Key Highlights

• Tharisa began trading on the Namibia Securities Exchange on 9 November 2026 while retaining its primary Johannesburg listing and London secondary listing.

• The new listing is designed to broaden the investor base and create additional institutional Demand rather than split existing liquidity.

• Tharisa’s LSE:THS shares remain on the London Stock Exchange Main Market, while the JSE remains the principal price-discovery venue.

• Karo Platinum is the major longer-term growth project, with first ore to the mill expected in the fourth quarter of calendar 2027.

• Investors are watching PGM and chrome markets, Karo funding and execution, and whether the additional listing improves demand and liquidity.

Why is Tharisa in focus today?

Tharisa is one of the most closely watched Mining names in the Main Market on 9 November because its new secondary listing on the Namibia Securities Exchange has commenced trading. The move gives Namibian institutional investors direct access to the company’s shares while LSE:THS remains listed on the London Stock Exchange and the Johannesburg Stock Exchange remains the primary listing.

The listing is strategically relevant because Tharisa is seeking to broaden and diversify its Shareholder base at a time when the company is entering an important Investment phase. Management has positioned the move as a way of attracting incremental demand, particularly from Namibian institutions and pension-related Capital that may have domestic allocation requirements.

For investors, the question is whether the new market access translates into measurable demand and improved Liquidity without fragmenting price discovery. The company expects the JSE to remain the principal venue for price formation.

Why does the Namibia listing matter?

Tharisa’s new listing creates a direct route for Namibian institutional investors to gain exposure to a platinum-group-metals and chrome producer. That is significant because the company’s Commodity exposure is not easily replicated through a domestic Namibian listed resource name.

The potential benefit is broader investor participation. The company also expects index-linked demand to develop as the share’s free-float Market Capitalisation becomes relevant to local indices. That could create a more diversified shareholder base over time.

The move is also part of a broader capital-markets strategy. Tharisa has been looking to improve liquidity and broaden its register while progressing the Karo Platinum Project. The combination of capital-markets expansion and project development makes the stock more than a simple listing story.

Why is Karo Platinum the bigger catalyst?

The longer-term investment case remains heavily connected to Karo Platinum in Zimbabwe. Phase 1 is designed to produce approximately 226,000 ounces of PGMs a year at steady state, potentially more than doubling Tharisa’s group PGM production. First ore to the mill is expected in the fourth quarter of calendar 2027.

That timeline means investors are moving from a conceptual development story towards a capital-deployment and construction story. Execution, funding, project economics, infrastructure and commissioning will all become increasingly important.

Tharisa has also signed a binding term sheet for the offtake of Karo’s PGM concentrate with Valterra Platinum for an initial five-year period. That provides a commercial framework for future output, although project execution remains the central risk.

How do PGM and chrome markets affect LSE:THS?

Tharisa combines PGM and chrome exposure, creating a diversified commodity profile but also exposing the company to cyclical price movements. PGM prices can be influenced by automotive demand, substitution, Supply disruptions and broader industrial trends, while chrome is closely linked to stainless-steel production.

Investors therefore need to watch both realised prices and production performance. A stronger commodity environment could improve cash generation and support capital deployment, while weaker prices could increase pressure on project funding and returns.

The company is also developing Redox One, which is commercialising iron-chromium redox flow battery technology for long-duration energy storage. This gives Tharisa an additional technology-related angle, although mining remains the core Earnings and capital-allocation story.

What are investors watching next?

The immediate focus is how the Namibia listing performs in terms of participation and liquidity. The larger operational focus is Karo Platinum and the pace of capital deployment towards the project.

Investors should also monitor PGM and chrome pricing, production volumes, project financing and milestones towards first ore. Any change in the Karo timeline could materially influence market expectations.

For LSE:THS, the current trend is therefore driven by a combination of capital-market expansion and a major growth project. The Namibia listing can broaden demand, but the long-term value proposition will still depend on commodity performance and successful delivery of Karo Platinum.

The new listing also fits into Tharisa’s broader objective of reducing reliance on a single investor geography. A wider shareholder base can improve market resilience and potentially support a lower Cost of Capital over time. For a company preparing to spend significant capital on Karo Platinum, access to additional pools of institutional demand can become strategically useful. Investors will nevertheless want evidence that the listing produces real incremental demand rather than simply moving trading activity between venues. The early pattern of volumes, institutional participation and any index-related flows will therefore be worth monitoring alongside the project story.

The company’s chrome and PGM exposure also means investors will continue to track commodity prices alongside the listing story. A supportive PGM environment could strengthen cash generation and help the group fund Karo, while weaker prices could increase pressure on project economics. The interaction between operating cash flow, project spending and external funding will become increasingly important as development accelerates.