Tharisa (LSE:THS) reported a strong safety outcome alongside mixed operational results for the first quarter of its 2026 financial year. Lost-time injury rates were extremely low across both Tharisa Minerals and Karo Platinum, while metallurgical performance improved, with higher recoveries for both platinum group metals (PGMs) and chrome despite disruption from heavy rainfall and lightning during the period.
Production of PGMs and chrome in the quarter declined compared with the previous quarter, reflecting planned mining volumes and typical seasonal impacts. However, the effect on financial performance was partly offset by higher PGM basket prices and steady chrome pricing, which supported revenues and cash generation. As a result, the group ended the quarter with a net cash position of US$47.0 million.
The balance sheet strength allowed Tharisa to continue funding underground development at its flagship operation while progressing the Karo project in line with available capital. Management highlighted that this positions the group well within a PGM market environment marked by ongoing platinum supply deficits and resilient pricing conditions.
More about Tharisa
Tharisa is an integrated mining and metals group focused on platinum group metals and chrome concentrates. The company operates across the full value chain, from exploration and mining through to processing, beneficiation, marketing, sales and logistics. Its core asset is the low-cost, long-life Tharisa Mine on South Africa’s Bushveld Complex, alongside the development of the tier-one Karo Platinum Project in Zimbabwe. Tharisa is also pursuing downstream beneficiation and energy-transition technologies, including iron chromium redox flow batteries, to support decarbonisation and long-duration energy storage.
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