Name of the Project
Karo platinum project.

Location
The Great Dyke, in the Mashonaland West district of Zimbabwe.

Project Owner/s
Karo Platinum, which is jointly owned by the government of Zimbabwe and Karo Mining Holdings.

As at September 30, 2025, Tharisa held a 78.17% interest in Karo Mining Holdings, with Medway Developments holding the balance. Karo Mining Holdings indirectly owns 85% of Karo Platinum, while the Republic of Zimbabwe holds a 15% free-carried interest through Generation Minerals, giving Tharisa an effective 66.44% interest in Karo Platinum.

Project Description
The project has initial probable reserves of 35.5-million tonnes at 2.31 g/t and 2.5-million ounces of platinum, palladium, rhodium and gold.

Proposed is a Tier 1 openpit, scalable, low-cost and -risk project, which is under construction and developed in phases.

Its development will comprise the sequential opening of four openpits. The first pit to be developed will have a strike length of 7.6 km and an ultimate pit depth of 99 m, with a life of six years. Thereafter, the other pits will be developed.

Karo will process about 2.a5-million tonnes a year of ore and produce 190 000 oz/y of platinum, palladium, ruthenium, gold rhodium and iridium, or six-element platinum group metals (PGMs), during its initial ten-year openpit mine life.

The integrated mining and refining complex includes the establishment of a 300 MW solar PV power plant, which will feed power into the Zimbabwe electricity grid.

Potential Job Creation
As at June 30, 2023, Karo employed 540 people on site, of whom 99 are Karo employees, with the balance being contractor employees. Most of them are from the local community.

Net Present Value/Internal Rate of Return
The project has a net present value, at a 10% discount rate (excluding in situ inferred resources), of $413-million and an internal rate of return of 26.1%.

Capital Expenditure
Total capital expenditure for Phase 1 is estimated at $391-million.

Planned Start /End Date
First ore to the mill is expected in the fourth quarter of 2027.

Latest Developments
Tharisa has completed three critical steps underpinning the development of Karo: securing the asset, validating demand and funding construction.
It has signed a Special Mining Lease Agreement with the government of Zimbabwe, concluded a long-term offtake agreement with Valterra and successfully priced a $300 million, five-year senior secured Nordic bond.

“We have not only derisked the . . . project but also introduced a new, sophisticated international investor base to the Tharisa growth story. This capital enables us to enter the peak construction phase with confidence,” Tharisa CEO Phoevos Pouroulis has said.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Karo Mining Holdings, email info@karomining.com.