Tharisa plc

Notable vs. Peers

• All-in sustaining cost of 268 is 73% lower than the peer producer average of 988.5.

Lifecycle Milestones

1. Permit granted

   Sep 2008 · Mining Right for the Tharisa Mine granted by the Department of Mineral Resources and Energy (DMRE) for an initial 30-year period, covering 5,475+ hectares near Rustenburg. (Prospecting rights for the same ground had been granted to Thari Resources Feb/Mar 2006-2007 and were transferred to Tharisa Minerals.) · Source
2. Construction decision (FID)

   Reached — date not disclosed · Task #922: written as a real, undated MinerConstructionMilestone row (achievedDate intentionally null). Tharisa's flagship Tharisa Mine (Bushveld Complex, South Africa) demonstrably reached a construction decision: mining rights were granted Sept 2008 (this miner's own PERMIT_GRANTED row) and trial mining commenced the very next month, Oct 2008, funded by a Dec 2008 US$65M seed capital raise. Consolidating this miner's own constructionMilestone:CONSTRUCTION_DECISION MetricStatus research (Task #693 re-check, second pass after Task #430 batch 8, which also tested and eliminated Karo Platinum/Zimbabwe and the Apollo/Orion underground project as alternative anchors -- Tharisa's PRODUCTION status derives from the Tharisa Mine, not Karo): the mine was built by a private predecessor structure years before Tharisa's Apr 2014 JSE listing, and no FID entry exists anywhere in the company's own published history page despite two independent research passes. Recorded as reached-but-undated rather than misdating the 2008 seed-capital raise or 74% acquisition (both real events, neither a construction decision) into a decision date.
3. Construction start

   Reached — date not disclosed · Trial mining at the Tharisa Mine commenced October 2008, immediately following the September 2008 mining-right grant. Exact day within October not confirmed from available sourcing -- recorded reached-but-undated. · Source
4. First pour / production

   Reached — date not disclosed · Production of the first chrome concentrate at Tharisa Mine started November 2009. Exact day not confirmed from available sourcing -- recorded reached-but-undated. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached with a clean single-asset story, but only month/year precision was found (no specific day): Tharisa's namesake Tharisa Mine (co-producing PGMs and chrome, Bushveld Complex, South Africa) produced its first chrome concentrate in November 2009. Rather than guess a specific day, achievedDate is left null (matching the Bellevue Gold precedent, batch4). Karo Platinum (Zimbabwe) remains a development-stage project, not yet producing, and the Tharisa Mine remains the company's sole current producing asset. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.