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Investing in turbulent and uncertain times

June 2022

WHY NOW, WHY THARISA

CORPORATE PROFILE (THS:LSE THA:JSE)

CAPITAL STRUCTURE

Issued shares

299.2 million

Market capitalisation*

GBP344.5m • ZAR6.6bn

Avg daily volume ('000) *

131(LSE) 87(JSE) (1 year trailing)

Net cash**

US$26.9 million

Debt**

US$74.3 million

Ore reserves (PGMs) ***

40.3 Moz in contained 6PGE+AU

Ore reserves (Chrome) ***

171.1 Mt in contained Cr O

3

2

DIRECTORS OF THARISA

  • Loucas Christos Pouroulis (Executive Chairman)
  • Phoevos Pouroulis (Chief Executive Officer)
  • Michael Gifford Jones (Chief Finance Officer)
  • Carol Bell (Lead independent non-executive director)
  • Roger Davey (Independent non-executive director)
  • Antonios Djakouris (Independent non-executive director)
  • Omar Marwan Kamal (Independent non-executive director)
  • John David Salter (Independent non-executive director)
  • Shelley Lo Chu (Non-executive director)
  • Zhong Liang Hong (Non-executive director)
  • Sanet Findlay (Group Company Secretary)
  • Lysandros Lysandrides (Assistant Company Secretary)

SHAREHOLDER SPREAD

1.17

2.01

1.48

1.71

Strategic Investors

1.80

2.23

Mutual Fund Manager

2.98

Corporate

3.62

Investment Adviser

5.86

Private Investor

Company Related

Holdings

Pension Fund Manager

Hedge Fund Manager

62.03

SHARE PRICE

ANALYST COVERAGE

Berenberg

Richard Hatch

BMO

Raj Ray

Investec

Nkateko Mathonsi

Nedbank CIB

Arnold van Graan

Noah Capital

Rene Hochreiter

Peel Hunt

Peter Mallin-Jones

Tamesis

David Butler

*data correct as at 29 June 2022, ** data correct as 31 March 2022, ***Mineral Resource and Mineral Reserve Statement in 2021 annual report

MAJOR SHAREHOLDERS

1

Medway Developments Limited

41.2%

2

Rance Holdings Ltd.

12.8%

3

Fujian Wuhang Stainless Steel Products Co. Ltd.

9.0%

4

Thari Resources

3.5%

5

Maaden Invest Ltd.

3.5%

6

Miton Asset Management Ltd.

3.2%

7

FIL Investment Advisors (UK) Ltd.

2.7%

8

PIC

1.7%

9

Community Trust

1.0%

69.7%

3

INVESTMENT CASE

  • Global economy under pressure:
    • Global conflict

Inflationary pressures

  • Supply chain
  • Political and social uncertainty

Energy crisis

PRICE HAS CHANGED BUT VALUE REMAINS*

P/E - 4.0

NAV - 0.7

RELATIVE VALUE

ABSOLUTE VALUE

DIV YIELD - 4.9%

EV/EBITDA - 2.1

SHAREHOLDER VALUE

FINANCIAL VALUE

INVESTOR PERCEPTION = PERCEIVED VALUE

*Analysts consensus

4

OUR VALUES

SAFETY & HEALTH

ENVIRONMENT

CLIMATE CHANGE

UPLIFTMENT

INTEGROUS

RETURNS

INNOVATION

The safety and health of our people is a core value

We take responsibility for the effect that our operations may have on the environment

We are committed to reducing carbon emissions by 30% by 2030 and have a plan in motion to be net carbon neutral by 2050

We are committed to the upliftment of our local communities

We conduct ourselves with integrity and honesty

We strive to achieve superior returns for our shareholders

We originate new opportunities and will continue to challenge convention through innovation

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Disclaimer

Tharisa plc published this content on 30 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2022 11:02:10 UTC.