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 2023

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 2023 was released on the JSE Stock
Exchange News Service and LSE Regulatory News Service on 17 October 2023. This highlighted lower PGM
basket prices for the year but higher chrome concentrate prices and stated that the timeline for Karo
Platinum project development had been revised as a direct result of the weak PGM prices and volatile
macro economic conditions in order to provide flexibility and to align with funding availability.

Tharisa’s basic earnings per share ('EPS') for the financial year ended 30 September 2023 on a fully diluted
basis is expected to be between US 27 cents and US 28 cents with a tolerance of 10%, a decrease of
between 47.9% and 49.8% relative to the EPS of US 53.8 cents per share for the previous year.

Tharisa’s headline earnings per share ('HEPS') for the financial year ended 30 September 2023 on a fully
diluted basis is expected to be between US 27.5 cents and US 28.5 cents with a tolerance of 10%, a
decrease of between 30.7% and 33.1% relative to the HEPS of US 41.1 cents per share for the previous
year.

The Tharisa plc Board and Audit Committee remain committed to the Company’s existing capital
allocation strategy, including its dividend policy of distributing at least 15% of consolidated net profit after
tax, and to the Karo Platinum development project.

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

The results of the Company will be released on or about 14 December 2023.



Paphos, Cyprus

06 December 2023
JSE Sponsor
Investec Bank Limited
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Investor Relations Contacts:
Ilja Graulich (Head of Investor Relations and Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com

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

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

About Tharisa
Tharisa is an integrated resource group critical to the energy transition and decarbonisation of economies.
It incorporates exploration, mining, processing 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 pit life and can extend operations underground by at least 40 years.
Tharisa also owns Karo Platinum, a low-cost, open-pit PGM asset under construction and 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).