Strictly private and confidential Analyst visit 18 J une 2014
Disclaimer This document has been compiled by Tharisa plc and its subsidiaries (“Tharisa”) and from publicly available sources. Information contained herein involves elements of subjective judgment and analysis which may or may not be correct and has not been independently verified. Certain forward looking statements which may be contained in this presentation including, without limitation, estimates of production, capital expenditure, project development and financial outlook are predictions and are based on market related assumptions at the time this presentation was compiled. S uch assumptions are subject to inherent risks and uncertainties and changes in market circumstances could impact the accuracy thereof and materially impact the performance of the Company. Investors or potential investors should independently evaluate all available information and where necessary, seek professional advice. While the information contained herein is believed to be accurate, no representation or warranty, express or implied is or will be given by Tharisa its directors, partners, employees or advisors or any other person as to the accuracy, completeness or fairness of this document, nor shall such persons have or accept any responsibility or liability whatsoever, for the accuracy or sufficiency thereof or for any errors, omissions or misstatements negligent or otherwise relating thereto. P 1 I Strictly private and confidential
Presentation programme Company overview Tharisa mine M ine and plant tour Lunch Research & development, optimisation and beneficiation M arketing and logistics Financial overview Sustainability Corporate strategy and outlook P 2 I Strictly private and confidential
Company overview P 3 I Strictly private and confidential [Tharisa mine entrance]
Corporate structure (1) Tharisa plc Cyprus (J SE:THA) 100% 100% 100% 74% Black Economic 26% 26% Arxo Logistics Arxo Resources Tharisa M inerals s Dinami Empowerment (“BEE”) (South Africa) (South Africa) (Cyprus) (Guernsey) shareholders (2) 100% Arxo M etals Tharisa (South Africa) mine Notes: 1. Only major subsidiaries have been included. 2. Tharisa M inerals BEE partners are a broad-based Community Trust which holds an unencumbered 6% interest and a women's investment group Thari Resources, which holds a 20% interest P 4 I Strictly private and confidential
From mine to customer M arketing and M ining and processing Beneficiation M arketing and sales Logistics customers (Dinami and Arxo (Tharisa M inerals) (Arxo M etals) (Arxo Resources) (Arxo Logistics) Resources) 74% owned 100% owned 100% owned 100% owned 100% owned � One of the world’s largest single � Production of a minimum � Integrated marketing, sales and � An integrated platform to mitigate Customers and agreements � PGM concentrate off-take chrome resource distribution for chrome logistics risks and providing a ~8ktpm high margin foundry � Over 23 year open pit and 36 concentrate competitive advantage and chemical grade chrome agreement with Impala � Scale of operation allows for � Road transportation of PGM year underground PGM and concentrates from the Platinum � Foundry and chemical grade chrome concentrate LoM direct access to market and concentrate to Impala Platinum Challenger plant, which is an � Mineral resource: � Road and rail transport capacity, chrome concentrate price attachment to the Genesis concentrate off-take agreement − 835 Mt discovery plant warehousing facilities and port between Arxo Metals and Rand � Downstream beneficiation � ~9% of South African chrome − 5 PGE + Au 1.56 g/ t facilities York Minerals � Potential for optimisation � Transportation of chrome � Agency agreement with Noble concentrate production and − Cr ₂ O ₃ 20.38% � Committed to research and ~4% global chrome concentrate concentrate from the Tharisa Group � Open pit mineral reserves: � Relationships with a broad production for the 2013 development mine by rail and road − 107 M t � Research into the feasibility of � Shipment of chrome concentrate financial year range of stainless steel − 5 PGE + Au 1.51 g/ t producing chrome alloys with production from the Richards Bay producers, ferrochrome − Cr ₂ O ₃ 19.29% minimal or no electricity as a Dry Bulk Terminal and the Durban producers and global � Contained metal: Port to customers in Asia and commodity traders long term strategic objective other international markets − 170 M t chrome Dinami � A platform to service third party � Provides marketing, sales and − 41.8 Moz PGM customers in the future � Manager and operator of two agency services in relation to Arxo Metals’ foundry and independent processing plants chemical grade chrome with 400ktpm capacity concentrates as well as third (“Voyager” plant – 300ktpm, party products “Genesis” plant – 100ktpm) � Ability to produce metallurgical, chemical and foundry grade chrome concentrate Source: Tharisa information, CPR, Core Consultants P 5 I Strictly private and confidential
M anagement team Experienced and entrepreneurial management team Executive management � Over 50 years of experience in � Over 15 years of experience in � Over 18 years of investment mining company exploration, project management in the mining banking experience in corporate project management, financing industry, including PGM and finance � Extensive equity and debt capital and production (including PGM chrome � Held directorships in several and gold mines) raising experience with a focus in � Established a number of mining mining companies the latter years in the resources � Extensive trading experience companies including TransAfrika industry � 5 years of financial management Resources, Keaton Energy, Kameni within the Tharisa group, Keaton Loucas Pouroulis Phoevos Pouroulis M ichael J ones and Eland Platinum Energy and Chromex Mining experience with PGM and chrome mining operations Executive Chairman CEO CFO Group management Willem de M ichelle Taylor Leon Richardson Elize Groesbeek Greg Taurog Villiers Executive: CEO: Tharisa M anaging Director: M anaging Director: Executive: Sales Corporate Affairs M inerals Arxo Logistics Arxo M etals and M arketing � Responsible for the oversight � Responsible for the mining and � Responsible for the overall � Responsible for the overall � Responsible for all marketing and day-to-day operations of processing operations of the management of the logistics management of beneficiation activities of the Tharisa group � Over 20 years experience in the Tharisa group Tharisa mine and transport services provided and value addition projects � Responsible for Shareholder � Over 32 years experience in the by Arxo Logistics to the Tharisa within the group international trade, cross- � Over 14 years experience in the group’s operations and Investor Relations mining industry border relations and South � Involved in the M ining Industry � Held various positions in the � Over 30 years experience in chrome and manganese African sales � Held various managerial for over 8 years technical field focusing on PGM logistics industries � M anaging Director of Arxo � Held positions in operations at production, smelting and positions and directorships with conversion Logistics since 2009 BHP Billiton, Samancor Chrome prominent companies in the � Held various positions within and Xstrata Alloys mining industry since 1994 � Previous Chief Operating Officer the Xstrata group, which included ferrochrome of Tata Steel KZN before joining production, logistical chain Tharisa management and operational management P 6 I Strictly private and confidential
Tharisa mine P 7 I Strictly private and confidential [Tharisa mine - open pit]
Salient features of the Tharisa mine One of the world’s largest chromite resources • Over 23 years open pit life of mine with additional 36 years underground • 144koz PGM and 1.85M tpa chrome concentrates annual production (steady state FY2016) • Producing PGM concentrate and metallurgical, chemical and foundry grade chrome concentrates • M ineral resource of 835M t grading: • 1.56g/ t (5PGE+Au) • 20.38% Cr 2 O 3 • Open pit mineral reserves of 107M t grading: • 1.51g/ t (5PGE+Au) • 19.29% Cr 2 O 3 • Owner operator of two independent processing plants: • Voyager plant capacity 300ktpm • Genesis plant capacity 100ktpm • P 8 I Strictly private and confidential
Location of Tharisa mine Located in South Africa’s main PGM and Chrome producing area � M ining rights over 5 590ha � Neighbouring mining companies include Angloplat, Lonmin, Impala Platinum, Aquarius, Samancor � Situated in close proximity to national freeway and railway siding � Neighboring towns are Brits 45km, Rustenburg 30km, M ooinooi 10km, M arikana 5km P 9 I Strictly private and confidential
M G reef stratigraphy across the Tharisa mine Thick distinctive layers � The M G reef package is classified into six chromite layers (M G0, M G1, M G2, M G3, M G4,M G4A) � Partings are generally anorthosite , pyroxenite or norite � Reef package varies from 50m in the west to 74m in the east (inc partings) � PGM’s are concentrated in MG2, MG3 and MG4 reefs 3.0m 16.0% Cr 2 O 3 1.0 g/ t 4E 4.4m 17.0% Cr 2 O 3 1.28 g/ t 4E 3. M G 0 disseminated mineralisation M G chromitite layers 9 Waste 0.8 m 20% Cr 2 O 3 m 0.8 g/ t 4E P 10 I Strictly private and confidential
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