Tharisa (THA) Investor presentation summary

FY2026 delivery

• PGM production was 153.7 koz 6E and chrome concentrate 1.56 Mt, within FY2027 guidance ranges of 150–170 koz and 1.50–1.65 Mt, respectively.

• Average PGM basket price was US$2,607/oz, up 61% YoY; average chrome price was US$290/t, up 9% YoY. Q4 chrome price eased to US$285/t.

• Cash at 30 September 2026 was US$411.8m, including US$288.2m bond proceeds in escrow; gross debt was US$462.8m and net debt US$51m.

• LTIFR was 0.03 at Tharisa Minerals and 0.00 at Karo Platinum; Karo recorded 3m+ fatality-free hours.

Growth pipeline

• Tharisa Mine’s Apollo underground development began with its first blast in April 2026; by Q4, 450 m had been developed and 52 kt mined underground. US$179m of project funding was finalised.

• Tharisa Mine’s open pit runs to 2034, with 60+ years of underground mine life potential; FY2027 guidance is 150–170 koz of PGMs and 1.50–1.65 Mt of chrome.

• Karo Platinum had US$240m invested against US$516m total capex; concentrator design was 96% complete, earthworks 95% and procurement 67% as of October 2026.

• Karo first ore to the mill is targeted for Q4 2027; steady-state PGM production is 226 koz/year. A 25-year Special Mining Lease was signed with Zimbabwe.

Funding and production outlook

• A US$510m funding package includes a US$300m, five-year senior secured bond with an 11.00% fixed coupon; the bond was oversubscribed by 150+ investors, with US$288m held in escrow for Karo.

• At illustrative steady state, output is ~426 koz of PGMs/year and ~2 Mt of chrome/year; this combines 200 koz of PGMs and ~2 Mt of chrome from Tharisa Mine with 226 koz of PGMs from Karo.

• Karo capex is expected to peak and then fall away; the presentation anticipates stronger free cash flow as capex eases and targets a top-seven PGM and top-four chrome ranking by 2029.