Tharisa Plc · JSE:THA
Tharisa — Mello Monday London (October 2026)
17 slides from Tharisa's conference presentation, Oct 19, 2026
Slide 1: Retail Investor Presentation, Mello Monday London
Redefining resources Innovating with purpose Empowering futures RETAIL INVESTOR PRESENTATION MELLOMONDAY LONDON
Slide 2: Disclaimer
FY2026 delivery Growth pipeline Markets & value Outlook About Tharisa Disclaimer These Presentation Materials are for information purposes only and must not be used or relied upon for the purpose of making any investment decision or engaging in any investment activity. Whilst the information contain
Slide 3: Tharisa plc at a Glance
FY2026 delivery Growth pipeline Markets & value Outlook About Tharisa Tharisa plc at a Glance Tharisa is an integrated PGM and chrome resource group, in operation for 17 years and listed on the JSE and the LSE OPERATIONS KEY ASSETS Through innovation and technology, we span the entire value chain Sh
Slide 4: 1. A year of delivery
1. A year of 1. A year of delivery FY2026: guidance met, Karo fully funded and the Tharisa underground under way Tharisa Mine East pit drilling, May 2026
Slide 5: FY2026: guidance delivered, safely
About Tharisa Growth pipeline Markets & value Outlook FY2026 delivery FY2026: guidance delivered, safely Production up, prices up, an industry-leading safety record and a balance sheet ready for the build PGM production (6E) Chrome concentrate Average PGM basket price Average chrome price 153.7 koz
Slide 6: Twelve months of milestones
About Tharisa Growth pipeline Markets & value Outlook FY2026 delivery Twelve months of milestones Each step de-risks the growth plan H1 FY2026 Jun 2026 27 Aug 2026 Redox One Capital markets Karo: offtake Oct 2026 First MWh-class iron- Level 1 ADR programme Concentrate offtake term Delivery chromium
Slide 7: 2. Growth pipeline
2. Growth 2. Growth pipeline Two projects, run by separate teams with separate funding: the Tharisa underground and Karo Platinum
Slide 8: Two growth engines, both under way
About Tharisa FY2026 delivery Markets & value Outlook Growth pipeline Two growth engines, both under way Extending the life of the Tharisa Mine and more than doubling PGM output with Karo Tharisa Mine: the move underground Karo Platinum: building a second mine Apollo portal | South Africa Great Dyke
Slide 9: Karo: from construction to first ore
About Tharisa FY2026 delivery Markets & value Outlook Growth pipeline Karo: from construction to first ore Concentrator design 96% complete and earthworks 95% done; first ore to the mill on track for Q4 2027 Concentrator progress Key dates to first ore Sep 2026 33 kV power line complete Design & eng
Slide 10: The growth is fully funded
About Tharisa FY2026 delivery Markets & value Outlook Growth pipeline The growth is fully funded US$510m package: an oversubscribed US$300m bond, with proceeds ring-fenced for Karo US$300m 11.00% 5 years 150+ US$288m Senior secured bond Fixed coupon Bullet maturity, 2031 Investors; book Held in escr
Slide 11: Tharisa in 12–24 months
About Tharisa FY2026 delivery Growth pipeline Markets & value Outlook Tharisa in 12–24 months Two mines, two countries, close to three times today's PGM output and ~2 Mt of chrome a year at steady state PGMs (koz 6E a year) Chrome (Mt a year) Today → 12–24 months ~426 koz Today 12–24 months 2.0 1 op
Slide 12: Two strategic markets
About Tharisa FY2026 delivery Growth pipeline Outlook Markets & value Two strategic markets PGMs and chrome are critical minerals for AI, defence, hydrogen and infrastructure PGMs Chrome US$2,607/oz Record 64.2 Mt +1.8 Mtpa FY2026 basket, up 61% 2025 platinum deficit stainless steel output in 2025 c
Slide 13: Global PGM cost curve position
About Tharisa FY2026 delivery Growth pipeline Outlook Markets & value Global PGM cost curve position Both Tharisa and Karo are among the lowest cost PGM mines globally Tharisa Group 1st quartile peers 2nd quartile 3rd quartile 4th quartile Spot revenue 4,000 AISC & Revenue 3,750 US$/oz 6E 3,500 3,25
Slide 14: What the analysts say
About Tharisa FY2026 delivery Growth pipeline Outlook Markets & value What the analysts say Six of the seven brokers with a rating are positive; London targets average 221p, against a 123p share price LSE targets (pence): average 221p, +80% Ratings, targets and EPS forecasts (US cents) 300p Broker R
Slide 15: What to watch: catalysts to 2029
About Tharisa FY2026 delivery Growth pipeline Markets & value Outlook What to watch: catalysts to 2029 A steady run of news as both projects move from building to producing 1 Q4 2026 2 H1 2027 3 H2 2027 4 2028 5 2029–2030 ▪ First underground ▪ Karo mechanical, ▪ Karo commissioning ▪ Karo steady stat
Slide 16: Why Tharisa
About Tharisa FY2026 delivery Growth pipeline Markets & value Outlook Why Tharisa A low-cost, long-life 01 Low-cost co-producer PGMs and chrome from the same ore; Tharisa and Karo both sit in the first cost quartile producer about to more than double its 02 Visible growth PGM output rises from ~154
Slide 17: Questions
Questions Investor relations Ilja Graulich | [email protected] | +27 83 604 0820 www.tharisa.com LSE: THS | JSE: THA | A2X: THA | ADR: THARY