Tharisa (THA) Status Update summary

Strategic transition to underground mining

• A phased transition from open-pit to underground mining will sustain and enhance long-term production of PGMs and chrome, leveraging mechanized board and pillar methods for efficiency and safety.

• Underground mining begins October 2025, with open-pit depletion expected by 2034–2035, ensuring long-term production and multigenerational value.

• The transition starts with Apollo portals, followed by Orion, enabling early ore access and operational efficiency, with steady-state output by 2033.

• Robust geological studies underpin a 10-year initial underground plan, with 60.7 Mt measured and indicated resources and 30.4 Mt reserves.

• Early works, regulatory alignments, and key technical partners are in place to ensure a de-risked, compliant transition.

Operational and financial highlights

• Combined underground production rate will maintain or exceed 5.6 Mtpa, with Apollo and Orion complexes reaching steady state by 2033.

• Capital investment totals $547m for Apollo and Orion, with peak funding at $173m and mining costs at $40.8/t.

• Project IRR exceeds 25%, with a post-tax NPV at spot prices of $985m over a 60-year mine life.

• Mechanized mining, smart technologies, and a contractor model will enhance safety, efficiency, and cost control, with proactive labor transition and reskilling.

• Integrated processing plants and focused on-reef mining will maximize PGM and chrome recovery, with improved prill split and grade control.

ESG and community impact

• Committed to reducing carbon emissions by 30% by 2030, with investments in solar power, battery technology, and advanced water management.

• 43% of employees and contractors are from host communities, with 26% female representation, and ongoing investment in education, skills, and local business partnerships.

• Community trust holds shares and receives dividends, with $2.3m invested in skills development and local upliftment initiatives.

• Socioeconomic value creation, community upliftment, and restoration of natural vegetation are central to the operational ethos.

• Water management includes a reverse osmosis plant and advanced site hydrology to ensure sustainability and environmental protection.