Tharisa : An Independent Competent Persons’ Report On The Karo PGE Project, Zimbabwe

AN INDEPENDENT COMPETENT PERSONS' REPORT ON THE KARO PGE PROJECT, ZIMBABWE

Prepared for Karo Platinum (Pvt) Ltd

COMPETENT PERSONS
Mineral Resources:	Mineral Reserves:
Kenneth Graham Lomberg	Otto Wilhelm Warschkuhl
BSc (Hons)(Geology), BCom (Economics and Statistics), MEng	BEng (Hons) (Mining Engineering), Pr.Eng. SAIMM, CIM
(Mining Engineering), PrSciNat, GSSA
COMPETENT VALUATOR
Jacobus Adriaan Myburgh
BSc (Mathematics), CFA, IASSA, GSSA
EFFECTIVE DATE: 30 September 2024	ISSUE DATE: 09 April 2025
VALUATION DATE: 30 November 2024

DATE AND SIGNATURE PAGE

This Report titled An Independent Competent Persons' Report on the Karo PGE Project, Zimbabwe prepared for Karo Platinum (Pvt) Ltd has been prepared by VBKOM (Pty) Ltd in accordance with the rules and guidelines as embodied in the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2016 Edition) (SAMREC Code), the South African Code for the Reporting of Mineral Asset Valuations (2016 Edition) (SAMVAL Code), and the Listings Requirements (Section 12) of the Johannesburg Stock Exchange.

The Competent Persons responsible for this Report are Mr. Ken Lomberg (Geology and Mineral Resources), Mr. Wilhelm Warschkuhl (Mineral Processing, Mineral Extraction, and Mineral Reserves), and Mr. Iaan Myburgh (Mineral Economics). Mr Myburgh also acts as the Competent Valuator for this Report.

The Mineral Resources and Mineral Reserves as presented in this Report have an effective date of 30 September 2024 and the valuation date of 30 November 2024. The Report has been prepared and signed on 09 April 2025 by the following authors:

Competent Persons

Kenneth Graham Lomberg

Competent Person: Mineral Resources

BSc (Hons) (Geology), BCom (Economics and Statistics),

MEng (Mining Engineering), PrSciNat, GSSA

Otto Wilhelm Warschkuhl

Competent Person: Mineral Reserves

BEng (Hons) (Mining Engineering), Pr.Eng., SAIMM, CIM

Competent Valuator

Jacobus Adriaan Myburgh

BSc (Mathematics), CFA, IASSA, GSSA

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Key Technical Staff and Contributing Authors

Chantelle Cassandra Obermeyer

Principal Geologist, Mineral Resource Reviewer

BSc (Hons) (Geology), MSc (Geology)

PrSciNat

Tiaan Ackermann

Industrial Engineer

BEng (Industrial), Pr.Eng, MBA, PRINCE2

Armand van Wyngaardt

Senior Mining Engineer

BEng Mining, MMCC, SAIMM

Petrus Gerhardus Kriel

Mineral Asset Valuator

B.Sc. (Mathematics), BCom (Hons) (Economics), CFA,

IASSA, GSSA, GASA

Wilhelmina Fredrika Van der Vyver

Principal Metallurgist

PhD Metallurgy, PMP, PrSciNat, SAIMM

Maria Antoniades

Senior Geologist

BSc (Hons) (Gly), MSc (Env.Sci.), PrSciNat, GSSA, SAIMM

Divine-Ito Ile

Mining Engineer

BEng Mining, BEng (Hons) Mining, MEng Mining cum

laude

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DISCLAIMER

Reports prepared by VBKOM (Pty) Ltd ('the Consultant') for Karo Platinum (Pvt) Ltd ('the Client') as part of an Assignment ('the Assignment') are subject to the following disclaimer:

The Reports may be used by the Client only in connection with the Assignment and shall not be used nor relied upon either by any other party or for any other purpose without the written consent of the Consultant. The Client indemnifies the Consultant against any liability, loss, damage, or cost howsoever arising, including by way of a third- party claim, from a breach of this undertaking by the Client.

The findings, conclusions, and opinions of the Consultant are based on the extent of the Consultant's services as defined within certain contractual undertakings between the Consultant and the Client and are regulated by the terms and conditions contained in Agreements between these two parties ('the Agreements'). Portions of the Reports relating to the Assignment may be of a privileged and confidential nature.

The Consultant accepts no responsibility for damages, if any, suffered by any third party as a result of decisions made or actions based on the Reports. While it is believed that the information contained in the Reports is reliable under the conditions and subject to the limitations set forth in the Agreements, the Reports will be based, in part, on information not under the control of the Consultant, and therefore the Consultant cannot and does not guarantee their accuracy. Unless otherwise expressly stated, the analyses contained in the Reports will be developed from information provided by the Client.

The Consultant will not audit such information and makes no representations as to the validity or accuracy thereof. The comments in the Reports will reflect the Consultant's best judgement in light of the information available to them at the time of preparation. The Consultant shall not be responsible for any errors or omissions in the Reports or in any information contained therein, regardless of any fault or negligence by the Consultant or others.

The Consultant will have conducted an investigation, required in terms of the aforementioned extent of services, in accordance with the methodology outlined in the Agreements.

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EXECUTIVE SUMMARY

1. Purpose

JSE 12.10(h)(i)(xi)

VBKOM was requested by Karo Platinum (Pvt) Ltd (Karo Platinum or the Company) to complete a Competent Persons' Report (CPR) with a full mineral asset valuation on the Karo platinum group metal (PGM) development project (Karo) situated on the Great Dyke, Zimbabwe. The Company aims to establish a large-scale PGMs mining complex, located in the Great Dyke.

Tharisa plc (Tharisa) is an effective 64.79% shareholder in Karo Platinum and is listed on the Johannesburg Stock Exchange (JSE:THA). The Report has been commissioned to comply with regulations of the Johannesburg Stock Exchange (JSE) for listed companies, with the purpose of presenting the Mineral Resources and Mineral Reserves of the Project and of valuing the mineral asset. The Report is compiled in compliance with the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2016 Edition) (SAMREC Code), and the South African Code for the Reporting of Mineral Asset Valuation (2016 Edition) (SAMVAL Code). All requirements of Section 12.10 of the JSE Listings Requirements for Mineral Companies and the SAMREC Code and SAMVAL Code have been complied with.

The Competent Persons and Competent Valuator deem this summary to be a true and accurate reflection of the full CPR.

1. Project Outline

JSE 12.10(h)(ii)(iii)

Karo is an open-pit PGM asset under construction, located some 85 km west-southwest (WSW) of Harare in the Mashonaland West Province of Zimbabwe (refer to the figure overleaf). The area is relatively flat with the project area having a very slight ridge orientated north-south and an elevation fall-off to the south towards the tributaries of the Mupfure River.

The project is subdivided into six areas of focus for current work, namely: Karo Project East (KPE), Karo Project North East (KPNE), Karo Project North West (KPNW), Karo Project South East (KPSE), Karo Project South West (KPSW), and Karo Project West (KPW). Mineral Resources and Mineral Reserves are declared only for the areas as listed in the table overleaf, supported by detailed exploration and technical work, culminating in a recently completed Feasibility Study. Mine development will comprise the sequential development of four open pits, commencing with KPSE. Ore will be processed at an on-site, 220 ktpm processing facility and sold at gate to a smelter.

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Karo Project Location

Location of the Karo Project.

Target Areas Mineral Resources and Mineral Reserves coverage.

	Target Area			Mineral Resources			Mineral Reserves
	KPSW		Yes		No
	KPW		No		No
	KPNW		Yes		Yes
	KPNE		Yes		Yes
	KPE		Yes		Yes
	KPSE		Yes		Yes

1. Legal Aspects and Tenure

JSE 12.10(h)(iii)(iv)

Karo Platinum is an effective 64.79% indirect subsidiary of Tharisa plc. All licences and permits relating to Karo are held in the name of Karo Platinum. Karo Platinum have addressed Zimbabwe legal compliance requirements, including licencing and environmental and social aspects, and subscribe to the International Finance Corporation (IFC) Performance Standards and the Equator Principles. There are no major risks identified in association with the current and planned permitting.

The Project Area is encompassed in a 23,903-hectare Mining Lease 41 (ML41; illustrated to follow) issued for PGMs on 12 March 2021 and is valid for the duration of the life of mine (LOM). Base metals are intended to be extracted in

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association with the PGMs. Although these are not specifically included in the Mining Lease issued, sections 150 and 169 of the Mines and Minerals Act (Chapter 21:05) 38 of 1961, as amended (MMA), provides for rights to Karo Platinum for the extraction of such minerals within the vertical limits of the defined mining lease area. This is supported by an accepted notification to this effect by the Mining Commissioner. In terms of these, confirmation that base metals may be extracted has been provided by legal practitioners based in Zimbabwe. Annual inspections are carried out by the competent authorities and fees are payable by the holder, allowing the continued validity of the ML41.

ML41 and Focus Areas

ML41 and focus areas of the Karo Project.

Section 178 of the MMA provides rights Karo Platinum to access and use the surface within the boundaries of the mining location for all necessary mining purposes. Notwithstanding, the MMA Amendment Bill makes instruction for landowner compensation in case of land loss due to mining activities in the form of land reallocation or outright purchase. Karo Platinum owns two properties encompassed within ML41, while lease agreements are in place for the balance of the farm areas. Resettlement action planning is underway, notably for the southern portion of KPSE, with

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relocation and compensation agreements in process. Additionally, Karo Platinum have obtained wayleaves, granting land access for the power supply and bulk water supply projects.

In terms of the Environmental Management Act [Chapter 20:27] (EMAct), several regulatory approvals related to environmental authorisations have been finalised to permit the project infrastructure development and planned mining activities. Environmental Impact Assessment (EIA) certificates are held for platinum mining and processing at KPSE, additional exploration activities, and construction and operation of bulk power facilities and of bulk water supply networks. An addendum Environmental and Social Impact Assessment (ESIA) will be undertaken once mining at KPE is imminent, for the development of additional opencast pits (KPE, KPNE, and KPNW) and supplementary supporting infrastructure. Several Effluent Disposal, Hazardous Substance, and Air Emissions licences are in place, with a number of additional permits required for full operation of the intended mine, for which applications must be submitted timeously. There is a reasonable basis to believe that all outstanding permits required for the Project will be obtained.

A number of water use authorisations (surface and groundwater) for Karo are in place by means of various agreements and permits. However, there is a water balance shortfall in the current authorisations. To address this, a provisional water permit is in place for the development of the Chirundazi Dam, with a total capacity of 5,000 ML in phase 1 and 11,000 ML in phase 2. Per the water permit, 2,100 ML have been allocated to Karo in phase 1, thereby covering 100% of requirements. Supporting specialist studies towards an ESIA have been completed for this new dam. The ESIA is due to be submitted to the Environmental Management Agency (EMA) in February 2025, with construction planned to be completed in time to facilitate water catchment during the 2025-2026 rainy season.

There are no disputes, risks or impediments associated with the legal aspects and tenure of the Project. All necessary outstanding permits and authorisations are expected to be obtained timeously.

IV. Geology and Mineralisation

JSE 12.10(h)(v)

The Great Dyke

The Great Dyke is an elongated, slightly sinuous, 550 km long, layered igneous intrusion, with a width of between 4- 11 km, in central Zimbabwe (refer to the figure overleaf). The Great Dyke bisects the country in a north-northeast orientation and is a 2.5 billion-year-old layered igneous intrusion comprising ultramafic to mafic igneous rocks.

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After Prendergast and Wilson, 1989.

Simplified Map of the Great Dyke showing Karo Project

Location

Simplified map of the Great Dyke showing the location of the Karo Project.

The Dyke is divided vertically into an ultramafic sequence, dominated from the base upwards by cyclic repetitions of dunite, harzburgite, and pyroxenite and an upper mafic sequence consisting mainly of gabbro and gabbronorite. It is V to Y-shaped in section, with the layering dipping from the sides of the Dyke and flattening towards the axis of the intrusion (refer to the figure overleaf). Much of the mafic sequence has been removed by erosion. Contained within the ultramafic sequence is the P1 pyroxenite, directly below the mafic-ultramafic contact. The P1 pyroxenite, in turn, hosts economically exploitable quantities of platinum group elements (PGEs) in the Main Sulphide Zone (MSZ), which is generally found 10 to 50 m from the top of the ultramafic sequence.

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Schematic Cross-Section of the Great Dyke

Schematic cross-section of the Great Dyke.

The Great Dyke developed as a series of initially discrete magma chambers or compartments which joined up as the chambers filled. The chambers coalesced below the MSZ. Before erosion, the MSZ would have been continuous along the length of the Dyke.

In its present plane of erosion, the Great Dyke is exposed as a series of narrow contiguous layered complexes or chambers, namely a northern chamber consisting of the Musengezi, Darwendale, and Sebakwe sub-chambers and a southern chamber consisting of the Selukwe and Wedza sub-chambers. The mafic remnant of the Darwendale and Sebakwe sub-chambers is collectively known as the Hartley Complex.

The MSZ is a lithologically continuous layer, typically between 2 and 3 m thick, that forms an elongated keel shape. It generally contains iron-nickel-copper sulphides, while elevated PGE concentrations occur towards its base. Peak values for the PGEs and base metals are commonly offset, while the ratio between platinum and palladium also varies vertically. It is often difficult to identify mineralisation visually in the MSZ. Below the MSZ are several chromitite layers that are mined for chromium, as their PGE content is too low. The project area is located on both the eastern and western flanks of the Great Dyke. There is no outcrop as the mafic and ultramafic rocks weather easily to a black cotton soil. The area is underlain by both the Mafic and Ultramafic sequences dipping at 20° to the east on the western side of the Great Dyke and 22° to the west on the eastern side of the Great Dyke. The MSZ is estimated to be up to 700 m deep in the southern end of the tenement and 800 m deep in the northern end of the tenement. Based on drill logs, a number of faults have been interpolated. These are assumed to be vertical and trend east-west/down dip. A regional structural interpretation was undertaken by Dr Friese. This structural interpretation includes a number of structural elements i.e. faults, dykes, and shear zones. Where faults or shear zones are presented, the trace is indicated but the throw is generally not provided. The actual traces of the Friese interpretation are generally not coincident with the Mineral Resource estimation interpretation, although the orientations are often similar. The majority of the designated faults (yellow) lines are not confirmed based on the Mineral Resource estimation interpretation. The Karo Project area is characterised by very little outcrop which has restricted meaningful geological field mapping. The uppermost 25 m to 30 m of bedrock is also variably oxidised and weathered. The depth of weathering and oxidation has been estimated at an average of 15 m below the surface (mbs) with a transitional weathering zone between 15 mbs and 30 mbs. Locally, the depths of weathering and oxidation may be influenced by faulting, dykes or closely

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