Tharisa Plc · JSE:THA
Tharisa — BMO Global Metals, Mining & Critical Minerals Conference 2026
22 slides from Tharisa's conference presentation, Feb 25, 2026
Slide 1: 2026 BMO Global Metals, Mining & Critical Minerals Conference
2026 BMO GLOBAL METALS, MINING & CRITICAL MINERALS CONFERENCE February 2026
Slide 2: Vision 2030
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 2 | FEB 2026
Slide 3: Co-product business model proves its resilience
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 the cornerstone • Net cash flows from operations FY2025 of • Investing beyond 2030 – multigene
Slide 4: Critical metal applications
US$2 980/oz US$2 620/oz Critical metal applications SPOT PGM THARISA BASKET PRICE SPOT PGM KARO BASKET PRICE 24 February 2026 24 February 2026 PGMs play vital role in decarbonising the planet • Platinum and palladium markets remain central to catalytic applications • Global emissions standards tight
Slide 5: Critical metal applications
US$2 980/oz US$2 620/oz Critical metal applications SPOT PGM THARISA BASKET PRICE SPOT PGM KARO BASKET PRICE 24 February 2026 24 February 2026 PGMs play vital role in decarbonising the planet Ir • Platinum and palladium markets remain central to catalytic applications 4.5% Ru • Global emissions stan
Slide 6: Critical Minerals
Critical Minerals We have 9 of these in our inventory – highest or elevated disruption risk* 4E RESOURCES PRILL SPLIT % 120 100 12 10 8 8 7 7 6 5 4 1 80 21 30 28 28 31 45 40 45 60 42 62 40 67 57 60 62 62 20 44 47 45 45 29 0 Tharisa Sibanye Northam Ivanplats Wesizwe RB Plat Valterra Impala Karo PTM S
Slide 7: Critical metal applications
Critical metal applications US$300/t SPOT MET GRADE PRICE 24 February 2026 Chrome plays vital role in decarbonising the planet • Chrome industry is well positioned to benefit from structural global Chrome is key ingredient in Durable demand for stainless steel, renewable technologies and green- and
Slide 8: Redefining Resources
REDEFINING RESOURCES | WWW.THARISA.COM PAGE 8 | FEB 2026
Slide 9: Unlocked by innovation
Shallow Redox One multigenerational mineral assets Karo Platinum UNLOCKED Dortmund Victoria Falls Harare BY INNOVATION Paphos Tharisa Mine Arxo Metals Renewable Energy Centre Maputo Johannesburg Richards Bay Arxo Metals Beneficiation Site Durban Cape Town Arxo Logistics | WWW.THARISA.COM PAGE 9 | FE
Slide 10: Flagship co-product mine
Flagship co-product mine • Tharisa Minerals is a large scale, stable, long life operation with a proven track record Far West Pit • Diversified co product commodity mix delivering into Samancor physical demand East Pit West Pit • Mining right over 5 475 ha • Mines and processes the MG Chromitite Lay
Slide 11: Established operations transitioning to underground
Established operations transitioning to underground OPEN PIT UNDERGROUND TRANSITION − Open pit operations were established in 2008 − Development of mechanised underground mining to ensure operational flexibility − Three active pits : − Advantages of shallow ore body: − East, West and Far West − Sign
Slide 12: Steady state co-producer of PGMs and chrome concentrates
Steady state co-producer of PGMs and chrome concentrates Tharisa Minerals annual production 250 koz 2 500 kt 200 koz 2 000 kt Chrome concentrate 150 koz 1 500 kt PGMs (6E) 100 koz 1 000 kt 50 koz 500 kt - - FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034 FY2035 PGM (6E) Chrome Concent
Slide 13: Karo snapshot
Karo snapshot WORLD CLASS PGM ASSET LOM OPEN PIT Tier 1 10 years OPEN PIT, SCALABLE, INVESTMENT PHASED TO UNDERGROUND c. US$ 545m Long life +50 years ANNUAL PRODUCTION TIME TO PRODUCTION 220 koz 1 900t Copper 15 months from PGMs 6E 2 300t Nickel funding close PARTNERSHIP LONG TERM IMPACT Republic of
Slide 14: Project execution substantially derisked
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 positioned to commence production with high confidence in both geology and cost controls. EXPL
Slide 15: Karo capital update
Karo capital update Tharisa plc Equity 01 US$193 m Investment to date US$2 484/oz VFEX bond BASKET PRICE 18 FEBRUARY 2026 02 US$37 m Committed Senior Debt KARO Project finance capacity US$771/oz PROJECT 03 US$200 m Advanced ALL IN SUSTAINING COST INCLUDING BASE METAL CREDITS Mezzanine Debt 04 US$25
Slide 16: Innovating with Purpose
INNOVATING WITH PURPOSE | WWW.THARISA.COM PAGE 16 | FEB 2026
Slide 17: Arxo Metals
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 scale operations including pyrometallurgical and hydrometallurgical unit operations • Further eva
Slide 18: Redox One
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 features: • Economical electrolyte: electrolyte is cost effective and sustainable - delivery of safe,
Slide 19: Core investment thesis
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 deliver Strong cash generation returns to Consistent delivery with asset base of PGMs, on commercia
Slide 20: Tharisa in 2030
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 full striving for zero harm operations at steady operations with base operations to produce BESS
Slide 21: Vision 2030
Redefining resources. Innovating with purpose. Empowering futures. Vision 2030 Delivering on expansion and growth opportunities, commercialising technology solutions | WWW.THARISA.COM PAGE 21 | FEB 2026
Slide 22: 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
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