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')



KARO PLATINUM PROJECT - US$50 MILLION BOND ISSUE – EXTENSION OF SUBSCRIPTION
CLOSING


Tharisa, the platinum group metals (‘PGMs’) and chrome co-producer dual-listed on the Johannesburg
and London stock exchanges, hereby advises an extension of the fixed income note offer (‘the Bond’ or
‘Notes’) by Karo Mining Holdings plc (‘the Issuer’), a subsidiary of Tharisa, to raise US$50 million to be
listed by way of introduction on the Victoria Falls Stock Exchange (‘VFEX’). The proceeds from the Bond
will be applied to part fund the Karo Platinum Project - a development stage, low-cost, open-pit PGM
asset, located on the Great Dyke in the Republic of Zimbabwe (‘Project’).

The Issuer has received strong interest in the Bond with certain institutions in the final internal approval
processes for participation, and to accommodate these potential investors, and to ensure administrative
processes are completed, the offer window for the application of Notes in the Bond has been extended
as follows.


 Event                               Original Date                       New Date


 Notes Offer Closes                  Wednesday, 30 November 2022         Friday, 9 December 2022


 Issuance of Notes                   Monday, 5 December 2022             Tuesday, 13 December 2022


 Listing of Bonds                    Wednesday, 14 December 2022         Wednesday, 14 December 2022


All submissions to Zimbabwe’s Insurance and Pensions Commission relating to the Bond being conferred
‘prescribed asset status’ have been lodged. However, the regulatory approval is still awaited.

The Project is scheduled to commence production with first ore milled in July 2024. Ground-breaking
using a local earthworks contractor has commenced, marking the beginning of the Karo construction
phase.

The capital raise forms part of a broader capital strategy by Tharisa to fund the development of the
Project.
Tharisa is a 70% shareholder in the Issuer, a company incorporated in the Republic of Cyprus, which in
turn indirectly owns 85% of the Project, with the Government of Zimbabwe holding the remaining 15%,
on a free carry basis.

The Issuer is being advised by IH Securities (Private) Limited, the Debt Sponsor for the Listing and a
member of the VFEX.

Copies of the prospectus can be obtained from Tharisa, the Issuer or on the websites referenced below.



Paphos, Cyprus


30 November 2022



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


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


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 a 20-year open-pit life and the ability to extend operations
underground by at least an additional 40 years. Tharisa also owns Karo Mining Holdings (70%) 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).


About VFEX
The Victoria Falls Stock Exchange (VFEX) is a subsidiary of the Zimbabwe Stock Exchange (ZSE)
established to kick start the Offshore Financial Services Centre (OFSC) earmarked for the special
economic zone in Victoria Falls. The VFEX is a US$ based exchange. Key incentives applicable to the
VFEX include capital raised by a company listed on VFEX may be held in an approved local or offshore
account with an internationally recognised banking institution; allowance to use offshore settlement for
trades; tax incentives for shareholders of shares listed on VFEX – 5% dividend withholding tax (foreign
investors only) and exemption from capital gains withholding tax.


Details of the Karo Platinum Project can be found at www.tharisa.com and www.karomining.com