Wrap Text
Bond Proceeds Placed in Escrow — Condition Precedent Satisfied
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' or ‘Group’)
BOND PROCEEDS PLACED IN ESCROW — CONDITION PRECEDENT SATISFIED
Tharisa, the mining, metals and innovation company dual-listed on the Johannesburg and London
stock exchanges, confirms that the net proceeds of its US$300 million five-year senior secured Nordic
bond, issued by wholly owned subsidiary Arxo Finance plc, have been placed into escrow following
satisfaction of a major condition precedent to settlement.
The bond, priced at 98% of principal with an 11.00% semi-annual coupon and successfully
oversubscribed on 11 September 2026, will see proceeds released to the Group upon fulfilment of the
remaining applicable release conditions. Funds are earmarked for completion of the Group's Tier 1
Karo Platinum Project in Zimbabwe, with first ore to the mill targeted for Q4 CY2027.
DNB Carnegie and HSBC acted as Joint Bookrunners in connection with the offering.
Phoevos Pouroulis, CEO of Tharisa, commented:
‘Reaching this milestone brings us a decisive step closer to fully funding Karo Platinum. Escrowing these
proceeds reflects the discipline and confidence with which our lenders and investors have backed this
project, and we now turn our full attention to the remaining conditions ahead of project drawdown’
Paphos, Cyprus
25 September 2026
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 – delivering on expansion and growth opportunities, commercialising technology
solutions
Tharisa is an integrated resource group playing a pivotal role in the global energy transition and the
decarbonisation of economies. Leveraging innovation and technology, Tharisa covers the entire value
chain – exploration, mining, processing, beneficiation, marketing, sales, and logistics – for PGMs and
chrome concentrates. The low cost, multigenerational Tharisa Mine is located on the southwestern
limb of the Bushveld Complex, South Africa, the largest source of PGMs and chrome globally.
Development of the Karo Platinum Project, a tier-one PGM project on Zimbabwe’s Great Dyke, further
reinforces Tharisa’s growth strategy. Investments in downstream beneficiation, including proven
chrome and PGM alloy production, will add significant value when commercialised. Tharisa is
committed to reducing carbon emissions by 30% by 2030 and the sustainability roadmap targets net
carbon neutrality by 2050. Through Redox One, Tharisa is advancing proprietary iron-chromium redox
flow battery technology, utilising the very commodities it mines to support long-duration energy
storage – a key component in the transition to renewable energy.
Tharisa plc is listed on the Johannesburg Stock Exchange (JSE: THA) and the London Stock Exchange
(LSE: THS, Equity Shares (Transition) Category).
Date: 25/09/2026 08:15:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
