Tharisa PLC Share Chat (THS)

The Silent Bottleneck Metals Beneath the Roaring AI Engine https://nickfox11.substack.com/p/the-silent-bottleneck-metals-beneath

Phoevos Pouroulis, CEO of Tharisa, commented:

________________________________________

“The past six months have seen Tharisa deliver robust operational and strategic progress, underpinned by the resilience of global commodity markets. Our strong financial and operational results are testament to the effectiveness of our integrated business model. I am particularly proud of our exemplary safety performance, which demonstrates our unwavering commitment to the wellbeing of everyone at our operations. Safety is, and will remain, our core value.

Our focused investment in underground development at the Tharisa Mine reflects our dedication to maximising resource longevity and responsible value creation. The advancement of the Karo Platinum Project in Zimbabwe is another milestone, reinforcing our diversified growth strategy and disciplined delivery on project development.

We continue to make substantial gains in beneficiation, extracting greater value from each tonne processed and consistently providing high value PGMs and chrome concentrates to global markets. These critical and strategic minerals are integral to driving the global energy transition: PGMs enable emissions reduction technologies, hydrogen applications and play a key role in the AI eco-system, while chrome is fundamental to stainless steel with expanding applications including renewable infrastructure.

Together, these achievements highlight the strength of our vertically integrated model and the resilient platform on which we are building a sustainable, multi-generational mining business. Through innovation, responsibility, and the pursuit of operational excellence, Tharisa remains committed to creating lasting value for all stakeholders. Reflecting our confidence in the business, the Board has declared an increased interim dividend of US 2.5 cents per share.”

https://www.tharisa.com/interim-results.php

Key Highlights

• Safety:

o 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

o Mining department 3-year LTI free (125 Mt moved during this period)

• Financials:

o Revenue of US$359.4 million (2025: US$280.8 million) an increase of 28.0%

o EBITDA more than doubled to US$104.3 million (2025: US$43.8 million) at an increased EBITDA margin of 29.0% (2025: 15.6%)

o Profit before tax up over sixfold to US$69.9 million (2025: US$10.3 million)

o Headline earnings per share has increased 472.4% to US 16.6 cents (2025: US 2.9 cents)

o Net cash flows from operating activities up close to threefold at US$96.4 million (2025: US$36.0 million)

o Net cash position of US$54.0 million

o Interim dividend of US 2.5 cents per share

• Strategic Update

o Successful first blast at the Tharisa Mine Apollo portal marking the official transition to underground mining in parallel with the existing open cast mining operations

 April 2026 development rates at 134% of plan

 Underground development project fully funded

o Increase in Karo Mining Holdings share to 78.81%

 Total of US$241m investment to date

 26km of underground drilling completed to confirm +50-year potential

 Mobilisation on track with open pit waste stripping underway

o Successfully completed acceptance testing on the first MWh-class, high-voltage iron-chromium flow battery system

o Establishment of a Level 1 American Depositary Receipt (ADR) programme, with J.P. Morgan appointed as the depositary bank

 

Pharm, I have put my money where your mouth is....in the nicest possible way. Agree that the price looks capable of moving upwards pretty quickly. rgds

I've put money where my mouth is and taken advantage (hopefully) of the commodity price fall this morning to top-up with 15k @ 126p. I think the market will wake up when interims are published next week.

Mike...the cash position was stated in the 2Q production RNS on 14th April.

Pharmhall, Just realised your cash numbers are from the last production report in April and are gross (do not allow for net debt) . But the net cash number of $54.7 m at the end of March 2026 is actually down from the $68.6m at the end of September 2025.

Pharmhall, not sure where your cash position figures are from as they are not in the RNS? Despite the excellent result I would still expect the net cash figure to be down from the end of September 2025 reflecting the higher depreciation cost for capex last year and increased capex this year at Karo and the start of underground construction at the Tharisa mine.

.wealthoracle.co.uk/company-results

Tharisa, the integrated PGM and chrome producer listed on the Johannesburg and London exchanges, issued a trading statement flagging an extraordinary earnings surge for the six months to 31 March 2026. Basic earnings per share are expected to come in at US 15.3-15.8 cents, an increase of 512.0% to 532.0% on the US 2.5 cents reported for H1 FY2025, while headline earnings per share — the market's preferred measure — are expected at US 16.1-16.6 cents, up 455.2% to 472.4% on the prior-year US 2.9 cents. The driver is squarely commodity prices rather than volume: the average platinum spot price more than doubled year on year, with palladium up around 83% and rhodium up roughly 97% over 2025, as three years of suppressed prices forced South African producers to cut output, creating consecutive supply deficits that — together with tariff and trade-disruption uncertainty — triggered a sharp price surge. On the chrome side, prices were buoyed as the energy price shock stemming from the Iran war was passed onto consumers. This is therefore a price-led result, and the quality-of-growth caveat matters: the uplift reflects the commodity cycle rather than a structural step-change in the business, and is inherently more volatile than volume- or cost-driven earnings growth. That said, a JSE-regulated trading statement is itself a formal profit forecast, so the magnitude here is concrete. Underlying production guidance for FY2026 remains 145-165 koz of PGMs on a 6E basis and 1.50-1.65 Mt of chrome concentrates, the production report for the half having been released on 14 April. The company is also concluding a second US$5m share repurchase. Reviewed interim consolidated financial statements are due on or about 21 May 2026, which will confirm the cash, margin and dividend implications of the earnings surge. Vs consensus: As a JSE-regulated trading statement, this announcement is itself the formal earnings guidance, benchmarked against the prior-year actual of US 2.5 cents basic EPS and US 2.9 cents HEPS — a more than five-fold and four-fold increase respectively. Verdict: BEAT

.wealthoracle.co.uk/company-results

What is the forward PE now

Excellent interim results although my estimate was way off!

I would suggest at interim dividend of 2.0 or like you, probably 2.5c based on a total dividend of 6.0c (based on full year PAT of $119m).

So minimum of 2.5c

Annualized minimum 15% of net profit after tax, we like to split it into interim and final, with a weighting towards final

Could you remind us of the Company's policy on dividends? Thanks

Hi Mike, I think this really is massive and very under reported, the best information seems to be via linkedin on the Redox One company site rather than Tharisa, the tie up with China means they can manufacture at scale with Tharisa as the preferred supplier.

Times Energy Storage brings cell manufacturing, membrane technology, and Chinese market access. Tharisa/ARXO bring the one input that Chinese battery manufacturers cannot easily source domestically at scale high-quality chrome electrolyte feedstock from a captive, vertically integrated mine.

Karo combined with Redox One are very real transformative projects both imo not currently valued by the market never mind when the market sees our upcoming results.

We are valued as a company with the pgm prices of 12 months ago and a growth project requiring funding to complete not one that if it chose could go it alone.

Raxfactor, excellent summary and the potential is massive but I expect it will be at least 2 to 3 years before Redox One is contributing revenue rather than absorbing development costs. It makes perfect sense for the Tharisa mine itself to be the first major customer but before this could start it would be good to know if construction of the delayed 40 MWp solar PV plant has already started and if not then why not and when will it start.

Fortunately THS can afford to continue financing Redox One. We should know indicated H1/2026 EPS in a SENS/RNS late next week/early the following week with the actual results out on 21st May. I am expecting H1/2026 EPS to be 26 to 27 cents, 26 cents would represent a 940% increase on H1/2025. The basic EPS for the full year 2025 was 26.7 cents and this included a $67 m mining royalty reversal. The market does not appear to be anticipating these numbers, then again I could be wrong!

I have been following the progress of Redox One for some time and the progress and achievements are gathering at pace below is a summary of the current status

Redox One — Status Summary, May 2026

What has just been achieved

Acceptance testing on the first MWh-class, high-voltage iron-chromium flow battery system has been completed successfully. This is a full end-to-end integrated system — stack, electrolyte, controls, power conversion — tested under real conditions, not a lab prototype. This is the critical proof-of-concept gate that needed to be passed before the project could be taken seriously at commercial scale.

What happens next

Physical deployment this summer at an African customer site connected to solar PV — almost certainly Tharisa Mine itself as the first reference installation, which has been the stated plan throughout.

The Chinese dimension

The Times Energy Storage partnership (announced April 2) provides the manufacturing scale pathway. References "our partners in China" as integral to achieving the acceptance testing milestone — so this isn't a future aspiration, they were already embedded in delivering the current result.

Where the gaps remain

No formal RNS from Tharisa yet. The market has not been told. This is still at the LinkedIn announcement stage, which means the valuation uplift hasn't happened.

APPOINTMENT OF CHIEF FINANCE OFFICER DESIGNATE

Shareholders are referred to the announcement published on 3 February 2026, wherein shareholders

were advised of Michael Jones’ pending retirement from his position as Chief Finance Officer and

executive director of Tharisa and its subsidiaries effective 31 July 2026.

In compliance with the JSE Listings Requirements, and following an extensive selection process, the

board is pleased to announce the appointment of Jacques Breytenbach as Chief Finance Officer

Designate with effect from 1 May 2026, and as Michael’s successor as Chief Finance Officer and as

executive director of the board with effect from 1 August 2026. This appointment provides for a

comprehensive handover period to ensure continuity and stability within the finance function.

Jacques holds a B. Compt. (Hon)/CTA from the University of South Africa and is a qualified Chartered

Accountant (South Africa). He is a seasoned Chief Finance Officer and non-executive director with over

25 years’ experience in integrated mining operations including the diamond and PGM sectors across

Africa. He has extensive experience in the listed environment, across both the Johannesburg and

London stock exchanges, as well as capital structuring. His broader expertise encompasses the shaping

of financial strategy, optimising return on investment, leading full financial functions across diverse

geographies, including South Africa, Tanzania, and other geographies within Sub-Saharan Africa, debt

and equity fundraising, and implementing robust governance frameworks and digital systems to

support growth in multinational, asset-based organisations.

Jacques served as the Chief Financial Officer of Petra Diamonds Limited for eight years from 2016 to

2024, having previously served as Group Finance Manager between 2006 and 2016. Prior to this, he

served as Finance Manager at Anglo American Platinum Limited (now Valterra Platinum Limited) from

2001 to 2006. He served as a non-executive director and member of the Audit Committee of Afrimat

Limited, a JSE listed company, from 1 June 2025 to 21 April 2026.

Jacques’ strong strategic and operational finance experience will add considerable value to the Tharisa

Group.

https://www.tharisa.com/download/sens-rns-announcement-appointment-cfo-designate-22apr26.pdf?1776838098

I hadn’t seen this reported before

https://www.seetaoe.com/details/261916.html

https://www.xihobattery.com/info-detail/times-energy-storage--redox-one-forge-strategic-partnership-to-scale-global-iron-chromium-flow-battery-technology

Viable, thanks for the additional information. We just have to wait for the financing, agreement with the Zim government and then production to start while prices stabilise or increase.

Sic "24,000 ha project"

Mike, way back as a teenager, Hartley (now Chegutu) was a favourite dorp. Being a bloke from the bush I can relate to THS stuff. Close to Ngezi the project is massive.

With the underground Rustenburg initiative well established the company will rapidly advance.

Https://www.miningweekly.com/article/karo-platinum-project-zimbabwe-update-2026-04-17

https://www.newsday.co.zw/business/article/200053913/karo-platinum-project-on-track-for-2027-production

More detail above on the 24 ha project.

Viable, I thought the Q2 production results were satisfactory with pgm production slightly underperforming and chrome compensating by slightly over-performing. I still think we are on target for H1 FY 2026 results out on 21st May to be over EPS 27 cents which would be higher than the WHOLE of last year (which included the one -off tax gain). I expect the H1 pgm fair value adjustment to be over $20 million which people seem to be including. I suppose Implats could make a suitable equity partner in Karo although it is ironic that the Zim government took the project off Zimplats/Implats and passed it on to Tharisa/Leto.

The devil will be in the detail. The total cost of the platinum project is now $545 million (although production of 226,000 oz per year is now up on the original number). We know that Tharisa has put in equity of about $193 million to date which includes the VFEX bond. As stated in your review, this leaves about $300 million in outstanding investment ( of which $178 million is expected to be senior export debt, $25 million mezzanine debt and about $100 million strategic equity investor and/or up front gold stream payments). If Implats were to put in say $100 million I very roughly calculate they would get around 15% of Karo Mining Holdings PLC (roughly split 15% Impala/68% Tharisa/17% Leto) which in turn owns 85% of Karo Platinum (the Zim government owning the remaining 15% as a free carry) so it all gets even more complicated.

First ore in mill is still showing as late calendar year 2027 with 15 months from financing to first ore in mill. So we can expect the financing package to be announced very latest September this year, hopefully sooner as EPSA, our open-pit contractor has already started. This still very much depends on Tharisa and the Zim government reaching a satisfactory conclusion to the terms of the Special Enterprise Zone.

Tharisa has delivered a superb operational and pricing quarter, with strong performance across all core metrics while continuing to invest in its two major growth projects, Karo and Redox One.

Operationally, the company reported high ROM grades (16.9%), stable recoveries (69.7%), and a step‑change in chrome yield (29.1%), driving chrome concentrate output up 15.6% to 404 kt. Pricing conditions improved, with rhodium at US$10,480/oz and chrome prices rising to US$290/t. These fundamentals underpin a clear earnings uplift.

Importantly, these results were achieved while capex continues to flow into Karo and Redox One, positioning both projects for future contribution. The recently announced Redox One strategic partnership represents a major step forward, strengthening the commercialisation pathway for long‑duration energy storage and validating the platform’s strategic potential.

Tharisa also maintains an impressive cash balance of US$247.7 million, providing the financial strength to advance both growth projects without balance‑sheet strain. This liquidity underpins the company’s ability to fund expansion while still delivering strong operational results.

Overall:

The core business is performing strongly, the growth projects are progressing, strategic momentum is building, and the balance sheet is robust.

Crucially, the market continues to value both Karo and Redox One at zero in the current share price, despite ongoing capex investment and the strategic progress made this quarter. This leaves substantial upside unrecognised.

“This quarter's results reflect the resilience and operational discipline that define Tharisa, underpinned by our continued strong safety performance, in traditionally the toughest operational quarter, impacted by increased lightning events and high rainfall. We nevertheless increased quarterly output in the chrome segment, while PGM output was hampered by lower grades in the reef being mined.

While reef mined was lower in the quarter due to in-pit constraints, processing throughput remained strong with improved chrome feed grades supporting higher chrome concentrate production. PGM production was impacted by lower grades in the reef being mined, although recoveries remained robust. On the processing side, PGM recoveries of 77.5% and chrome recoveries of 69.7% demonstrate the consistency of our operations.

The pricing environment strengthened materially during the quarter, with the average PGM contained metal basket price increasing to US$3 038/oz from US$2 208/oz in Q1 FY2026, while the average metallurgical grade chrome concentrate contract price improved to US$290/t from US$276/t in Q1 FY2026. Current chrome prices at approximately US$315/t are supported by higher logistics and freight costs due to the increase in global oil prices. In light of the current geo-political challenges, we have put in place mitigation measures to ensure, as far as possible, security of fuel supply to the Tharisa Mine, while costs will increase, our focus remains on efficiency.

The official commencement of the underground development at the Tharisa Mine took place on 31 March 2026 with the first blast at the Apollo portal. This development showcases the long-term life of the Tharisa Mine, with over 60 years of underground mining potential, while we will be investing over US$500m over the next decade to sustain the optimal output of over 200 kozpa of PGMs and 2.0 Mt of chrome concentrate. The underground development is a natural progression for the Tharisa Mine and forms a core pillar of Tharisa's long-term strategic vision and capital allocation.

We continue to make good progress in further derisking our Karo Platinum project in Zimbabwe, with open pit surface clearing commencing as planned, following the successful mobilisation of our mining contractor at the end of the last quarter. Infrastructure development and investment in key work packages continues securing the necessary power, water and long lead requirements. Good progress has been made in terms of the Karo funding, which, will provide the full requirements for project completion and targeting first ore in mill in H2 2027. The funding is subject to final agreement with the Government of Zimbabwe on the fiscal stability agreements which are nearing conclusion.

These results reinforce our confidence in the Group’s strategy, our balance sheet discipline and our ability to continue delivering long-term value. I thank our teams for their continued dedication to safe, efficient and responsible productio

Highlights

‒ Lost Time Injury Frequency Rate (‘LTIFR’) per 200 000 man hours worked of

‒ 0.03 at Tharisa Minerals

‒ 0.00 at Karo Platinum

‒ Successful first blast at the Tharisa Mine Apollo portal marking the official transition to underground mining in parallel with the existing open cast mining operations

‒ Quarterly PGM production at 34.3 koz (Q1 FY2026: 38.8 koz) with PGM recoveries stable at 77.5% (Q1 FY2026: 78.8%)

‒ PGM prices averaging at US$3 038/oz (Q1 FY2026: US$2 208)

‒ Quarterly chrome production of 404.0 kt (Q1 FY2026: 349.4 kt) with chrome recoveries stable at 69.7% (Q1 FY2026: 70.3%)

‒ Average metallurgical grade chrome concentrate price at US$290/t (Q1 FY2026: US$276/t)

‒ Group cash on hand of US$184.3 million (31 December 2025: US$122.2 million), and debt of US$129.6 million (31 December 2025: US$75.2 million), resulting in a net cash position of US$54.7 million (31 December 2025: US$47.0 million)

The Q2 FY 2026 production report is out on 14th April and I am expecting production at 38,000 oz PGM and 386,000 tonnes chrome and average prices of $2944/oz for Tharisa PGM basket and $300/tonne for chrome.

The H1 FY 2026 results are out on 21st May and I expect EPS of 28.5 US cents. As this is dramatically higher than the 2.5 US cents for the same period last year we can expect a SENS/RNS with guidance EPS about a week before.

Based on current prices maintained for H2 and production at the mid-guidance points I get FY Profit After Tax as $174 million, an EPS of 58 c and a PE under 2.7.This is being held back by geopolitical events and admittedly there is still a long way to go before the year end and a lot can change. Nevertheless this looks vastly undervalued particularly if Karo is shortly given the go ahead.

Why such a large spread ? Someone does not want this share traded

Latest interview out today and an excellent review of the business and what to expect going forwards.

https://youtu.be/oSuCF93DyKg?si=c3fv0okfTKJrgyxT

Tharisa’s new chrome‑focused banking facility is more than a simple refinancing. The unsecured, revolving structure gives them much more flexibility to manage chrome purchases, shipments and sales, and lets them move larger volumes when opportunities arise. It also replaces more restrictive arrangements, improving liquidity.

The involvement of HSBC Asia is notable it strengthens Tharisa’s access to Chinese trade‑finance channels and aligns them more closely with the world’s biggest chrome‑buying market. That fits with the company’s reference to “global sales optimisation” and suggests a broader strategic shift rather than housekeeping.

Just a recap what was said about Redox One in the December 2025 Q4 update when the next update arrives in April another 4 months will have passed, very exciting and rated at zero in the value of Tharisa, will it be royalties with offtake agreement, or sell it outright unlikely, produce in scale themselves unlikely but who knows how events will pan out over time as the project develops and we begin to see performance results commented on.

Redox One, which I will unpack on this slide here. And we really see a lot of excitement and interest in battery energy storage. And one of the key challenges the world is facing is how do you store all this additional energy that is being generated from renewable energy, be it solar, wind and even hydro to a lesser degree to provide baseload power. And this is where long-duration energy storage systems come in. And Redox Flow in particular.

So we've been working on this technology since 2018. And one of the key developments and IPs that we have is the ability for us to produce electrolyte from the chrome concentrate that we produce. That electrolyte is a chrome chemical and an iron chemical. And we're taking the cheapest form of the metals, and we're converting them into highly cost competitive electrolyte. Key to these system is that they are inert, there are no environmental challenges, and they're 100% recyclable. They have a long duration life of some 20 years at minimum, and we believe that the electrolyte will continue to perform beyond that. But in the event that they are decommissioned, they can be recycled and utilized in multiple industries.

Raxfactor, I agree that a 9% drop for THS feels overdone while most gold miners are down 11-12%. For THS, chrome still accounts for over half of turnover and that is still the highest price since July 2024. Admittedly pgm prices are down today but nowhere near the drop in gold today.

Moneyman64, I totally agree on the 40 mw solar farm, but according to the Global Energy Monitor last month is is now under construction , if that is true then I would expect it to be operational next year but it would be good for THS to confirm this.

Whatever happened to the Tharisa solar plant which would have given the company total energy independence.?

Took the opportunity to top up this morning fundamentally Tharisa are in great shape the high oil price causing sell offs across the board is this opportunity for the shift by funds into hard assets which are still at all time lows,

I see this as the beginning of the end of paper dominance determining the price of real physical assets, we are in a market where scarcity and deficit is real with no new supply imminent and grades generally falling, hopefully the fall in pgms is temporary, chrome holding up well which adds support.

I am surprised with the fundamentals so solid basket price around the $3k mark with chrome on the up and the news of informal chats with Zimplats we don't seem to be attracting much interest. May is the next scheduled update which will be quite revealing on earnings, hopefully a solution can be found in the ME which gets more depressing by the day.

Chrome price up $5/tonne this week to $315/tonne, that is the highest price since July 2024.

Moneyman, yes, the chrome price is up $5/tonne this week to $305/tonne , the highest price so far this year while the Tharisa basket price of $3195/oz is the second highest weekly price this year, so what is there not to like.

Surely this will significantly increase if the Karo financing deal was to be announced? The Karo basket price is $2778/oz this week ,say $2335/oz payable about 84%) while the Tamesis report suggests the pgm AISC is now down to $800/oz (probably due to the increased base metal production/content and higher copper/nickel prices) a differential of $1535/oz, most gold miners would have dreamed of this number just 12 months ago (although it is always worth remembering that THS does not own all of Karo Mining Holdings).

Thanks Mike.

Interestingly the chrome price continue to creep up which bodes well.

Seems a very tight market-had to split my purchases (rebuying some of the shares I sold on Monday ) into small parcels and orders are taking a long time to be actioned-in the past have always been auctioned immediately -also going through at slightly above offer price which suggests market for Tharisa share is tight .

Look forward to finalizing of Karo finance

Fr Jack, fair enough if he is shortly retiring.

Tamesis have issued a new report after visiting bith Tharisa and Karo in Feb . They say that Karo is " now full spead ahead" and that" goverment sigb-off remains the final step to facilitate financial closure fir funding".

PGMs falling of a cliff today-suprised the shareprice has held up so well.

Have sold a couple of hundred thousand shares (as ex div) here over the last couple of days to buy back lower at some stage .

The big question will be when-can’t see this rising until things settle down in the Middle East.

. . . notable several of us are riveted by two stocks. My view is the Great Dyke and the underground Rustenburg initiative will project THS on a similar path / result to PAF.

Whatever the reason they spin - never good sign.

He is retiring in 4 months

Director selling shares - whatever the reason they spin - never good sign.

The Republic of Zimbabwe own 15% of the Karo project via Generation Minerals so in their interests to get project into production ASAP-The outstanding finance has two elements

-Lender syndicate $208 million described as “advanced”

-Strategic investment -$121 million described as “progessing “

Would have thought both would have been finalized before any announcement.

Hopefully news soon -production 18 months from finance finalization.

In the meantime as Mike1959 has pointed out only one month to end of half year which should yield bumper results.-high PGM and chrome prices in tandem

Hope this will be reflected in an increased dividend -might get to the 2.5 cents to 3 cents range -fingers crossed

Just for interest there is a new presentation on the karo mining website release a week or two ago.

We are effectively 5 months into H1/26 so I am expecting H1 profit after tax to be 10 times higher than H1/25 and equal to all of FY25.

Likewise, hopefully imminent!

I thought we should have had news on the completion on the final financing of Karo by now.

Https://www.mining.com/web/goldman-expects-wave-of-south-africa-deals-fueled-by-commodities/

Already up another 6% today qickly heading back above $2500

Thanks Mike-based on the recent shareprice movements Tharisa is being treated as a sole PGM producer and specifically a platinium producer -the recent rise in the chrome price appears to be being overlooked

Although much has been said recently about the strong platinum/pgm price the chrome price has increased $8/tonne this week to $300/tonne , the highest price for 9 months is up this week. That $8/tonne increase is equivalent to a $92/oz increase in the Tharisa pgm basket price. Based on this weeks prices, chrome $300/tonne and Tharisa pgm $3031/oz, chrome is still contributing a bigger amount of revenue than pgm on an annualised basis.

Up another 5% overnight

Should soon break £2 per share

Platinum back up 6% and almost 70% over the last 6 months, see if last fridays drop here can be regained as we look set for record profits

15:05 Yes, in agreement, and a very similar market policy to Allan Gray vis a vis their action on PAF.

Background

• Rance has been a long-standing, supportive shareholder since the IPO and was known to the Company pre-IPO.

• They have maintained board representation, which limits their trading windows.

Process

• Trading volumes over the past week indicate the shares were well received. We are aware of the primary institutions that took up the bulk of the stock.

• Following the sell-down, Rance retains just under 10% and remains a committed shareholder. While reasons for their sale should be addressed directly with Rance, our understanding is that it is portfolio-driven and not a reflection on Tharisa’s fundamentals.

. . . mildly disappointing on Rance as I had scratched around for another £1k first thing a.m to add a third time this month. The portents, however, are good.

https://www.metalsdaily.com/charts/platinum/

My understanding was that they had previously had a much higher % holding sold down and have now bought to increase their holding again, however I accept I may have got my wires crossed.

Another 7% up THS will soon break £2.00

Https://www.tharisaplc.co.uk/weekly-pgm-and-chrome-info.php

Improved, easier, more concise display introduced today.

SLP just released Q1 and profits are through the roof, the same will happen here when the next update lands

Did anybody see the announcement by Caledonia Mining Corp Plc last week (they have a market cap 14% bigger than THS) and make a mental comparison to Karo?

At a total cost of about USD 584 million Caledonia are constructing the Bilboes gold mine in Zimbabwe with estimated production of 200,000 oz/yr for at least 10 years starting production late 2028. To finance this Caledonia has raised USD 150 million through a 7 year convertible bond (was x3 oversubscribed with a cash interest coupon of 5.875%/year paid semi-annually) plus USD 150 million facility with Zim and S African banks, also some project finance with regional lenders to be processed in the current quarter and the remaining balance, roughly 30% will be financed internally.

In contrast THS will invest roughly USD 499 million to develop Karo with suggested production to start mid-2027, roughly 40% will have been internally financed (USD 193 million on internal finance and the VFEX bond combined, the latter at a considerably higher coupon) then the balance of about USD 300 million hopefully to be announced very shortly and suggested to consist of roughly USD 178 million senior export debt, USD 25 million mezzanine debt and the balance gold stream advance funding or a strategic investor. Hopefully it will all become fully clear very soon.

Also the chrome price is niw $286/tonne, that is a 6.1% increase in the last 2 weeks.

Looking forward to Q2 update should see a re-rate in the shareprice

Looking like platinum will break $3000 today WOW

next stop $3500

. . . echoed. Difficult to assess but £2.50 seems possible. Last basket guide - https://www.tharisaplc.co.uk/weekly-pgm-and-chrome-info.php

Mike, I am talking about % profit, not % mined, based on slightly old figures but should still be ballpark. Excuse formatting but of excel I copied and have filled in and for Karo every week for years

metal percentage mined price $ profit $ profit %

rhodium 8.9 10325 919 28%

platinum 52.6 2781 1463 44%

palladium 15.7 2015 316 10%

ir 5.7 6300 359 11%

ru 16.7 1425 238 7%

gold 0.4 4900 20 1%

100 " " 3315

Basket $3315 and Karo almost 3000

Hi rax, ha ha!

Hi Mike I remember when banks and others introduced Platinum cards which were one up from gold how times have changed, platinum has some catching up to do.

Rax, I agree the improving platinum price is partly due to the improving hydrogen demand.But also partly due to the fantastic current prices for gold and silver reflecting the geo-political times. In the 1990's and early noughties the gold and platinum prices were similar but since the 2008 financial crisis the gold price has been higher than the platinum price, today platinum is just 54% of the price of gold . As the gild price increases it is also sucking up the price of platinum and we might even see the gap reduce for the reason you explain.

A view on why platinum has suddenly rocketed in price.

ICE vehicle demand wouldn't cause a 167% price move in 12 months. The parabolic move reflects recognition that platinum is becoming critical infrastructure metal for the AI economy—specifically for hydrogen fuel cells solving the data center power crisis. This is structural, long-term demand that scales with AI data center buildout, not cyclical auto demand.

The market is repricing platinum from a "car exhaust metal" to an "AI infrastructure metal" with hydrogen as the bridge technology.