Slide 1: FY2025 Results Presentation
FY2025 Results Presentation 1 December 2025
Slide 2: Agenda
03 AGENDA Redefining resources 01 02 About us Financial highlights 04 05 Innovating Empowering with purpose futures | WWW.THARISA.COM
Slide 3: Vision 2030
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Resilient today, future ready: a strong balance sheet supporting Vision 2030 Vision 2030 Delivering on expansion and growth opportunities, commercialising technology solutions | WWW.THARISA.COM PAGE 3 | DEC
Slide 4: Empowering futures responsibly
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Empowering futures responsibly Tharisa is an integrated resource group playing a pivotal role in the global energy transition and the decarbonisation of economies. Leveraging innovation and technology, Thar
Slide 5: FY2025 key highlights
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES FY2025 key highlights SAFETY • Lost Time Injury Frequency Rate per 200 000 man hours of: ‒ 0.03 at Tharisa Minerals ‒ 0.00 at Karo Platinum • Tharisa Minerals – MineSAFE Best Improved Safety Performance (Op
Slide 6: Redefining resources
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES 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.
Slide 7: Empowering futures
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Empowering futures Group employees and Female AET, bursars, contractors employees interns & learners 4 483 27% 35 Currency inflows into South Africa Global direct, Amount spent on BEE, HDP, women + (direct
Slide 8: Critical metal applications
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES US$2 215/oz US$2 024/oz Critical metal applications SPOT PGM THARISA BASKET PRICE SPOT PGM KARO BASKET PRICE 1 December 2025 1 December 2025 PGMs play vital role in decarbonising the planet • Platinum and p
Slide 9: Critical metal applications
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES US$2 215/oz US$2 024/oz Critical metal applications SPOT PGM THARISA BASKET PRICE SPOT PGM KARO BASKET PRICE 1 December 2025 1 December 2025 PGMs play vital role in decarbonising the planet Ir • Platinum an
Slide 10: Critical metal applications
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Critical metal applications US$263/t SPOT MET GRADE PRICE 1 December 2025 Chrome plays vital role in decarbonising the planet • Chrome industry is well positioned to benefit from structural global Chrome is
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS | WWW.THARISA.COM PAGE 11 | DEC 2025
Slide 12: Co-product business model proves its resilience
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Co-product business model proves its resilience Leveraging our balance sheet for sustainable multigenerational growth MULTI COMMODITIES CASH FLOW GENERATIVE CAPITAL DISCIPLINE • Co-production model remains
Slide 13: Multi commodity revenue stream
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Multi commodity revenue stream Agency and Manufacturing and US$602.9 m trading 1.9% consulting 1.3% Revenue Benefits of co-production model as PGM revenue increased 24.2% PGM sales of 137.5 koz FCA Average
Slide 14: Unit costs
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Unit costs % Overheads Units FY2025 FY2024 change 17.2% Cubes mined Mm3 15.6 17.0 (8.2) Cost per cube mined* US$/m3 14.3 11.0 30.0 Labour 18.9% Reef tonnes mined Mt 5.3 4.6 15.3 Cost per reef tonne mined* U
Slide 15: EBITDA waterfall
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES EBITDA waterfall 140% 120% 100% 80% 60% 40% 20% 0% FY2024 PGM PGM Chrome Chrome Mining Mining Processing State Selling Operating Other FY2025 EBITDA volume price volume price cost commodities cost royalties
Slide 16: Gross profit
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Gross profit US$191.3 m GROSS PROFIT AND MARGIN (US$ m) Gross profit margin of 31.7% Gross profit margin of 20.6% pre mining royalty credit 300.0 40.0% 35.8% 34.8% 32.1% 31.7% 35.0% 250.0 245.7 30.0% 25.6%
Slide 17: Mining royalty credit
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Mining royalty credit US$67.3 m Favourable credit PROVISION FOR MINING ROYALTY Units FY2025 • South African Tax Court Judgement required revenue authorities to reassess basis of calculation using actual PGM
Slide 18: Investing in the future
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES 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 str
Slide 19: Balance sheet
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES 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 F
Slide 20: Returns to shareholders
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Returns to shareholders 9.7% 11.8% 2.4% ROIC 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.
Slide 21: Redefining Resources
REDEFINING RESOURCES | WWW.THARISA.COM PAGE 21 | DEC 2025
Slide 22: Unlocked by innovation
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Shallow Redox One multigenerational mineral assets Karo Platinum UNLOCKED Dortmund Victoria Falls Harare BY INNOVATION Paphos Tharisa Mine Arxo Metals Renewable Energy Centre Maputo Johannesburg Richards Ba
Slide 23: Underground transition
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Underground transition Key milestones for Apollo and Orion portal development The Apollo and Orion portals represent the core of Tharisa’s underground transition strategy, with defined timelines for first o
Slide 24: Underground transition
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Underground transition Strategic capital investment driving long term value Capital Apollo Capital Orion Peak funding Mining cost (incl. of cap dev) US$363 m US$184 m US$173 m US$40.8/t Cash on hand FY2025
Slide 25: Combined output
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Combined output Tharisa Minerals annual production 250 koz 2 500 kt 200 koz 2 000 kt Chrome concentrate 150 koz 1 500 kt PGMs (6E) 100 koz 1 000 kt 50 koz 500 kt - - FY2026 FY2027 FY2028 FY2029 FY2030 FY203
Slide 26: Unlocking Zimbabwe's mineral wealth for a sustainable future
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Unlocking Zimbabwe’s mineral wealth for a sustainable future GLOBAL SCALE One of only two major PGM projects under construction worldwide in a sector facing growing deficits. STRATEGIC VISION Aim to become
Slide 27: Mining lease area & open pit layout
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Mining lease area & open pit layout The mining plan is based on the development of a 2.64 Mtpa ROM operation, comprising several open pits. A contractor mining model will be deployed. Centralised processing
Slide 28: Project execution substantially derisked
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES 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
Slide 29: Concentrator area & infrastructure
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES REDEFINING RESOURCES QUESTIONS Concentrator area & infrastructure The concentrator area has advanced significantly with major construction milestones completed. Civil works are progressing well across the site, long lead equipment has been delivered
Slide 30: Construction progress
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Construction progress Flotation, thickening and filtration MV substation Chirundazi dam construction West End LV substation Primary and secondary milling Masonry works in progress | WWW.THARISA.COM PAGE 30
Slide 31: Mining contractor
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Mining contractor Completed CONTRACT AWARDED In progress MOBILISATION Global earthmoving contractor for mining and In progress infrastructure projects, moving earth from 1962 SITE ESTABLISHMENT Commenced ON
Slide 32: Funding update
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Funding update $3 500 Tharisa plc Equity 01 US$178 m Committed $3 000 US$/6Eoz | Basket Price VFEX bond $2 500 02 US$37 m Committed $2 000 Senior Debt KARO Project finance $1 500 PROJECT 03 US$178 m Advance
Slide 33: Innovating with Purpose
INNOVATING WITH PURPOSE | WWW.THARISA.COM PAGE 33 | DEC 2025
Slide 34: Arxo Metals
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Arxo Metals Challenging convention • Commercialisation of five novel mine to metal beneficiation processes • Novel processes have been developed from ideation and laboratory scale testwork to commercial sca
Slide 35: Redox One
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Redox One Powering tomorrow, sustainably • Cost effective, safe, and scalable long duration energy storage technology with Tharisa’s chrome at the heart • Anchored by its intellectual property • Key feature
Slide 36: Empowering Futures
EMPOWERING FUTURES | WWW.THARISA.COM PAGE 36 | DEC 2025
Slide 37: Securing sustainable growth for multiple generations
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES 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,
Slide 38: Core investment thesis
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES 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 deliv
Slide 39: Tharisa in 2030
ABOUT US FINANCIAL HIGHLIGHTS REDEFINING RESOURCES INNOVATING WITH PURPOSE EMPOWERING FUTURES Tharisa in 2030 Unlocking multigenerational value 01 02 03 04 05 ESG THARISA MINERALS KARO PLATINUM ARXO METALS REDOX ONE Smart operations, Apollo underground Steady state PGM Commercial Tharisa Minerals fu
Slide 40: Vision 2030
Redefining resources. Innovating with purpose. Empowering futures. Vision 2030 Delivering on expansion and growth opportunities, commercialising technology solutions | WWW.THARISA.COM PAGE 40 | DEC 2025
Slide 41: Questions
QUESTIONS Redefining resources. Innovating with purpose. Empowering futures. Vision 2030 Delivering on expansion and growth opportunities, commercialising technology solutions | WWW.THARISA.COM PAGE 41 | DEC 2025
Slide 42: 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