Wrap Text
Production Report for the second quarter FY2026 ended 31 March 2026
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 SECOND QUARTER FY2026 ENDED 31 MARCH 2026
Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London
stock exchanges, announces its production results for Q2 FY20261 and cash balance as at 31 March
2026.
Highlights
- Lost Time Injury Frequency Rate ('LTIFR') per 200 000 man hours worked of
- 0.03 at Tharisa Minerals
- 0.00 at Karo Platinum
- Successful first blast at the Tharisa Mine Apollo portal marking the official transition to
underground mining in parallel with the existing open cast mining operations
- Quarterly PGM production at 34.3 koz (Q1 FY2026: 38.8 koz) with PGM recoveries stable at
77.5% (Q1 FY2026: 78.8%)
- PGM prices averaging at US$3 038/oz (Q1 FY2026: US$2 208)
- Quarterly chrome production of 404.0 kt (Q1 FY2026: 349.4 kt) with chrome recoveries stable
at 69.7% (Q1 FY2026: 70.3%)
- Average metallurgical grade chrome concentrate price at US$290/t (Q1 FY2026: US$276/t)
- Group cash on hand of 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$47.0 million)
Quarter Quarter Quarter Quarter Half Half
ended ended on ended year year
31 Mar 31 Dec quarter 31 Mar ended ended
2026 2025 movement 2025 31 Mar 31 Mar
% 2026 2025
Reef mined kt 872.4 1 239.0 (29.6) 1 131.1 2 111.4 2 422.1
Reef milled kt 1 387.9 1 361.5 1.9 1 358.6 2 749.4 2 736.2
6E PGMs produced koz 34.3 38.8 (11.6) 32.5 73.1 62.4
Chrome concentrates kt 404.0 349.4 15.6 381.0 753.3 755.4
produced
(1) Tharisa's financial year is from 01 October to 30 September
Average PGM contained US$/o 3 038 2 208 37.6 1 421 2 599 1 403
metal basket price z
Average metallurgical US$/t 290 276 5.1 235 284 253
grade chrome
concentrate price – 42%
basis
Phoevos Pouroulis, CEO of Tharisa, commented:
"This quarter's results reflect the resilience and operational discipline that define Tharisa, underpinned
by our continued strong safety performance, in traditionally the toughest operational quarter,
impacted by increased lightning events and high rainfall. We nevertheless increased quarterly output
in the chrome segment, while PGM output was hampered by lower grades in the reef being mined.
While reef mined was lower in the quarter due to in-pit constraints, processing throughput remained
strong with improved chrome feed grades supporting higher chrome concentrate production. PGM
production was impacted by lower grades in the reef being mined, although recoveries remained
robust. On the processing side, PGM recoveries of 77.5% and chrome recoveries of 69.7% demonstrate
the consistency of our operations.
The pricing environment strengthened materially during the quarter, with the average PGM contained
metal basket price increasing to US$3 038/oz from US$2 208/oz in Q1 FY2026, while the average
metallurgical grade chrome concentrate contract price improved to US$290/t from US$276/t in
Q1 FY2026. Current chrome prices at approximately US$315/t are supported by higher logistics and
freight costs due to the increase in global oil prices. In light of the current geo-political challenges, we
have put in place mitigation measures to ensure, as far as possible, security of fuel supply to the Tharisa
Mine, while costs will increase, our focus remains on efficiency.
The official commencement of the underground development at the Tharisa Mine took place on
31 March 2026 with the first blast at the Apollo portal. This development showcases the long-term life
of the Tharisa Mine, with over 60 years of underground mining potential, while we will be investing
over US$500m over the next decade to sustain the optimal output of over 200 kozpa of PGMs and
2.0 Mt of chrome concentrate. The underground development is a natural progression for the Tharisa
Mine and forms a core pillar of Tharisa's long-term strategic vision and capital allocation.
We continue to make good progress in further derisking our Karo Platinum project in Zimbabwe, with
open pit surface clearing commencing as planned, following the successful mobilisation of our mining
contractor at the end of the last quarter. Infrastructure development and investment in key work
packages continues securing the necessary power, water and long lead requirements. Good progress
has been made in terms of the Karo funding, which, will provide the full requirements for project
completion and targeting first ore in mill in H2 2027. The funding is subject to final agreement with the
Government of Zimbabwe on the fiscal stability agreements which are nearing conclusion.
These results reinforce our confidence in the Group's strategy, our balance sheet discipline and our
ability to continue delivering long-term value. I thank our teams for their continued dedication to safe,
efficient and responsible production and project development."
Health & Safety
- The health and safety of our stakeholders remains a core value to the Group which continues
to strive for zero harm at its operations
- Lost Time Injury Frequency Rate ('LTIFR') per 200 000 man hours worked of
- 0.03 at Tharisa Minerals
- 0.00 at Karo Platinum
Market Update
- 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.
Operational Update
- Reef mined 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)
- 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)
- Recovery of 77.5% (Q1 FY2026: 78.8%)
- Quarterly chrome production of 404.0 kt (Q1 FY2026: 349.4 kt)
- Grade of 16.9% Cr2O3 (Q1 FY2026: 14.9%)
- Recovery at 69.7% (Q1 FY2026: 70.3%)
Cash Balance and Debt Position
- Group cash on hand of 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$47.0 million). The increase in cash on hand was partly
offset by higher debt, reflecting funding drawdowns for the underground development and
working capital timing during the quarter.
Guidance
- Production guidance for FY2026 is set at between 145 koz and 165 koz PGMs (6E basis) and
1.50 Mt to 1.65 Mt of chrome concentrates.
The above forward-looking statements have not been reported on or reviewed by Tharisa's auditors
and is the responsibility of the directors.
Quarter Quarter Quarter Quarter Half Half
ended ended on ended year year
31 Mar 31 Dec quarter 31 Mar ended ended
2026 2025 movemen 2025 31 Mar 31 Mar
t% 2026 2025
Reef mined kt 872.4 1 239.0 (29.6) 1 131.1 2 111.4 2 422.1
Stripping ratio m3: m3 16.5 10.2 61.8 12.3 12.7 12.3
Reef milled kt 1 387.9 1 361.5 1.9 1 358.6 2 749.4 2 736.2
PGM flotation feed kt 1 069.5 1 089.0 (1.8) 1 056.2 2 158.5 2 138.8
PGM rougher feed grade g/t 1.29 1.41 (8.5) 1.42 1.35 1.41
PGM recovery % 77.5 78.8 (1.6) 67.4 78.2 64.5
6E PGMs produced koz 34.3 38.8 (11.6) 32.5 73.1 62.4
Platinum koz 18.7 21.0 (11.0) 17.5 39.6 33.7
Palladium koz 4.9 7.1 (31.0) 4.8 11.9 9.9
Rhodium koz 3.5 3.8 (7.9) 3.5 7.3 6.3
Average PGM contained US$/o 3 038 2 208 37.6 1 421 2 599 1 403
metal basket price z
Platinum US$/o 2 207 1 675 31.8 970 1 941 968
z
Palladium US$/o 1 714 1 469 16.7 962 1 591 986
z
Rhodium US$/o 10 480 7 735 4 770 9 107 4 673
z
Cr2O3 ROM grade % 16.9 14.9 13.4 16.7 15.9 16.8
Chrome recovery % 69.7 70.3 (0.9) 69.0 70.0 67.4
Chrome yield % 29.1 25.7 13.2 28.0 27.4 27.6
Chrome concentrates kt 404.0 349.4 15.6 381.0 753.3 755.4
produced
Metallurgical grade kt 366.1 312.8 17.0 333.5 678.8 651.2
Specialty grades kt 37.9 36.6 3.6 47.5 74.5 104.2
Average metallurgical grade US$/t 290 276 5.1 235 284 253
chrome concentrate CIF
contract price – 42% basis China
Average exchange rate ZAR:U 16.4 17.1 (4.1) 18.5 16.7 18.2
S$
Paphos, Cyprus
14 April 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: 14-04-2026 07:05:00
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