Tharisa : Update to acquisition of BEE shareholders’ interests in Tharisa Minerals Proprietary Limited

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 plc' or the 'Company')

UPDATE TO ACQUISITION OF BEE SHAREHOLDERS' INTERESTS IN THARISA MINERALS PROPRIETARY LIMITED

Further to the announcement released on 16 February 2022, Tharisa announces that the conditions precedent applicable to the Sale of Shares Agreement entered into between the Company and The Tharisa Community Trust ('the Trust') on 15 February 2022, in terms of which the Company agreed to purchase the Trust's 6% ordinary shareholding in Tharisa Minerals Proprietary Limited for a purchase consideration of ZAR90 million (USD5.9 million) with the purchase consideration being settled through the issue of 3 208 556 new ordinary shares in the Company, equating to approximately 1.1% of the pro forma voting share capital ('the Trust Transaction'), have been met.

The Trust Transaction is effective and unconditional from 23 May 2022.

Paphos, Cyprus

24 May 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

igraulich@tharisa.com

Financial PR contacts:

Bobby Morse / Ariadna Peretz / James Husband +44 207 466 5000 tharisa@buchanan.uk.com

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 operating asset is the Tharisa Mine located in the south-western limb of the Bushveld Complex, South Africa. The mechanised mine has a 20-yearopen-pit life and the ability to extend operations underground by at least an additional 40 years. Tharisa also owns Karo Mining Holdings and Salene Chrome, development stage, low-cost,open-pit PGM and chrome assets respectively, located on 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).