Wrap Text
Production Report for the Third Quarter FY2025 ended 30 June 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')
PRODUCTION REPORT FOR THE THIRD QUARTER FY2025 ENDED 30 JUNE 2025
Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock
exchanges, announces its production results for Q3 FY2025(1) and cash balance at 30 June 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
- Positive improvement in reef mining volumes for the quarter up 27.7% to 1.45 Mt (Q2 FY2025: 1.13 Mt)
- PGM production up at 34.5 koz (Q2 FY2025: 32.5 koz)
- Chrome production up at 395.7 kt (Q2 FY2025: 381.0 kt)
- Average PGM prices increased by 10.8% to US$1 574/oz for the quarter (Q2 FY2025: US$1 421/oz)
- Average metallurgical grade chrome concentrate prices increased by 24.7% to US$293/t for the quarter
(Q2 FY2025: US$235/t)
- Group cash on hand of US$150.9 million (31 March 2025: US$186.0 million), and debt of US$121.5 million
(31 March 2025: US$106.7 million), resulting in a net cash position of US$29.4 million (31 March 2025:
US$79.3 million), the difference being the result on outflow of project and working capital timing.
Quarter Quarter Quarter on Quarter Nine
ended ended quarter ended months
30 June 31 March movement 30 June ended
2025 2025 % 2024 30 June
2025
Reef mined kt 1 444.9 1 131.1 27.7 1 261.9 3 867.0
Reef milled kt 1 389.9 1 358.6 2.3 1 396.1 4 126.1
PGMs produced (6E) koz 34.5 32.5 6.2 36.9 96.9
Average PGM contained metal US$/oz 1 574 1 421 10.8 1 391 1 462
basket price
Chrome concentrates produced kt 395.7 381.0 3.9 410.2 1 151.1
Average metallurgical grade US$/t 293 235 24.7 309 266
chrome concentrate contract price CIF
– 42% basis China
(1)Tharisa's financial year is from 01 October to 30 September
Phoevos Pouroulis, CEO of Tharisa, commented:
"An improving quarter as our reef mining volumes trended higher as we made good progress in the east pit with
remediation post the heavy rainfall in the first half of the year. Work on the phased underground transition is on
track with the scheduled development timeline.
Safety is our core value and it is noteworthy to report on an LTI free quarter.
The quarter reflected recovery improvements in both our chrome and PGM circuits and are trending towards our
targeted performance metrics for our integrated processing plants. Our head grade blend remains a challenge
while overall output increased on the back of improved recoveries. The focus for the remainder of the year is to
provide improved mined grades into our plants. With improved flexibility in our open pits and increased mining
volume we are forecasting improving head grades.
As outlined in detail in our half year results, Karo Platinum has made significant progress in derisking the project
and the team is working at concluding funding solutions to accelerate the final development of this Tier 1 asset.
With commodity prices improving, our balance sheet continues to remain robust."
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 with an LTI free quarter being achieved
- LTIFR per 200 000 man hours worked of
- 0.02 at Tharisa Minerals
- 0.00 at Karo Platinum
Market Update
- PGM prices continued their upward trend driven by real physical demand for refined platinum and
industrial buying while supply cutbacks and pipeline destocking underpinned the widening gap in the supply
demand fundamentals. While prices are now more supportive of industry profitability, long-term
sustainability of higher prices is necessary to induce wide scale project development
- Chrome prices recovered as pipeline inventories needed restocking with metallurgical chrome prices
recovering to US$295. Prices retreated towards the end of the quarter; however, we are of the view that
the supply demand fundamentals remain in balance with the current spot price at US$265.
Operational Update
- Improved quarter on quarter reef mined at 1 444.9 kt (Q2 FY2025: 1 131.1 kt)
- Reef milled at 1 389.9 kt for the quarter (Q2 FY2025: 1 358.6 kt)
- PGM production up at 34.5 koz (Q2 FY2025: 32.5 koz)
- Rougher feed grade of 1.34 g/t (Q2 FY2025: 1.42 g/t)
- Recovery of 74.9% (Q2 FY2025: 67.4%)
- Chrome production up at 395.7 kt (Q2 FY2025: 381.0 kt)
- Grade of 16.0% Cr2O3 (Q2 FY2025: 16.7%)
- Recovery at 72.4% (Q2 FY2025: 69.0%)
- Tharisa Minerals underground definitive feasibility study completed
- Karo Platinum infrastructure work continuing in line with capital availability
Cash Balance and Debt Position
Group cash on hand of US$150.9 million (31 March 2025: US$186.0 million), and debt of US$121.5 million (31
March 2025: US$106.7 million), resulting in a net cash position of US$29.4 million (31 March 2025: US$79.3
million), the difference being the result on outflow of project and working capital timing.
Guidance
in line with the 9 months performance to date, production is trending towards the lower end of guidance, and
we consider it prudent to lower guidance by approximately 5% off the lower end of guidance which was set at
140 koz PGMs (6E basis) and 1.65 Mt of chrome concentrates.
The above forward-looking statements have not been reported on or reviewed by Tharisa's auditors and is the
responsibility of the directors.
Quarter Quarter Quarter on Quarter Nine
ended ended quarter ended months
30 June 31 March movement 30 June ended
2025 2025 % 2024 30 June
2025
Reef mined kt 1 444.9 1 131.1 27.7 1 261.9 3 867.0
Stripping ratio m3: m3 8.3 12.3 (32.5) 12.7 8.8
Reef milled kt 1 389.9 1 358.6 2.3 1 396.1 4 126.1
PGM flotation feed kt 1 074.0 1 056.2 1.7 1 064.9 3 212.8
PGM rougher feed grade g/t 1.34 1.42 (5.6) 1.57 1.38
PGM recovery % 74.9 67.4 11.1 68.5 67.9
6E PGMs produced koz 34.5 32.5 6.2 36.9 96.9
Platinum koz 17.1 17.5 (2.3) 19.4 50.4
Palladium koz 5.3 4.8 10.4 5.8 15.5
Rhodium koz 3.6 3.5 2.9 3.3 10.0
Average PGM contained metal US$/oz 1 574 1 421 10.8 1 391 1 462.0
basket price
Platinum US$/oz 1 073 970 10.6 981 1 003
Palladium US$/oz 991 962 3.0 973 988
Rhodium US$/oz 5 314 4 770 11.4 4 638 4 887
Cr2O3 ROM grade % 16.0 16.7 (4.2) 18.0 16.5
Chrome recovery % 72.4 69.0 4.9 67.3 69.0
Chrome yield % 28.5 28.0 1.8 29.4 27.9
Chrome concentrates produced kt 395.7 381.0 3.9 410.2 1 151.1
Metallurgical grade kt 359.6 333.5 7.8 336.0 1 010.8
Specialty grades kt 36.1 47.5 (24.0) 74.2 140.3
Average metallurgical grade US$/t 293 235 24.7 309 266
chrome concentrate contract price CIF
– 42% basis China
Average exchange rate ZAR:US$ 18.3 18.5 (1.1) 18.6 18.2
Paphos, Cyprus
9 July 2025
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
Tharisa is an integrated resource group critical to the energy transition and decarbonisation of economies. It
incorporates exploration, mining, processing and the beneficiation, marketing, sales, and logistics of PGMs and
chrome concentrates, using innovation and technology as enablers. Its principal operating asset is the multi-
generational Tharisa Mine, located in the south-western limb of the Bushveld Complex, South Africa. Tharisa is
also developing the Karo Platinum Project, a tier-one PGM asset located on the Great Dyke in Zimbabwe, while
simultaneously focusing on beneficiation in the form of chrome and PGM alloys. A 15-year Power Purchase
Agreement for the procurement of wheeled renewable energy and a 40 MW solar project will ensure that
Tharisa Minerals' drive to reduce its carbon footprint by 30% by 2030 is well within reach, forming a major part
of a roadmap to become net carbon neutral by 2050. Redox One is accelerating the development of a proprietary
iron chromium redox flow long-duration battery utilising the commodities we mine. Tharisa plc is listed on the
Johannesburg Stock Exchange (JSE: THA) and has an Equity Shares (Transition) Category listing on the London
Stock Exchange (LSE: THS).
Date: 09-07-2025 07:05:00
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