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')



THE THARISA MINE’S PHASED TRANSITION TO UNDERGROUND MINING - INSURING LONG TERM
SUSTAINABILITY WITH UNDERGROUND INNOVATION



Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London
stock exchanges, today provides an update on the Tharisa Mine’s phased transition to underground
mining.


Highlights
    ‒   Natural transition in the life of mine development , from a large-scale open pit mine, which
        will sustainably access the mine’s multigenerational mineral resource base
    ‒   The Tharisa Mine is poised to enhance operational efficiency, environmental stewardship and
        long-term value creation
    ‒   With the Mineral Reserves extending beyond the open pit shell, the underground expansion
        offers a high confidence, low geological risk opportunity to sustain the Tharisa Mine for in
        excess of 50 years
    ‒   The existing processing facilities have a capacity of 5.6 Mtpa of run of mine (ROM) ensuring
        production scalability and operational flexibility
    ‒   The life of mine (LOM) schedule provides for the open pit operations being depleted by
        FY2035
    ‒   The addition of underground mined ore from West Mine (Apollo Complex) and East Mine
        (Orion Complex) from 2031 will ensure that the nameplate processing capacity of 5.6 Mtpa is
        achieved and exceeded
    ‒   Both the Apollo and Orion complexes, which will be developed sequentially, have been
        designed to mine 255 ktpm at steady state with a combined production rate of 510 ktpm,
        capped at the plant feed capacity of 5.6 Mtpa, thus maintaining current PGM and chrome
        concentrate output with growth opportunities due to smarter mining and less dilution
    ‒   Deployment of a mining contractor model
    ‒   Transitional capital for the dual project development over the ten-year period is US$547m
        with peak funding of US$173m, to be financed by internal cash and external funding lines
        utilising balance sheet flexibility
Phoevos Pouroulis, CEO of Tharisa, commented:
“The underground project is the natural progression for our operations and has been established to
increase the life-of-mine development to access the multigenerational mineral resource base, enhance
operational efficiencies, while maintaining our world class standards of health, safety, environmental
stewardship and further enhancing our track record of long-term value creation.
Our proven co-product business model will continue to deliver value as we embark on a modern smart
mine, future proofing our ability to unlock long term value through a more efficient, flexible, and lower
cost mining model covering multiple generations. Our shallow ore body enables on-reef mechanised
development, delivering cleaner ROM and significantly reducing waste, capital intensity, and
environmental impact.
The phased approach to portal development enables early access to reef with the bord and pillar design
supporting safe, cost-effective ramp up and long-term operational efficiency.
As we continue to innovate with purpose, we are setting the benchmark for multiple generations to
come.”


(A comprehensive presentation, video explanation and webcast are available on the Tharisa website
https://www.tharisa.com)



Paphos, Cyprus
3 October 2025

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
+44 207 418 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 multi-
generational Tharisa Mine, located in the south-western limb of the Bushveld Complex, South Africa. Tharisa is
also developing the Karo Platinum Project, a tier-one PGM asset located on the Great Dyke in Zimbabwe, while
simultaneously focusing on beneficiation in the form of chrome and PGM alloys. 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 has an Equity Shares (Transition)
Category listing on the London Stock Exchange (LSE: THS).