THARISA PLC - Tharisa Minerals signs five-year Underground Mining Contract with Cementation Africa

Tharisa Minerals signs five-year Underground Mining Contract with Cementation Africa

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')


THARISA MINERALS SIGNS FIVE-YEAR UNDERGROUND MINING CONTRACT WITH CEMENTATION AFRICA

Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London
stock exchanges, is pleased to announce that it has concluded a five-year contract with Cementation
Africa Proprietary Limited ('Cementation Africa') for the execution of the underground mining
development and construction works at the Tharisa Mine. The signing follows on from the successful
first blast on 31 March 2026 marking the commencement of the development of the first portal at
the Tharisa Mine.

Structured on an alliance contracting model, aligning the interest of both parties, it is underpinned
by open book, cost plus fee basis and aligned principles, rather than a traditional rates-based, risk
transfer model. The agreement marks a significant milestone in Tharisa's transition to underground
mining operations, unlocking the multi-generational potential of the Tharisa Mine orebody.
The owner miner open pit operations will continue concurrently with the underground mine
development.

Cementation Africa is a leading underground mining contractor with a reputation for delivering
complex projects safely, on time and to specification while upholding the highest standards of
quality.

The partnership is expected to enhance operational efficiency, improve access to deeper ore bodies,
and extend the life of mine. Cementation Africa brings extensive technical expertise and a strong
track record in delivering safe and innovative underground mining solutions, aligning with Tharisa's
commitment to operational excellence and sustainability.

Phoevos Pouroulis, CEO of Tharisa commented:

'This agreement represents an important step in unlocking the full potential of our resource base.
Cementation Africa's proven capabilities and safety-focused approach make them an ideal partner as
we expand our underground operations.'

Japie Du Plessis, MD of Cementation Africa commented:

'Cementation Africa values the trust that Tharisa placed in our capabilities to safely deliver its
underground mining operation.'

Paphos, Cyprus
7 May 2026


JSE Sponsor
Investec Bank Limited

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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).




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Date: 07-05-2026 07:05:00
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