Tharisa (LSE:THS) reported a mixed set of operating results for the second quarter of FY2026, with platinum group metals (PGMs) production declining 11.6% to 34.3 koz due to lower ore grades. In contrast, chrome concentrate output rose 15.6% to 404 kt, supported by improved feed grades and consistent recovery rates.
Favourable commodity pricing helped offset the softer PGM volumes, with the average PGM basket price increasing by nearly 38% and chrome prices also strengthening. This supported an increase in the group’s cash balance to US$184.3 million, even as debt levels rose in line with ongoing underground development and higher working capital requirements.
A key milestone during the quarter was the first blast at the Apollo portal, marking the start of underground mining at the Tharisa Mine. This development is central to the company’s long-term strategy, which includes more than US$500 million of planned investment into underground expansion over the next decade.
Beyond South Africa, Tharisa continued to progress its Karo Platinum project in Zimbabwe, advancing early-stage works and funding arrangements. The company also maintained solid safety performance and reaffirmed its full-year FY2026 guidance of 145,000–165,000 ounces of PGMs and 1.50–1.65 million tonnes of chrome production.
More about Tharisa
Tharisa plc is a mining and metals group incorporated in Cyprus and listed in both Johannesburg and London. The company focuses on the production of platinum group metals and chrome concentrates, with its flagship Tharisa Mine transitioning from open-pit to a combined open-pit and underground operation. It is also developing the Karo Platinum project in Zimbabwe, aiming to build a long-life, large-scale resource base across both PGMs and chrome.
Leave a Reply