Tharisa: sustainable in pit mining led to consistent milling throughput

Tharisa, the platinum group metals (PGMs) and chrome co-producer, announces production and cash balance numbers for Q4 and financial year ended 2022. Continued focus on sustainable in pit mining led to consistent milling throughput resulting in:

• Quarterly PGM production increasing to 45.3 koz (Q3 FY2022: 42.1 koz), at a rougher feed grade of 1.67 g/t (Q3 FY2022: 1.65 g/t) with recoveries at 76.2% (Q3 FY2022: 75.6%)
• Annual PGM production up 13.6% at 179.2 koz (FY2021: 157.8 koz)
• Quarterly chrome production increasing to 416.2 kt (Q3 FY2022: 389.7 kt) at a grade of 17.3% Cr2O3 (Q3 FY2022: 17.0%) and recovery at 69.6% (Q3 FY2022: 70.2%)
• Annual chrome production up 5.1% at 1 582.7 kt (FY2021: 1 506.1 kt)

Strategic commodity portfolio and robust pricing supporting the Company’s capital allocation and growth ambitions:

• Quarterly PGM basket price of US$2 400/oz (Q3 FY2022: US$2 677/oz) down 10.3%
  • Annual PGM basket price of US$2 564/oz (FY2021: US$3 074/oz) down 16.6%
  • Quarterly metallurgical grade chrome price of US$226/t (Q3 FY2022: US$247/t) down 8.5%
  • Annual metallurgical grade chrome price of US$209/t (FY2021: US$154/t), up 35.7%

Operational Update

• Total reef mined of 1 314.7 kt (Q3 FY2022: 1 357.1 kt) bringing the total reef mined for the year to 5 505.4 kt (FY2021: 5 379.9 kt)
• Stripping ratio of 13.3 m3: m3 (Q3 FY2022: 14.2 m3: m3) with the annualised stripping ratio at 12.8 m3: m3 (FY2021: 11.6 m3: m3), all ahead of Life of Mine requirements
• Total reef tonnes milled for the quarter a record at 1 446.8 kt (Q3 FY2022: 1 367.1 kt) and the year 5 608.2 kt (FY 2021: 5 600.0 kt)
• Quarterly PGM production at 45.3 koz (Q3 FY2022: 42.1 koz). Rougher feed grade of 1.67 g/t (Q3 FY2022: 1.65 g/t). Recovery of 76.2% (Q3 FY2022: 75.6%)
• Annual PGM production up 13.6% at 179.2 koz (FY2021: 157.8 koz). Annual feed grade 1.70 g/t (FY2021: 1.49 g/t). Annual recoveries of 76.6% (FY2021: 77.6%)
• Quarterly chrome production at 416.2 kt (Q3 FY2022: 389.7 kt). Grade of 17.3% Cr2O3 (Q3 FY2022: 17.0%). Recovery at 69.6% (Q3 FY2022: 70.2%)
• Annual chrome production up 5.1% at 1 582.7 kt (FY2021: 1 506.1 kt). Grade of 17.4% Cr2O3 (FY2021: 17.9% Cr2O3). Recovery at 68.3% (FY2021: 63.3%)
• Vulcan Plant running at full throughput capacity with continued optimisation of output to achieve planned chrome recoveries

Karo Platinum Update

• Ground-breaking planned December 2022
• Key management positions have been filled, including Project Director and Finance Director
• ESIA for concentrator and infrastructure approved
• Long lead items ordered to meet timelines
• Mining contractor selected

Guidance

Production guidance for FY2023 is set between 175 koz and 185 koz PGMs (6E basis) and 1.75 Mt to 1.85 Mt of chrome concentrates.