REG - Tharisa PLC - Half-year results and dividend declaration

TharisaAnnouncement

22/05/2025 07:00

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RNS Number : 7588J  Tharisa PLC  22 May 2025

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')

 

Interim results announcement for the six months ended 31 March 2025 and
Interim DIVIDEND DECLARATION

Safety:

Lost Time Injury Frequency Rate ('LTIFR') of:

·      0.02 per 200 000-man hours worked at Tharisa Minerals

·      0.08 per 200 000-man hours worked at Karo Platinum

 

 Revenue                             EBITDA                                NET PROFIT AFTER TAX

 US$280.8 m                          US$43.8 m                             US$8.2 m

 Down 23.9%                          down 45.0%                            down 78.9%

 (HY2024: US$369.1 m)                (HY2024: US$79.6 m)                   (HY2024: US$38.8 m)

 NET CASH FROM OPERATING ACTIVITIES  CAPITAL EXPENDITURE                   CASH AND CASH EQUIVALENTS*

 US$36.0 m                                                                 US$193.6 m

 down 58.2%                          US$52.5 m

 (HY2024: US$86.2 m)                 includes US$12.8 m on Karo Platinum   (FY2024: US$198.5 m)

                                     (HY2024: US$114.1 m)

 EPS                                 HEPS                                  INTERIM DIVIDEND

 US 2.5 cents                        US 2.9 cents                          US 1.5 cents

 down 80.5%                          down 78.0%                            54.3% of NPAT(*)

 (HY2024: US 12.8 cents)             (HY2024: US 13.2 cents)               (HY2024: US 1.5 cents)

 * including restricted bank deposits

Phoevos Pouroulis, CEO of Tharisa, commented:

"We have often spoken of the benefits of our co-product model and this unique
approach to optimising our ore body which has again proven its resilience
despite unprecedented global macro uncertainty, with Tharisa continuing its
track record of generating profits, albeit at a lower level, enabling the
Company to continue to invest in the sustainability and growth of its
operations while maintaining the discipline of returning profits to
shareholders.

We are now in our tenth year of returning capital to shareholders, and we are
also embarking on our second share buyback, as we see incredible value in this
initiative.

The impact on our operations drilling equipment availability have been largely
resolved, the subsequent unprecedented weather interruptions in the second
quarter, had a knock-on effect on output and we are working to make up this
shortfall in the drier months. We are well advanced in our plans to
consolidate the long-term future of the Tharisa Mine by finalising the
detailed technical work on the underground phased transition. In the interim,
to accelerate the development programme, capital has been allocated for early
development works including on ensuring the portals are made safe for the
decline shaft development.

Our downstream beneficiation plans, for both PGMs and chrome, are progressing
to commercialisation. Redox One has again met its development timelines and we
are on track for building and testing larger long storage redox flow batteries
using chrome-based electrolytes manufactured by the Group, by the end of this
calendar year, as we ramp up to develop and test MW scale batteries.

While we have slowed development at the Karo Platinum Project in line with
capital availability, we have nevertheless continued work on infrastructure,
water dams and further optimisations including commencing with studies for the
future underground mine development, while presenting the opportunity to
non-traditional financiers, who like us, see the long-term benefits of the
uniqueness not only of this Tier 1 project but of the applications PGMs will
play for decades to come.

Our vision of creating the resources company of the future remains intact and
as the co-product model takes us from mine to megawatt we are ensuring we
share value for generations to come."

DIVIDEND CURRENCY CONVERSION RATES AND TIMETABLE

An interim cash dividend of US 1.5 cents per ordinary share has been declared.
The interim dividend will be paid on Wednesday, 25 June 2025 and will be paid
from income reserves.

Shareholders on the principal Cyprus register will be paid in United States
Dollar (US$), shareholders whose shares are held through Central Securities
Depositary Participants (CSDPs) and brokers and are traded on the JSE will be
paid in South African Rand (ZAR) and holders of Depositary Interests traded on
the LSE will be paid in Sterling (GBP).  The currency equivalents of the
dividend, based on the weighted average of the South African Reserve Bank's
daily rate at approximately 10:30 (UTC+2) on 21 May 2025, being the currency
conversion date, are as follows:

                       Exchange rate      Dividend per share in payment currency
 South Africa - JSE    ZAR17.88700 / US$  26.83050 South African cents per share
 United Kingdom - LSE  GBP0.74599 / US$   1.11899 pence per share

 

 

 

The timetable for the dividend declaration is as follows:

Currency conversion date:
 
 Wednesday, 21 May 2025

Declaration date and currency conversion dates announced:
              Thursday, 22 May 2025

Last day to trade cum-dividend rights on the
JSE:
Tuesday, 10 June 2025

Last day to trade cum-dividend rights on the
LSE:
Wednesday, 11 June 2025

Shares will trade ex-dividend rights on the
JSE:
                Wednesday, 11 June 2025

Shares will trade ex-dividend rights on the
LSE:
                Thursday, 12 June 2025

Record date for payment on both JSE and
LSE:
                Friday, 13 June 2025

Dividend payment date:
 
Wednesday, 25 June 2025

 

No dematerialisation or rematerialisation of shares within Strate will be
permitted between Wednesday, 11 June 2025 and Friday, 13 June 2025, both days
inclusive.  No transfers between registers will be permitted between
Wednesday, 21 May 2025 and Friday, 13 June 2025, both days inclusive.

Tax implications of the dividend

Shareholders and Depositary Interest holders should note that information
provided should not be regarded as tax advice.

Shareholders are advised that the dividend declared will be paid out of income
reserves and may therefore be subject to dividend withholding tax depending on
the tax residency of the shareholder. Funds will be paid from Cyprus.

South African tax residents

South African shareholders are advised that the dividend constitutes a foreign
dividend.  For individual South African tax resident shareholders, dividend
withholding tax of 20% will be applied to the gross dividend of 26.83050 South
African cents per share.  Therefore, the net dividend of 21.46440 South
African cents per share will be paid after 5.36610 South African cents in
terms of dividend withholding tax has been applied.  Shareholders who are
South African tax resident companies are exempt from dividend tax and will
receive the dividend of 26.83050 South African cents per share.  This does
not constitute legal or tax advice and is based on taxation law and practice
in South Africa.  Shareholders should consult their brokers, financial and/or
tax advisors with regard to how they will be impacted by the payment of the
dividend. The Company's tax identification code is 12223412W.

UK tax residents

UK tax residents are advised that the dividend constitutes a foreign dividend
and that they should consult their brokers, financial and/or tax advisors with
regard to how they will be impacted by the payment of the dividend.

Cyprus tax residents

Individual Cyprus tax residents are advised that the dividend constitutes a
local dividend and that they should consult their brokers, financial and/or
tax advisors with regard to how they will be impacted by the payment of the
dividend.

ADDITIONAL INFORMATION REQUIRED BY THE JSE LISTING REQUIREMENTS

Tharisa has a total of 302 596 743 ordinary shares in issue on Thursday, 22
May 2025, of which

297 245 854 carry voting rights and are eligible to receive dividends.

This short form announcement is the responsibility of the directors.

BDO Limited has expressed an unmodified review opinion on the reviewed interim
condensed consolidated financial statements.

The interim condensed consolidated financial statements ("full announcement")
can be found on the Company's website at www.tharisa.com
(http://www.tharisa.com) . Any investment decision should be based on the full
announcement as the information in this short form announcement does not
provide all the details.

By order of the Board

P Pouroulis Chief Executive
Officer                           MG Jones Chief
Finance Officer

22 May 2025

 

DIRECTORS

Loucas Pouroulis (Executive Chairman)

Phoevos Pouroulis (Chief Executive Officer)

Michael Jones (Chief Finance Officer)

Carol Bell (Lead Independent Director)

David Salter (Independent non-executive director)

Gloria Zvaravanhu (Independent non-executive director)

Omar Kamal (Independent non-executive director)

Roger Davey (Independent non-executive director)

Shelley Wai Man Lo (Non-executive director)

Hao Chen (Non-executive director)

 

REGISTERED ADDRESS

Office 108 - 110

S. Pittokopitis Business Centre

17 Neophytou Nicolaides and Kilkis Streets, 8011 Paphos, Cyprus

www.tharisa.com (http://www.tharisa.com)

 

GROUP COMPANY SECRETARY

Sanet Findlay

The Crossing, 372 Main Road

Bryanston, Johannesburg, 2022

South Africa

Email: secretarial@tharisa.com

 

ASSISTANT COMPANY SECRETARY

Lysandros Lysandrides

31 Evagoras Ave

6(th) Floor Evagoras House

1066 Nicosia

Cyprus

 

TRANSFER SECRETARIES

Computershare Investor Services Proprietary Limited, Cymain Registrars Limited

JSE Sponsor

Investec Bank Limited

Connect with us on LinkedIn
(https://www.linkedin.com/company/tharisa-limited/?viewAsMember=true) 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 (mailto: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

Tharisa is an integrated resource group critical to the energy transition and
decarbonisation of economies. It incorporates exploration, mining, processing
and the beneficiation, marketing, sales, and logistics of PGMs and chrome
concentrates, using innovation and technology as enablers. Its principal
operating asset is the multi-generational Tharisa Mine, located in the
south-western limb of the Bushveld Complex, South Africa. Tharisa is also
developing the Karo Platinum Project, a tier-one PGM asset located on the
Great Dyke in Zimbabwe, while simultaneously focusing on beneficiation in the
form of chrome and PGM alloys. A 15-year Power Purchase Agreement for the
procurement of wheeled renewable energy and a 40 MW solar project will ensure
that Tharisa Minerals' drive to reduce its carbon footprint by 30% by 2030 is
well within reach, forming a major part of a roadmap to become net carbon
neutral by 2050. Redox One is accelerating the development of a proprietary
iron chromium redox flow long-duration battery utilising the commodities we
mine. Tharisa plc is listed on the Johannesburg Stock Exchange (JSE: THA) and
has an Equity Shares (Transition) Category listing on the London Stock
Exchange (LSE: THS).

 

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