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')


AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 AND CASH DIVIDEND
DECLARATION

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 mine has a 13-year open pit life and is strategically advancing the vast
mechanised underground resource which extends for over 60 years. Tharisa is developing Karo
Platinum, a 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 to become net carbon neutral by 2050. As part of this energy transition, the 40MW solar
project adjacent to the Tharisa Mine is well advanced. Redox One, a wholly owned subsidiary, is
accelerating the development of proprietary iron chromium redox flow long duration battery storage
utilising the commodities we mine. Tharisa plc is listed on the Johannesburg Stock Exchange (JSE: THA)
and the Main Board of the London Stock Exchange (LSE: THS).

REEF MINED
4.2 Mt
(2022: 5.5 Mt)
-23.6%

PGM PRODUCTION (5PGE + AU)
144.7 koz
(2022: 179.2 koz)
-19.3%

CHROME CONCENTRATE PRODUCTION
1.58 Mt
(2022: 1.58 Mt)
REVENUE
US$649.9 m
(2022: US$686.0 m)
-5.3%

OPERATING PROFIT
US$94.7 m
(2022: US$184.5 m)
-48.7%

EBITDA
US$136.8 m
(2022: US$237.3 m)
-42.4%

PROFIT BEFORE TAX
US$114.3 m
(2022: US$220.2 m)
-48.1%

EARNINGS PER SHARE
US 27.4 cents
(2022: US 53.8 cents)
-49.1%

HEADLINE EARNINGS PER SHARE
US 28.3 cents
(2022: US 41.1 cents)
-31.1%

ROIC
10.5%
(2022: 23.5%)
-55.3%

TOTAL DIVIDEND
US 5.0 cents
(2022: US 7.0 cents)


Declaration of dividend
Shareholders are advised that the board has resolved to propose a final gross cash dividend of
US 2.0 cents per ordinary share for the financial year ended 30 September 2023, such dividend being
payable to shareholders registered on the register of members of Tharisa as of the close of business
on the record date, being 1 March 2024. If approved by shareholders, the recommended dividend will
be paid on Wednesday 13 March 2024.

Shareholders on the principal Cyprus register will be paid in US dollars, 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 will be based on the weighted average
of the South African Reserve Bank’s daily rate at approximately 10:30 (UTC +2) on 14 December 2023,
being the currency conversion date.

Tharisa has a total of 302 596 743 ordinary shares in issue on 14 December 2023, of which
300 019 694 carry voting rights and are eligible to receive dividends.

Timetable
The timetable for the dividend declaration is as follows:

Declaration and currency conversion date                              Thursday, 14 December 2023
Currency conversion rates announced                                     Thursday, 22 February 2024
Last day to trade cum-dividend rights on the JSE                         Tuesday, 27 February 2024
Last day to trade cum-dividend rights on the LSE                     Wednesday, 28 February 2024
Shares will trade ex-dividend rights on the JSE from                 Wednesday, 28 February 2024
Shares will trade ex-dividend rights on the LSE from                    Thursday, 29 February 2024
Record date for payment on both JSE and LSE                                    Friday, 1 March 2024
Dividend payment date                                                   Wednesday, 13 March 2024



No dematerialisation or rematerialisation of shares within Strate will be permitted between
Wednesday, 28 February 2024 and Friday, 1 March 2024, both days inclusive. No transfers between
registers will be permitted between Thursday, 22 February 2024 and Friday, 1 March 2024, both days
inclusive.

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 US 2.0 cents per share. Shareholders who are South African tax resident companies are
exempt from dividend tax and will receive the dividend of US 2.0 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 advisers 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 advisers 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 advisers with regard to how they will be impacted
by the payment of the dividend.

The full announcement was released on SENS and RNS on 14 December 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/FYresults.pdf.

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

Ernst & Young Cyprus Limited has expressed an unmodified audit opinion in the Independent Auditor’s
Report dated 13 December 2023 on the audited consolidated financial statements which are included
in the full results.

By order of the Board

P Pouroulis Chief Executive Officer              MG Jones Chief Finance Officer

14 December 2023

DIRECTORS
Loucas Pouroulis (Executive Chairman)
Phoevos Pouroulis (Chief Executive Officer)
Michael Jones (Chief Finance Officer)
Carol Bell (Lead Independent Director)
David Salter (Independent non-executive director)
Antonios Djakouris (Independent non-executive director)
Omar Kamal (Independent non-executive director)
Roger Davey (Independent non-executive director)
Shelley Wai Man Lo (Non-executive director)
Hao Chen (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
31 Evagoras Ave
6th Floor Evagoras House
1066 Nicosia
Cyprus

TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited, Cymain Registrars Limited


Paphos, Cyprus
14 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