THARISA PLC - 2nd Quarter Production Report: 3 months ended 31 March 2015

2nd Quarter Production Report:  3 months ended 31 March 2015

Tharisa plc
(Incorporated in the Republic of Cyprus with limited liability)
(Registration number HE223412)
JSE share code: THA
ISIN: CY0103562118
('Tharisa')

Second quarter production report: 3 months ended 31 March 2015

Safety

Safety remains our utmost priority and we strive for zero harm at our operations. The Lost Time
Injury Frequency Rate at the Tharisa Mine for the twelve month period to 31 March 2015 (per
200 000 man hours) was 0.07.

New Record PGM production in March 2015

The Tharisa Mine produced 12 874 6E contained PGM ounces during March 2015, the previous
record was 10 593 6E contained PGM ounces achieved during January 2015.

Production update
The table below details the production summary for the Tharisa Mine:


                                          Quarter         Quarter        Half year       Half year     Financial year
                                        ended 31 Mar    ended 31 Dec   ended 31 Mar    ended 31 Mar    ended 30 Sep
                                            2015           2014 *          2015            2014            2014

Reef mined                     kt            1 042.1          905.9         1 948.0         1 957.8         3 908.5
Stripping ratio           m³ waste/m³
                              reef               9.8           10.1            10.0             9.2            10.6
Reef milled                    kt            1 167.1        1 031.6         2 198.7         1 919.0         3 913.1

PGM rougher feed grade        g/t               1.65           1.67            1.65            1.68            1.63
6E PGMs produced              koz               33.0           24.4            57.4            38.4            78.2
PGM recovery                   %                68.6           56.9            63.1            47.7            48.8
Average PGM contained
metal basket price          US$/oz               935            956            945            1 079           1 103

Cr2O3 RoM grade               %                 18.8           18.5            18.7            20.1            19.4
Chrome concentrates
produced                      kt               305.5          257.8           563.3           569.4         1 085.2
    42% metallurgical
    grade                     kt               283.6          232.3           515.9           500.0           937.0
    Chemical and
    foundry grades            kt                21.9           25.5            47.4            69.4           148.2
Chrome yield                  %                 26.2           25.0            25.6            29.7            27.7
42% metallurgical grade
chrome concentrate         US$/t CIF
contract price              China                155            159            156             151              158

Average exchange rate       ZAR:US$             11.7           11.1            11.5            10.5            10.6



*Loss of plant production time of 12% for the quarter, following the tragic fatality on 5 November 2014 and the
Section 54


Commenting on the production, Phoevos Pouroulis, Tharisa CEO said:

“We had an excellent quarter, producing 33 koz of PGMs and 305 kt of chrome concentrates with
markedly improved mining following the changes made in Q1 and continued progress in optimising
our processing to improve PGM recoveries and deliver higher margin chrome concentrates. The
improvement in mining has enabled the Genesis plant to process mined ore as well as re-processing
commissioning tails. The processing of 100% mined ore through the Genesis plant is now planned
for Q3 2015. The Voyager plant continues to operate on 100% mined ore.

Both process and mechanical reliability optimisation projects have been successful during the
period. Given continued depressed commodity prices, the focus has been on maximising PGM
recoveries and higher value add chemical and foundry grade chrome concentrates. It is pleasing to
report that the PGM recoveries surpassed expectations at the Voyager plant with a recovery of
78.8% being achieved in March 2015. The combined PGM production in March 2015 equates to
12 874 contained PGM ounces on a 6E basis which demonstrates that we are on track to achieve our steady
state production.”

Pouroulis added. “The Tharisa team has worked hard to prove our large-scale, long-life, open pit
PGM and chrome co-product mine to be a viable and attractive business. I thank all those who have
contributed during this period and look forward to reporting on even better results in the future.”
The above information has not been reported on or reviewed by Tharisa’s auditors.

The financial results for the six months ended 31 March 2015 are expected to be released on or
about 17 June 2015.



Paphos, Cyprus
14 April 2015

Sponsor
Investec Bank Limited

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