Tharisa Plc · JSE:THA
Tharisa — The Oxford Platinum Lectures 2026
12 slides from Tharisa's conference presentation, May 15, 2026
Slide 1: The Oxford Platinum Lectures 2026
THE OXFORD PLATINUM LECTURES 2026 15 May 2026 Phoevos Pouroulis
Slide 2: Video slide
VIDEO SLIDE Ya KARO platinum
Slide 3: Multigenerational mine under construction
MULTIGENERATIONAL MINE UNDER CONSTRUCTION Highlights • 10+ year open-pit mine life, scalable to over 50 years with underground • Output of 226koz pa (OP) increasing to +360koz pa (UG) • Copper, nickel and cobalt by-products • 1 200 new direct jobs • US$241m investment to date 3
Slide 4: Locality
LOCALITY Ru Ir Rh 4% 2% o Safety 4% Hartley Platinu Zimplats • 2025 LTIFR: 0.00 Au m 641 kozpa 8% Pt Karo Ngezi 42% Platinum o Mineral Resource and Mineral Reserve US$2 417/oz Mine Unki Mine • Open pit resource: 11.2 Moz 6E PGM 11 May 2026 244 kozpa • Open pit reserve: 2.1 Moz 6E PGM Mimos a Mine •
Slide 5: Mining right over 903ha
MINING RIGHT OVER 23 903HA Solar plant Chirundazi Dam Camp 132kV Powerline TSF Karo Substation Mine Pit KPE SE Concentrator Chingazi Dam Mining Contractor 5
Slide 6: Project derisked
PROJECT DERISKED o Exploration • 60km of exploration drilling; high level of confidence; • Underground drilling of 26km completed, +50-year potential • Current CPR April 2026 o Mining • Mine design completed • EPSA appointed; mobilisation on track with open pit waste stripping underway o Processing
Slide 7: Concentrator: major construction complete
CONCENTRATOR: MAJOR CONSTRUCTION COMPLETE o Mill Building • Steel work 78% complete • Mills delivered; 90% of long lead equipment procured and in storage o MV/LV Buildings • MV building 37% complete • LV building (wet end) 100% complete 7
Slide 8: Civil works
CIVIL WORKS o Chirundazi Dam • 27% complete — forecast completion October 2026 • Bulk water secured for plant operations o Chiganzi Dam • Secondary water source supporting overall water strategy 8
Slide 9: Power: substation and 132 kV line
POWER: SUBSTATION AND 132 KV LINE o 132kv overhead line • 78% complete • 102 of 130 poles installed o Plant substation • Bulk power secured for operations • Karo substation integrated with grid connection 9
Slide 10: Global PGM cost curve — December 2025
GLOBAL PGM COST CURVE — DECEMBER 2025 All-in Sustaining Cost (R/oz 6E) by producer | Tharisa & Karo anchor the lowest-cost quartile Tharisa is positioned in the lowest-cost quartile of global PGM production. Tharisa ~R11,000/oz AISC, net of chromite credits Karo (estimate, full production) ~R14,000
Slide 11: Unlocking world class value
UNLOCKING WORLD CLASS VALUE • Tier-1 asset, multi generational • De-risked, near-term production • Exceptional returns & low cost • NPV10.9% US$1.44bn (Spot OP&UG) • Strong ESG commitment and partnerships • Strategic location & market Impact replacing depleting reserves • US$241m investment to da
Slide 12: Questions?
QUESTIONS? 12