Wrap Text
Production Report for the Fourth Quarter and year ended 30 September 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' or the 'Group')
PRODUCTION REPORT FOR THE FOURTH QUARTER AND YEAR ENDED 30 SEPTEMBER 2025
Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London
stock exchanges, announces its production results for Q4 and financial year ended FY2025(1) and cash
balance as at the year end.
Highlights
- Lost Time Injury Frequency Rate ('LTIFR') per 200 000 man hours worked of
- 0.03 at Tharisa Minerals
- 0.00 at Karo Platinum
- Output:
- PGM production for the year at 138.3 koz (FY2024: 145.1 koz) with strong growth in
PGM production in Q4, up 19.7% to 41.3 koz (Q3 FY2025: 34.5 koz)
- Chrome production for the year at 1 558.2 kt (FY2024: 1 702.6 kt) and Q4 chrome
production up 2.9% to 407.2 kt (Q3 FY2025: 395.7 kt)
- Strong quarterly performance was driven by all key metrics trending higher, namely
mining, milling, grade and recovery for both commodities
- Pricing:
- Average annual PGM price increase of 18.6% to US$1 615/oz (FY2024: US$1 362/oz),
with a very strong price increase of 24.1% to US$1 953/oz for the quarter (Q3 FY2025:
US$1 574/oz)
- Average annual metallurgical grade chrome concentrate prices contracted by 11.0%
to US$266/t (FY2024: US$299/t) while also averaging lower in the quarter at US$276/t
(Q3 FY2025: US$293/t)
- Announced the Tharisa Mineral's phased transition to Underground mining, commencing in the
west pit and achieving steady state by FY2029 with east pit portal development reaching steady
state by FY2033 - ensuring long term sustainability by unlocking the multi-generational resource
endowment
- Committed transitional capital for the dual project development over the next ten-year period
of US$547m, entrenching our robust co-production, low cost business model and continued
investment in our mining eco system, empowering all stakeholders
- Successful share buyback continuing with approximately one third left under existing US$5m
authority
- Group cash on hand of US$173.0 million (30 June 2025: US$164.6 million), and debt of
US$104.4 million (30 June 2025: US$121.5 million), resulting in a net cash position of
US$68.6 million (30 June 2025: US$43.1 million).
- Production guidance for FY2026 is set at between 145 koz and 165 koz PGMs (6E basis) and
1.50 Mt to 1.65 Mt of chrome concentrates
(1) Tharisa's financial year is from 01 October to 30 September
Quarter Quarter Quarter on Quarter Year Year
ended ended quarter ended ended ended
30 Sep 30 June movement 30 Sep 30 Sep 30 Sep
2025 2025 % 2024 2025 2024
Reef mined kt 1 486.7 1 444.9 2.9 1 286.5 5 353.8 4 641.9
Reef milled kt 1 429.6 1 389.9 2.9 1 394.9 5 555.7 5 593.8
PGMs produced (6E) koz 41.3 34.5 19.7 37.1 138.3 145.1
Average PGM US$/o 1 953 1 574 24.1 1370 1 615 1 362
contained metal z
basket price
Chrome concentrates kt 407.2 395.7 2.9 426.8 1 558.2 1 702.6
produced
Average metallurgical US$/t 276 293 (5.8) 314 266 299
grade chrome CIF
concentrate contract China
price – 42% basis
Phoevos Pouroulis, CEO of Tharisa, commented:
"We closed the year on a strong note, delivering robust production results in the final quarter. This
performance reflects the resilience of our operations, the dedication of our teams on the ground, and
the effectiveness of the strategic investments we have made throughout the year, complemented by
yet another pleasing safety performance through all our operations.
Our continued investment in fixed assets — highlighted by the US$547 commitment to unlocking
multi-generational underground life at our flagship Tharisa Mine — reflects our unwavering
commitment to ensuring safety, operational efficiency, and the sustainability of our operations. In a
dynamic mining landscape, these long-term capital investments are essential to unlocking resource
potential, enhancing productivity, and securing value for future generations.
Our commodities continue to benefit from strong underlying fundamentals. Global demand trends,
coupled with a constrained and complex supply response, have resulted in a market that is well-
supported and structurally balanced. This equilibrium underpins our positive outlook as highlighted in
our continued long-term investment in our strategic assets.
We continue to see compelling growth opportunities in our business, with material advances, despite
measured capital allocation, at Karo. Our expansion aspirations are carefully calculated and aligned
with our disciplined capital allocation policy, ensuring that we prioritise long-term value creation,
balance sheet strength, and sustainable returns for our shareholders."
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
- 0.03 at Tharisa Minerals
- 0.00 at Karo Platinum
Market Update
- The PGM market and in particular platinum has been one of the strongest commodity price
performers in 2025, with the continued deficits, constrained supply, and tightening stocks acting
as strong tailwinds. Palladium, however, faces a more delicate balance, while the minor metals
have seen good price support driven by healthy supply demand fundamentals, which should see
continued support for current prices
- Chrome prices remain stable due to the balanced market, across ore and concentrates.
We maintain that sustained demand will come from the stainless steel segment, coupled with
constrained supply growth providing continued support to the pricing environment
Operational Update
- Annual reef mined was up 15.3% as pit flexibility continued to improve post remediation plans put
in place 24 months ago, with total reef tonnes mined at 5 353.8 kt, completed by an improvement
in quarterly mining, up 2.9% at 1 486.7 kt (Q3 FY2025: 1 444.9 kt)
- Reef milled for the year was steady and close to nameplate capacity at 5 555.7 kt while quarterly
milling was at capacity at 1 429.6 kt (Q3 FY2025: 1 389.9 kt)
- PGM production for the year at 138.3 koz (FY2024: 145.1 koz) with strong growth in
PGM production in Q4, up 19.7% to 41.3 koz (Q3 FY2025: 34.5 koz), at an improved
rougher feed grade of 1.42 g/t (Q3 FY2025: 1.34 g/t) and recovery of 80.7%
(Q3 FY2025: 74.9%)
- Chrome production for the year at 1 558.2 kt (FY2024: 1 702.6 kt) and Q4 chrome
production up 2.9% to 407.2 kt (Q3 FY2025: 395.7 kt), at a grade of 15.7% Cr2O3
(Q3 FY2025: 16.0%) and recovery at 74.0% (Q3 FY2025: 72.4%)
- Karo Platinum infrastructure work continuing with ball mills being delivered and installed on site
while work is continuing at the Chirundazi Dam expansion
Cash Balance and Debt Position
Group cash on hand of US$173.0 million (30 June 2025: US$164.6 million), and debt of
US$104.4 million (30 June 2025: US$121.5 million), resulting in a net cash position of US$68.6 million
(30 June 2025: US$43.1 million).
Tax Court
Favourable Tax Court judgement over mining royalties dispute, dating back to 2015, with potential
positive impact to earnings, with detailed recalculation in progress.
Guidance
Production guidance for FY2026 is set at between 145 koz and 165 koz PGMs (6E basis) and 1.50 Mt
to 1.65 Mt of chrome concentrates
The above forward-looking statements have not been reported on or reviewed by Tharisa's auditors
and is the responsibility of the directors.
Quarter Quarter Quarter on Quarter Year Year
ended ended quarter ended ended ended
30 Sep 30 June movement 30 Sep 30 Sep 30 Sep
2025 2025 % 2024 2025 2024
Reef mined kt 1 486.7 1 444.9 2.9 1 286.5 5 353.8 4 641.9
Stripping ratio m3: m3 9.3 8.3 12.0 11.3 8.9 12.5
Reef milled kt 1 429.6 1 389.9 2.9 1 394.9 5 555.7 5 593.8
PGM flotation feed kt 1 117.9 1 074.0 4.1 1 049.6 4 330.7 4 218.0
PGM rougher feed g/t 1.42 1.34 6.0 1.56 1.39 1.60
grade
PGM recovery % 80.7 74.9 7.7 70.6 71.3 67.0
6E PGMs produced koz 41.3 34.5 19.7 37.1 138.3 145.1
Platinum koz 22.6 17.1 32.2 22.3 73.0 81.6
Palladium koz 6.7 5.3 26.4 6.0 22.0 23.4
Rhodium koz 4.5 3.6 25.0 3.9 14.5 13.8
Average PGM contained US$/o 1 953 1 574 24.1 1 370 1 615 1 362
metal basket price z
Platinum US$/o 1 384 1 073 29.0 963 1 098 942
z
Palladium US$/o 1 170 991 18.1 970 1 033 1 002
z
Rhodium US$/o 6 575 5 314 23.7 4 616 5 309 4 467
z
Cr2O3 ROM grade % 15.7 16.0 (1.9) 18.2 16.3 18.4
Chrome recovery % 74.0 72.4 2.2 68.8 70.3 68.3
Chrome yield % 28.5 28.5 - 30.6 28.0 30.4
Chrome concentrates kt 407.2 395.7 2.9 426.8 1 558.2 1 702.6
produced
Metallurgical grade kt 371.1 359.6 3.2 355.8 1 381.8 1 421.2
Specialty grades kt 36.1 36.1 - 71.0 176.4 281.4
Average metallurgical US$/t 276 293 (5.8) 314 266 299
grade chrome CIF
concentrate contract China
price – 42% basis
Average exchange rate ZAR: 17.6 18.3 (3.8) 18.0 18.1 18.2
US$
Paphos, Cyprus
14 October 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: 14-10-2025 07:05:00
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