Tharisa: Exceptional safety performance underpinned by solid production

Paphos, Cyprus – Tharisa, the leading integrated platinum and chrome producer with operations in South Africa, announces a solid quarter of production for the period ended 31 March 2021 remaining on track to deliver on its annual production guidance.

Phoevos Pouroulis, CEO of Tharisa, commented: “Tharisa’s second quarter performance saw an exceptional safety performance underpinned by solid production in what is traditionally our weakest quarter of the year. With the much higher commodity prices, Tharisa was able to convert production into cashflow, shown in our increased net cash balance, this while we are entering the major capital phase for the Vulcan plant which remains on track for construction to be completed this financial year. Despite the combined headwinds of extreme weather conditions as well as the ongoing impact of COVID-19 restrictions during the quarter, the continued optimisation of our operations resulted in consistent mining, underpinning our strategy of generating sustainable production from our long life assets. We enter the second half of the year on track to deliver on our production guidance for the current financial year, providing a solid platform for further medium-term growth”.

OPERATIONAL OVERVIEW

• PGM production was up 11.5% year on year (‘YoY’) on a 6E basis to 35.8 koz vs 32.1 koz in Q2 FY2020 but 8.9% lower compared to Q1 FY2021
• Chrome concentrate production (excluding third party) was up 15.5% YoY to 358.4 kt vs 310.1 kt in Q2 FY2020 and marginally lower versus 372.3 kt in Q1 FY2021
• Specialty grade chrome production was up 11.8% YoY to 85.6 kt vs 76.5t k in Q2 FY2020 versus 93.8 kt in Q1 FY2021 (23.9% of total chrome production)
• Mining volume has been impacted by exceptionally high seasonal rainfall, with severe lightning storms impacting in-pit operation time
• PGM output was affected by a secondary mill motor failure impacting on recoveries
• Operations at the mill have been restored to full capacity

GUIDANCE FOR FY2021

• Guidance is maintained at 155 koz to 165 koz PGMs (6E basis) and 1.45 Mt to 1.55 Mt of chrome concentrates
• COVID-19 remains a risk to the Company and its forecasts and guidance are premised on the current level of economic activity being maintained.