First quarter production report for the period ended 31 December 2014 Tharisa plc (Incorporated in the Republic of Cyprus with limited liability) (Registration number HE223412) JSE share code: THA ISIN: CY0103562118 ('Tharisa') First quarter production report for the period ended 31 December 2014 Safety Safety remains a top priority and Tharisa continues to strive for zero harm at our operations. However, production was affected by the suspension of processing activities following the tragic fatality on 5 November 2014, to allow for the investigation into the accident and the upliftment of the section 54, with a loss in plant production time of 12% for the quarter. Production update The quarterly production update for the period ended 31 December 2014, is as follows: Financial year Quarter ended ended 31 December 30 September 2014 2014 (Unaudited) (Audited) Reef mined kt 905.9 3 908.5 Stripping ratio m³ waste/m³ reef 10.1 10.6 Reef milled kt 1 031.6 3 913.1 6E PGMs produced koz 24.4 78.2 PGM recovery % 56.9 48.8 Average PGM contained metal basket price US$/oz 956 1 103 Chrome concentrates produced kt 257.8 1 085.2 42% metallurgical grade kt 232.3 937.0 Chemical and foundry grades kt 25.5 148.2 Chrome yield % 25.0 27.7 42% metallurgical grade chrome concentrate contract price US$/t CIF China 159 158 Average exchange rate ZAR:US$ 11.1 10.6 The introduction of the additional mining contractor with effect from 1 November 2014 to undertake the more specialised blasting and extraction of the reef layers and removal of interburden and the change in scope to MCC’s mining contract to focus on bulk waste removal has progressed according to the change management plan. During this transition period a decision was made to re-process commissioning tails through the Genesis plant allowing the appropriate blend of ore to be processed through the Voyager plant and to provide for a build-up of ROM stocks. This has negatively impacted on the overall chrome yield, particularly chemical and foundry grades. However, PGM production was better than planned with a marked improvement in the PGM recoveries, with levels at the Voyager plant approaching 70%. We expect to resume processing fresh ROM ore through the Genesis plant during Q3 FY2015. Importantly, production improvements are moving in a positive direction, gearing to planned annualised steady state production in Q1 FY2016. Errata The commentary in the Condensed Consolidated Annual Financial Statements for the year ended 30 September 2014 made reference in the Financial Overview section to the CIF contract price for 42% metallurgical grade chrome concentrate prices. The prices referenced were incorrect and should read as follows “US$158/t (2013: US$161/t) a reduction of 1.9%”. In addition, when referencing the debt to equity ratio the reference should read to “Group debt” and not “Net Group debt”. These errors have no impact on the Group’s results. The above information has not been reported on or reviewed by Tharisa’s auditors. Paphos, Cyprus 15 January 2015 Sponsor Investec Bank Limited Date: 15/01/2015 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.