Tharisa plc will migrate trading in its London-listed ordinary shares from the SETSqx trading service to the LSE's Stock Exchange Electronic Trading Service (SETS), effective Thursday, 1 October 2026. The company announced the change in an RNS notice dated 28 September 2026, RNS number 5368W.

The migration changes the market structure under which Tharisa shares trade in London — and nothing else. The company's Main Market listing and its listing category, Equity Shares (Transition), remain unchanged, as do its ISIN (CY0103562118), LSE ticker (THS), issued share capital and shareholder rights. The Johannesburg Stock Exchange listing (JSE: THA), the A2X Markets listing (A2X: THA) and the ADR programme are all unaffected. The company stated that no action is required by shareholders, including those holding through brokers, nominees or custodians.

What changes for execution desks

The operational shift is meaningful for anyone routing orders in THS. SETSqx, the service Tharisa has traded on in London to date, is designed for less liquid securities: it combines a limited number of scheduled intra-day auctions with quote-driven market making between those auctions. Continuous order-driven trading is absent.

SETS is the LSE's flagship electronic order book. It provides continuous order-driven trading throughout the trading day, framed by opening and closing auctions, with liquidity supplied by registered market makers. For buy-side desks, that means intraday execution windows replace a auction-punctuated schedule; benchmark and algorithmic strategies calibrated to continuous books become workable in the name. For sell-side and market-making desks, registered market-maker obligations and on-book two-sided liquidity change the quoting calculus relative to SETSqx's model.

The company framed the migration as expected to support improved price formation and continuity of on-order-book liquidity in Tharisa's shares in London, "with the aim to narrow bid-offer spreads and to broaden access to the Company's shares for UK and international institutional investors." That is the company's stated objective, not a measured outcome — spread narrowing will be observable in the tape after 1 October. What is mandated is the service change itself; what is asserted is the liquidity benefit.

Company background

Tharisa is a Cyprus-incorporated (registration number HE223412) mining, metals and innovation group producing platinum group metals and chrome concentrates, dual-listed on the JSE and LSE. Its primary listing sits on the JSE Main Board, with the shares an approved inward listing in South Africa, denominated in Rand and settled through Strate. Under South African Reserve Bank Exchange Control Circular No. 9/2022, the shares qualify as domestic assets for exchange control purposes, so JSE-acquired holdings do not consume the prudential foreign exposure limit or the foreign asset allowance under Regulation 28 of the Pension Funds Act for South African institutional investors — a classification that distinguishes the equity from inward-listed debt, derivatives and ETFs, and that remains relevant to Johannesburg-based allocators weighing where to execute.

The Group's Tharisa Mine sits on the south-western limb of the Bushveld Complex, co-producing PGMs and chrome from a single orebody. The Karo Platinum Project in Zimbabwe, its second operating asset, is designed for Phase 1 output of approximately 226 koz of PGMs per year at full capacity, with first ore in mill expected end 2027 and concentrate offtake secured with Valterra Platinum for an initial five-year term.

JSE sponsor is Investec Bank Limited. UK joint brokers are Peel Hunt LLP, BMO Capital Markets Limited and Berenberg. Investor relations contact is Ilja Graulich, Head of Investor Relations and Communications.

Tharisa said further announcements will be made as and when appropriate.