Announcement • Jul 15
Tharisa plc Provides Production Guidance for the Fiscal Year 2026 Tharisa plc provided production guidance for the fiscal year 2026. For the year, the company expects Production guidance at between 145 koz and 165 koz PGMs (6E basis) and 1.50 Mt to 1.65 Mt of chrome concentrates. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €1.26, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Metals and Mining industry in Europe. Total returns to shareholders of 44% over the past three years. Reported Earnings • May 27
First half 2026 earnings released: EPS: US$0.16 (vs US$0.025 in 1H 2025) First half 2026 results: EPS: US$0.16 (up from US$0.025 in 1H 2025). Revenue: US$359.4m (up 28% from 1H 2025). Net income: US$46.6m (up US$39.3m from 1H 2025). Profit margin: 13% (up from 2.6% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Declared Dividend • May 24
First half dividend of R0.42 announced Shareholders will receive a dividend of R0.42. Ex-date: 10th June 2026 Payment date: 24th June 2026 Dividend yield will be 29%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (8% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 11% over the next year. However, it would need to fall by 92% to increase the payout ratio to a potentially unsustainable range. Announcement • May 22
Tharisa plc Declares Interim Cash Dividend for Six Months Ended 31 March 2026, Payable on 24 June 2026 Tharisa plc announced that an interim cash dividend for the six months ended 31 March 2026 of US 2.5 cents per ordinary share has been declared (HY2025: US 1.5 cents). The interim dividend will be paid on 24 June 2026 and will be paid from income reserves. Last day to trade cum-dividend rights on the JSE: 9 June 2026. Last day to trade cum-dividend rights on the LSE: 10 June 2026. Shares will trade ex-dividend rights on the JSE: 10 June 2026. Shares will trade ex-dividend rights on the LSE: 11 June 2026. Record date for payment on both JSE and LSE: 12 June 2026. Announcement • May 15
Tharisa plc Provides Earnings Guidance for the Six Months Ended 31 March 2026 Tharisa plc provided earnings guidance for the six months ended 31 March 2026. For the period, the company's basic earnings per share are expected to be between US 15.3 cents and US 15.8 cents per share. This is an increase of 512.0% to 532.0% relative to the EPS of US 2.5 cents per share for the six months ended 31 March 2025. Announcement • Apr 25
Tharisa plc Appoints Jacques Breytenbach as Chief Finance Officer Designate, with Effect from 1 May 2026 The board of Tharisa plc announced the appointment of Jacques Breytenbach as Chief Finance Officer Designate with effect from 1 May 2026, and as Michael's successor as Chief Finance Officer and as executive director of the board with effect from 1 August 2026. This appointment provides for a comprehensive handover period to ensure continuity and stability within the finance function. Jacques holds a B. Compt. (Hon)/CTA from the University of South Africa and is a qualified Chartered Accountant (South Africa). He is a seasoned Chief Finance Officer and non-executive director with over 25 years' experience in integrated mining operations including the diamond and PGM sectors across Africa. He has extensive experience in the listed environment, across both the Johannesburg and London stock exchanges, as well as capital structuring. His broader expertise encompasses the shaping of financial strategy, optimising return on investment, leading full financial functions across diverse geographies, including South Africa, Tanzania, and other geographies within Sub-Saharan Africa, debt and equity fundraising, and implementing robust governance frameworks and digital systems to support growth in multinational, asset-based organisations. Jacques served as the Chief Financial Officer of Petra Diamonds Limited for eight years from 2016 to 2024, having previously served as Group Finance Manager between 2006 and 2016. Prior to this, he served as Finance Manager at Anglo American Platinum Limited (now Valterra Platinum Limited) from 2001 to 2006. He served as a non-executive director and member of the Audit Committee of Afrimat Limited, from 1 June 2025 to 21 April 2026. Jacques' strong strategic and operational finance experience will add considerable value to the Tharisa Group. Announcement • Apr 24
Tharisa plc Appoints Jacques Breytenbach as Executive Director, with Effect from 1 August 2026 The board of Tharisa plc announced the appointment of Jacques Breytenbach as Chief Finance Officer Designate with effect from 1 May 2026, and as Michael's successor as Chief Finance Officer and as executive director of the board with effect from 1 August 2026. This appointment provides for a comprehensive handover period to ensure continuity and stability within the finance function. Jacques holds a B. Compt. (Hon)/CTA from the University of South Africa and is a qualified Chartered Accountant (South Africa). He is a seasoned Chief Finance Officer and non-executive director with over 25 years' experience in integrated mining operations including the diamond and PGM sectors across Africa. He has extensive experience in the listed environment, across both the Johannesburg and London stock exchanges, as well as capital structuring. His broader expertise encompasses the shaping of financial strategy, optimising return on investment, leading full financial functions across diverse geographies, including South Africa, Tanzania, and other geographies within Sub-Saharan Africa, debt and equity fundraising, and implementing robust governance frameworks and digital systems to support growth in multinational, asset-based organisations. Jacques served as the Chief Financial Officer of Petra Diamonds Limited for eight years from 2016 to 2024, having previously served as Group Finance Manager between 2006 and 2016. Prior to this, he served as Finance Manager at Anglo American Platinum Limited (now Valterra Platinum Limited) from 2001 to 2006. He served as a non-executive director and member of the Audit Committee of Afrimat Limited, a JSE listed company, from 1 June 2025 to 21 April 2026. Jacques' strong strategic and operational finance experience will add considerable value to the Tharisa Group. Announcement • Feb 20
Tharisa plc Approve Final Dividend, Payable on 11 March 2026 Tharisa plc at the Annual General Meeting of shareholders held on 18 February 2026, final dividend of US 1.5 cents per share having been approved by shareholders. Declaration and currency conversion date on 1 December 2025. Currency conversion rates announced on 19 February 2026. Last day to trade cum-dividend rights on the JSE on 24 February 2026. Last day to trade cum-dividend rights on the LSE on 25 February 2026. Shares will trade ex-dividend rights on the JSE from 25 February 2026. Shares will trade ex-dividend rights on the LSE from 26 February 2026. Record date for payment on both JSE and LSE on 27 February 2026. Dividend payment date on 11 March 2026. Announcement • Feb 06
Tharisa plc Announces Retirement of Michael Jones as Chief Finance Officer, Effective 31 July 2026 Tharisa plc announced that in compliance with the JSE Listings Requirements, shareholders are advised that Michael Jones will retire from his position as Chief Finance Officer of Tharisa and its subsidiaries effective 31 July 2026. Michael joined Tharisa as Chief Finance Officer on 1 May 2012 and was appointed to the Tharisa board on 30 January 2013. The Company will commence the process of finding a suitable replacement, evaluating both internal and external candidates, and shareholders will be advised once the appointment of the new Chief Finance Officer has been finalised. Michael will assist the Group during the process and provide support to ensure a seamless handover of responsibilities. Announcement • Feb 05
Tharisa plc Announces Retirement of Michael Jones as Executive Director, Effective 31 July 2026 Tharisa plc announced that in compliance with the JSE Listings Requirements, shareholders are advised that Michael Jones will retire from his position as Executive Director of Tharisa and its subsidiaries effective 31 July 2026. Michael joined Tharisa as Chief Finance Officer on 1 May 2012 and was appointed to the Tharisa board on 30 January 2013. The Company will commence the process of finding a suitable replacement, evaluating both internal and external candidates, and shareholders will be advised once the appointment of the new Chief Finance Officer has been finalised. Michael will assist the Group during the process and provide support to ensure a seamless handover of responsibilities. Declared Dividend • Dec 30
Final dividend of US$0.015 announced Shareholders will receive a dividend of US$0.015. Ex-date: 25th February 2026 Payment date: 11th March 2026 Dividend yield will be 2.1%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (11% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Dec 19
Tharisa plc, Annual General Meeting, Feb 18, 2026 Tharisa plc, Annual General Meeting, Feb 18, 2026, at 11:00 GTB Standard Time. Location: first floor, office 108, s. pittokopitis business centre, 17 neophytou nicolaides and kilkis streets, paphos, Cyprus Announcement • Dec 01
Tharisa plc Proposes Final Gross Cash Dividend for the Financial Year Ended 30 September 2025, Payable on 11 March 2026 Tharisa plc announced that Shareholders are advised that the board has resolved to propose a final gross cash dividend of US 1.5 cents per ordinary share for the financial year ended 30 September 2025, such dividend being payable to shareholders registered on the register of members of Tharisa as of the close of business on the record date, being Friday, 27 February 2026. If approved by shareholders, the recommended dividend will be paid on Wednesday, 11 March 2026. Shares will trade ex-dividend rights on the JSE from 25 February 2026, Shares will trade ex-dividend rights on the LSE from 26 February 2026. Announcement • Nov 28
Tharisa plc Announces Appointment of Vasileios Vergopoulos as Independent Non-Executive Director, Member of the Audit Committee, Risk Committee, Climate Change and Sustainability Committee, and Safety, Health, Environment and Community Committee, Effective November 27, 2025 Tharisa plc announced that Dr Vasileios Vergopoulos has been appointed to the Board as an independent non-executive director with effect from 27 November 2025. Dr Vergopoulos holds aBachelor of Education from the Thessaloniki University, Greece and a Master of Chemistry and a Ph.D. in Chemistry from Hamburg University, Germany. He is the former Managing Director of BASF Metals Limited and the Global Commercial Vice President of the BASF Precious Metals Service Business. Prior to this, he was the Head of BASF's Refining Catalyst Business for Europe, the Middle East and Africa, based in the United Kingdom. He has over 30 years' experience in business management, operations management, the gas and oil industry, chemical catalyst manufacturing, e-business, sales and marketing, strategic procurement, and precious metals trading. He has held various senior and executive level management positions with BASF, BP and W.R. Grace in Germany, the USA and the United Kingdom. Dr Vergopouloswill be serving as member of the Audit Committee, Risk Committee, Climate Change and Sustainability Committee, and Safety, Health, Environment and Community Committee of Tharisa. Announcement • Oct 14
Tharisa plc Provides Production Guidance for Fiscal Year 2026 Tharisa plc provided production guidance for fiscal year 2026. For the year, the company expects Production guidance for FY2026 is set at between 145 koz and 165 koz PGMs (6E basis) and 1.50 Mt to 1.65 Mt of chrome concentrates. Announcement • Oct 03
Tharisa plc Provides an Update on the Tharisa Mine's Phased Transition to Underground Mining Tharisa plc provided 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 Mt Pa, 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 USD 547 million with peak funding of USD 173 million, to be financed by internal cash and external funding lines utilising balance sheet flexibility. Announcement • Aug 22
Tharisa plc to Report Fiscal Year 2025 Results on Dec 01, 2025 Tharisa plc announced that they will report fiscal year 2025 results on Dec 01, 2025 Announcement • Jul 08
Tharisa plc (JSE:THA) commences an Equity Buyback for 30,259,674 shares, representing 10% of its issued share capital, under tje authorization approved on February 19, 2025. Tharisa plc (JSE:THA) commences a share repurchases on June 27, 2025, under the program mandated by the shareholders in the Annual General Meeting held on February 19, 2025. As per the mandate, the company is authorized to repurchase up to 30,259,674 shares, representing 10% of its issued share capital. The maximum premium at which shares may be repurchased will be 3% of the volume weighted average price at which shares are traded on the JSE, as determined over the five trading days immediately preceding the date of repurchase of shares by the company. At any point in time, the company will only appoint one agent to effect any repurchase on the company’s behalf. The company may only undertake a repurchase of securities if, after such repurchase, it still complies with minimum shareholder spread requirements in accordance with the Listings Requirements of the JSE. The company or its subsidiaries will not repurchase securities during a prohibited period in accordance with the Listings Requirements of the JSE. The company will make a public announcement for every repurchase of 3% of the share capital. The share repurchase program shall expire at the earliest of the conclusion of the next Annual General Meeting , or after 12 months. As of February 19, 2025, the company has 302 596 743 shares in issue.
On May 29, 2025, the company initiated a Market Repurchase. Under the program, the company will repurchase up to $5 million worth of its shares. The shares will be repurchased at the price which shall not exceed the lesser of 5% of the weighted average of the market price at which such ordinary shares are traded on the Johannesburg Stock Exchange as determined over the five business days immediately preceding the date of the repurchase of such ordinary shares by the company; and the price quoted for the last independent trade of, or the highest current independent bid for any number of shares on the JSE where the repurchase is carried out. The repurchased shares will be held in treasury for a period not exceeding two calendar years from the repurchase date and, if not issued during that period, they are required to be cancelled. The repurchases will commence from June 2, 2025 and the program will run until the earliest February 18, 2026, or when the maximum amount has been purchased, or on instruction from the company. Announcement • May 22
Tharisa plc Declares Interim Dividend, Payable on 25 June 2025 Tharisa plc declared interim cash dividend of 1.5 US cents per ordinary share has been declared. The interim dividend will be paid on 25 June 2025 and will be paid from income reserves. Record date for payment on both JSE and LSE: 13 June 2025. Announcement • Apr 22
Tharisa plc Provides Update on Karo Platinum PGE Project Tharisa plc announced that it has uploaded the Independent Competent Persons' Report on the Karo Platinum PGE Project in Zimbabwe dated 9 April 2025. The CPR has been commissioned to comply with the regulations of the JSE for listed companies, with the purpose of presenting the Mineral Resources and Mineral Reserves of the Project and of valuing the mineral asset. The CPR is compiled in compliance with the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2016 Edition) (SAMREC Code), and the South African Code for the Reporting of Mineral Asset Valuation (2016 Edition) (SAMVAL Code). All requirements of Section 12.10 of the JSE Listings Requirements for Mineral Companies and the SAMREC Code and SAMVAL Code have been complied with. The Competent Persons responsible for this CPR are Kenneth Graham Lomberg (Geology and Mineral Resources), Otto Wilhelm Warschkuhl (Mineral Processing, Mineral Extraction, and Mineral Reserves) and Jacobus Adriaan Myburgh (Mineral Economics). Iaan Myburgh also acts as the Competent Valuator for this CPR. Karo Platinum is a PGM asset under construction, located some 85 km west-southwest of Harare in the Mashonaland West Province of Zimbabwe. Mine development will initially comprise the sequential development of four open pits. Ore will be processed at an on-site, 220 ktpm processing facility. All licences and permits are held in the name of Karo Platinum. Karo Platinum has addressed Zimbabwean legal compliance requirements, including Licensing and environmental and social aspects. There are no major risks identified in association with the current and planned permitting. Announcement • Feb 22
Tharisa plc Approve Final Dividend, Payable on 12 March 2025 Tharisa plc announced at annual general meeting of shareholders held on 19 February 2025, the shareholders approved final dividend of 3.0 US cents per share. Last day to trade cum-dividend rights on the JSE: 25 February 2025. Last day to trade cum-dividend rights on the LSE: 26 February 2025. Shares will trade ex-dividend rights on the JSE from: 26 February 2025. Shares will trade ex-dividend rights on the LSE from 27 February 2025. Record date for payment on both JSE and LSE: 28 February 2025. Dividend payment date: 12 March 2025. Announcement • Dec 21
Tharisa plc, Annual General Meeting, Feb 19, 2025 Tharisa plc, Annual General Meeting, Feb 19, 2025, at 11:00 GTB Standard Time. Location: first floor, office 108 s. pittokopitis business centre, 17 neophytou nicolaides and kilkis streets, paphos Cyprus Announcement • Dec 12
Tharisa plc to Report First Half, 2025 Results on May 23, 2025 Tharisa plc announced that they will report first half, 2025 results on May 23, 2025 Announcement • Nov 28
Tharisa plc Proposes A Final Gross Cash Dividend for the Financial Year Ended 30 September 2024, Payable on 12 March 2025 The Shareholders of Tharisa plc are advised that the board has resolved to propose a final gross cash dividend of 3.0 US cents per ordinary share for the financial year ended 30 September 2024, such dividend being payable to shareholders registered on the register of members of Tharisa as of the close of business on the record date, being 28 February 2025. If approved by shareholders, the recommended dividend will be paid on 12 March 2025. Shares will trade ex-dividend rights on the JSE from 26 February 2025. Shares will trade ex-dividend rights on the LSE from 27 February 2025. New Risk • Oct 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (10% net profit margin). Announcement • Oct 10
Tharisa plc Provides Production Guidance for Fiscal Year 2025 Tharisa plc provided production guidance for fiscal year 2025. For the period, the company expects Production guidance between 140 koz and 160 koz PGMs (6E basis) and 1.65 Mt to 1.8 Mt of chrome concentrates. New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (10% net profit margin). New Risk • Jul 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.9% average weekly change). Profit margins are more than 30% lower than last year (10% net profit margin). Announcement • Jul 10
Tharisa plc Provides Production Guidance for Fiscal Year 2024 Tharisa plc provided production guidance for fiscal year 2024. For fiscal year 2024, the company expects Production guidance between 145 koz and 155 koz PGMs (6E basis) and 1.7 Mt to 1.8 Mt of chrome concentrates. Reported Earnings • May 28
First half 2024 earnings released: EPS: US$0.13 (vs US$0.17 in 1H 2023) First half 2024 results: EPS: US$0.13 (down from US$0.17 in 1H 2023). Revenue: US$369.1m (up 10% from 1H 2023). Net income: US$38.4m (down 26% from 1H 2023). Profit margin: 10% (down from 16% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Declared Dividend • May 26
First half dividend of R0.27 announced Shareholders will receive a dividend of R0.27. Ex-date: 12th June 2024 Payment date: 26th June 2024 Dividend yield will be 35%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 94% over the next 3 years. Since a fall of 76% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Announcement • May 23
Tharisa plc Declares Interim Dividend, Payable on 26 June 2024 Tharisa plc announced that an interim dividend of 1.5 US cents per ordinary share has been declared. The interim dividend will be paid on 26 June 2024 and will be paid from income reserves. Record date for payment on both JSE and LSE: 14 June 2024; Last day to trade cum-dividend rights on the JSE: 11 June 2024; Last day to trade cum-dividend rights on the LSE: 12 June 2024. Announcement • Apr 10
Tharisa plc Provides Production Guidance for the Fiscal Year 2024 Tharisa plc provided production guidance for the fiscal year 2024. Production guidance for fiscal year 2024 remains between 145 koz and 155 koz PGMs (6E basis) and 1.7 Mt to 1.8 Mt of chrome concentrates. Announcement • Mar 26
Tharisa plc (JSE:THA) announces an Equity Buyback for $5 million worth of its shares. Tharisa plc (JSE:THA) announces a share repurchase program. Under the program, the company will repurchase up to $5 million worth of its shares. The shares will be repurchased at the price which shall not exceed the lesser of 5% of the weighted average of the market price at which such ordinary shares are traded on the Johannesburg Stock Exchange as determined over the five business days immediately preceding the date of the repurchase of such ordinary shares by the company; and the price quoted for the last independent trade of, or the highest current independent bid for any number of shares on the JSE where the repurchase is carried out. The repurchased shares will be held in treasury for a period not exceeding two calendar years from the repurchase date and, if not issued during that period, they are required to be cancelled. The program run until the earliest February 21, 2025, or when the maximum amount has been purchased, or on instruction from the company. Board Change • Feb 26
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Non-Executive Director Roger Davey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Feb 22
Tharisa plc Approves Final Dividend, Payable on 13 March 2024 Tharisa plc at the Annual General Meeting of shareholders held on 21 February 2024, approved a final dividend of US 2.0 cents per ordinary share. Dividend payment date is 13 March 2024. Last day to trade cum-dividend rights on the JSE is 27 February 2024. Last day to trade cum-dividend rights on the LSE is 28 February 2024. Record date for payment on both JSE and LSE is 1 March 2024. Shares will trade ex-dividend rights on the JSE from 28 February 2024. Shares will trade ex-dividend rights on the LSE from 29 February 2024. Upcoming Dividend • Feb 21
Upcoming dividend of US$0.02 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 13 March 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 7.1%. Within top quartile of German dividend payers (5.2%). Higher than average of industry peers (5.9%). Announcement • Jan 11
Tharisa plc Provides Production Guidance for the Fiscal Year 2024 Tharisa plc provided production guidance for the fiscal year 2024. Production guidance for fiscal year 2024 is set between 145 koz and 155 koz PGMs (6E basis) and 1.7 Mt to 1.8 Mt of chrome concentrates. Announcement • Dec 23
Tharisa plc, Annual General Meeting, Feb 21, 2024 Tharisa plc, Annual General Meeting, Feb 21, 2024, at 09:00 Coordinated Universal Time. Location: First Floor, Office 108 S. Pittokopitis Business Centre 17 Neophytou Nicolaides and Kilkis Streets Paphos Cyprus Agenda: To receive the audited annual financial statements for the year ended 30 September 2023, including the management report and the report of the independent auditor, such annual financial statements having been approved by the Board on 12 December 2023; to consider appointment of external auditor; to consider election of director appointed by the Board; to consider re-election of director retiring by rotation; to consider general authority to directors to allot and issue ordinary shares; and to consider other matters. Announcement • Dec 21
Tharisa plc Announces Executive Changes The Board of Tharisa plc announced that Ms. Gloria Zvaravanhu will be appointed to the Board as an independent non-executive director with effect from the conclusion of the AGM to be held on or about 21 February 2024.Ms. Zvaravanhu, a Zimbabwean national, is a registered Chartered Accountant in both Zimbabwe and South Africa. She holds aBachelor of Accounting (B. Acc) degree from Rhodes University, a Master's in Business Leadership (MBL) from the Unisa Graduate School and a Master's Degree in Law (LLM) from the University of Cumbria, United Kingdom. She is currently studying towards an MSc in Business Psychology, as she follows her passion for leadership development and coaching. Ms. Zvaravanhu has over 22 years' experience and is currently the Managing Director of a leading short-term insurance company in Zimbabwe. She has previously served as the CEO of the Institute of Chartered Accountants of Zimbabwe. She also actively serves the accounting profession as an advisory group member of the International Federation of Accountants (IFAC). Her current non-executive directorships include Securico Security Services Limited (Board Chairman) and Karo Mining Holdings plc, a Tharisa Group company (non-executive director and Chairman of the Audit Committee). She has received a number of awards and achievements in both her professional and academic careers. Ms Zvaravanhu will be serving as member of the Risk Committee and Climate Change and Sustainability Committee of Tharisa and will be the Chairman of the Audit Committee. She will be replacing Mr. Antonis Djakouris, the current Chairman of the Audit Committee and Risk Committee, as member of the Board and Chairman of the Audit Committee. Mr. Djakouris will retire by rotation at the upcoming AGM and will not be available for re-election. Mr. Djakouris has served on the Tharisa Board since October 2011 and has made an invaluable contribution to the Board. His dedication, insight, and unwavering commitment have played an instrumental role in shaping the success and growth of Tharisa. Throughout his tenure, his expertise and ability to provide constructive feedback, ask insightful questions, and offer wise counsel have greatly enriched the Board's decision-making processes. Over and above his professional expertise, his integrity, reliability, and passion for Tharisa's mission have set an exemplary standard for all those fortunate enough to work alongside him. The Company and the Board wish Mr. Djakouris well. Reported Earnings • Dec 18
Full year 2023 earnings released: EPS: US$0.27 (vs US$0.54 in FY 2022) Full year 2023 results: EPS: US$0.27 (down from US$0.54 in FY 2022). Revenue: US$649.9m (down 5.3% from FY 2022). Net income: US$82.2m (down 47% from FY 2022). Profit margin: 13% (down from 22% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Announcement • Dec 14
Tharisa plc Proposes A Final Gross Cash Dividend for the Financial Year Ended 30 September 2023, Payable on 13 March 2024 The Shareholders of Tharisa plc are advised that the board has resolved to propose a final gross cash dividend of 2.0 US cents per ordinary share for the financial year ended 30 September 2023, such dividend being payable to shareholders registered on the register of members of Tharisa as of the close of business on the record date, being 1 March 2024. If approved by shareholders, the recommended dividend will be paid on 13 March 2024. New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.3% average weekly change). Announcement • Oct 17
Tharisa plc Provides Production Guidance for the Fiscal Year 2024 Tharisa plc provided production guidance for the fiscal year 2024. Production guidance for fiscal year 2024 is set between 145 koz and 155 koz PGMs (6E basis) and 1.7 Mt to 1.8 Mt of chrome concentrates. Announcement • Sep 28
Tharisa plc Announces Executive Changes The board of directors of Tharisa plc announced that Mr. Zhongliang Hong has resigned as a non-executive director and member of the Risk and Climate Change and Sustainability Committees with effect from 30 September 2023. The Board announced that Mr. Chen Hao has been appointed to the Board as a non-executive director with effect from 1 October 2023. Mr. Chen holds abachelor's degree in Micro-electronics from Fudan University, Shanghai, China. He has more than 18 years' experience as an Engineer, Foreign Trade Manager and General Manager. He has been the General Manager at Fujian Liju Logistics Company in China since September 2014. Prior to this position, he had been a Foreign Trade Manager at Guangxi Shenglong Metallurgy Co. Ltd., China between December 2013 and August 2014, and an Engineer at APEX Information Services in the USA from August 2012 to November 2013. He had also held the position of Engineer at Calvin Wireless, New York, USA between February 2012 and July 2012. Between August 2006 and January 2012, he had held two Research Assistant positions, the first at the University of Viginia, USA (August 2006 to December 2009) and at the Tandon School of Engineering, at the University of New York, USA (January 2010 to January 2012). Following his graduation in July 2005, he had worked as Experimental Technician at the Shanghai Institute of Microsystem and Information Technology at the Chinese Academy of Sciences until July 2006. Mr. Chen will be serving on the Risk and Climate Change and Sustainability Committees of the company. Recent Insider Transactions • Jul 23
Chief Operating Officer recently sold €72k worth of stock On the 20th of July, Michelle Taylor sold around 75k shares on-market at roughly €0.95 per share. This transaction amounted to 9.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Michelle has been a net seller over the last 12 months, reducing personal holdings by €150k. New Risk • Jul 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • May 31
Upcoming dividend of R0.58 per share at 5.5% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 5.5%. Within top quartile of German dividend payers (4.8%). Lower than average of industry peers (9.0%). Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to €1.25, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total loss to shareholders of 18% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €0.51 per share. Reported Earnings • May 21
First half 2023 earnings released: EPS: US$0.17 (vs US$0.33 in 1H 2022) First half 2023 results: EPS: US$0.17 (down from US$0.33 in 1H 2022). Revenue: US$335.3m (flat on 1H 2022). Net income: US$52.0m (down 42% from 1H 2022). Profit margin: 16% (down from 27% in 1H 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Announcement • May 19
Tharisa plc Announces Interim Dividend, Payable on 21 June 2023 Tharisa plc Announced An interim dividend of US 3.0 cents per ordinary share has been declared. The interim dividend will be paid on 21 June 2023 and will be paid from income reserves. Record date for payment on both JSE and LSE on 9 June 2023. Last day to trade cum-dividend rights on the JSE is 6 June 2023. Last day to trade cum-dividend rights on the LSE is 7 June 2023. Shares will trade ex-dividend rights on the JSE is 7 June 2023. Shares will trade ex-dividend rights on the LSE is 8 June 2023. Recent Insider Transactions • Feb 05
CFO & Director recently sold €102k worth of stock On the 31st of January, Michael Jones sold around 88k shares on-market at roughly €1.16 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Announcement • Jan 11
Tharisa plc Announces Production Guidance for 2023 Tharisa plc announced production guidance maintained at between 175 koz and 185 koz PGMs (6E basis) and 1.75 Mt to 1.85 Mt of chrome concentrates. Announcement • Dec 22
Tharisa plc, Annual General Meeting, Feb 22, 2023 Tharisa plc, Annual General Meeting, Feb 22, 2023, at 11:00 E. Europe Standard Time. Reported Earnings • Dec 07
Full year 2022 earnings released: EPS: US$0.54 (vs US$0.37 in FY 2021) Full year 2022 results: EPS: US$0.54 (up from US$0.37 in FY 2021). Revenue: US$686.0m (up 15% from FY 2021). Net income: US$153.9m (up 53% from FY 2021). Profit margin: 22% (up from 17% in FY 2021). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 3.0% decline forecast for the Metals and Mining industry in Europe. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. Non-Executive Director Shelley Wai was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 11
Tharisa plc Provides Production Guidance for the Year 2023 Tharisa plc provided Production Guidance for the Year 2023. Production guidance for fiscal year 2023 is set between 175 koz and 185 koz PGMs (6E basis)and 1.75 Mt to 1.85 Mt of chrome concentrates. Recent Insider Transactions • Sep 09
Executive Chairman of the Board recently bought €86k worth of stock On the 5th of September, Loucas Pouroulis bought around 70k shares on-market at roughly €1.23 per share. This transaction amounted to 6.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Loucas' only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.08, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x in the Metals and Mining industry in Europe. Total loss to shareholders of 24% over the past year. Announcement • Jul 14
Tharisa plc Provides Production Guidance for the Year 2022 Tharisa plc announced that 2022 production guidance maintained at between 165 koz and 175 koz PGMs (6E basis). Guidance for chrome production is reduced by 10% to between 1.55 Mt and 1.65 Mt due to lower chrome feed grade and slower Vulcan Plant ramp-up. Upcoming Dividend • Jun 07
Upcoming dividend of R0.47 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 29 June 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of German dividend payers (4.2%). Lower than average of industry peers (7.4%). Announcement • May 28
Tharisa plc Announces Interim Dividend, Payable on 29 June 2022 Tharisa plc announced An interim dividend of USD 3.0 cents per ordinary share. The interim dividend will be paid on, 29 June 2022 and will be paid from income reserves. Shareholders on the principal Cyprus register will be paid in United States Dollar (USD), shareholders whose shares are held through Central Securities Depositary Participants (CSDPs) and brokers and are traded on the JSE will be paid in South African Rand (ZAR) and holders of Depositary Interests traded on the LSE will be paid in Sterling (GBP). The currency equivalents of the dividend, based on the weighted average of the South African Reserve Bank's daily rate at approximately 10:30 (UTC +2) on 24 May 2022, being the currency conversion date, are as follows: South Africa - JSE. Exchange rate. ZAR 15.76680/USD. Dividend per share in payment currency: 47.30040 South African cents per share. United Kingdom - LSE. Exchange rate. ZAR GBP 0.79681/USD. Dividend per share in payment currency: 2.39044 pence per share. Board Change • Apr 29
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Non-Executive Director Shelley Wai was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 17% share price gain to €2.12, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 40% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €3.75 per share. Announcement • Mar 03
Tharisa Undertakes Long-Term Production Tests with Liebherr on Its ‘Road’ to Reducing Carbon Emissions Tharisa, the platinum group metals (PGMs) and chrome co-producer listed on the Johannesburg and London stock exchanges, announces that three Liebherr mining machines with more efficient engines and fuel systems have been delivered to the Tharisa Mine and have begun operational testing. The partnershipwith Liebherr is part of Tharisa's ESG initiative to reduce its carbon footprint. The two T 236 mining trucks with a capacity of 100 metric tonnes and one 72 ton PR 776 dozer, both of which use the latest generation diesel engine technology with the T236s using Cummins QST 30 engines and the PR 776 utilising the Liebherr D9512 engine, are characterised by low-level fuel consumption, and will be fully stress-tested under operational conditions for 18 months. They will operate as part of the production fleet under supervision of both Tharisa's mining team and Liebherr Mining Africa. These diesel-electric mining trucks' drive train technology benefit from improved fuel economy due to their efficient engine and fuel system, advanced airflow system as well as low-end torque performance and emissions capability. The trucks' continuous drive system technology will be field tested to determine whether the machines can withstand the climatic and geomorphological makeup of the hard rock mining of the Bushveld Complex. The aim of the long-term, real-life tests is to ensure the trucks reduce diesel consumption and costs while testing the machines' ability to deliver a minimised environmental footprint, and still delivering on production metrics, as part of Tharisa's drive for a more sustainable mining environment. One of Tharisa's core values is safety and the T236 has a variety of operational safety features such as payload warnings, anti-rollback features, engine shutdown switches in the cab and at ground level, and an integrated four corner park brake system. These safety systems are in line with the current specifications of the existing truck fleet operating at the Tharisa Mine and will ensure the continued safety and wellbeing of our taff and contractors as they work on site. The PR 776 dozer has a high-efficiency rating of the hydrostatic drive across the entire vehicle speed range, which further minimises fuel consumption and ensures reduced levels of carbon dioxide emissions. Upcoming Dividend • Feb 23
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 02 March 2022. Payment date: 16 March 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of German dividend payers (3.4%). Lower than average of industry peers (7.9%). Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 17% share price gain to €1.81, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 17% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €1.21 per share. Announcement • Feb 15
Tharisa Commences Negotiations for Acquisitions of Minority Shareholdings in Tharisa Minerals Proprietary Shareholders are advised that Tharisa plc has commenced negotiations for the acquisition of the minority shareholdings in Tharisa Minerals Proprietary Limited ("Tharisa Minerals (Pty) Ltd."), in which Tharisa currently owns 74% of the issued ordinary share capital. There is no certainty as to the outcome of these negotiations. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 16% share price gain to €1.64, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 24% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €0.94 per share. Announcement • Jan 13
Tharisa plc Provides Production Guidance for the Fiscal Year 2022 Tharisa plc provided production guidance for the fiscal year 2022. For the year, the company expects production guidance of 165 koz to 175 koz PGMs (6E basis) and 1.75 Mt to 1.85 Mt of chrome concentrates. COVID-19 remains a risk to the company, and guidance is premised on the current level of economic activity being maintained. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Non-Executive Director Shelley Wai was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 03
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$0.37 (up from US$0.16 in FY 2020). Revenue: US$596.3m (up 47% from FY 2020). Net income: US$100.5m (up 132% from FY 2020). Profit margin: 17% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 4.4%, compared to a 13% growth forecast for the mining industry in Germany. Announcement • Nov 25
Tharisa plc Provides Earnings Guidance for the Year Ended September 30, 2021 Tharisa plc provided earnings guidance for the year ended September 30, 2021. Tharisa's basic earnings per share ('EPS') and headline earnings per share ('HEPS') for the twelve months ended 30 September 2021 are expected to be between USD 37 cents and USD 38 cents per share with a tolerance of 10%. This is an increase of between 128% and 134% relative to the EPS of USD 16.2 cents per share for the year ended 30 September 2020 and an increase of between 119% and 125% relative to the HEPS of USD 16.9 cents per share for the financial year ended 30 September 2020. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 16% share price gain to €1.41, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €1.54 per share. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$1.28, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €1.48 per share. Board Change • Aug 05
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Non-Executive Director Shelley Wai was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 08
Upcoming dividend of R0.55 per share Eligible shareholders must have bought the stock before 15 June 2021. Payment date: 30 June 2021. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (4.4%). Reported Earnings • May 29
First half 2021 earnings released: EPS US$0.21 (vs US$0.036 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: US$313.6m (up 61% from 1H 2020). Net income: US$57.4m (up US$47.9m from 1H 2020). Profit margin: 18% (up from 4.9% in 1H 2020). The increase in margin was driven by higher revenue. Announcement • May 28
Tharisa plc Declares Interim Dividend for the Six Months Ended 31 March 2021, Payable on June 30, 2021 Tharisa plc announced an interim dividend of US 4.0 cents per ordinary share has been declared. The interim dividend will be paid on 30 June 2021 and will be paid from income reserves. Shares will trade ex-dividend rights on the JSE is 15 June 2021. Shares will trade ex-dividend rights on the LSE is 17 June 2021. Record date for payment on both JSE and LSE is 18 June 2021. Announcement • May 06
Tharisa plc (JSE:THA) entered into a sale and purchase agreement to acquire Salene Chrome Zimbabwe (Pvt) Limited from Leto Settlement Trust for $13 million. Tharisa plc (JSE:THA) entered into a sale and purchase agreement to acquire Salene Chrome Zimbabwe (Pvt) Limited from Leto Settlement Trust for $13 million on May 5, 2021. Under the terms, Tharisa Plc will pay cash consideration of $3 million and $10 million commission to Leto Settlement subject to profitability measures. The consideration amount will be funded from cash resources. The transaction was approved by the board of Tharisa plc. The Acquisition is subject to approval by the Zimbabwean Reserve Bank. Minxcon (Pty) Ltd acted as independent expert to Tharisa Plc. Announcement • Apr 14
Tharisa plc Announces Production Guidance for the Financial Year 2021 Tharisa plc announces production guidance for the financial year 2021. For the year, guidance is maintained at 155 koz to 165 koz PGMs (6E basis) and 1.45 Mt to 1.55 Mt of chrome concentrates. COVID-19 remains a risk to the Company and forecasts and guidance are premised on the current level of economic activity being maintained. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improved over the past week After last week's 16% share price gain to US$1.78, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €0.90 per share. Announcement • Jan 26
Tharisa plc to Report Q2, 2021 Results on May 27, 2021 Tharisa plc announced that they will report Q2, 2021 results on May 27, 2021 Announcement • Jan 22
Tharisa plc Appoints Shelley Wai Man Lo as Non-Executive Director Tharisa plc announced that Ms. Shelley Wai Man Lo will be appointed to the Board as a non-executive director with effect from the conclusion of the AGM to be held on 10 February 2021. 
