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')

PRESENTATION TO SHAREHOLDERS

EXERCISE OF FARM-IN OPTION ASSUMING CONTROL OF THE KARO PGM PROJECT

Tharisa, the platinum group metals ('PGM') and chrome co-producer, announces CEO Phoevos Pouroulis will provide a live presentation relating to the Karo PGM Project via the Investor Meet Company platform on
31 March 2022 at 15:00 (UK time UTC +1), 16:00 (SA time UTC +2).

The presentation is open to all existing and potential shareholders.

Investors can sign up to Investor Meet Company for free and add to meet THARISA PLC via:

https://www.investormeetcompany.com/tharisa-plc/register-investor

Paphos, Cyprus

31 March 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

[email protected] 

Financial PR contacts:

Bobby Morse / Ariadna Peretz / James Husband

+44 207 466 5000

[email protected] 

Broker contacts:

Peel Hunt LLP (UK Joint Broker)

Ross Allister / David McKeown / Alexander Allen

+44 207 7418 8900

BMO Capital Markets Limited (UK Joint Broker)

Thomas Rider / Pascal Lussier Duquette / 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 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 Salene Chrome, a development stage, low-cost, open-pit asset, located adjacent to 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 Karo Mining Holdings

The Great Dyke of Zimbabwe contains the world's largest known platinum group metals and high-grade chrome deposits outside of South Africa. 

Karo Holdings entered into an Investment Project Framework Agreement (the 'Investment Agreement') with the Republic of Zimbabwe on 22 March 2018 to establish a PGMs complex. 

Karo Platinum, an indirect 50% held subsidiary of Karo Holdings applied for and was awarded PGM rights under a special grant (the 'License Area') under the Zimbabwe Mines and Minerals Act, covering an area of 23 903 ha.  The License Area is situated on the Great Dyke in the Mashonaland West District of Zimbabwe.  This area of land was released by Zimbabwe Platinum Mines Private Limited) from its mining lease area in support of the Government of Zimbabwe's efforts to enable participation by other investors in the platinum mining industry in Zimbabwe.

Karo Holdings has, over the past three years completed a number of studies, resulting in a comprehensive implementation study that delivered very favourable economic parameters with a quick route to production.

The Special Grant 6876 awarded to Karo Platinum was successfully converted to a Mining Lease on 12 March 2021 over the 23 903 ha with no conditions attached and valid for the life of mine of the project.  The SEZ permits the import/export of capital without any trade barriers.  Benefits beyond the expatriation of capital include a reduced tax rate of 15% (normally 24.72%), duty-free importation of raw materials and exchange control facilities.  Moreover, the intention is for a fully functional SEZ to be developed to attract other investors.  To ensure a smooth implementation, and that Tharisa is taking full advantage of the opportunity presented, Tharisa has also recruited a former Zimbabwe Investment Development Authority manager to join the Karo team.

An Environmental Permit was issued for the exploration phase on 3 September 2019 and expires on 2 September 2022.  An Environmental Prospectus report was also compiled for the proposed opencast pits, processing facilities and supporting infrastructure, this was approved by EMA in August 2021.  Specialist site investigations and comprehensive stakeholder consultations have been completed.