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')



REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2023 AND DIVIDEND
TIMETABLE AND CONVERSION RATES



Tharisa, an integrated resource group critical to the energy transition and decarbonisation of
economies, with its principal operating asset being the Tharisa Mine located in the south western limb
of the Bushveld Complex, South Africa and also owning Karo Mining Holdings a development stage
PGM asset, located on the Great Dyke in Zimbabwe, has released its interim results for the six months
ended 31 March 2023.
 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      recovery of 67.0%                 recovery of 66.2%
 (HY2022: 2.8 Mt)                   (HY2022: 91.8 koz)                (HY2022: 776.7 kt)



 REVENUE                            OPERATING PROFIT                  EBITDA

 US$335.3 m                         US$63.5 m                         US$81.2 m
 up 0.4%                            down 29.0%                        down 27.0%
 (HY2022: US$334.0 m)               (HY2022: US$89.4 m)               (HY2022: US$111.3 m)



 PROFIT BEFORE TAX                  NET CASH - OPERATING ACTIVITIES   CASH AND CASH EQUIVALENTS

 US$72.4 m                          US$97.1 m                         US$205.7 m
 down 41.8%                         up 97.8%                          up 102.7%
 (HY2022: US$124.3 m)               (HY2022: US$49.1 m)               (HY2022: US$101.5 m)



 EARNINGS PER SHARE                 HEADLINE EARNINGS PER SHARE       INTERIM DIVIDEND

 US 17.4 cents                      US 17.6 cents                     US 3 cents
 down 46.8%                         up 13.5%                          (HY2022: US 3 cents)
 (HY2022: US 32.7 cents)            (HY2022: US 15.5 cents)           16.4% of NPAT
This short form announcement is the responsibility of the directors and is only a summary of the
information in the full announcement. The full announcement was released on SENS and RNS on 19
May 2023, and can be found on the Company’s website at www.tharisa.com and can also be viewed
here, https://senspdf.jse.co.za/documents/2023/jse/isse/THA/H1results.pdf. Copies of the
announcement may also be requested at the Company’s registered office, at no charge, during office
hours.

Any investment decision should be based on the full announcement published on SENS and RNS.

Ernst & Young Cyprus Limited has expressed an unmodified review opinion on the reviewed interim
condensed consolidated financial statements. That report is available on the Company’s website:
www.tharisa.com.

DIVIDEND CURRENCY CONVERSION RATES AND TIMETABLE
An interim dividend of US 3.0 cents per ordinary share has been declared. The interim dividend will
be paid on Wednesday, 21 June 2023 and will be paid from income reserves.

Shareholders on the principal Cyprus register will be paid in United States Dollar (US$), shareholders
whose shares are held through Central Securities Depositary Participants (CSDPs) and brokers and are
traded on the JSE will be paid in South African Rand (ZAR) and holders of Depositary Interests traded
on the LSE will be paid in Sterling (GBP). The currency equivalents of the dividend, based on the
weighted average of the South African Reserve Bank’s daily rate at approximately 10:30 (UTC+2) on
18 May 2023, being the currency conversion date, are as follows:

                              Exchange rate                 Dividend per share in payment currency
South Africa – JSE            ZAR19.45320 / US$             58.35960 South African cents per share
United Kingdom - LSE          GBP0.80463 / US$              2.41390 pence per share


The timetable for the dividend declaration is as follows:

Currency conversion date                                                    Thursday, 18 May 2023
Declaration date and currency conversion rates announced                       Friday, 19 May 2023
Last day to trade cum-dividend rights on the JSE                              Tuesday, 6 June 2023
Last day to trade cum-dividend rights on the LSE                           Wednesday, 7 June 2023
Shares will trade ex-dividend rights on the JSE                            Wednesday, 7 June 2023
Shares will trade ex-dividend rights on the LSE                              Thursday, 8 June 2023
Record date for payment on both JSE and LSE                                     Friday, 9 June 2023
Dividend payment date                                                     Wednesday, 21 June 2023


No dematerialisation or rematerialisation of shares within Strate will be permitted between Tuesday,
6 June 2023 and Friday, 9 June 2023, both days inclusive. No transfers between registers will be
permitted between Thursday, 18 May 2023 and Friday, 9 June 2023, both days inclusive.




                                                                                          Page 2 of 5
TAX IMPLICATIONS OF THE DIVIDEND
Shareholders and Depositary Interest holders should note that information provided should not be
regarded as tax advice.

Shareholders are advised that the dividend declared will be paid out of income reserves and may
therefore be subject to dividend withholding tax depending on the tax residency of the shareholder.

South African tax residents

South African shareholders are advised that the dividend constitutes a foreign dividend. For individual
South African tax resident shareholders, dividend withholding tax of 20% will be applied to the gross
dividend of 58.35960 South African cents per share. Therefore, the net dividend of 46.68768 South
African cents per share will be paid after 11.67192 South African cents in terms of dividend withholding
tax has been applied. Shareholders who are South African tax resident companies are exempt from
dividend tax and will receive the dividend of 58.35960 South African cents per share. This does not
constitute legal or tax advice and is based on taxation law and practice in South Africa. Shareholders
should consult their brokers, financial and/or tax advisors with regard to how they will be impacted by
the payment of the dividend.

UK tax residents

UK tax residents are advised that the dividend constitutes a foreign dividend and that they should
consult their brokers, financial and/or tax advisors with regard to how they will be impacted by the
payment of the dividend.

Cyprus tax residents

Individual Cyprus tax residents are advised that the dividend constitutes a local dividend and that they
should consult their brokers, financial and/or tax advisors with regard to how they will be impacted by
the payment of the dividend.

Additional information required by the JSE Listing Requirements

Tharisa has a total of 302 596 743 ordinary shares in issue on Friday, 19 May 2023, of which
299 746 365 carry voting rights and are eligible to receive dividends.



By order of the Board

Paphos, Cyprus
19 May 2023



DIRECTORS
Loucas Pouroulis (Executive Chairman)
Phoevos Pouroulis (Chief Executive Officer)
Michael Jones (Chief Finance Officer)
Carol Bell (Lead independent non-executive director)
David Salter (Independent non-executive director)
Antonios Djakouris (Independent non-executive director)

                                                                                            Page 3 of 5
Omar Kamal (Independent non-executive director)
Roger Davey (Independent non-executive director)
Shelley Lo (Non-executive director)
Zhong Liang Hong (Non-executive director)

REGISTERED ADDRESS
Office 108 – 110, S. Pittokopitis Business Centre
17 Neophytou Nicolaides and Kilkis Streets
8011 Paphos, Cyprus
www.tharisa.com

GROUP COMPANY SECRETARY
Sanet Findlay
The Crossing, 372 Main Road
Bryanston, Johannesburg 2022
South Africa
Email: secretarial@tharisa.com

ASSISTANT COMPANY SECRETARY
Lysandros Lysandrides
26 Vyronos Avenue
1096 Nicosia
Cyprus

TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited, Cymain Registrars Limited

JSE SPONSOR
Investec Bank Limited

Connect with us on LinkedIn and Twitter to get further news and updates about our business.

INVESTOR RELATIONS CONTACTS
Ilja Graulich (Head of Investor Relations and Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com

Financial PR contacts:

Bobby Morse / Oonagh Reidy
+44 207 466 5000
tharisa@buchanan.uk.com

Broker contacts:

Peel Hunt LLP (UK Joint Broker)
Ross Allister / Georgia Langoulant
+44 207 7418 8900


                                                                                        Page 4 of 5
BMO Capital Markets Limited (UK Joint Broker)
Thomas Rider / Nick Macann
+44 207 236 1010

Berenberg (UK Joint Broker)
Matthew Armitt / Jennifer Lee / Detlir Elezi
+44 203 207 7800

Nedbank Limited (acting through its Corporate and Investment Banking division) (RSA Broker)
Carlyle Whittaker
+27 11 294 0061



ABOUT THARISA
Tharisa is an integrated resource group critical to the energy transition and decarbonisation of
economies. It incorporates mining, processing, exploration, and the beneficiation, marketing, sales,
and logistics of PGMs and chrome concentrates, using innovation and technology as enablers. Its
principal operating asset is the Tharisa Mine located in the south western limb of the Bushveld
Complex, South Africa. The mechanised mine has an 18 year open pit life and the ability to extend
operations underground by at least an additional 40 years. Tharisa also owns Karo Mining Holdings a
development stage, low cost, open pit PGM asset, located on the Great Dyke in Zimbabwe. The
Company is committed to reducing its carbon emissions by 30% by 2030 and the development of a
roadmap is continuing to be net carbon neutral by 2050. Tharisa plc is listed on the Johannesburg
Stock Exchange (JSE: THA) and the Main Board of the London Stock Exchange (LSE: THS).




                                                                                         Page 5 of 5