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Audited Annual Results for the year ended 30 September 2024 and Cash Dividend Declaration
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' or the 'Company')
AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 AND CASH DIVIDEND DECLARATION
Tharisa is an integrated resource group critical to the energy transition and decarbonisation of
economies. It incorporates exploration, mining, processing and the beneficiation, marketing, sales and
logistics of PGMs and chrome concentrates, using innovation and technology as enablers. Its principal
operating asset is the multi-generational Tharisa Mine, located in the south-western limb of the
Bushveld Complex, South Africa. Tharisa is also developing the Karo Platinum Project, a low-cost,
open-pit PGM asset located on the Great Dyke in Zimbabwe, while simultaneously focusing on
beneficiation in the form of chrome and PGM alloys. A 15-year Power Purchase Agreement with Etana
for the procurement of wheeled renewable energy and a 40 MW solar project under construction will
ensure that Tharisa Minerals' drive to reduce its carbon footprint by 30% by 2030 is well within reach,
forming a major part of a roadmap to become net carbon neutral by 2050. Redox One is accelerating
the development of a proprietary iron chromium redox flow long-duration battery utilising the
commodities we mine. Tharisa plc is listed on the Johannesburg Stock Exchange (JSE: THA) and the
Main Board of the London Stock Exchange (LSE: THS).
REEF MINED
4.6 Mt
(2023: 4.2 Mt)
+9.5%
PGM PRODUCTION (5PGE + AU)
145.1 koz
(2023: 144.7 koz)
+0.3%
CHROME CONCENTRATE PRODUCTION
1.70 Mt
(2023: 1.58 Mt)
+7.6%
REVENUE
US$721.4 m
(2023: US$649.9 m)
+11.0%
OPERATING PROFIT
US$119.6 m
(2023: US$94.7 m)
+26.3%
EBITDA
US$177.6 m
(2023: US$136.8 m)
+29.8%
PROFIT BEFORE TAX
US$117.7 m
(2023: US$114.3 m)
+3.0%
EARNINGS PER SHARE
US 27.7 cents
(2023: US 27.4 cents)
+1.1%
HEADLINE EARNINGS PER SHARE
US 28.1 cents
(2023: US 28.3 cents)
-0.7%
ROIC
11.1%
(2023: 10.5%)
+5.7%
TOTAL DIVIDEND
US 4.5 cents
(2023: US 5.0 cents)
-10.0%
Declaration of dividend
Shareholders are advised that the board has resolved to propose a final gross cash dividend of
US 3.0 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 Friday, 28 February 2025. If approved by shareholders, the
recommended dividend will be paid on Wednesday, 12 March 2025.
Shareholders on the principal Cyprus register will be paid in US dollars, 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 will be based on the
weighted average of the South African Reserve Bank's daily rate at approximately 10:30 (UTC +2)
on Thursday, 28 November 2024, being the currency conversion date.
Tharisa has a total of 302 596 743 ordinary shares in issue on Thursday, 28 November 2024, of
which 295 204 391 carry voting rights and are eligible to receive dividends.
Timetable
The timetable for the dividend declaration is as follows:
Declaration and currency conversion date Thursday, 28 November 2024
Currency conversion rates announced Thursday, 20 February 2025
Last day to trade cum-dividend rights on the JSE Tuesday, 25 February 2025
Last day to trade cum-dividend rights on the LSE Wednesday, 26 February 2025
Shares will trade ex-dividend rights on the JSE from Wednesday, 26 February 2025
Shares will trade ex-dividend rights on the LSE from Thursday, 27 February 2025
Record date for payment on both JSE and LSE Friday, 28 February 2025
Dividend payment date Wednesday, 12 March 2025
No dematerialisation or rematerialisation of shares within Strate will be permitted between
Wednesday, 26 February 2025 and Friday, 28 February 2025, both days inclusive. No transfers
between registers will be permitted between Thursday, 20 February 2025 and Friday, 28 February
2025, both days inclusive.
Tax implications of the dividend
Shareholders and Depositary Interest holders should note that information provided
should not be regarded as tax advice.
Shareholders are advised that the dividend declared will be paid out of income reserves and may
therefore be subject to dividend withholding tax depending on the tax residency of the shareholder.
South African tax residents
South African shareholders are advised that the dividend constitutes a foreign dividend. For
individual South African tax resident shareholders, dividend withholding tax of 20% will be applied
to the gross dividend of US 3.0 cents per share. Shareholders who are South African tax resident
companies are exempt from dividend tax and will receive the dividend of US 3.0 cents per share.
This does not constitute legal or tax advice and is based on taxation law and practice in South Africa.
Shareholders should consult their brokers, financial and/or tax advisers with regard to how they will
be impacted by the payment of the dividend.
UK tax residents
UK tax residents are advised that the dividend constitutes a foreign dividend and that they should
consult their brokers, financial and/or tax advisers with regard to how they will be impacted by the
payment of the dividend.
Cyprus tax residents
Individual Cyprus tax residents are advised that the dividend constitutes a local dividend and that
they should consult their brokers, financial and/or tax advisers with regard to how they will be
impacted by the payment of the dividend.
The full announcement was released on SENS and RNS on Thursday, 28 November 2024, and can
be found on the Company's website at www.tharisa.com and can also be viewed here,
https://senspdf.jse.co.za/documents/2024/jse/isse/THA/FYresults.pdf.
This short-form announcement is the responsibility of the directors and any investment decision
should be based on the full announcement published on SENS and RNS.
BDO Limited Cyprus has expressed an unmodified audit opinion in the Independent Auditor's Report
dated 27 November 2024 on the audited consolidated financial statements which are included in the
full results.
By order of the Board
P Pouroulis Chief Executive Officer MG Jones Chief Finance Officer
28 November 2024
DIRECTORS
Loucas Pouroulis (Executive Chairman)
Phoevos Pouroulis (Chief Executive Officer)
Michael Jones (Chief Finance Officer)
Carol Bell (Lead Independent Director)
David Salter (Independent non-executive director)
Gloria Zvaravanhu (Independent non-executive director)
Omar Kamal (Independent non-executive director)
Roger Davey (Independent non-executive director)
Shelley Wai Man Lo (Non-executive director)
Hao Chen (Non-executive director)
REGISTERED ADDRESS
Office 108 – 110
S. Pittokopitis Business Centre
17 Neophytou Nicolaides and Kilkis Streets, 8011 Paphos, Cyprus
www.tharisa.com
GROUP COMPANY SECRETARY
Sanet Findlay
The Crossing, 372 Main Road
Bryanston, Johannesburg, 2022
South Africa
Email: secretarial@tharisa.com
ASSISTANT COMPANY SECRETARY
Lysandros Lysandrides
31 Evagoras Ave
6th Floor Evagoras House
1066 Nicosia
Cyprus
TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited, Cymain Registrars Limited
Paphos, Cyprus
28 November 2024
JSE Sponsor
Investec Bank Limited
Connect with us on LinkedIn and Twitter to get further news and updates about our business.
Investor Relations Contacts:
Ilja Graulich (Head of Investor Relations and Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com
Broker Contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / Georgia Langoulant
+44 207 7418 8900
BMO Capital Markets Limited (UK Joint Broker)
Thomas Rider / Nick Macann
+44 207 236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Jennifer Lee / Detlir Elezi
+44 203 207 7800
Date: 28-11-2024 08:00:00
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