Enriching lives through innovating the resources company of the future 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') PRODUCTION REPORT FOR THE SECOND QUARTER FY2024 ENDED 31 MARCH 2024 Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock exchanges, announces its production results for Q2 FY20241 and cash balance as at quarter end. Quarter highlights ‒ Lost Time Injury Frequency Rate (‘LTIFR’) of ‒ 0.05 per 200 000-man hours worked at Tharisa Minerals ‒ 0.11 per 200 000-man hours worked at Karo Platinum ‒ PGM output consistent at 35.3 koz (Q1 FY2024: 35.7 koz) ‒ PGM basket price at US$1 343/oz (6E basis) (Q1 FY2024: US$1 344/oz) ‒ Chrome output lower than previous quarter record production at 402.7 kt (Q1 FY2024: 462.8 kt) ‒ Average metallurgical grade chrome concentrate price held steady at US$286/t (Q1 FY2024: US$291/t) ‒ Cash of US$184.6 million (31 December 2023: US$221.5 million), and debt of US$114.0 million (31 December 2023: US$126.6 million), resulting in a net cash position of US$70.6 million (31 December 2024: US$94.9 million) ‒ Announced US$5 million share repurchase on 26 March 2024 ‒ Official launch of Redox One at the Africa Energy Indaba ‒ Production guidance for FY2024 remains between 145 koz and 155 koz PGMs (6E basis) and 1.7 Mt to 1.8 Mt of chrome concentrates 1 Tharisa’s financial year is from 01 October to 30 September Page 1 of 6 Key Operating Numbers Quarter Quarter Quarter on Quarter Half year Half year ended ended quarter ended ended ended 31 Mar 31 Dec movement 31 Mar 31 Mar 31 Mar 2024 2023 % 2023 2024 2023 Reef mined kt 1 035.0 1 058.6 (2.2) 1 028.0 2 093.6 2 109.5 Reef milled kt 1 378.5 1 424.4 (3.2) 1 370.0 2 802.8 2 797.4 6E PGMs produced (6E) koz 35.3 35.7 (1.1) 34.3 71.1 77.0 Average PGM contained metal US$/oz 1 343 1 344 (0.1) 2 032 1 344 2 216 basket price Chrome concentrates produced kt 402.7 462.8 (13.0) 404.8 865.6 787.9 (excluding third party) Average metallurgical grade US$/t 286 291 (1.7) 269 288 247 chrome concentrate contract CIF price – 42% basis China Phoevos Pouroulis, CEO of Tharisa, commented: “Operationally we performed well, building on a record first quarter and on track to meet guidance. Most pleasing is the continued trend in our improved safety record. We continue to drive improvement in recoveries and efficiencies which is highly sensitive to the variability and oxidisation of the feed into our processing plants. The Karo Platinum Project development continues with smaller work packages aligned to capital availability, focusing on civil and infrastructure development, as we progress on the road to procure the necessary third-party financing to deliver the first phase into production. A milestone in our innovation strategy was the official launch of Redox One, which is at the forefront of developing long-term energy storage solutions, using proprietary proven technology, to deliver a ‘Mine-to-Megawatt’ solution at a competitive storage cost compared to existing technologies. We also commenced with a US$5 million share repurchase programme to the benefit of our shareholders and reflecting our firm belief in the current and future prospects of our company. As we celebrate ten years of our JSE listing today, I reflect on the original vision of our Chairman, which has been brought to fruition, a sustainable co-producer of PGMs and chrome from the MG reef horizon. We have delivered deep value for our stakeholders, and building off our multi-generational resources we look to unlock latent value in process optimisation and novel downstream technologies.” Health & Safety ‒ The health and safety of our stakeholders remains a core value to the Group and Tharisa continues to strive for zero harm at its operations ‒ LTIFR of ‒ 0.05 per 200 000-man hours worked at Tharisa Minerals ‒ 0.11 per 200 000-man hours worked at Karo Platinum Market Update ‒ PGM prices have stabilised after a pricing correction driven in the main by negative sentiment around long- term demand drivers. The chrome market remained robust with continued tight supply-demand Page 2 of 6 fundamentals. Chrome output by the major UG2 PGM producers has further tightened. We see continued strong demand by ferrochrome and downstream stainless steel producers in China and, while port stocks have risen marginally this calendar year, most of these stocks are already accounted for and the market remains tight. Operational Update ‒ Total reef mined marginally lower at 1 035.0 kt (Q1 FY2024: 1 058.6 kt) ‒ Milling throughput was also slightly lower at 1 378.5 kt (Q1 FY2024: 1 424.4kt) ‒ Quarterly PGM production at 35.3 koz (Q1 FY2024: 35.7 koz) ‒ Rougher feed grade of 1.66 g/t (Q1 FY2024: 1.60g/t) ‒ Recovery of 62.9% (Q1 FY2024: 66.1%) ‒ Quarterly chrome production of 402.7 kt (Q1 FY2024: 462.8kt) ‒ Grade of 18.1% Cr2O3 (Q1 FY2024: 19.1%) ‒ Recovery at 66.4% (Q1 FY2024: 70.3%) Cash Balance and Debt Position ‒ Group cash on hand at US$184.6 million (31 December 2023: US$221.5 million), and debt of US$114.0 million (31 December 2023: US$126.6 million), resulting in a net cash position of US$70.6 million (31 December 2024: US$94.9 million). Guidance Production guidance for FY2024 remains between 145 koz and 155 koz PGMs (6E basis) and 1.7 Mt to 1.8 Mt of chrome concentrates. The above forward looking statements have not been reported on or reviewed by Tharisa's auditors and is the responsibility of the directors. Production Numbers Quarter Quarter Quarter on Quarter Half year Half year ended ended quarter ended ended ended 31 Mar 31 Dec movement 31 Mar 31 Mar 31 Mar 2024 2023 % 2023 2024 2023 Reef mined kt 1 035.0 1 058.6 (2.2) 1 028.0 2 093.6 2 109.5 Stripping ratio m3: m3 14.0 12.0 16.7 12.6 12.9 11.5 Reef milled kt 1 378.5 1 424.4 (3.2) 1 370.0 2 802.8 2 797.4 PGM flotation feed kt 1 055.6 1 048.0 0.7 1 039.6 2 103.6 2 154.9 PGM rougher feed grade g/t 1.66 1.60 3.7 1.66 1.63 1.66 PGM recovery % 62.9 66.1 (4.8) 61.9 64.5 67.0 6E PGMs produced koz 35.3 35.7 (1.1) 34.3 71.1 77.0 Platinum koz 19.2 20.5 (6.3) 19.7 39.7 42.9 Palladium koz 6.4 5.2 23.1 6.1 11.6 13.6 Rhodium koz 3.2 3.3 (3.0) 3.0 6.5 7.2 Page 3 of 6 Average PGM contained metal US$/oz 1 343 1 344 (0.1) 2 032 1 344 2 216 basket price Platinum US$/oz 910 914 (0.4) 1 004 912 976 Palladium US$/oz 978 1 090 (10.3) 1 563 1 033 1 763 Rhodium US$/oz 4 399 4 216 4.3 10 812 4 306 12 133 Average PGM contained metal ZAR/oz 25 362 25 189 0.7 35 801 25 275 39 094 basket price Cr2O3 ROM grade % 18.1 19.1 (5.2) 18.4 18.6 17.7 Chrome recovery % 66.4 70.3 (5.5) 66.6 68.5 66.2 Chrome yield % 29.2 32.5 (10.1) 29.5 30.9 28.2 Chrome concentrates produced kt 402.7 462.8 (13.0) 404.8 865.6 787.9 (excluding third party) Metallurgical grade kt 339.5 389.9 (12.9) 365.3 729.4 712.5 Specialty grades kt 63.2 72.9 (13.3) 39.5 136.2 75.4 Third party chrome production kt 45.0 45.4 (0.9) 45.8 90.4 86.8 Average metallurgical grade US$/t 286 291 (1.7) 269 288 247 chrome concentrate contract CIF price – 42% basis China Metallurgical grade chrome ZAR/t 5 356 5 445 (1.6) 4 827 5 395 4 387 concentrate contract price CIF China Average exchange rate ZAR:US$ 18.9 18.7 1.1 17.8 18.9 17.7 Page 4 of 6 Paphos, Cyprus 10 April 2024 JSE Sponsor Investec Bank Limited Connect with us on LinkedIn 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 Broker Contacts: Peel Hunt LLP (UK Joint Broker) Ross Allister / Georgia Langoulant +44 207 418 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 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 the Karo Platinum Project, a low-cost, open-pit PGM asset located on the Great Dyke in Zimbabwe. The Company is committed to reducing its carbon Page 5 of 6 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 40 MW solar project adjacent to the Tharisa Mine is well advanced. Redox One is accelerating the development of a proprietary iron chromium redox flow long duration battery 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). Page 6 of 6