Tharisa PLC (THS) produced 138,300 ounces of platinum group metals during the year to 30 September 2025, with fourth quarter production up by nearly 20% to 41,300 ounces.
Chrome production for the year was 1.5 million tonnes.
The average PGM price during the year was 18.6% higher than that realised for 2024, at US$1,615per ounce, although the chrome concentrate price was weaker, at US$266 per tonne.
The company is now planning a phased transition to underground mining at its South African operations, commencing in the west pit. The plan is to achieve steady state underground production by 2029 with east pit portal development reaching steady state by FY2033.
This will unlock what Tharisa terms a “multi-generational resource endowment,”
During the period the company also continued its share buyback campaign, with approximately one third left under the existing US$5 million authority.
Group cash on hand increase towards the end of the financial year, to US$173 million, from US$164.6 million at the end of June, while debt stood at US$104.4 million, down from US$121.5 million the previous quarter. Net cash accordingly, stood at US$68.6 million.
Production guidance for 2026 was 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.
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
"We closed the year on a strong note, delivering robust production results in the final quarter,” said Phoevos Pouroulis, chief executive of Tharisa.
“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.”
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Strong underlying fundamentals for the commodities that Tharisa produces continue to provide a positive backdrop for the operational advances that the company is making. PGMs in particular are feeling the benefit of a strong gold price environment and a weaker dollar. Global demand trends, coupled with a constrained and complex supply response, have resulted in a market that is well-supported and structurally balanced.