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Independent Competent Persons’ Report on the Karo Platinum Project
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')
INDEPENDENT COMPETENT PERSONS' REPORT ON THE KARO PLATINUM PROJECT
Tharisa is pleased to announce that it has uploaded the Independent Competent Persons' Report ('CPR') on the
Karo Platinum PGE Project ('the Project') in Zimbabwe dated 9 April 2025 on its website www.tharisa.com.
The Company is an effective 65.59% shareholder in Karo Platinum (Private) Limited ('Karo Platinum') and is listed
on the Johannesburg Stock Exchange ('JSE') and the London Stock Exchange. 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 licencing and environmental and social aspects. There are no major risks
identified in association with the current and planned permitting.
Paphos, Cyprus
22 April 2025
JSE Sponsor
Investec Bank Limited
Connect with us on LinkedIn 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
+44 207 418 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
About Tharisa
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 tier-one 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 for the procurement of wheeled renewable energy and a 40 MW solar project 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).
Date: 22-04-2025 12:00:00
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