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Dealings in securities by directors and company secretary of Tharisa and directors of major subsidiaries
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
('Tharisa' or the 'Company')
Dealings in securities by directors and company secretary of Tharisa and directors of major
subsidiaries
In compliance with paragraph 3.63 of the JSE Limited Listings Requirements, Tharisa hereby advises
shareholders of the vesting and settlement of the 2022 Award on 16 January 2026, in accordance with
the rules of the Tharisa plc Long-Term Incentive Plan ('LTIP').
In terms of the rules of the LTIP, tax obligations arising on the vesting date are for the account of the
participant and a decision has been taken to settle the tax liability of participants in cash, with the net
balance being equity settled.
Vesting and settlement of LTIPs granted on 16 January 2022
1. Details of director/PDMR
a. Name: Loucas Pouroulis
2. Reason for notification
a. Position/status: Executive Chairman
b. Initial notification/amendment: Initial notification
3. Details of issuer
a. Company name: Tharisa plc
b. LEI: 213800WW4YWMVVZIJM90
4. Details of transaction
a. Description of instrument: Ordinary shares of US$0.001
Identification code: CY0103562118
b. Nature of transaction Off-market vesting and settlement of
Conditional Awards in shares
c. Price and volume: Price: Volume:
ZAR26.81* per share 385 372
d. Aggregated information: Total Volume:
ZAR10 331 823.32 385 372
e. Transaction date: 16 January 2026
f. Place of transaction: Johannesburg Stock Exchange
Information disclosed in accordance with the JSE Listings Requirements
Nature of interest: Direct, beneficial
Clearance to deal: Yes
1. Details of director/PDMR
a. Name: Phoevos Pouroulis
2. Reason for notification
a. Position/status: Executive director – Chief Executive Officer
b. Initial notification/amendment: Initial notification
3. Details of issuer
a. Company name: Tharisa plc
b. LEI: 213800WW4YWMVVZIJM90
4. Details of transaction
a. Description of instrument: Ordinary shares of US$0.001
Identification code: CY0103562118
b. Nature of transaction Off-market vesting and settlement of
Conditional Awards in shares
c. Price and volume: Price: Volume:
ZAR26.81* per share 422 495
d. Aggregated information: Total Volume:
ZAR11 327 090.95 422 495
e. Transaction date: 16 January 2026
f. Place of transaction: Johannesburg Stock Exchange
Information disclosed in accordance with the JSE Listings Requirements
Nature of interest: Direct, beneficial
Clearance to deal: Yes
1. Details of director/PDMR
a. Name: Michael Gifford Jones
2. Reason for notification
a. Position/status: Executive director – Chief Finance Officer
b. Initial notification/amendment: Initial notification
3. Details of issuer
a. Company name: Tharisa plc
b. LEI: 213800WW4YWMVVZIJM90
4. Details of transaction
a. Description of instrument: Ordinary shares of US$0.001
Identification code: CY0103562118
b. Nature of transaction Off-market vesting and settlement of
Conditional Awards in shares
c. Price and volume: Price: Volume:
ZAR26.81* per share 230 409
d. Aggregated information: Total Volume:
ZAR6 177 265.29 230 409
e. Transaction date: 16 January 2026
f. Place of transaction: Johannesburg Stock Exchange
Information disclosed in accordance with the JSE Listings Requirements
Nature of interest: Direct, beneficial
Clearance to deal: Yes
1. Details of director/PDMR
a. Name: Sanet Findlay
2. Reason for notification
a. Position/status: Group Company Secretary
b. Initial notification/amendment: Initial notification
3. Details of issuer
a. Company name: Tharisa plc
b. LEI: 213800WW4YWMVVZIJM90
4. Details of transaction
a. Description of instrument: Ordinary shares of US$0.001
Identification code: CY0103562118
b. Nature of transaction Off-market vesting and settlement of
Conditional Awards in shares
c. Price and volume: Price: Volume:
ZAR26.81* per share 33 550
d. Aggregated information: Total Volume:
ZAR899 475.50 33 550
e. Transaction date: 16 January 2026
f. Place of transaction: Johannesburg Stock Exchange
Information disclosed in accordance with the JSE Listings Requirements
Nature of interest: Direct, beneficial
Clearance to deal: Yes
1. Details of director/PDMR
a. Name: Michelle Louise Taylor
2. Reason for notification
a. Position/status: Executive director – Tharisa Minerals (Pty) Ltd
b. Initial notification/amendment: Initial notification
3. Details of issuer
a. Company name: Tharisa plc
b. LEI: 213800WW4YWMVVZIJM90
4. Details of transaction
a. Description of instrument: Ordinary shares of US$0.001
Identification code: CY0103562118
b. Nature of transaction Off-market vesting and settlement of
Conditional Awards in shares
c. Price and volume: Price: Volume:
ZAR26.81* per share 207 974
d. Aggregated information: Total Volume:
ZAR5 575 782.94 207 974
e. Transaction date: 16 January 2026
f. Place of transaction: Johannesburg Stock Exchange
Information disclosed in accordance with the JSE Listings Requirements
Nature of interest: Direct, beneficial
Clearance to deal: Yes
1. Details of director/PDMR
a. Name: Roy Murley
2. Reason for notification
a. Position/status: Executive director – Tharisa Minerals (Pty) Ltd
b. Initial notification/amendment: Initial notification
3. Details of issuer
a. Company name: Tharisa plc
b. LEI: 213800WW4YWMVVZIJM90
4. Details of transaction
a. Description of instrument: Ordinary shares of US$0.001
Identification code: CY0103562118
b. Nature of transaction Off-market vesting and settlement of
Conditional Awards in shares
c. Price and volume: Price: Volume:
ZAR26.81* per share 174 113
d. Aggregated information: Total Volume:
ZAR4 667 969.53 174 113
e. Transaction date: 16 January 2026
f. Place of transaction: Johannesburg Stock Exchange
Information disclosed in accordance with the JSE Listings Requirements
Nature of interest: Direct, beneficial
Clearance to deal: Yes
1. Details of director/PDMR
a. Name: Kieron Liam Johnstone
2. Reason for notification
a. Position/status: Executive director – Tharisa Minerals (Pty) Ltd
b. Initial notification/amendment: Initial notification
3. Details of issuer
a. Company name: Tharisa plc
b. LEI: 213800WW4YWMVVZIJM90
4. Details of transaction
a. Description of instrument: Ordinary shares of US$0.001
Identification code: CY0103562118
b. Nature of transaction Off-market vesting and settlement of
Conditional Awards in shares
c. Price and volume: Price: Volume:
ZAR26.81* per share 32 699
d. Aggregated information: Total Volume:
ZAR876 660.19 32 699
e. Transaction date: 16 January 2026
f. Place of transaction: Johannesburg Stock Exchange
Information disclosed in accordance with the JSE Listings Requirements
Nature of interest: Direct, beneficial
Clearance to deal: Yes
1. Details of director/PDMR
a. Name: Evangeline Seraphina Asaram
2. Reason for notification
a. Position/status: Executive director – Tharisa Minerals (Pty) Ltd
b. Initial notification/amendment: Initial notification
3. Details of issuer
a. Company name: Tharisa plc
b. LEI: 213800WW4YWMVVZIJM90
4. Details of transaction
a. Description of instrument: Ordinary shares of US$0.001
Identification code: CY0103562118
b. Nature of transaction Off-market vesting and settlement of
Conditional Awards in shares
c. Price and volume: Price: Volume:
ZAR26.81* per share 32 451
d. Aggregated information: Total Volume:
ZAR870 011.31 32 451
e. Transaction date: 16 January 2026
f. Place of transaction: Johannesburg Stock Exchange
Information disclosed in accordance with the JSE Listings Requirements
Nature of interest: Direct, beneficial
Clearance to deal: Yes
1. Details of director/PDMR
a. Name: Marios Tavros
2. Reason for notification
a. Position/status: Executive director – Arxo Resources Limited
b. Initial notification/amendment: Initial notification
3. Details of issuer
a. Company name: Tharisa plc
b. LEI: 213800WW4YWMVVZIJM90
4. Details of transaction
a. Description of instrument: Ordinary shares of US$0.001
Identification code: CY0103562118
b. Nature of transaction Off-market vesting and settlement of
Conditional Awards in shares
c. Price and volume: Price: Volume:
ZAR26.81* per share 65 442
d. Aggregated information: Total Volume:
ZAR1 754 500.02 65 442
e. Transaction date: 16 January 2026
f. Place of transaction: Johannesburg Stock Exchange
Information disclosed in accordance with the JSE Listings Requirements
Nature of interest: Direct, beneficial
Clearance to deal: Yes
* Using the closing market price of ZAR26.81 on 16 January 2026
Dealings in securities by a director of a major subsidiary
In compliance with paragraph 3.63 of the JSE Limited Listings Requirements, the following information
relating to dealings in securities attributable to the directors is disclosed:
1. Details of director/PDMR
a. Name: Michelle Louise Taylor
2. Reason for notification
a. Position/status: Executive director – Tharisa
Minerals (Pty) Ltd
b. Initial notification/amendment: Initial notification
3. Details of issuer
a. Company name: Tharisa plc
b. LEI: 213800WW4YWMVVZIJM90
4. Details of transaction
a. Description of instrument: Ordinary shares of US$0.001
Identification code: CY0103562118
b. Nature of transaction On-market sale of shares
c. Price and volume: Price: Volume:
Lowest traded price per share: ZAR26.50 ZAR26.5061 30 000
Weighted average price per share: ZAR26.5061
Highest traded price per share ZAR26.90
d. Aggregated information: Total 30 000
ZAR795 183.00
e. Transaction date: 21 January 2026
f. Place of transaction: Johannesburg Stock Exchange
Information disclosed in accordance with the JSE Listings Requirements
Nature of interest: Direct, beneficial
Clearance to deal: Yes
1. Details of director/PDMR
a. Name: Michelle Louise Taylor
2. Reason for notification
a. Position/status: Executive director – Tharisa
Minerals (Pty) Ltd
b. Initial notification/amendment: Initial notification
3. Details of issuer
a. Company name: Tharisa plc
b. LEI: 213800WW4YWMVVZIJM90
4. Details of transaction
a. Description of instrument: Ordinary shares of US$0.001
Identification code: CY0103562118
b. Nature of transaction Off-market donation of shares
c. Price and volume: Price: Volume:
ZAR26.50 20 000
d. Aggregated information: Total 20 000
ZAR530 000.00
e. Transaction date: 21 January 2026
f. Place of transaction: Johannesburg Stock Exchange
Information disclosed in accordance with the JSE Listings Requirements
Nature of interest: Direct, beneficial
Clearance to deal: Yes
Paphos, Cyprus
22 January 2026
JSE Sponsor
Investec Bank Limited
Connect with us on LinkedIn to get further news and updates about our business.
Investor Relations Contacts:
Ilja Graulich (Head of Investor Relations and Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com
Broker Contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / Georgia Langoulant
+44 207 418 8900
BMO Capital Markets Limited (UK Joint Broker)
Thomas Rider / Nick Macann
+44 207 236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Jennifer Lee / Detlir Elezi
+44 203 207 7800
About Tharisa – delivering on expansion and growth opportunities, commercialising technology
solutions
Tharisa is an integrated resource group playing a pivotal role in the global energy transition and the
decarbonisation of economies. Leveraging innovation and technology, Tharisa covers the entire value
chain – exploration, mining, processing, beneficiation, marketing, sales, and logistics – for PGMs and
chrome concentrates. The low cost, multigenerational Tharisa Mine is located on the southwestern limb
of the Bushveld Complex, South Africa, the largest source of PGMs and chrome globally. Development of
the Karo Platinum Project, a tier-one PGM project on Zimbabwe's Great Dyke, further reinforces Tharisa's
growth strategy. Investments in downstream beneficiation, including proven chrome and PGM alloy
production, will add significant value when commercialised. Tharisa is committed to reducing carbon
emissions by 30% by 2030 and the sustainability roadmap targets net carbon neutrality by 2050. Through
Redox One, Tharisa is advancing proprietary iron-chromium redox flow battery technology, utilising the
very commodities it mines to support long-duration energy storage – a key component in the transition
to renewable energy.
Tharisa plc is listed on the Johannesburg Stock Exchange (JSE: THA) and the London Stock Exchange (LSE:
THS, Equity Shares (Transition) Category).
Date: 22-01-2026 03:00:00
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