Business
Tharisa : TFY2026 Interim Results Presentation (21 May 2026)
Tharisa : TFY2026 Interim Results Presentation (21 May
About this update from Tharisa Plc
Redefining resources Innovating with purpose Empowering futures H1 FY2026 Results Presentation 2 1 M AY 2 0 2 6 Agenda 01 About Tharisa 02 Financial highlights 03 Redefining resources 04 05 06 Innovating with purpose Empowering futures Vision 2030 2 About Tharisa An integrated PGM and chrome resource group, playing a pivotal role in the global energy transition and the decarbonisation of economies, committed to sustainability, building multigenerational growth East pit drilling, May 2026 3 About us Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 H1 FY2026 key highlights Safety LOST TIME INJURY FREQUENCY RATE ('LTIFR') OF: 0.03 per 200 000 man hours worked at Tharisa Minerals 0.00 per 200 000 man hours worked at Karo Platinum MINING 3 year LTI free Tharisa Minerals 125 Mt Moved during this period Production CHROME PRODUCTION 753.3 kt at an average metallurgical grade chrome price of US$284/t (2025: US$253/t) PGM PRODUCTION 73.1 koz at an average PGM basket price of US$2 599/oz (2025: US$1 403/oz) Tharisa Mine Successful first blast at the Tharisa Mine Apollo portal APRIL 2026 DEVELOPMENT RATES 134 % of plan Underground development project fully funded Redox One Successful factory acceptance testing on the first MWh-class, high-voltage iron-chromium flow battery system Capital Markets Establishment of a Level 1 American Depositary Receipt (ADR) programme J.P. Morgan appointed as the depositary bank Karo Platinum INVESTMENT TO DATE US$241 m (2025: US$185.0 million) Mobilisation on track with open pit waste stripping underway UNDERGROUND DRILLING COMPLETED 26 km to confirm +50-year potential 226 kozpa Phase 1 open pit 5 About us Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Our three pillars Our strategy is built on three pillars that harness our people and innovation to drive sustainable growth, operational excellence and long-term, shared stakeholder value Redefining resources Optimising what we have, valuing sustainability and rethinking systems Innovating with purpose Using creativity to solve real world challenges to unlock efficiency Empowering futures Creating opportunities for people, communities and multiple generations 7 Financial highlights MG3 blast, 31 March 2026 8 About us Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Co-product model underpinning value Strong commodity prices for both PGMs and chrome support capital investment for long-term sustainable growth Reducing peak funding for the underground mining transition Continued disciplined investment in the Karo Platinum Project Commodity fundamentals Major PGM elements forecast to remain in deficit Declining new PGM supply ensuring deficits remain Demand for chrome concentrates is robust Chrome prices have been supported by steady consumption in infrastructure and manufacturing sectors Chrome market has also benefited from increased attention to environmental and sustainability standards Cash generation & leverage Enhanced operational cash flows US$96.4 million Net cash US$54.0 million Project peak funding of US$173.0 million reduced by ~US$45.0 million due to strong commodity prices Underground project funding finalised (US$179.0 million) Invest into the future Capex of US$103.5 million Sustaining capital US$65.5 million UG capex US$16.3 million Continued derisking of Karo Platinum project through disciplined investment - US$21.4m 9 About us Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Building for multigenerational growth US$2 599/oz AVG PGM BASKET PRICE US$284/t AVG MET GRADE PRICE 16.7 AVG USDZAR REVENUE US$ 359.4 m Up 28.0% (2025: 280.8m) EBITDA US$ 104.3 m Up 138.1% (2025: 43.8m) PROFIT BEFORE TAX US$ 69.9 m Up 578.6% (2025: 10.3m) NET CASH FLOW FROM OPERATIONS US$ 96.4 m Up 167.8% (2025:$36.0m) NET CASH US$ 54.0 m HEPS US cents EARNINGS PER SHARE US cents INTERIM DIVIDEND US cents PGM OUNCES PRODUCED CHROME CONCENTRATES PRODUCED 16.6 15.8 2.5 73.1 koz 753.3 kt Up 472.4% (2025: 2.9 cents) Up 532% (2025: 2.5 cents) 15.9% payout Up 17.2% Recovery of 78.2% Down 0.3% Recovery of 70.0% 10 About us Revenue Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 A multicommodity revenue set, anchored by chrome and PGMs and driving resilient earnings Revenue US$359.4 m An increase of 28.0%, due to: 85.3% increase in the average PGM basket price to US$2 599/oz an increase of 17.4% in the PGM ounces sold 12.3% increase in the average metallurgical grade chrome price to US$284/t a decrease in chrome concentrate tonnes sold of 714.6 kt FCA revenue* PGM revenue 43% 57% 6% 7% 10% 41% 35% 1% PGM Chrome *net of inland logistics and freight costs Pt Rh Pd Ir Ru Au Ni Cu 11 About us Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Gross profit and margin Gross profit US$108.9 m Gross profit margin of 30.3% Gross profit and margin (US$ m) 35.8% 245.7 184.6 191.3 153.3 39.9 81.4 93.6 108.9 122.6 25.6% 23.6% 30.3% 31.7% FY2022 FY2023 FY2024 FY2025 H1 FY2026 PGM price (US$/oz) 2 564 1 893 1 362 1 615 2 599 Chrome price (US$/t CIF China) 209 263 299 266 284 Exchange rate (ZAR:US$) 15.8 18.2 18.2 18.1 16.7 FY2025 GP margin includes royalty reversal 12 About us Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 EBITDA waterfall U S$104.3m US$43.8m 350.0% 300.0% 250.0% 200.0% 150.0% 100.0% 50.0% 0.0% HY2025 EBITDA PGM volumes PGM prices Chrome volumes Mining cost Mining commodities Processing cost Inventories Other HY2026 EBITDA 13 About us Unit costs Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 On mine cash costs Units H12026 H12025 % change Cubes mined Mm 3 7.8 7.2 8.3 Cost per cube mined 1 US$/m 3 13.5 13.0 3.8 Reef tonnes mined Mt 2.1 2.4 (12.5) Cost per reef tonne mined 1 US$/t 49.8 38.5 29.4 Tonnes milled Mt 2.7 2.7 - On mine cash cost per tonne milled 2 US$/t 51.8 56.8 (8.8) Chrome inland logistics and freight costs US$/t 86.5 81.0 6.8 Average exchange rate US$:ZAR 16.7 18.2 (8.2) All in cost per Pt ounce sold 3 US$/oz (2 822) (746) All in cost per PGM ounce sold (6E) 3 US$/oz 268 306 0.6% 6.0% 7.0% 8.9% 38.8% 8.9% 19% 10.9% Deferred stripping amounts to US$33.5 m (H12025: US$11,6 m) 1 Inclusive of deferred stripping and exclusive of ore purchases 2 Exclusive of capitalised deferred stripping and selling expenses and inclusive of ore purchases 3 All in cost calculated on a byproduct basis include operating costs, administration costs, deferred stripping and capital expenditure excluding Karo Platinum Mining Diesel Ore purchases Consumables Overheads Electricity and utilities Labour Royalties 14 About us Capex Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Investing in the future to drive growth over the next decade and beyond 15.0 21.4 17.3 16.3 33.5 Capex US$103.5 m Deferred stripping US$33.5 million Total capital commitments at March 2026: US$120.2 million Karo Platinum: US$27.7 million Capital budget for FY2026 US$165.9 million Excluding Karo Platinum and Tharisa Minerals deferred stripping Includes US$76.7 million on Tharisa Minerals underground development Additions to mining fleet Other mining assets Deferred stripping UG development Karo Platinum 17 About us Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Balance sheet Cash and cash equivalents US$184.3 m Highly cash generative into a strong pricing cycle Net cash flow from operations of US$96.4 m Net cash of US$54.0 m Free cash flow (US$ m) Debt (US$ m) Total debt US$130.3 m Short term US$42.1 m 80.7% US$ denominated and 19.3% ZAR denominated Current ratio of 2.3 Net debt to equity (6.1%) Undrawn facilities of US$118.7 m excluding trade finance facilities Net cash from operations Capital sustaining incl UG FCF sustaining ( 21.4) Capital growth + Karo + R+D 2% 11% 7% 22% 37% 21% 12.5 ( 83.9) 96.4 ( 8.9) FCF growth + sustaining Commodity offtake Term loan and RCF Bond Asset backed Leases Trade finance 18 About us Dividend Financial highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Interim dividend US 2.5 cents Annual policy minimum of 15% of NPAT Interim dividend represents 15.9% of NPAT 17.7% 17.3% 22.2% 17.2% 15.9% % NPAT* % Policy 1.5 1.5 2.5 3.0 3.0 3.0 1.7 4.5 5.0 1.7 7.0 FY2022 FY2023 FY2024 FY2025 FY2026 Interim ■ Final ■ Repurchases *including repurchase programme 19 Redefining resources Building sustainability throughout our value chain MG reef loading east pit, May 2026 20 About us Financial Highlights PGMs and Chrome Redefining resources Innovating with purpose Empowering futures Vision 2030 US$2 805/oz SPOT PGM THARISA BASKET PRICE 18 May 2026 US$2 359/oz SPOT PGM THARISA BASKET PRICE 18 May 2026 US$305/Mt SPOT MET GRADE PRICE 18 May 2026 Both chrome and PGMs are critical today and increasingly important to decarbonisation, supporting applications across data storage, renewable energy, construction and hybrid vehicles Platinum Group Metals Autocatalyst demand remains strong, supported by tighter emissions standards and hybrid vehicle growth. Industrial demand is resilient across chemicals, petroleum, electronics and glass, with rhodium linked to high-spec applications. Emerging technologies, including fuel cells - underpin medium to long term demand. Rising data storage needs additionally supports ruthenium demand. Investment and jewellery demand is strengthening, particularly in China, providing additional support to platinum markets. Chrome Demand supported by stainless steel production, with additional upside from renewable and green economy metals Chrome is a key contributor to South Africa's economy, with 9.6% export CAGR over the past decade Global stainless steel production reached 64.2 Mt in 2025, up 2.1%YoY China produced more than 40.8 Mt, 64% of global output 23 About us Financial Highlights Market outlook Redefining resources Innovating with purpose Empowering futures Vision 2030 24 US$2 805/oz SPOT PGM THARISA BASKET PRICE 18 May 2026 US$2 359/oz SPOT PGM THARISA BASKET PRICE 18 May 2026 US$305/Mt SPOT MET GRADE PRICE 18 May 2026 Constructive outlook underpinned by structural supply constraints and diversified exposure PGM markets remain in structural deficit Supportive PGM price environment Chrome market provides stable, counter-cyclical earnings base Favourable industry dynamics Third consecutive year of platinum deficit, with ~690koz shortfall in 2025 and deficits expected through the decade Constrained primary supply (South Africa) and limited new project pipeline supporting pricing Strong rally into 2025/26, with prices exceeding ~$2,200/oz in recent periods Management expects current or higher price levels to persist near term Demand resilience from autocatalysts, industrial uses, and emerging hydrogen economy Continued demand from stainless steel sector, particularly China Tight supply conditions supporting pricing stability and margin resilience Limited new PGM supply globally; declining shaft base and high capital barriers Recycling growth insufficient to close supply-demand gap Transition to underground mining unlocks long-life, scalable production About us Financial Highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Tharisa Minerals Large-scale, stable, long-life asset with a strong operating track record Diversified revenue from PGMs and chrome Three active pits, with open-pit mining to end 2032 Transition to underground well underway, extending life by a further 60 years. FLAG SHIP, CO- PRODUCT MINE Tharisa mines and processes the MG Chromitite Layers of the Bushveld Complex 2026 OPERATIONAL HIGHLIGHTS Successful first blast at the Tharisa Mine Apollo Underground expansion remains on track Portal development and engineering progressing toward Q3 plan, advancing the development ends and set installation Operational readiness is tracking in line with critical milestones actively monitored MINING RIGHT OVER 5 475 ha RESOURCES 655.7 Mt containing 31.2 Moz PGMs and 130.9 Mt chrome RESERVES 108.9 Mt containing 5.0 Moz PGMs and 18.4 Mt chrome 25 About us Financial Highlights Redefining resources Innovating with purpose Empowering futures Vision 2030 Tharisa Minerals underground 26