Tharisa (THS) produced 38,000 ounces of 6E platinum group metals during the quarter to end December 2025.
The company enjoyed the benefit of a 13% rise in PGM prices quarter-on-quarter, as the average contained basket price rang in at over US$2,200 per ounce.
Chrome production during the period was just under 350,000 tonnes, with the chrome concentrate price also higher, at US$276 per tonne.
Recovery rates for both chrome and platinum improved, although overall production in terms of tonnes of ore mined and processed was down.
Group cash on hand at the period end stood at US$122.2 million, while debt was down by more than 25% at US$75.2 million. Net cash, accordingly, was US$47 million.
“The first quarter of the financial year was another safe quarter operationally, with production reflecting planned mine volumes and the seasonal operating environment,” said Phoevos Pouroulis, chief executive of Tharisa.
“While output was softer at the start of the year, leading indicators across the business are trending positively, particularly in mining, where recoveries have begun to improve, following weather and sequencing-related impacts experienced during the quarter. Underground development continues to progress in line with our strategic plans, supporting the next phase of operational flexibility and sustainability. At Karo, development remains aligned with capital availability, with Tharisa providing additional funding support to maintain momentum on the project timeline. PGM prices were robust during the quarter, underpinned by supportive market fundamentals, and we were able to deliver production into this pricing environment. We remain constructive on the PGM price outlook and expect current price levels, and potentially higher levels, to persist in the months ahead.”
Production guidance for the 2026 full year is set at between 145,000 ounces and 165,000 ounces of 6E PGMs and between 1.5 million and 1.65 million tonnes of chrome concentrates.
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Tharisa attributes the strong platinum price in part to legislative changes in the European Union regarding the 2035 ban on combustion-engine vehicles combined with tariff uncertainty and rising investment appetite for the precious metals cluster. This analysis is hard to fault, and bodes well for the future for the company, as it looks to expand operations underground. Chrome prices, meanwhile, remain stable and will likely remain range bound until after the Chinese New Year.