Wrap Text
Audited Annual Results for the year ended 30 September 2025 and Cash Dividend Declaration
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')
AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 AND CASH DIVIDEND DECLARATION
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 platinum
group metals (PGMs) and chrome concentrates. The low cost, multi-generational Tharisa Mine is
located on the south-western limb of the Bushveld Complex, South Africa, the largest source of PGMs
and chrome globally. While 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 downstream
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.
REEF MINED
5.4 Mt
(2024: 4.6 Mt)
+17.4%
PGM PRODUCTION (5PGE + AU)
138.3 koz
(2024: 145.1 koz)
-4.7%
CHROME CONCENTRATE PRODUCTION
1.56 Mt
(2024: 1.70 Mt)
-8.2%
REVENUE
US$602.9 m
(2024: US$721.4 m)
-16.4%
OPERATING PROFIT
US$125.6 m
(2024: US$119.6 m)
+5.0%
MINING ROYALTY CREDIT
US$67.3 m
EBITDA
US$187.3 m
(2024: US$177.6 m)
+5.5%
PROFIT BEFORE TAX
US$117.6 m
(2024: US$117.7 m)
EARNINGS PER SHARE
US 26.7 cents
(2024: US 27.7 cents)
-3.6%
HEADLINE EARNINGS PER SHARE
US 27.5 cents
(2024: US 28.1 cents)
-2.1%
ROIC
9.7%
(2024: 11.1%)
-12.6%
PROPOSED TOTAL DIVIDEND
US 3.0 cents
(2024: US 4.5 cents)
-33.3%
Declaration of dividend
Shareholders are advised that the board has resolved to propose a final gross cash dividend of
US 1.5 cents per ordinary share for the financial year ended 30 September 2025, such dividend
being payable to shareholders registered on the register of members of Tharisa as of the close of
business on the record date, being Friday, 27 February 2026. If approved by shareholders, the
recommended dividend will be paid on Wednesday, 11 March 2026.
Shareholders on the principal Cyprus register will be paid in US dollars, shareholders whose shares
are held through Central Securities Depositary Participants (CSDPs) and brokers and are traded on
the JSE will be paid in South African rand (ZAR) and holders of depositary interests traded on the
LSE will be paid in sterling (GBP). The currency equivalents of the dividend will be based on the
weighted average of the South African Reserve Bank's daily rate at approximately 10:30 (UTC +2)
on Thursday, 27 November 2025, being the currency conversion date.
Tharisa has a total of 302 596 743 ordinary shares in issue on Thursday, 27 November 2025, of
which 293 701 622 carry voting rights and are eligible to receive dividends.
Timetable
The timetable for the dividend declaration is as follows:
Declaration and currency conversion date Monday, 1 December 2025
Currency conversion rates announced Thursday, 19 February 2026
Last day to trade cum-dividend rights on the JSE Tuesday, 24 February 2026
Last day to trade cum-dividend rights on the LSE Wednesday, 25 February 2026
Shares will trade ex-dividend rights on the JSE from Wednesday, 25 February 2026
Shares will trade ex-dividend rights on the LSE from Thursday, 26 February 2026
Record date for payment on both JSE and LSE Friday, 27 February 2026
Dividend payment date Wednesday, 11 March 2026
No dematerialisation or rematerialisation of shares within Strate will be permitted between
Wednesday, 25 February 2026 and Friday, 27 February 2026, both days inclusive. No transfers
between registers will be permitted between Thursday, 19 February 2026 and Friday, 27 February
2026, both days inclusive.
Tax implications of the dividend
Shareholders and Depositary Interest holders should note that information provided
should not be regarded as tax advice.
Shareholders are advised that the dividend declared will be paid out of income reserves and may
therefore be subject to dividend withholding tax depending on the tax residency of the shareholder.
South African tax residents
South African shareholders are advised that the dividend constitutes a foreign dividend. For
individual South African tax resident shareholders, dividend withholding tax of 20% will be applied
to the gross dividend of US 1.5 cents per share. Shareholders who are South African tax resident
companies are exempt from dividend tax and will receive the dividend of US 1.5 cents per share.
This does not constitute legal or tax advice and is based on taxation law and practice in South Africa.
Shareholders should consult their brokers, financial and/or tax advisers with regard to how they will
be impacted by the payment of the dividend. The Company's tax identification code is 12223412W.
UK tax residents
UK tax residents are advised that the dividend constitutes a foreign dividend and that they should
consult their brokers, financial and/or tax advisers with regard to how they will be impacted by the
payment of the dividend.
Cyprus tax residents
Individual Cyprus tax residents are advised that the dividend constitutes a local dividend and that
they should consult their brokers, financial and/or tax advisers with regard to how they will be
impacted by the payment of the dividend.
The full announcement was released on SENS and RNS on Monday, 1 December 2025, and can be
found on the Company's website at www.tharisa.com and can also be viewed here,
https://senspdf.jse.co.za/documents/2025/jse/isse/THA/FYresults.pdf
This short-form announcement is the responsibility of the directors and any investment decision
should be based on the full announcement published on SENS and RNS.
BDO Limited Cyprus has expressed an unmodified audit opinion in the Independent Auditor's Report
dated 27 November 2025 on the audited consolidated financial statements which are included in the
full results.
By order of the Board
P Pouroulis Chief Executive Officer MG Jones Chief Finance Officer
27 November 2025
DIRECTORS
Loucas Pouroulis (Executive Chairman)
Phoevos Pouroulis (Chief Executive Officer)
Michael Jones (Chief Finance Officer)
Carol Bell (Lead Independent Director)
David Salter (Independent non-executive director)
Gloria Zvaravanhu (Independent non-executive director)
Roger Davey (Independent non-executive director)
Vasileios Vergopoulos (Independent non-executive director)
Shelley Wai Man Lo (Non-executive director)
Hao Chen (Non-executive director)
REGISTERED ADDRESS
Office 108 – 110
S. Pittokopitis Business Centre
17 Neophytou Nicolaides and Kilkis Streets, 8011 Paphos, Cyprus
www.tharisa.com
GROUP COMPANY SECRETARY
Sanet Findlay
The Crossing, 372 Main Road
Bryanston, Johannesburg, 2191
South Africa
Email: secretarial@tharisa.com
ASSISTANT COMPANY SECRETARY
Lysandros Lysandrides
31 Evagoras Ave
6th Floor Evagoras House
1066 Nicosia
Cyprus
TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited, Cymain Registrars Limited
Paphos, Cyprus
1 December 2025
JSE Sponsor
Investec Bank Limited
Connect with us on LinkedIn and Twitter 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 7418 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
Date: 01-12-2025 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
