Tharisa PLC (THS) generated revenue of US$602.9 million in the year to 30 September 2025 from its chrome and platinum group metals mining operations in South Africa, and booked a profit before tax of US$117.5 million.

Cash in hand at the period end stood at US$175million, while net cash stood at a robust US$69.8 million. 

Operating profit and EBITDA were both up.

Chrome production was just over 1.55 million tonnes of concentrates, while PGM production was just over 138,000 ounces. Realised chrome prices were slightly lower than that attained on average over the previous year, but PGM prices were up by nearly 19% at US$1,615 per ounce.

Production guidance for 2026 is set at between 145,000 and 165,000 ounces of 6E PGMs and between 1.5 million and 1.65 million tonnes of chrome concentrates. 

Long-term plans for continued production at Tharisa’s core asset, the Tharisa mine on the western limb of South Africa’s Bushveld, were put into place this year, with a planned move underground. 

The company holds a mining right over 5,475 hectares of land near Rustenburg in the North West province. Granted on 19 September 2008 for an initial thirty-year period, this right provides access to the MG chromitite reef layers, which extend for approximately five kilometres across the property.

Mining is currently undertaken in three open pits—East, West, and Far West—with the phased transition to underground mining having commenced in October 2025. Once mined, ore is processed using two parallel plants, Genesis and Voyager. The smaller Genesis plant was commissioned in August 2011, with its PGM circuit coming online later that December. The larger Voyager plant followed in December 2012. 

Subsequent milling and flotation is used to recover PGMs from the chrome tailings, after which any remaining chrome is reclaimed from the PGM tailings. In addition, the Vulcan Complex—commissioned in 2022—processes fine and ultra-fine chrome waste streams (tailings) from both the Genesis and Voyager plants, enabling further chrome recovery. 

Integrated within the Genesis plant’s feed circuit is the Challenger plant, operated a subsidiary, Arxo Metals. 

Commissioned in July 2013, the Challenger plant produces chemical and foundry-grade chrome concentrates

The proposed dividend is US$0.015 per share. 

 

View from Vox

 

The cash keeps flowing into Tharisa’s coffers, albeit that chrome prices have been volatile over the year. With the development plans for underground now well in hand, and profits and earnings rolling along nicely, Tharisa looks well positioned for the ongoing recovery in the broader mining sector. Not surprising, then, that it’s shares have almost doubled in value in the past few months.