REG - Tharisa PLC - Tharisa signs 5-year underground mining contract

TharisaAnnouncement

07/05/2026 07:00

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RNS Number : 2233D  Tharisa PLC  07 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')

 

Tharisa MINERALS Signs Five-Year Underground Mining Contract with Cementation
AFRICA

 

Tharisa, the mining, metals, and innovation company dual-listed on the
Johannesburg and London stock exchanges, is pleased to announce that it has
concluded a five-year contract with Cementation Africa Proprietary Limited
('Cementation Africa') for the execution of the underground mining development
and construction works at the Tharisa Mine. The signing follows on from the
successful first blast on 31 March 2026 marking the commencement of the
development of the first portal at the Tharisa Mine.

Structured on an alliance contracting model, aligning the interest of both
parties, it is underpinned by open book, cost plus fee basis and aligned
principles, rather than a traditional rates-based, risk transfer model. The
agreement marks a significant milestone in Tharisa's transition to underground
mining operations, unlocking the multi-generational potential of the Tharisa
Mine orebody.

The owner miner open pit operations will continue concurrently with the
underground mine development.

Cementation Africa is a leading underground mining contractor with a
reputation for delivering complex projects safely, on time and to
specification while upholding the highest standards of quality.

The partnership is expected to enhance operational efficiency, improve access
to deeper ore bodies, and extend the life of mine. Cementation Africa brings
extensive technical expertise and a strong track record in delivering safe and
innovative underground mining solutions, aligning with Tharisa's commitment to
operational excellence and sustainability.

Phoevos Pouroulis, CEO of Tharisa commented:

'This agreement represents an important step in unlocking the full potential
of our resource base. Cementation Africa's proven capabilities and
safety-focused approach make them an ideal partner as we expand our
underground operations.'

Japie Du Plessis, MD of Cementation Africa commented:

'Cementation Africa values the trust that Tharisa placed in our capabilities
to safely deliver its underground mining operation.'

 

Paphos, Cyprus

7 May 2026

 

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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