A N A LY S T V I S I T January 2018 DISCLAIMER These Presentation - PowerPoint PPT Presentation

A N A LY S T V I S I T January 2018

DISCLAIMER These Presentation Materials are for information purposes only and must not be used or relied upon for the purpose of making any investment decision or engaging in any investment activity. Whilst the information contained herein has been prepared in good faith, neither Tharisa plc (the “Company”), its subsidiaries (together, the “Group”) nor any of the Group’s directors, officers, employees, agents or advisers makes any representation or warranty in respect of the fairness, accuracy or completeness of the information or opinions contained in this presentation and no responsibility or liability will be accepted in connection with the same. The information contained herein is provided as at the date of this presentation and is subject to updating, completion, revision, verification and further amendment without notice. These Presentation Materials contain forward-looking statements in relation to the Group. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialise or that may not be accurate. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this presentation should be construed as a profit forecast. Past share performance cannot be relied on as a guide to future performance. 2

WELCOME ① Welcome ② Introduction ③ Mining ④ Processing ⑤ Markets ⑥ Outlook Questions ⑦ 3

I N T R O D U C T I O N

THARISA’S JOURNEY DISCOVERING DEVELOPING DELIVERING 2004 2006 2009 2011 2012 2013 2017 2008 2014 2016 PROSPECTING PROSPECTING MINING FIRST GENESIS VOYAGER CHALLENGER LISTED ON JSE LISTED ON LSE RECORD RIGHTS RIGHTS RIGHTS CHROME PLANT PLANT PLANT FINANCIAL AND APPLICATIONS GRANTED GRANTED CONCENTRATE COMMISSIONED COMMISSIONED COMMISSIONED DIVIDEND PAYMENT OPERATIONAL PRODUCTION YEAR FROM PILOT PLANT INCREASED DIVIDEND THARISA STATISTICS*: FY2018 Guidance: - Reef tonnes mined = 24.4 Mt - PGM concentrate of 150 kozpa - Waste moved = 63.3 m ᶾ - Chrome concentrates of 1.4 Mtpa - PGM concentrate produced = 576.6 koz (350 ktpa of which will be specialty grade) - Chrome concentrates produced = 6.8 Mt *Oct 2010 to Dec 2017 5

THE GROUP AT A GLANCE THARISA MINERALS Tharisa BEE 74% Minerals 26% (South Africa) (South Africa) RESOURCE MINING PROCESSING 867.5 Mt resource 17 year open pit LOM 400 ktpm nameplate capacity Arxo Resources 97.0 Mt reserve of which 78.3 Mt 40 year underground extension Genesis Plant (100 ktpm) Tharisa plc Arxo Metals 100% 100% (Cyprus) (South Africa) open pit Voyager Plant (300 ktpm) Dinami 100% (Guernsey) LARGE SCALE MECHANISED DERISKED One of the world’s largest single chrome Mechanised open pit mining with a In production, major capex complete resources skilled and focused labour force FY2018 production of 150.0 koz PGMs Arxo Logistics 100% Owner mining model and 1.4 Mt of chrome concentrates (South Africa) ARXO RESOURCES/DINAMI ARXO LOGISTICS ARXO METALS CUSTOMERS BENEFICIATION Production of specialty grade chrome concentrates AGREEMENTS THIRD PARTY MARKETING AND SALES LOGISTICS PGM offtake – Impala Platinum Plant operation Significant trader of chrome Road/rail transport, warehouse Sale and joint R&D - Lonmin and port facilities for bulk chrome concentrates Specialty offtake/agency – Rand York R&D Third party trading concentrates Metallurgical agency – Noble Group New technology assessment Global reach for specialty chrome Road transport of PGMs Strategic agreement – Tisco JV 1 MW PGM smelter concentrates 6

Chrome concentrate FY2017 HIGHLIGHTS PGM basket price price (42% CIF China) US$786 US$200 REEF MINED PGM PRODUCTION CHROME CONCENTRATE SPECIALTY GRADE CHROME PRODUCTION PRODUCTION ↑ 7.0% ↑ 3.9% ↑ 8.3% ↑ 19.9% 5.0 Mt 1.3 Mt 143.6 koz 323.1 kt (2016: 4.8 Mt) (2016: 1.2 Mt) (2016: 132.6 koz) (2016: 269.4 kt) REVENUE HEPS DIVIDEND EBITDA ↑ 59.1% ↑ 400.0% ↑ 168.7% ↑ 266.7% US$349.4m US$115.6m US$ 5 cents US$ 22 cents (2016: US$219.6m) (2016: US$43.0m) (2016: US$ 1 cent) (2016: US$ 6 cent) 7

CORPORATE STRUCTURE TOP SHAREHOLDINGS ONE YEAR INFORMATION JSE LSE (29 January 2018) % STANDARD LISTING MAIN Medway Developments 44.1 (25 January 2018) PRIMARY LISTING BOARD Rance Holdings 15.5 Short name THA THS Fujian Wuhang Stainless Steel 10.8 Price ZAR23.35 GBp136.00 Maaden Invest 5.7 High – 52 week ZAR29.48 GBp157.66 Macquarie Capital 3.1 Low – 52 week ZAR11.60 GBp73.00 Friedshelf 1525 2.6 Market capitalisation ZAR6.1 billion GBP355 million Altius Investment Holdings (Noble Group) 2.1 One year return -2.38% -0.24% Hongkong Heyi Mining Resource 2.0 PE ratio 8.9 Blackrock Investment Management (UK) 1.9 BBH Aller (Fidelity Funds) 1.5 Fidelity Investments 1.1 SBSA ITF Old Mutual Mining Fund 0.4 Old Mutual PLC 0.4 Sanlam 0.3 Source: Bloomberg and Google Finance Source: Bloomberg 8

INVESTMENT CASE DIVIDEND YIELD (2017A) EV/EBITDA (2018 E) 5.4% 5.3% 4.8% 4.3% 3.8% 3.8% 14.0x 14.2x 3.3% 3.0% 2.1% 2.1% 1.3% 1.0% 1.0% 8.9x 9.0x PE RATIO (2018 E) 4.7x 4.5x 36.7x 26.6x Tharisa Implats Amplats Sibanye Northam RB Platinum 17.2x 14.3x 12.9x 12.5x 11.9x 11.8x 10.1x 9.4x 9.3x 8.9x 7.3x Enterprise Value (US$ M) 508 2 221 8 479 4 978 2 143 827 EBITDA (US$ M) 113 468 952 553 153 58 9 Source: Company filings, FactSet

SAFETY SAFETY AND HEALTH A PRIORITY COMPARATIVE LTIFR RATE  Safety remains a priority of management and all employees 25.00 – we strive for zero harm  As at 31 December, Tharisa Minerals achieved 15 156 588 20.00 fatality free hours and 1 714 765 fatality free shifts  During 2017 Tharisa Minerals was awarded the following 15.00 awards: - MHSC Award for 2 000 Fatality Free Production Shifts 10.00 - Mine Safe Award for Best Safety Performance in Class 5.00 - Mine Safe Award for Best Improved Performance 0.00 Tharisa Minerals 10 As at end FY2017 (September 2017)

M I N I N G

MINING LOCATED IN THE MAIN PGM AND CHROME PRODUCING AREA IN SOUTH AFRICA ▪ Mining rights over 5 475 ha ▪ Adjacent to Sibanye Platinum, Lonmin, Impala Platinum, Samancor Chrome ▪ Well serviced by road, rail, power and other services ▪ Neighbouring towns are Brits (45 km) and Rustenburg (35 km) 12

MINING RESOURCES AND RESERVES* GENERALISED CROSS SECTION SHOWING THE MG CHROMITITE LAYERS AT PLANNED DEPTH Steady state mining rate of 5.0 Mtpa with an Bench = 20m average stripping ratio of 9.6 (m 3 :m 3 basis) MINERAL RESOURCE 200m ▪ 867.5 Mt Reef dip east: 9-12° 53 ° Reef dip west: 14-18° ▪ 1.59 g/t 6PGE+Au 5.5 km strike length ▪ 20.7% Cr 2 O 3 MINERAL RESERVE ▪ 97.0 Mt East pit ▪ 1.39 g/t 5PGE+Au Central East pit ▪ 18.9% Cr 2 O 3 Far East pit West pit OPEN PIT MINERAL RESERVE ▪ 78.3 Mt ▪ 1.39 g/t 5PGE+Au ▪ 18.9% Cr 2 O 3 *Tharisa Annual Report FY2017 13

STRATIGRAPHY OF BUSHVELD COMPLEX 200m 53 ° 14

GEOLOGY GEOLOGY MG REEF STRATIGRAPHY  The MG reef package is classified into six chromitite layers – MG0, MG1, MG2, MG3, MG4, MG4A  Partings are generally anorthosite, pyroxenite or norite  Reef package varies from 50 m in the west to 74 m in the east (incl. partings)  PGMs are concentrated in the MG2, MG3 and MG4 reefs MINING SEQUENCE AND PROCESS ROUTE UNIT PROCESS MG4A chromitite layer Sent to Genesis Plant Parting Discarded MG4 package Sent to Voyager Plant Anorthosite or norite Selectively mined and discarded MG3 package Sent to Voyager Plant Anorthosite or norite Selectively mined and discarded MG2 package Sent to Voyager Plant Pyroxenite with disseminated mineralisation Selectively mined and discarded MG1 package Sent to Genesis Plant MG chromitite layers Waste Disseminated mineralisation 15

Targeting rougher feed OWNER MINING TRANSITION grade of 1.7 g/t INSOURCING INHOUSE effective 1 October 2017 Mining Expertise Plant and Drilling Skills equipment Purchased yellow fleet, infrastructure and Transferred Mine management components ~900 mining employees Geologists Estimated fleet replacement value In-pit supervisors ~US$145.0 m Surveyors Optimised primary mining fleet Benefits   19 drill rigs Safety culture alignment Engineers   11 excavators Greater control over stripping rates   46 trucks Quality and grade control Maintenance Capable of moving 17 Mm 3 per annum   Unit cost reduction through efficiency   ~85 support vehicles Proactive preventative maintenance Blasting is outsourced 16

LOM ↑2.2% MINING HIGHLIGHTS 17 years open pit LOM stripping ratio 9.6 40 year u/g extension REEF MINED KEY OPERATIONAL METRICS Mtpa 5.0 4.8 Q1 FY2018 FY2017 FY2016 4.2 3.9 Reef mined kt 1 245.3 5 025.1 4 837.2 3.3 Stripping ratio m 3 :m 3 7.8 7.5 7.3 PGM rougher feed grade g/t 1.49 1.56 1.65 Chrome grade % 18.1 17.8 18.0 FY2013 FY2014 FY2015 FY2016 FY2017 17

P R O C E S S I N G

PROCESS FLOW DIAGRAM 19