Member Info for Tharisa

ERRATUM: PRODUCTION REPORT FOR THE THIRD QUARTER FY2025 ENDED 30 JUNE 2025

On 9 July 2025, Tharisa the mining, metals, and innovation company dual-listed on the Johannesburg and London

stock exchanges, announced its production results for Q3 FY2025 and cash balance at 30 June 2025.

The Company inadvertently understated its cash balance as it did not account for cash held on deposit with a

financial institution. The correct number for cash on hand is US$164.6 million (9 July 2025 announcement

reported as US$150.9 million) with debt remaining as reported at US$121.5 million, resulting in a net cash

position of US$43.1 million (9 July 2025 announcement reported as US$29.4 million).

All other information disclosed in the production results for Q3 FY2025 remains unchanged.

https://www.sharenet.co.za/v3/sens_display.php?tdate=20250714144500&seq=36

We have always committed to providing underground transition details, cannot do that until the project is approved, the final report is now with the boards

We announced an udpate on the buyback on Monday, having been able to finally buy shares once we were in the correct regulatory box with VWAP etc playign a major role

will do so weekly as per previous buyback

https://www.tharisa.com/download/sens-rns-announcement-trade-in-own-shares-7jul25.pdf

our dividend policy has not changed over the last 10 years, 15% of consolidated NPAT after tax, with a rough split of 40/60 weighted towards the final dividend

Those details were all shown in the half year report, including capital spent and commitments

Yes, we have always said we will share underground development transition details once the internal approvals, including Board, have been received to go ahead

We showed those numbers in our H1 preso, we spent half of the proposed capex at the half year, so are still spending $50m on THM excluding Karo, spending on underground development, we did show in our numbers committed spending for Karo, in particular the dam, and we also paid $4.5m in divi in this quarter, as Peel Hunt points out “”Net cash dipped US$50m to US$29m as capex increased and rising prices built working capital” so timing is key here

Highlights

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

 0.02 at Tharisa Minerals

 0.00 at Karo Platinum

‒ Positive improvement in reef mining volumes for the quarter up 27.7% to 1.45 Mt (Q2 FY2025: 1.13 Mt)

‒ PGM production up at 34.5 koz (Q2 FY2025: 32.5 koz)

‒ Chrome production up at 395.7 kt (Q2 FY2025: 381.0 kt)

‒ Average PGM prices increased by 10.8% to US$1 574/oz for the quarter (Q2 FY2025: US$1 421/oz)

‒ Average metallurgical grade chrome concentrate prices increased by 24.7% to US$293/t for the quarter (Q2 FY2025: US$235/t)

‒ Group cash on hand of US$150.9 million (31 March 2025: US$186.0 million), and debt of US$121.5 million (31 March 2025: US$106.7 million), resulting in a net cash position of US$29.4 million (31 March 2025: US$79.3 million), the difference being the result on outflow of project and working capital timing.

Phoevos Pouroulis, CEO of Tharisa, commented:

“An improving quarter as our reef mining volumes trended higher as we made good progress in the east pit with remediation post the heavy rainfall in the first half of the year. Work on the phased underground transition is on track with the scheduled development timeline.

Safety is our core value and it is noteworthy to report on an LTI free quarter.

The quarter reflected recovery improvements in both our chrome and PGM circuits and are trending towards our targeted performance metrics for our integrated processing plants. Our head grade blend remains a challenge while overall output increased on the back of improved recoveries. The focus for the remainder of the year is to provide improved mined grades into our plants. With improved flexibility in our open pits and increased mining volume we are forecasting improving head grades.

As outlined in detail in our half year results, Karo Platinum has made significant progress in derisking the project and the team is working at concluding funding solutions to accelerate the final development of this Tier 1 asset.

With commodity prices improving, our balance sheet continues to remain robust.”

https://www.tharisa.com/sens-rns-announcements.php#sens-rns-announcements

Spot as per ferroalloy

by bulk

Chrome Ore Concentrate South Africa 40-42% $270-275

Tharisa Basket Price

Platinum $1 311.00

Palladium $1 057.00

Rhodium $5 475.00

Gold $3 333.20

Ruth $673.00

Iridium $4 315.00

Karo USD $1 555.26

Tharisa USD $1 697.34

Tharisa ZAR R30 044.80

Just a reminder it was dividend payment day today in both markets, I recall some shareholders in the past not receiving their cash on time via their brokers. Dividend is US$1.5 cents per share.

Conversion rates were announced on 22 May 2025.

We have closed the last 5-day period up +16.22% at 86p as of yesterday's close, FTSE All-Share was up +0.92%, our peers up an average of +8.39%, vol very good with an average daily traded volume of 623k shares, vs last 6 months average daily traded volume of 165k, two institutional buyers in the mkt we know of, Investec today upped their tgt price to ZAR26, up 44%, we have gone ex divi today, PGM weaker today due to geopolitics only we believe, significantly, SA pgm production was hammered in last month, so supply not coming back any time soon, so inventory de stocking will accelerate, below commentary from RSA Min Council.

Year-on-year (y-o-y) total mining production declined by a steep 7.7% in April 2025. This was

the fourth consecutive decline in production volumes (y-o-y). Accounting for the decline was a

drop in production of the major commodities, including the PGMs (-24.1%), coal (-1.7%), and

gold (-2.5%), which together account for over 60% of mining production in South Africa.

Significant declines were also recorded in nickel (21.9%) and copper (-9.5%). Iron ore (+5.3%),

chrome (+2.3%), and diamonds (+10.1%) all registered growth in April production (y-o-y).

• Financials:

o Revenue of US$280.8 million (2024: US$369.1 million) a decrease of 23.9%

o EBITDA of US$43.8 million (2024: US$79.6 million) at an EBITDA margin of 15.6% (2024: 21.6%)

o Profit before tax of US$10.3 million (2024: US$53.2 million)

o Headline earnings per share of US 2.9 cents (2024: US 13.2 cents)

o Net cash flows from operating activities of US$36.0 million (2024: US$86.2 million)

o Net cash position of US$87.6 million

o Interim dividend of US 1.5 cents per share

o Launch of second share repurchase programme of up to US$5.0 million

Phoevos Pouroulis, CEO of Tharisa, commented:

“We have often spoken of the benefits of our co-product model and this unique approach to optimising our ore body which has again proven its resilience despite unprecedented global macro uncertainty, with Tharisa continuing its track record of generating profits, albeit at a lower level, enabling the Company to continue to invest in the sustainability and growth of its operations while maintaining the discipline of returning profits to shareholders.

We are now in our tenth year of returning capital to shareholders, and we are also embarking on our second share buyback, as we see incredible value in this initiative.

The impact on our operations drilling equipment availability have been largely resolved, the subsequent unprecedented weather interruptions in the second quarter, had a knock-on effect on output and we are working to make up this shortfall in the drier months. We are well advanced in our plans to consolidate the long-term future of the Tharisa Mine by finalising the detailed technical work on the underground phased transition. In the interim, to accelerate the development programme, capital has been allocated for early development works including on ensuring the portals are made safe for the decline shaft development.

Our downstream beneficiation plans, for both PGMs and chrome, are progressing to commercialisation. Redox One has again met its development timelines and we are on track for building and testing larger long storage redox flow batteries using chrome-based electrolytes manufactured by the Group, by the end of this calendar year, as we ramp up to develop and test MW scale batteries.

While we have slowed development at the Karo Platinum Project in line with capital availability, we have nevertheless continued work on infrastructure, water dams and further optimisations including commencing with studies for the future underground mine development, while presenting the opportunity to non-traditional financiers, who like us, see the long-term benefits of the uniqueness not only of this Tier 1 project but of the applications PGMs will play for decades to come.

Our vision of creating the resources company of the future remains intact and as the co-product model takes us from mine to megawatt we are ensuring we share value for generations to come.”

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

Highlights

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

 0.02 at Tharisa Minerals

 0.08 at Karo Platinum

‒ PGM production up to 32.5 koz (Q1 FY2025: 29.9 koz)

‒ Chrome production up to 381.0 kt (Q1 FY2025: 374.4 kt)

‒ Average PGM prices increased to US$1 421/oz for the quarter (Q1 FY2025: US$1 381/oz)

‒ Average metallurgical grade chrome concentrate prices at US$235/t for the quarter (Q1 FY2025: US$271/t)

‒ Group cash on hand of US$186.0 million (31 December 2024: US$175.1 million), and debt of US$106.7 million (31 December 2024: US$86.1 million), resulting in a net cash position of US$79.3 million (31 December 2024: US$89.0 million)

Phoevos Pouroulis, CEO of Tharisa, commented:

“A solid quarter dampened by unprecedented rainfall and weather interruptions, which necessitated higher than budgeted in pit evacuations in line with safety protocols and thus affected mining mix and volumes. Lightning disruptions hit an all-time high during the period.

The dryer winter months are expected to lead to a more normal production output.

Studies on the underground mine development are nearing finalisation, and we will update the market on these exciting plans in the second half of the year.

While on the markets, chrome has rebounded strongly from the quarter’s lows, and our PGM basket price is relatively stable in Rand terms with the devaluation of our local currency, the impact of the trade wars on the outlook for global economic growth is creating an uncertain and volatile environment which may impact on demand for commodities. While both PGMs and chrome are not subject to USA tariffs, the intermediate and final products containing these commodities will be. ”

https://www.overend.co.za/download/sens-rns-announcement-tharisa-q2-fy2025-production-report-final-10apr25.pdf

Hxulcoldroh, I make the same offer I have made to all people commenting on this platform, pls contact me any time and we can chat though all these issues, my numbers and of course my email are publicly available

pls keep in mind at that stage (3y ago) our quarterly avg price was $2806 and chrome at US$177

today we are trading at

US$265/t chrome and PGM as follows

Tharisa Basket Price

Platinum $987.00

Palladium $980.50

Rhodium $5 680.00

Gold $3 071.00

Ruth $628.00

Iridium $4 240.00

Karo USD $1 369.11

Tharisa USD $1 512.32

Tharisa ZAR R27 858.50

And from BMO

Rhodium prices have increased by 30% in the last two weeks to a current high of $6,050/oz, their highest level since June 2023, according to Johnson Matthey official PGM pricing. Rhodium has been in a near-constant deficit for several years now, which caused prices to peak at $28,800/oz in mid-2021. New supply came in the form of glassmaking applications substituting to low- or zero-rhodium alloys, which released sufficient scrap to temporarily balance the market and bring prices back down to the $4,500/oz level. However, from speaking to industry contacts we understand that the persistent rhodium deficit has now eroded away spot availability, causing the current run on the price.

From Noah Capital

Rhodium Elevator Pitch – Rhodium hits $6000/oz

Revenue contribution nearing 30% for SA miners,

From a low of 21% in October 2024, it’s now at 27%

Practically no stock available. OEMs may be resuming forward purchases as stocks dwindle, then there could be a major rally – if this is the case, the rally could persist for months

OEMs returning to the spot market - you can’t roll off forward hedges forever, they run out.

The banks and Anglo were borrowers last week and now the stocks have dried up.

Some OEMs have sold forward the next 2 years of retentions of Rh on advice from bearish Rh price forecasters.

Recommendation: Nice down day on the market, Buy in order of exposure to rhodium reefs: Highest are the MGs and LGs, then the UGs. Lowest are Merensky, Platreef and Zim Dyke – all round about 4%

· Sylvania the most geared to Rh ~15% of 6E produced, MG4 and LG6 reefs very high in Rh

· Tharisa 2nd most, ~14% of 6e produced, MG4 reef very high in Rh

· Sibanye 3rd most geared to Rh (and also to Au), ~9 to 11% of 6E, ~95% UG2: Mar 98% UG2, Rtb 100% UG2, Sti ~3% Rh

· Northam 4th at ~8.2% of 6E: 83% UG2 production: ZE 54% UG2, Booysens 95% UG2

· Implats ~6.5% of 6E: Impala Rtb 51.7% UG2, Marula 100%, 2 Rivers 100%, Modikwa 100%),

· Anglo Platinum ~5.5% of 6E: Mog 4% Rh, Amb 9% Rh, mostly UG2, Mot 100% UG2, Unk 4% Rh.

Yes, technically it is costing money but as you know, electricity and utilities are "only" 6% of our FY2024 costs, so tolerable, key to the solar of course is our reduction in emissions that we aiming for

Thank you

Tharisa Basket Price

Platinum $1 003.00

Palladium $998.00

Rhodium $4 630.00

Gold $2 929.65

Ruth $503.00

Iridium $4 290.00

Karo USD $1 326.63

Tharisa USD $1 413.82

Tharisa ZAR R25 944.60

Chrome is selling at above $250 atm

2/2

And PP has stated the aim is to increase production within 2 years to 200,000 oz PGM and 2 million tonnes chrome which would probably require improved recoveries and ROM production increasing to nearer 6 million tonnes/year. I saw the comment on the Mello presentation last night to progress underground studies to access + 60 year life but you are making some bid assumptions here and counting on inferred rather than measured/indicated resource and from the inferred resource statement both the inferred pgm and chrome grade are lower than the measured/indicated. The 2m/220k does not require 6m tonnes it is possible on 5.6, depending on recovery and grade, as we have shown in the past, better grade and normalised recoveries brings the number very close, we have confidence in the ore body and have done a significant amount of work as part of the UG studies to understand the ore body better ie more confirmatory work to take the MRMR into higher categories

Just to show how things can change, the 2022 Statement had the open pit LOM as 13 years based on 5.6 million tonnes/year before ramping down to depletion in 2040 "production transitions to underground mining from 2036 onwards", now look at the numbers just 2 years later! And that change is well explained in the annual report, in both page 86 of the 2023 AR and page 101 of the 2024 AR

5. The 2024 Karo open pit proven/probable Reserve is 24.8 million tonnes which at say 2.64 million tonnes/year would require transitioning to underground in less than 10 years. Admittedly the reserve numbers would improve with higher metal prices.

6.How much is the capex investment/running costs of Redox One? In our FY2024 results presentation we showed FY2025 capex in innovation and R&D and $7.2m, part of which includes Redox One