Wrap Text
Production report for the first quarter FY2026 ended 31 December 2025
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' or 'Group')
PRODUCTION REPORT FOR THE FIRST QUARTER FY2026 ENDED 31 DECEMBER 2025
Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock
exchanges, announces its production results for Q1 FY2026[1] and cash balance as at 31 December 2025.
Highlights
- Lost Time Injury Frequency Rate ('LTIFR') per 200 000 man hours worked of
- 0.02 at Tharisa Minerals
- 0.00 at Karo Platinum
- Planned risk mitigation successful with double the amount of rainfall and lightening events year on year
- PGM recoveries improved at 78.8% (Q1 FY2025 61.7%)
- Chrome recoveries improved at 70.3% (Q1 FY2025 65.7%)
- PGM prices averaging at US$2 208/oz (FY2025 US$1 615)
- Average metallurgical grade chrome concentrate price at US$276/t (FY2025: US$266t)
Group cash on hand of US$122.2 million (30 September 2025: US$173.0 million), and debt of US$75.2 million
(30 September 2025: US$104.4 million), resulting in a net cash position of US$47.0 million (30 September 2025:
US$68.6 million)
Quarter Quarter Quarter on Quarter Year
ended ended quarter ended ended
31 Dec 30 Sep movement 31 Dec 30 Sep
2025 2025 % 2024 2025
Reef mined kt 1 239.0 1 486.7 (16.7) 1 291.0 5 353.8
Reef milled kt 1 361.5 1 429.6 (4.8) 1 377.6 5 555.7
6E PGMs produced koz 38.8 41.3 (6.1) 29.9 138.3
Chrome concentrates produced kt 349.4 407.2 (14.2) 374.4 1 558.2
Average PGM contained metal basket US$/oz 2 208 1 953 13.1 1 381 1 615
price
Average metallurgical grade chrome US$/t 276 276 - 271 266
concentrate price – 42% basis
[1] Tharisa's financial year is from 01 October to 30 September
Phoevos Pouroulis, CEO of Tharisa, commented:
"The first quarter of the financial year was another safe quarter operationally, with production reflecting planned
mine volumes and the seasonal operating environment. While output was softer at the start of the year, leading
indicators across the business are trending positively, particularly in mining, where recoveries have begun to improve
following weather and sequencing-related impacts experienced during the quarter.
Underground development continues to progress in line with our strategic plans, supporting the next phase of
operational flexibility and sustainability. At Karo, development remains aligned with capital availability, with
Tharisa providing additional funding support to maintain momentum on the project timeline.
PGM prices were robust during the quarter, underpinned by supportive market fundamentals, and we were able
to deliver production into this pricing environment. We remain constructive on the PGM price outlook and expect
current price levels, and potentially higher levels, to persist in the months ahead. "
Health & Safety
- The health and safety of our stakeholders remains a core value to the Group and Tharisa continues to
strive for zero harm at its operations
- LTIFR per 200 000 man hours worked of
- 0.02 at Tharisa Minerals
- 0.00 at Karo Platinum
Market Update
- Platinum fundamentals remain in deficit for the third consecutive year. Legislative changes in the
European Union regarding the 2035 ban on combustion-engine vehicles coupled with tariff uncertainty
and rising investment appetite for the precious metals cluster meant PGM prices rose sharply over the
past quarter and continue to hold firm. Chrome prices remain stable and will likely remain range bound
until after the Chinese New Year. Chinese stainless steel production increased during 2025 compared
with 2024 and is expected to increase by approximately 3% into 2026.
Operational Update
- Reef mined at 1 239.0 kt (Q4 FY2025: 1 486.7 kt)
- Reef milled at 1 361.5 kt (Q4 FY2025: 1 429.6 kt)
- Quarterly PGM production at 38.8 koz (Q4 FY2025: 41.3 koz)
- Rougher feed grade of 1.41 g/t (Q4 FY2025: 1.42 g/t)
- Recovery of 78.8% (Q4 FY2025: 80.7%)
- Quarterly chrome production of 349.4 kt (Q4 FY2025: 407.2 kt)
- Grade of 14.9% Cr2O3 (Q4 FY2025: 15.7%)
- Recovery at 70.3% (Q4 FY2025: 74.0%)
Cash Balance and Debt Position
- Group cash on hand of US$122.2 million (30 September 2025: US$173.0 million), and debt of
US$75.2 million (30 September 2025: US$104.4 million), resulting in a net cash position of
US$47.0 million (30 September 2025: US$68.6 million).
Guidance
- Production guidance for FY2026 is set at between 145 koz and 165 koz PGMs (6E basis) and 1.50 Mt to
1.65 Mt of chrome concentrates.
The above forward-looking statements have not been reported on or reviewed by Tharisa's auditors and is the
responsibility of the directors.
Quarter Quarter Quarter on Quarter Year
ended ended quarter ended ended
31 Dec 30 Sep movement 31 Dec 30 Sep
2025 2025 % 2024 2025
Reef mined kt 1 239.0 1 486.7 (16.7) 1 291.0 5 353.8
Stripping ratio m3: m3 10.2 9.3 9.7 12.4 8.9
Reef milled kt 1 361.5 1 429.6 (4.8) 1 377.6 5 555.7
PGM flotation feed kt 1 089.0 1 117.9 (2.6) 1 082.7 4 330.7
PGM rougher feed grade g/t 1.41 1.42 (0.7) 1.39 1.39
PGM recovery % 78.8 80.7 (2.4) 61.7 71.3
6E PGMs produced koz 38.8 41.3 (6.1) 29.9 138.3
Platinum koz 21.0 22.6 (7.1) 16.2 73.0
Palladium koz 7.1 6.7 6.0 5.1 22.0
Rhodium koz 3.8 4.5 (15.6) 2.8 14.5
Average PGM contained metal basket US$/oz 2 208 1 953 13.1 1 381 1 615
price
Platinum US$/oz 1 675 1 384 21.0 966 1 098
Palladium US$/oz 1 469 1 170 25.6 1 011 1 033
Rhodium US$/oz 7 735 6 575 17.6 4 577 5 309
Cr2O3 ROM grade % 14.9 15.7 (5.1) 16.9 16.3
Chrome recovery % 70.3 74.0 (5.0) 65.7 70.3
Chrome yield % 25.7 28.5 (9.8) 27.2 28.0
Chrome concentrates produced kt 349.4 407.2 (14.2) 374.4 1 558.2
Metallurgical grade kt 312.8 371.1 (15.7) 317.7 1 381.8
Specialty grades kt 36.6 36.1 1.4 56.7 176.4
Average metallurgical grade chrome US$/t 276 276 - 271 266
concentrate contract price – 42% basis CIF
China
Average exchange rate ZAR:US$ 17.1 17.6 (2.8) 17.9 18.1
Paphos, Cyprus
13 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: 13-01-2026 07:05:00
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