REG - Tharisa PLC - Fairness opinion - Karo PGM Project

TharisaAnnouncement

18/05/2022 13:00

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RNS Number : 9721L  Tharisa PLC  18 May 2022

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')

 

UPDATE: EXERCISE OF FARM-IN OPTION ASSUMING CONTROL OF THE KARO PGM PROJECT

Shareholders are referred to the announcement released on SENS/RNS on 31 March
2022 whereby Tharisa announced it has exercised its farm-in option, acquired a
controlling interest in Karo Mining Holdings Limited ("the Acquisition") and
advised shareholders that the Acquisition is classified as a small related
party transaction in terms of the JSE Listings Requirements.

Accordingly, a fairness opinion was required to be provided by an independent
professional expert with respect to a small related party transaction. Mazars
Corporate Finance Proprietary Limited was appointed by Tharisa as the
independent expert in relation to the Acquisition.

The fairness opinion has been reviewed by the JSE and the full text of the
independent expert's fairness opinion, which concludes that the independent
expert is of the opinion that the Acquisition is fair insofar as the
shareholders of Tharisa are concerned, is available at Tharisa's Cyprus head
office for inspection for a period of 28 days from today.

Paphos, Cyprus

 

18 May 2022

 

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 (mailto:igraulich@tharisa.com)

 

Financial PR contacts:

Bobby Morse / Ariadna Peretz / James Husband

+44 207 466 5000

tharisa@buchanan.uk.com

 

Broker contacts:

Peel Hunt LLP (UK Joint Broker)

Ross Allister / David McKeown / Alexander Allen

+44 207 7418 8900

 

BMO Capital Markets Limited (UK Joint Broker)

Thomas Rider / Pascal Lussier Duquette / Nick Macann

+44 207 236 1010

 

Berenberg (UK Joint Broker)

Matthew Armitt / Jennifer Lee / Detlir Elezi

+44 203 207 7800

 

Nedbank Limited (acting through its Corporate and Investment Banking division)
(RSA Broker)

Carlyle Whittaker

+27 11 294 0061

 

About Tharisa

Tharisa is an integrated resource group critical to the energy transition and
decarbonisation of economies. It incorporates mining, processing, exploration,
and the beneficiation, marketing, sales, and logistics of PGMs and chrome
concentrates, using innovation and technology as enablers. Its principal
operating asset is the Tharisa Mine located in the south-western limb of the
Bushveld Complex, South Africa. The mechanised mine has a 20-year open-pit
life and the ability to extend operations underground by at least an
additional 40 years. Tharisa also owns Karo Mining Holdings and Salene Chrome,
development stage, low-cost, open-pit PGM and chrome assets respectively,
located on the Great Dyke in Zimbabwe. The Company is committed to reducing
its carbon emissions by 30% by 2030 and the development of a roadmap is
continuing to be net carbon neutral by 2050. Tharisa plc is listed on the
Johannesburg Stock Exchange (JSE: THA) and the Main Board of the London Stock
Exchange (LSE: THS).

 

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