Slide 1: Tharisa Plc - Proactive One2One Virtual Forum
THARISA PLC October 2022 Proactive One2One Virtual Forum
Slide 2: Who We Are
854.4 Mt & 152.1 Mt 40.3 Moz & 10.0 Moz 171.1 Mt WHO WE ARE IN MINERAL RESOURCE * IN CONTAINED 6E* IN CONTAINED CR2O3* 1 2 3 4 5 6 INTEGRATED 20 YEAR GROWTH R&D PROFITABLE CONSISTENT PGM and chrome LOM open pit pipeline to double developing innovative throughout dividend payer co-producer located in
Slide 3: An Ethos of Innovation
AN ETHOS OF INNOVATION ▪ Innovation is at the core of Tharisa’s ethos ▪ Key strategic projects under R&D at AMBS ▪ Technology the key enabler for differentiation MAJOR MILESTONE HISTORY THARISA MINE CHALLENGER VOYAGER PLANT HIGH ENERGY DC SMELTER NEW MG reef open pit mine PLANT large scale PGM and F
Slide 4: FY2022 Production Results
PGM SPOT PRICE CHROME SPOT PRICE FY2022 PRODUCTION RESULTS US$2 352/oz* US$215/t* REEF MINED PGM PRODUCTION (5PGE+Au) CHROME CONCENTRATE PRODUCTION 5.5 Mt 179.2 koz 1.58 Mt up 2.3% up 13.6% up 5.1% stripping ratio of 12.8 m3:m3 recovery of 76.6% recovery of 68.3% (2021: 5.4 Mt) (2021: 157.8 koz) (20
Slide 5: Our Commodities
OUR COMMODITIES
Slide 6: Platinum Group Metals
SPOT PGM BASKET* PLATINUM GROUP METALS US$2 352/oz Primary supply growth constraints PGM PRICE CHART Platinum Palladium Rhodium Pt, Pd Price Rh Price Deficits in Rh, Pd to remain, Pt heading towards a deficit 3000 30 000 ICE remains a major demand driver despite EV development 2500 25 000 2000
Slide 7: Chrome
SPOT CHROME PRICE* H1 FY2022 MET CHROME CHROME US$215/t US$175/t Chrome prices remain resilient due to growing stainless METALLURGICAL CHROME PRICE (US$/t) Low High Avg steel demand 300 280 South Africa supplies 80% of China’s chrome needs 260 240 China has no chrome resources 220 200 Tharis
Slide 8: Karo Platinum
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Slide 9: Continuous Investment
CONTINUOUS INVESTMENT Investment to date of US$70.3 m: 70% 30% ‒ US$4.5 m cash - acquisition of 26.8% shareholding Tharisa plc Leto Settlement ‒ US$8.0 m Phase 1 exploration capital ‒ US$3.4 m Technical studies ‒ US$25.0 m early development funding (not fully drawn) Karo Mining ‒ US$29.4 m in shar
Slide 10: Locality & Geology
LOCALITY & GEOLOGY PROPERTY LOCATION PHASED DEVELOPMENT ▪ Located in the Mashonaland West district of Zimbabwe, NEXT PHASES WILL SCALE TO ACCESS THE VAST RESOURCE AREA approximately 80 km southwest of Harare and 35 km southeast of Chegutu ▪ The project area covers 23 903 ha located on the Great Dyke
Slide 11: ESG: Impact Investing
VALUE CONTRIBUTION ESG: IMPACT INVESTING ~2% GDP SAFETY AND ENVIRONMENTAL ▪ Four years LTI free ▪ IFC compliant ESIA approved (mining & processing) ▪ Structurally safer waste rock contained TSF independently designed KARO IN THE COMMUNITY ▪ Prioritising local recruitment and skill development ▪ Dedi
Slide 12: Project Capital Cost
PROJECT CAPITAL COST First Ore In Mill (FOIM) is scheduled for July 2024 Increased PGM production output of 22.7% to 194 kozpa The revised capital cost reflects actual price estimates as at COST TO FOIM (US$ m) H1 2022, which includes higher steel and transportation costs A 15% project conti
Slide 13: Karo Platinum Funding
KARO PLATINUM FUNDING Multiple funding streams with synchronised timing requirements Partial leverage of existing assets – ~US$130 m Syndicated Loan with senior project finance facility with a political and commercial insurance wrap (ECIC) – ~US$260 m VFEX bond listing – targeting US$50 m ‒
Slide 14: Strategy
tharisa STRATEGY
Slide 15: Karo + Tharisa = Key Future Supply
KARO + THARISA = KEY FUTURE SUPPLY KARO THARISA COMPARISON UNIT LOM OPEN PIT FROM EACH OPERATION PHASE 1* OPEN PIT** +17 years Open pit LOM years 17 20 Resource ounces 4E Moz 96.4 31.1 REEF MINED PER ANNUM Reserve Mt 35.5 94.2 +7.5 Mt Reserve ounces 4E Moz 2.5 3.3 PGM production^ kozpa 194 200 PGMS
Slide 16: Innovating the Resources Company of the Future
INNOVATING THE RESOURCES COMPANY OF THE FUTURE DECADE PERFORMANCE = PRODUCTION AND CASH REAL PORTFOLIO OPTIONALITY CORE OF THARISA’S ETHOS Established co-producer Diversification on track Innovation & Beneficiation BALANCED BUSINESS MODEL KARO PLATINUM + THARISA CONSISTENT DIVIDEND Growth & capital
Slide 17: Our Core Values
OUR CORE VALUES SAFETY & HEALTH The safety and health of our people is a core value We take responsibility for the effect that our operations may have ENVIRONMENT on the environment We are committed to reducing carbon emissions by 30% by 2030 CLIMATE CHANGE and have a plan in motion to be net carbon
Slide 18: 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