Investor Presentation (June 2025)
23 slides from Tharisa's investor presentation, Jun 12, 2025
Slide 1: Backed by Real Value, Built for Growth
BACKED BY REAL VALUE BUILT FOR GROWTH 12 JUNE 2025
Slide 2: Innovating the Resources Company of the Future
INNOVATING THE RESOURCES COMPANY OF THE FUTURE MARKETS, SALES & EXPLORATION MINING PROCESSING SMELTING REFINING LOGISTICS
Slide 3: Shallow Multigenerational Mineral Assets Unlocked by Innovation
“i Arxo Metals Renewable Energy Centre Ener, Cen SHALLOW MULTIGENERATIONAL MINERAL ASSETS UNLOCKED BY INNOVATION Enriching lives through innovating the resources company of the future
Slide 4: 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 5: The Vital Numbers HY2025
THE VITAL NUMBERS HY2025 US$1 403/0z up 4.4% PGM BASKET PRICE US$253/t down 12.2% MET GRADE PRICE REVENUE US$280.8 m down 23.9% (HY2024: US$369.1 m) EBITDA US$43.8 m down 45.0% (HY2024: US$79.6 m) NET PROFIT AFTER TAX US$8.2 m down 78.9% (HY2024: US$38.8 m) NET CASH FROM OPERATING ACTIVITIES US$36.0
Slide 6: Maintaining a Strong Balance Sheet (HY2025)
MAINTAINING A STRONG BALANCE SHEET (HY2025) US$193.6 m Cash and cash equivalents* Cash generative despite pricing environment Net cash flow from operations of US$36.0 m Net cash of US$87.6 m* US$106.1 m Total debt Short term US$77.5 m 59.7% US$ denominated and 40.3% ZAR denominated Current ratio of
Slide 7: And Returning Value to Shareholders
5.8% AND RETURNING VALUE TO SHAREHOLDERS SENET US 1.5 cents Interim dividend 54.3% of NPAT Policy minimum of 15% of NPAT US$114.9 m Cumulative distributions to shareholders over 10 years Ss oO Cumulative distributions equal to US 41.25 cents per share Net cash per share of 38% = = Ss i ) Commitment
Slide 8: Critical Metal Applications: PGMs
CRITICAL METAL APPLICATIONS PGMS PLAY VITAL ROLE IN DECARBONISING THE PLANET — Tariffs have complicated demand outlook for PGMs, focus shifts to supply — Capital investment in primary production has declined by~20% since 2023 due to prolonged low prices — Leading to South African 3E PGM supply decli
Slide 9: Critical Metal Applications: Chrome
US$290/t CRITICAL METAL APPLICATIONS SPOT MET GRADE PRICE 12 June 2025 CHROME PLAYS VITAL ROLE IN DECARBONISING THE PLANET Chrome is key ingredient in stainless steel - construction, white goods, infrastructure, E Alloys used for Durable and 100% — Chrome is a designated critical metal recyclable No
Slide 10: Technology and Innovation
TECHNOLOGY AND INNOVATION UNIQUE DOWNSTREAM TECHNOLOGY DEVELOPMENT — ARXO METALS BENEFICIATION SITE — Dedicated commercial pyrometallurgical site — producing novel alloys — Unique PGM refining process has been proven to produce precious metals — ARXO METALS TECHNOLOGY DEVELOPMENT CENTRE — Facility b
Slide 11: Pilot Phase, Demonstration & Scale Up, Deployment Phase
− − − − PILOT PHASE DEMONSTRATION & SCALE UP DEPLOYMENT PHASE 40 kWh 200 kWh to MWh 50 to 100 MWh & beyond
Slide 12: Mining Beyond the Perimeter
MINING BEYOND THE PERIMETER GROUP EMPLOYEES AND CONTRACTORS FEMALE EMPLOYEES Meet Lesego Mag 4 8 7 9 ~ 2 6 % A Tharisa Bursary Recipient and Future Geologist in the Making AMOUNT SPENT ON BEE, HDP, WOMEN + TOTAL AMOUNT SPENT ON SLP + CSI Lesego's journey took a significant step forward when a friend
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Slide 14: World Class PGM Asset
WORLD CLASS PGM ASSET LOM OPEN PIT ANNUAL PGM PRODUCTION (6E) Tier 1 10 years 220 koz 2 200 t Copper 2 500 t Nickel Phase 1 Phase 1 OPEN PIT, SCALABLE, INVESTMENT TIME TO PRODUCTION PHASED TO UNDERGROUND c. US$511 m Long life 15 months from funding close INCREASE IN NATIONAL ESTIMATED GDP IMPACT EMP
Slide 15: 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 16: 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 17: Value Proposition
VALUE PROPOSITION
Slide 18: Core Investment Thesis
CORE INVESTMENT THESIS GROWTH FOCUSED, PATIENT DIVIDEND PAYING EXPANSION INTO VALUE INVESTOR IN LONG LIFE CRITICAL UNIQUELY POSITIONED TO ACCRETIVE DOWNSTREAM AND METAL ASSETS BENEFIT FROM COMMODITY ENERGY SECTORS CYCLES THARISA MINERALS KARO PLATINUM BENEFICIATION HUB — Flagship co-product mine - S
Slide 19: Deep Value Discounted Investment Opportunity
DEEP VALUE DISCOUNTED INVESTMENT OPPORTUNITY THARISA PEERS TRADING COMPARABLES 207s company “Traang Summary ‘captasaten Summary 7 Tow corm rT MM gucgg MONT Genre EVKTOA EEBION ggy OE am a aa on rconge_Chenge_Chinge MER “ahh nue” “tase” RE Ce Tesoume tote to te a = a ae on EER eee meme ae = ‘aya Ming
Slide 20: Sum of the Parts Backed by Value Generating Assets
SUM OF THE PARTS BACKED BY VALUE GENERATING ASSETS DISCONNECT BETWEEN DE-RISKED VALUE IN THE GROUND AND MARKET VALUE — Core Tharisa Mine and its benefits — Upside potential of the derisked Karo project — Beneficiation from Tharisa’s downstream commercialisation — Astrong balance sheet with disciplin
Slide 21: 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 22: Questions
& enriching lives through innovating the resources company of the future QUESTIONS DEVELOP DELIVER DIVERSIFY
Slide 23: 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