Slide 1: Interim Results Presentation, 6 months ended 31 March 2023
19 May 2023 tharisa INTERIM RESULTS PRESENTATION 6 months ended 31 March 2023 enriching lives through innovating the resources company of the future
Slide 2: Profitable - Investing - Paying Dividends - Delivering Vision 2025
PROFITABLE - INVESTING - PAYING DIVIDENDS - DELIVERING VISION 2025 PROFITABLE — Co-product commodities delivering into demand — Profitable since 2015 INVESTING — Invested US$530 m in our operations in the last decade — Ensuring optimum resource extraction through innovative processes PAYING DIVIDEND
Slide 3: Successfully Navigating Uncertainty
SUCCESSFULLY NAVIGATING UNCERTAINTY tharisa TAILWINDS COMMODITIES — Co-product business model — Buoyant chrome commodity market — Counter cyclical commodities in basket — Fundamentals for both commodities are extremely robust MACRO — Weakening of ZAR to US$ - partially offsetting inflationary pressu
Slide 4: H1 FY2023 Highlights: Safety is a Core Value
H1 FY2023 HIGHLIGHTS SAFETY IS A CORE VALUE —Tharisa Mine —LTIFR of 0.27 per 200 000 man hours worked — Overall improved safety performance, post fatality at Tharisa Mine in October 2022 — Karo Platinum — project remains LTI free t h arisa enriching lives through innovating the resources company of
Slide 5: Faith Memorial Garden
FAITH MEMORIAL GARDEN “Faith is the strength by which a shattered world shall emerge into the light. HELEN KELLER t h arisa enriching lives through innovating the resources company of the future
Slide 6: H1 FY2023 Highlights: Sustainable Mining of Long Life Assets
H1 FY2023 HIGHLIGHTS SUSTAINABLE MINING OF OUR LONG LIFE TIER ONE ASSETS —Tharisa Minerals owns and controls a resource of 849.6 Mt —Reef tonnes mined of 2.1 Mt —PGM production of 77.0 koz — PGM basket price of US$2 216/oz ~ Chrome production of 787.9 kt — metallurgical grade chrome price of US$247/
Slide 7: H1 FY2023 Highlights: Discover, Develop, Deliver, Diversify
H1 FY2023 HIGHLIGHTS DISCOVER - DEVELOP - DELIVER: DIVERSIFY — Delivering healthy margins and cash flow despite operational headwinds — Karo Platinum construction and funding advancing —Commercialisation of R+D projects underway tha ri Sa enriching lives through innovating the resources company of t
Slide 8: H1 FY2023 Highlights: Capital Discipline
H1 FY2023 HIGHLIGHTS CAPITAL DISCIPLINE —US$49.3 m spent on capex —US$112.7 m of net cash —Dividend policy of 15% annual NPAT ~ Interim dividend of US 3 cents per share tharisa
Slide 9: Highlights: FY2023 Production Guidance
HIGHLIGHTS FY2023 PRODUCTION GUIDANCE —158 koz to 167 koz PGMs (6E basis) —1.58 Mt to 1.67 Mt of chrome concentrates —Karo Platinum construction milestones: — First concrete to be poured in June 2023 —Trial open pit mining nearing completion in September 2023 — Mechanical construction to commence in
Slide 10: Delivering Value in Challenging Environment
DELIVERING VALUE IN CHALLENGING ENVIRONMENT SAFETY IS A CORE VALUE SUSTAINABLE MINING OF OUR LONG LIFE TIER ONE ASSETS — Tharisa Mine —LTIFR of 0.27 per 200 000 man hours worked — Reef mined of 2.1 Mt — Overall improved safety performance, post fatality at Tharisa Mine in — PGM production of 77.0 ko
Slide 11: Our Positive Impact
OUR POSITIVE IMPACT JOB CREATION — 4594 employees at end March 2023 (Group employees and contractors) — 440 employees and contractors on site in Zimbabwe — +25% female employees — No days lost to industrial action — Four year wage agreement ends in June 2024 — Employee engagement through various HR
Slide 12: The Vital Numbers
US$2 216/oz US$247/t THE VITAL NUMBERS down 14.5% up 41.1% PGM BASKET PRICE MET GRADE PRICE REEF MINED PGM PRODUCTION (6E) CHROME CONCENTRATE PRODUCTION 2.1 Mt 77.0 koz 787.9 kt down 25.6% down 16.1% up 1.4% stripping ratio of 11.5 m3:m3 (HY2022: 2.8 Mt) REVENUE US$335. 3m PROFIT BEFORE TAX US$72.4
Slide 13: Strategy
tharisa STRATEGY
Slide 14: Vision 2025
VISION 2025 enriching lives through innovating the resources company of the future tharisa (77) 4 n\ = IPN I——() enriching lives through innovating the resources company of t EXPANSION Expand and roll out the business sustainably OPTIMISATION Optimise existing operations INNOVATION Continue to inves
Slide 15: Long Life Portfolio
LONG LIFE PORTFOLIO 40.3 Moz & 10.0 Moz 171.1 Mt IN CONTAINED PGMS (6E) IN CONTAINED CHROME SIGNIFICANT SHALLOW RESOURCES — 849.6 Mt at Tharisa Mine — 18 year open pit life at Tharisa Minerals — +40 years underground LOM potential — 152.1 Mt at Karo Platinum — 17 year open pit life at Karo Platinum
Slide 16: An Ethos of Innovation
AN ETHOS OF INNOVATION ARXO METALS BENEFICIATION SITE — Commercial operations for PGM smelting — Demonstration scale testing of other initiatives ARXO METALS TECHNOLOGY DEVELOPMENT CENTRE — Facility to run laboratory and pilot scale test work — Focus on downstream beneficiation of PGMs and chrome —
Slide 17: Karo Project
KARO PROJECT tharisa PROJECT METRICS — Tier 1 asset — First phase open pit of 17 years — Producing ~190 kozpa with significant base metal credits — First ore in mill July 2024 — Commencement of construction ceremony — 7 December 2022 — Earthworks completion, trial open pit mining and first concrete
Slide 18: Commodities: PGM and Chrome Market
US$/ZAR 19.30 US$1 818/0z COMMODITIES SPOT EXCHANGE RATE SPOT PGM BASKET PRICE US$300/t SPOT MET GRADE PRICE PGMS — Primary supply growth constraints — Deficits in Rh, Pd to remain, Pt heading towards a record deficit — ICE remains a major demand driver with Tier 4 and Euro 7 emissions standards sti
Slide 19: Financial Highlights
tharisa FINANCIAL HIGHLIGHTS
Slide 20: Delivering on Growth Strategy
DELIVERING ON GROWTH STRATEGY MULTI COMMODITIES — Robust co-production model — Polymetallic basket of strategic minerals — Low cost producer STRONG CASH FLOW GENERATION — Net cash flows from operations — US$97.1 m — Enabling continuous investment through the cycle — Consistent dividend policy NEW DE
Slide 21: Multi Commodity Revenue Stream
MULTI COMMODITY REVENUE STREAM US$335.3 m Revenue Benefits of co-production model PGM sales of 76.8 koz Average PGM basket price of US$2 216/0z Metallurgical grade chrome sales of 712.9 kt Average chrome price of US$247/t tharisa Agency and trading 5.8% Manufacturing and consulting 0.7% FCA REVENUE”
Slide 22: Active Unit Cost Management
ACTIVE UNIT COST MANAGEMENT % Units HY2023 HY2022 change Cubes mined Mm3 a3) 10.3 (29.1) Cost per cube mined” US$/m3 10.4 8.5 22.4 Reef tonnes mined Mt 21 28 (25.6) Cost per reef tonne mined* US$/t 36.0 31.0 16.4 Tonnes milled Mt 2.8 2.8 0.1 On mine cash cost per tonne milled? USS$/t 48.2 46.1 4.6 C
Slide 23: Healthy Gross Profits
HEALTHY GROSS PROFITS GROSS PROFIT AND MARGIN (US$ m) US$93.6 m Gross profit a decrease of 23.7% Weakening ZAR to US$ exchange rate of 15.7% partially offset inflation Healthy gross profit margins despite input cost pressures*: US$: — Explosives +1.2% — Diesel +16.2% — Land side logistics +8.9% FY20
Slide 24: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION 6.2% DIVIDEND YIELD US 3 cents Interim dividend for HY2023 16.4% of NPAT Policy minimum of 15% of NPAT US$91.6 m = FF eB : Cumulative distributions to shareholders over 8 years FY2016 FY2017 FY2018 FY2019 Interim = =m Final Commitment to capital discipline t h arisa en
Slide 25: Investing in Our Business
INVESTING IN OUR BUSINESS Land and Other buildings. assets US$2.6m US$49.3 m Total capex spent Continued to invest in asset base = sustainable operations Karo Platinum Tharisa to spend $48.8 m in H2 excluding deferred stripping USSI8.3m Mi ts and ining US$18.3 m niger fee Capex spent on Karo Platinu
Slide 26: Positioned for Strategic Growth
POSITIONED FOR STRATEGIC GROWTH CAPITAL ALLOCATION (%) Strong cash flow generation — Deleveraging of the balance sheet — Investment in existing operations and growth — Adherence to dividend policy 30% FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 HY2023 =Dividend = Capital investment = Debt repai
Slide 27: Robust Balance Sheet
ROBUST BALANCE SHEET US$205.7 m Cash and cash equivalents Cash generative despite inflationary pressures Net cash flow from operations of US$97.1 m Net cash of US$112.7 m US$93.0 m Total debt Short term of US$48.4 m New debt facilities Current ratio of 2.4 Net debt to EBITDA of (1.4) Net debt to equ
Slide 28: Value Proposition
tharisa VALUE PROPOSITION
Slide 29: FY2018 FY2019 FY2020
400 .0 40 37.6 350 .0 34.6 35 12.6 300 .0 30 27.9 250 .0 25.1 24.2 25 237.3 20 224.3 200 .0 6.9 15 15 6.3 150 .0 5.7 10 4.8 100 .0 113.4 101.9 81.2 51.6 50. 0 5 2.2 0.0 0 THA IMP NTH AMS SSW RBP FY2018 FY2019 FY2020 FY2021 FY2022 HY2023 2.2 1.4 2.1 1.7 1.0 0.9 0.9 1.2 1.1 0.7 1.1 1.1 0.8 0.4 THA SSW
Slide 30: Questions
QUESTIONS tharisa enriching lives through innovating the resources company of the future 30
Slide 31: 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