Member Info for Tharisa

Tharisa plc
(Incorporated in the Republic of Cyprus with limited liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
ISIN: CY0103562118
LEI: 213800WW4YWMVVZIJM90
('Tharisa' or the 'Company')

Trading statement – results for the year ended 30 September 2021

In terms of section 3.4(b) of the JSE Listings Requirements, companies are required to provide guidance
to the market when they are satisfied that a reasonable degree of certainty exists that the financial results
for the current reporting period will differ by at least 20% from the results of the previous corresponding
reporting period.

A production update for the financial year ended 30 September 2021 was released on the JSE Stock
Exchange News Service and LSE Regulatory News Service on 12 October 2021. The production report
highlighted operational improvements and noted the higher PGM basket price and improved chrome
concentrate prices received by Tharisa for the year under review. Earnings will be affected by higher
freight charges and increased royalty payments as a result of the higher commodity prices received, while
unredeemed capex available for set-off against future profits has been fully utilised.

Tharisa is preparing its financial statements for FY2021, with the financial results expected to be released
on or around 2 December 2021.

Tharisa’s basic earnings per share ('EPS') and headline earnings per share ('HEPS') for the twelve months
ended 30 September 2021 are expected to be between US$ 37 cents and US$ 38 cents per share with a
tolerance of 10%. This is an increase of between 128% and 134% relative to the EPS of US$ 16.2 cents per
share for the year ended 30 September 2020 and an increase of between 119% and 125% relative to the
HEPS of US$ 16.9 cents per share for the financial year ended 30 September 2020.

The financial information on which this trading statement is based has not been reviewed and reported
on by the Company’s auditors.

Paphos, Cyprus
25 November 2021

RichTheNewbie, these public records mean close to nothing,a s they rely on exactly that. public records, and only as good as the disclosure the holder makes, we showed 2.9% as the last one, they have 2.91% at the moment, collectively as an insto over various funds

RichTheNewbie, we as a company have a right to ask for disclosure, of any holding, which we do at least once a year from an audit point, also to ensure our spread is correct and that what has been disclosed publicly is in line, you are right, under 5% they do not have to disclose, and they did so publicly a few months ago already, but from our analysis just completed, the last number we put out publicly and the current number are aligned and has not changed

Fidelity holding has not changed in over 5months, just did an audit

THARISA EXTENDS THE OPEN PIT LIFE OF MINE BY AN ADDITIONAL 7 YEARS TO 2041

Open-pit tonnage increased by 30% to 94.2Mt with improvements in both 3PGE+AU and CR2O3 mineral
content

Tharisa, the platinum group metals (PGMs) and chrome co-producer dual-listed on the Johannesburg
and London stock exchanges, announces an extension of the open pit Life of Mine (LOM) at its flagship
Tharisa Mine, following an annual review of its Mineral Resource and Mineral Reserve statement.

Highlights

- The September 2021 Mineral Resource and Mineral Reserve statement for the Tharisa Mine
indicates a significant extension to the LOM, increasing from 13 years to 20 years
- Open pit production will now continue until 2041
- The revised LOM schedule also mitigates the risks associated with the transition to underground
mining, with portal development taking place as open pit mining continues
- Open-pit tonnage has increased by 30%, to 94.2 Mt, with total open pit and underground
Mineral Reserves of 113.1 Mt at PGM grades of 1.09 g/t (3PGE+Au) and chrome grades of
18.6%.
- Containing a total of 4.0 Moz PGMs (3PGE+Au)
- Containing a total of 21.3 Mt of chrome

https://www.overend.co.za/download/sens-open-pit-lom-extension-18nov21.pdf

https://www.tharisa.com/who-we-are.php#mrs

PRODUCTION REPORT FOR THE FOURTH QUARTER AND YEAR ENDED 30 SEPTEMBER 2021
Best quarterly production in the history of the Tharisa Mine

Fourth quarter and year-end highlights
? Five-year fatality free, with a Lost Time Injury Frequency Rate (‘LTIFR’) of 0.34 per 200 000-man hours worked
? Delivered on production guidance with record quarterly output of Platinum Group Metals (‘PGMs’) and chrome concentrates
? PGM production of 43.7 koz, up 12% Quarter on Quarter (‘QoQ’), delivering 157.8 koz for the year, up 11% Year on Year (‘YoY’) at an average PGM basket price of US$3 074/oz (ZAR45 336/oz), up 80% YoY
? Chrome output of 395.7 kt, up 4% QoQ, delivering 1 506.1 kt for the year, up 12% YoY at an average metallurgical grade chrome price of US$154/t (ZAR2 284/t), up 10% YoY
? Record production performance has further strengthened the Company’s balance sheet
? Cash balance of US$83.4 million and a positive net cash position of US$47.9 million
? Decarbonisation targets set at a 30% reduction in emissions by 2030, carbon net neutral by 2050 across the Company’s operations

Post year-end highlights
? Commencement of cold commissioning of the Vulcan ultra-fine chrome processing plant in October 2021, anticipated to increase recoveries of chrome concentrate to above 80%, thereby increasing chrome production by 25% to 2.0 Mt
? Commencement of Salene Chrome plant construction

Guidance for FY2022
? FY2022 production guidance of between 165 koz to 175 koz PGMs (6E basis) and 1.75 Mt to 1.85 Mt of chrome concentrates. COVID-19 remains a risk to the Company and guidance is premised on the current level of economic activity being maintained

https://www.overend.co.za/download/sens-rns-tharisa-q4-and-fy2021-production-report-final-12oct21.pdf

Hi, Vulcan will not be processing third party material, remember, it gets live tailing from both the Voyager and Genesis plant, so material that has already been processed and that we are now re processing, so we may from time to time buy in ROM for the front end of the Voyager/Genesis plant but Vulcan gets their feed from it, and cant take ROM material,
IDG

From the CEO himself

https://www.proactiveinvestors.co.uk/companies/news/962226/tharisa-presents-plans-for-cold-commissioning-of-vulcan-ultra-fine-chrome-recovery-plant-962226.html

I hope this connects some of the dots and where we are going

IDG

Hi, the agreement was always that Tharisa would pay and run the exploration and development of the project, via a shareholder loan and in return, if the Tharisa board wishes to exercise its ROFR, the payment for an increased stake, would be at a discount to the value, I spoke to one journalist, see the link to the story and suddenly I see my name appear all over the show https://www.sundaymail.co.zw/karo-plows-ahead-with-mega-platinum-project in various publications, bottom line is, Tharisa manages the project, we can then decide to exercise if the Tharisa Board approves the project, the timelines that we have stated have been met, there are some regulatory sign offs we need so that we can present a project without hurdles, importantly, as I state, the mining rights for Karo in Zimbabwe and for the SEZ have been approved, which is a major step, Ilja

hi, yes, we always said Vulcan would be second half weighted on capex, so capex from fcf going in there, Vulcan as you saw on track, Salene spending till YE is about $5m, that is what we have guided

Highlights
? Achieved 5 million fatality free shifts
? Delivered record mining rates and tonnes processed
? Record quarterly chrome concentrate output and increased PGM production supported by stronger pricing
? Balance sheet strengthened with cash increasing to US$80.5 million post US$10.8 million interim dividend payment
? FY2021 guidance maintained
Key Operating Numbers
Quarter ended 30 June 2021 Quarter ended 31 March 2021 Quarter on quarter movement % Quarter ended 30 June 2020 Year on year movement %
Reef mined kt 1 507.8 1 233.2 22.3 1 291.3 16.8
PGMs produced (6E) koz 39.0 35.8 8.9 35.0 11.4
Chrome concentrates produced (excluding third party) kt 379.7 358.4 5.9 321.4 18.1
Average PGM basket price US$/oz 3 804 3 290 15.6 1 593 138.8
Average metallurgical grade chrome concentrate contract price US$/t 160 155 3.2 143 11.9

Phoevos Pouroulis, CEO of Tharisa, commented:
“Operationally, the third quarter was one of the strongest in the Company’s history, with record mining and processing rates, supported by strong PGM and chrome pricing. Combined with reaching 5 million fatality free shifts and another excellent LTFIR, Tharisa remains on track to deliver safe and sustainable returns for all of our stakeholders.

Revenues and margins continue to be healthy as the combination of our favourable PGM basket saw record prices, in addition to a steady increase in the pricing of our chrome concentrates. These price increases are a direct result of the increase in demand for our critical metals as economies focus on rebuilding post the global pandemic. Moreover, given the rapid adoption of decarbonisation initiatives, we see these prices being sustainable for the foreseeable future.

Despite the headwinds of South Africa being placed on Alert Level 4 in its fight against the COVID-19 pandemic, with its impact on our employees and stakeholders, our operational performance continues to benefit from the ongoing optimisation programmes, underpinned by the robustness and consistency of the Tharisa Mine with 14 years of open pit and 40 years underground mine life.

Our growth projects remain on track, with the construction of the proprietary Vulcan fine chrome recovery plant on schedule for commissioning by year end, adding an additional 20% chrome to our current production levels and these at very low operating costs. Our new development project in Zimbabwe, Salene Chrome, is progressing well and is planned to be in production start-up before the end of the calendar year.

The continued improvement in our mining, underpinned by the consistency of the Tharisa Mine, provides Tharisa with confidence in delivering on our guidance for the full year.”

We have a packed programme for our next #MELLOMonday! Join us at the earlier time of 5:30pm featuring company presentations from @tharisa_sa
, @Immotion_Group
and @CentralNic
! Don't miss out!

Hi, I have received questions again pertaining to us listing on the Cyprus stock exchange and leaving London, similar to the issue a few weeks back, that caused some confusion.

The underlying shares of Tharisa are represented within the CREST system by way of depository interests(the “Depository Interests”).

To ensure the continued settlement of the Depository Interests in the CREST system on and after the expiry of EUI’s recognition as a third-country Central Securities Depository (“CSD”) (30 June 2021), it has been necessary for the Company and Computershare (in its capacity as the issuer of Depository Interests in the Company) to amend the depository interest structure such that Shares will be held in a CSD authorised in the EU.

The Shares will be deposited and held for the benefit of the Issuer within the CSD for Cyprus, Cyprus Stock Exchange, being a CSD authorised in the EU.

All of this was completed and we received necessary information from Computershare, that this has been completed.

Some clarification, I have had a number of queries and some people getting it wrong.
Fidelity Tr1 16 March 2021 4.99%
Our presentation wrt results shows Fidelity at 4.1, which was the position we had for them at 31 March 2021, the date of the H1 results we reported on
We knew they were selling more end March, early April and got confirmation on Tuesday, that their holding is at 2.7%, as per the presentation entitled Avior, our analysis shows that the majority of the holding was in the small cap and we got too big as a percentage of their portfolio, so they had to exit as per the fund mandate.
They have not been sellers of 1.4% in the last 2 weeks, the volume simply was not there as was queried on a number of occasions to me today.
The latest info we have is they happy with their position, we were on a post results call with them on Tuesday.
On another topic, I get a number of queries on rhodium. While the rhodium price at 30 000 was of course very advantageous, it now being back at 22500 is not a train smash, at today’s basket, we sitting at about US$3500/oz, compared to US$2823 for H1 and the associated cash flows we made at those levels.

thx for the feedback, happy to communicate on here on results, queries, always difficult to comment on valuation and forecast, particular in a closed period

if you look at historical payouts, we have beaten out policy every year, while the interim divi was postponed last year due to COVID-19, if you look at the previous interim, it was very much in line with a softer divi at H1 (weighting 40/60 to final) and a make up divi later in the year, complexity of interim vs final dividend but we believe in paying back at times when we can, certainly the divi is very much in line with what was forecast while there is a surprise on the cash generation side

Management report for the six months ended 31 March 2021
Delivering on production reaps dividends for shareholders as PGM prices power ahead

Salient Features
• Industry-leading safety performance with an improved LTIFR of 0.06 per 200 000 man-hours worked
• Financial metrics underpinned by increases in PGM output, up 12.9% year on year ('YoY') on a 6E basis to 75.1 koz and chrome concentrate output excluding third party up 12.0% to 730.7 kt
• Record PGM basket prices at US$2 823/oz (2020 H1: US$1 612), spot prices trading at US$3 900/oz
• Revenue increased 61.2% to US$313.6 million (2020 H1: US$194.6 million)
• EBITDA increased 243.1% to US$124.2 million (2020 H1: US$36.2 million) at an EBITDA margin of 39.6%
• Profit before tax US$104.6 million (2020 H1: US$17.5 million), an increase of 497.7%
• Earnings per share up 494.4% to US$ 21.4 cents (2020 H1: US$ 3.6 cents)
• Operating cash flow up 164.2% to US$104.9 million (2020 H1: US$39.7 million)
• Interim dividend of US 4 cents per share, bringing the total shareholder cash payout to US 48.2 million since listing
• Further successful deleveraging of the balance sheet, moving to a net cash position of US$29.8 million (2020 H1: -US$26.2)
• Return on invested capital for the period under review of 35.1% (2020: 10.6%)
• Guidance for FY2021 is maintained at 155 koz to 165 koz PGMs (6E basis) and 1.45 Mt to 1.55 Mt of chrome concentrates
• Construction of the Vulcan processing plant remains on track and construction completion expected before financial year end
• Tharisa acquired 100% of Salene Chrome Zimbabwe for US$3.0 million effective 31 March 2021

Phoevos Pouroulis, CEO of Tharisa, commented:

“The first half of our 2021 financial year saw consistency within our operations, with steady improvements in mined and processed tonnes, underpinned by our industry-leading safety record which set the foundation for increased output, allowing Tharisa to leverage rising commodity prices. Both of our major commodities, namely platinum group metals (PGMs) and chrome, saw prices rise as the world economy started to recover from the impact of the COVID-19 pandemic, with our favourable PGM basket, we saw prices trading at historic record levels breaking through the US$4 000 per Tharisa PGM basket ounce.

Tharisa was able to convert its operating performance into healthy cash generation, leading to balance sheet deleveraging and an interim dividend higher than the annual dividend last year, bringing our total cash return to shareholders to date to nearly US$50 million, while also showing a net cash balance of over $20 million. Our growth strategy remains well on track, with Vulcan developing as planned and Tharisa post half year announcing the consolidation of its ownership in Salene Chrome, a strategic building block to capture the significant geological endowment of Zimbabwe’s Great Dyke.

The board and management thank all of our incredible teams that in equal measure have continued

hi all, we are registered in Cyprus, and all that is happening now is that the Cyprus exchange holds the register, we are not listing there, our listing in London and Johannesburg stands, nothing changes for the investor.
Ilja Graulich
Head of Investor Relations and Communications

Hi, no plans for a special dividend, I think our policy is clear and has been picked up here and pointed out, the interim was not paid last year for obvious reasons, so here is hoping this year is more normal, certainly trade and mining is continuing and we are exporting as mentioned in our quarterlies, PGM prices remain strong, see below this morning's prill

Platinum $1 056.50
Palladium $2 379.00
Rhodium $19 190.00
Gold $1 851.55
Ruth $268.00
Iridium $2 940.00
Tharisa USD $3 005.98
Tharisa ZAR R45 770.55
Brought to you by TreasuryONE

Hi, we announced the div timetable with the release of the annual report

10 March is payment date

https://www.tharisa.com/pdf/investors/annual-reports/2020/agm-2020.pdf

Ilja Graulich
Head of Investor Relations and Communications
Tharisa