Tharisa: Production guidance for FY2026 set 145 – 165 koz PGMs
PAPHOS, CYPRUS – Tharisa reports that platinum fundamentals remain firm as the market comes to terms with the deficits in the supply demand dynamics, with the de-stocking of inventory pipelines, any new demand will need to be met by new supply. Prices held firm even during the disruptive geopolitical second half of the quarter. Chrome prices remain strong with logistics costs being passed on to the end customer.
On the operational side, the company reports that reef mined was at 872.4 kt (Q1 FY2026: 1 239.0 kt), strip ratio increased disproportionally due to lower mining rate, reef milled at 1 387.9 kt (Q1 FY2026: 1 361.5 kt), and quarterly PGM production at 34.3 koz (Q1 FY2026: 38.8 koz).
Rougher feed grade of 1.29 g/t (Q1 FY2026: 1.41 g/t) was achieved with recovery of 77.5% (Q1 FY2026: 78.8%). Quarterly chrome production was 404.0 kt (Q1 FY2026: 349.4 kt) with grade of 16.9% Cr2O3 (Q1 FY2026: 14.9%) and recovery at 69.7% (Q1 FY2026: 70.3%).
Group cash on hand was US$184.3 million (31 December 2025: US$122.2 million), and debt of US$129.6 million (31 December 2025: US$75.2 million), resulting in a net cash position of US$54.7 million (31 December 2025: US$47.0 million). The increase in cash on hand was partly offset by higher debt, reflecting funding drawdowns for the underground development and working capital timing during the quarter.
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.
Tharisa is an integrated resource group playing a pivotal role in the 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, reinforces Tharisa’s growth strategy. Investments in downstream beneficiation, including proven chrome and PGM alloy production, will add significant value when commercialised.
Tharisa says it 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.
