REG - Tharisa PLC - Half-year Results and Dividend declaration

TharisaAnnouncement

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RNS Number : 1512F  Tharisa PLC  21 May 2026

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 2026,  Interim
DIVIDEND DECLARATION AND COMPLIANCE WITH PARAGRAPH 5.7(d) OF THE LISTINGS
REQUIREMENTS

Safety

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

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

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

Mining department 3-year LTI free (125 Mt moved during this period)

 

 Revenue                             EBITDA                                NET PROFIT AFTER TAX

 US$359.4 m                          US$104.3 m                            US$46.6 m

 Up 28.0%                            Up 138.1%                             Up 468.3%

 (HY2025: US$280.8 m)                (HY2025: US$43.8 m)                   (HY2025: US$8.2 m)

 NET CASH FROM OPERATING ACTIVITIES  CAPITAL EXPENDITURE                   CASH AND CASH EQUIVALENTS

 US$96.4 m                                                                 US$184.3 m

 Up 167.8%                           US$103.5 m                            Down 1.7%

 (HY2025: US$36.0 m)                 includes US$21.4 m on Karo Platinum   (FY2025: US$187.5 m)

                                     (HY2025: US$52.5 m)

 EPS                                 HEPS                                  INTERIM DIVIDEND

 US 15.8 cents                       US 16.6 cents                         US 2.5 cents

 Up 532.0%                           Up 472.4%                             15.9% of NPAT(*)

 (HY2025: US 2.5 cents)              (HY2025: US 2.9 cents)                (HY2025: US 1.5 cents)

Phoevos Pouroulis, CEO of Tharisa, commented:

"The past six months have seen Tharisa deliver robust operational and
strategic progress, underpinned by the resilience of global commodity markets.
Our strong financial and operational results are testament to the
effectiveness of our integrated business model. I am particularly proud of our
exemplary safety performance, which demonstrates our unwavering commitment to
the wellbeing of everyone at our operations. Safety is, and will remain, our
core value.

Our focused investment in underground development at the Tharisa Mine reflects
our dedication to maximising resource longevity and responsible value
creation. The advancement of the Karo Platinum Project in Zimbabwe is another
milestone, reinforcing our diversified growth strategy and disciplined
delivery on project development.

We continue to make substantial gains in beneficiation, extracting greater
value from each tonne processed and consistently providing high value PGMs and
chrome concentrates to global markets. These critical and strategic minerals
are integral to driving the global energy transition: PGMs enable emissions
reduction technologies, hydrogen applications and play a key role in the AI
eco-system, while chrome is fundamental to stainless steel with expanding
applications including renewable infrastructure.

Together, these achievements highlight the strength of our vertically
integrated model and the resilient platform on which we are building a
sustainable, multi-generational mining business. Through innovation,
responsibility, and the pursuit of operational excellence, Tharisa remains
committed to creating lasting value for all stakeholders. Reflecting our
confidence in the business, the Board has declared an increased interim
dividend of US 2.5 cents per share."

DIVIDEND CURRENCY CONVERSION RATES AND TIMETABLE

An interim cash dividend of US 2.5 cents per ordinary share has been declared.
The interim dividend will be paid on Wednesday, 24 June 2026 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 20 May 2026, being the currency
conversion date, are as follows:

                       Exchange rate      Dividend per share in payment currency
 South Africa - JSE    ZAR16.66060 / US$  41.65150 South African cents per share
 United Kingdom - LSE  GBP0.74716 / US$   1.86790 pence per share

 

The timetable for the dividend declaration is as follows:

 Currency conversion                                                                                                                   Wednesday, 20 May 2026
 date:

                                                                                                                                     Thursday, 21 May 2026
 Declaration date and currency conversion dates announced:

                                                                                                                                     Tuesday, 9 June 2026
 Last day to trade cum-dividend rights on the JSE:

                                                                                                                                     Wednesday, 10 June 2026
 Last day to trade cum-dividend rights on the LSE:

                                                                                                                                     Wednesday, 10 June 2026
 Shares will trade ex-dividend rights on the JSE:

                                                                                                                                     Thursday, 11 June 2026
 Shares will trade ex-dividend rights on the LSE:

                                                                                                                                     Friday, 12 June 2026
 Record date for payment on both JSE and LSE:

                                                                                                                                     Wednesday, 24 June 2026
 Dividend payment

 date:

No dematerialisation or rematerialisation of shares within Strate will be
permitted between Wednesday, 10 June 2026 and Friday, 12 June 2026, both days
inclusive.  No transfers between registers will be permitted between
Wednesday, 20 May 2026 and Friday, 12 June 2026, 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 41.65150 South
African cents per share.  Therefore, the net dividend of 33.32120 South
African cents per share will be paid after 8.33030 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 41.65150 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 LISTINGS REQUIREMENTS

Tharisa has a total of 302 596 743 ordinary shares in issue on Thursday, 21
May 2026, of which

296 290 377 carry voting rights and are eligible to receive dividends.

This short form announcement and the results contained in this short form
announcement have been prepared in compliance with the JSE Listings
Requirements and 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) and viewed on the JSE link:
https://senspdf.jse.co.za/documents/2026/jse/isse/THA/H1results.pdf
(https://senspdf.jse.co.za/documents/2026/jse/isse/THA/H1results.pdf) .  Any
investment decision should be based on the full announcement as the
information in this short form announcement does not provide all the details.

COMPLIANCE WITH THE PROVISIONS OF PARAGRAPH 5.7(d) OF THE JSE LISTINGS
REQUIREMENTS

Following the amendments to the JSE Listings Requirements resulting from the
Simplification Project that became effective on 16 February 2026, the Company
is required to comply with the provisions of Section 5 of the JSE Listings
Requirements which prohibit the appointment of an executive chairperson. The
JSE requested that affected issuers engage the JSE to agree a reasonable
timeframe within which to ensure compliance with Section 5 of the JSE Listings
Requirements.

Following engagements with the JSE, the JSE has agreed to allow the Company
until 31 December 2026 to comply with the provisions of paragraph 5.7(d) of
the JSE Listings Requirements.

 

By order of the Board

P Pouroulis Chief Executive
Officer                           MG Jones Chief
Finance Officer

21 May 2026

 

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)

Roger Davey (Independent non-executive director)

Vasileios Vergopoulos (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

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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)

 

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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