Wrap Text
Tharisa Secures Early Wheeled Renewable Energy Supply from Etana Energy
Tharisa plc
(Incorporated in the Republic of Cyprus with limited liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
ISIN: CY0103562118
LEI: 213800WW4YWMVVZIJM90
Bond issuer: Arxo Finance plc
Bond ISIN: NO0013769844
('Tharisa' or the 'Company' or ‘Group’)
THARISA SECURES EARLY WHEELED RENEWABLE ENERGY SUPPLY FROM ETANA ENERGY
Tharisa, the mining, metals and innovation company dual-listed on the Johannesburg and London
stock exchanges, is pleased to announce that its operating subsidiary, Tharisa Minerals, received its
first wheeled renewable energy from Etana Energy in September 2026. The initial supply is expected
to meet approximately 10% of the Tharisa Mine’s current monthly electricity demand, marking a
material step in the Group’s strategy to reduce energy costs and Scope 2 greenhouse gas emissions.
Highlights
- First wheeled renewable energy received by Tharisa Minerals from Etana Energy in September
2026, commencing delivery under the Group’s renewable energy programme
- Initial supply from an early wind-energy tranche generated in Mpumalanga is expected to meet
approximately 10% of the Tharisa Mine’s current monthly electricity demand
- Demonstrates the successful use of wheeled renewable energy to decrease energy costs and
reduce Scope 2 greenhouse gas emissions
- Under the long-term power purchase agreement (‘PPA’) signed in July 2024, Etana Energy is
forecast to supply approximately 70% of Tharisa Minerals’ current electricity demand, including
wheeled solar from Q1 2027 and further wheeled wind later in 2027
- Supports the Group’s target of a 30% reduction in emissions by 2030
Early wheeled renewable energy supply
Tharisa has committed to reducing its carbon emissions by 30% by 2030. To support this target,
management has progressed several decarbonisation projects and opportunities over the past few
years, including the procurement of wheeled renewable energy for the Tharisa Mine.
In September 2026, Tharisa Minerals received its first wheeled renewable energy from Etana Energy,
representing a material step in the Group’s decarbonisation programme. This initial delivery forms
part of an early energy tranche generated by a wind farm in Mpumalanga and precedes the larger
renewable energy supply scheduled under the long-term PPA.
The initial supply is expected to meet approximately 10% of the Tharisa Mine’s current monthly
electricity demand. By sourcing renewable electricity through the grid, Tharisa Minerals can reduce its
reliance on conventional grid electricity, supporting lower energy costs and a reduction in Scope 2
greenhouse gas emissions.
Long-term power purchase agreement
Under the long-term PPA signed in July 2024, Etana Energy is forecast to supply approximately 70% of
Tharisa Minerals’ current electricity demand from its broader generation portfolio. Following the early
wind-energy tranche received in September 2026, wheeled solar supply is expected to commence in
Q1 CY2027, with additional wheeled wind energy scheduled for later in 2027.
Decarbonisation strategy
The early renewable energy supply converts the Group’s decarbonisation strategy into an operational
initiative at the Tharisa Mine. Together with the larger volumes scheduled under the PPA, it is
expected to reduce Scope 2 emissions and support the Group’s target of a 30% reduction in carbon
emissions by 2030.
Tharisa underground project
The PPA was negotiated and signed prior to the commencement of the underground project and the
70% coverage relates to the open pit operation. The Tharisa underground project is expected to
double the operation’s electricity demand as mining activities extend below surface, which moves a
lot of the energy requirement from diesel to electricity. Tharisa is therefore preparing to procure
additional renewable energy supply to support the complete mine's future requirements and maintain
progress towards the Group’s decarbonisation targets, according to Cosmas Chiteme, Group Energy
Manager at Tharisa.
Definitions
Term Definition
Wheeling The transmission of electricity purchased from an independent
generator or electricity trader to an off-taker through the national or
municipal grid network, with the electricity accounted for through the
applicable grid and settlement arrangements.
PPA Power purchase agreement.
Scope 2 emissions Indirect greenhouse gas emissions associated with purchased
electricity.
Tharisa Minerals Tharisa Minerals Proprietary Limited, operator of the Tharisa Mine in
South Africa.
Etana Energy South African electricity trader supplying renewable energy to Tharisa
Minerals under the long-term PPA.
Paphos, Cyprus
20 October 2026
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Contacts
Investor Relations
Ilja Graulich (Head of Investor Relations and Communications)
+27 11 996 3500 | +27 83 604 0820 | igraulich@tharisa.com
Etana Energy Media Contact
Jevon Martin (Head of Business Development)
bd@etana.energy
Broker Contacts
Berenberg (UK Joint Broker) — Matthew Armitt / Jennifer Lee / Detlir Elezi — +44 203 207 7800
BMO Capital Markets Limited (UK Joint Broker) — Thomas Rider / Nick Macann — +44 207 236 1010
Peel Hunt LLP (UK Joint Broker) — Ross Allister / Georgia Langoulant — +44 207 418 8900
About Tharisa – funded growth, a second operating asset, commercialising technology
Tharisa plc is an integrated resource group producing platinum group metals (PGMs) and chrome
concentrates, commodities central to the global energy transition and the decarbonisation of industry.
The Group operates across the full value chain – exploration, mining, processing, beneficiation,
marketing, sales, and logistics – while pursuing initiatives to reduce the emissions intensity of its
operations.
The Tharisa Mine, on the south-western limb of the Bushveld Complex in South Africa, is a multi-
generational operation co-producing PGMs and chrome from a single orebody – a combination that
underpins the Group’s cost position through the commodity cycle. Downstream beneficiation,
including the Vulcan ultra-fine chrome recovery plant and proven chrome and PGM alloy production,
extends the Group’s reach along the value chain.
The Karo Platinum Project on Zimbabwe’s Great Dyke is the Group’s second major mining asset and is
under development. Phase 1 is designed to produce approximately 226 koz of PGMs a year at full
capacity, more than doubling Group PGM production, with first ore in mill expected by the end of
2027. PGM concentrate offtake has been secured with Valterra Platinum for an initial five-year term.
Through Redox One, Tharisa is commercialising proprietary iron-chromium redox flow battery
technology for long-duration energy storage, using the chrome and iron the Group already produces.
Tharisa targets a 30% reduction in carbon emissions by 2030 and net carbon neutrality by 2050.
Tharisa plc is incorporated in Cyprus. Its ordinary shares are primary listed on the Main Board of the
Johannesburg Stock Exchange (JSE: THA), with listings on the Equity Shares (Commercial Companies)
category of the London Stock Exchange (LSE: THS) and A2X Markets (A2X: THA).
About Etana Energy
Etana Energy is a licenced electricity trader that supplies electricity generated by renewable energy
projects to businesses in South Africa, using the national electricity grid. Etana’s customers benefit
from certified low-carbon electricity at tariffs competitive with Eskom or municipal supply, forward
price certainty, flexible contracting terms, and qualifying B-BEEE expenditure.
Information for South African institutional investors: exchange control classification
Tharisa plc is incorporated in Cyprus, and its ordinary shares are primary listed on the Main Board of
the JSE. The shares are an approved inward listing, denominated in Rand and settled through Strate.
In terms of South African Reserve Bank Exchange Control Circular No. 9/2022, approved inward listed
shares are classified as domestic assets for exchange control purposes. On that basis, holdings of
Tharisa ordinary shares acquired on the JSE are not marked off against the prudential foreign exposure
limit applicable to South African institutional investors, and do not consume the foreign asset
allowance under Regulation 28 of the Pension Funds Act. This treatment differs from that applied to
inward listed debt instruments, derivatives, and exchange traded funds.
The ordinary asset class and per-issuer limits under Regulation 28 continue to apply. This summary is
provided for information only, does not constitute investment, legal or tax advice, and investors
should satisfy themselves as to their own position.
Date: 20/10/2026 07:05:00
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