Tharisa (THS ), the platinum and chrome producer with operations in South Africa and Zimbabwe, has released a fourth quarter operational update.

During the fourth quarter the company produced 41,000 ounces of platinum group metals, up slightly on third quarter production, bringing the total produced for the year to 153,700 ounces. 

That was in line with guidance, and a considerably higher than the 138,700 ounces produced in 2025.

The average basket price realised for platinum group metals for the fourth quarter was US$2,535 per ounce, down slightly on the third quarter, but up substantially on the 2025 average price of US$1,615 per ounce.

Quarterly chrome concentrate production was 416,700 tonnes, bringing overall production in 2026 production to just under 1.6 million tonnes, in line with guidance

The average realised metallurgical grade chrome concentrate price of was US$285 per tonne for the quarter, marginally lower than the overall 2026 average price of US$290 per tonne, but still up from the 2025 average of US$266.

During the period the company continued with its expansion underground at the Tharisa mine.

The project remains on track and within budget, with a total of 450 development metres advanced.

The Karo platinum project in Zimbabwe was also de-risked, as a mining lease was signed with the government, and a five-year PGM concentrate purchase agreement was signed with Valterra Platinum.

So far US$240 million has been invested in Karo to date, against a total capex estimate of US$516 million, with first ore to the mill targeted for the fourth quarter of 2027.

The Karo platinum project is fully funded, following the securing of a US$300 million senior secured Nordic bond.

As at 30 September, Tharisa had cash on hand of US$123.6 million, with additional escrow cash of US$288.2 million amounting to a combined total of US$411.8 million. It was also carrying debt of US$462.8 million, resulting in a net debt position of US$51 million. 

Guidance for 2027 is set at between 150,000 ounces and 170,000 ounces of PGMs on a 6E basis, and
1.5 million to 1.65 million tonnes of concentrates.

"Full year 2026 was the year Tharisa's growth moved from planning into construction,” said Phoevos Pouroulis, chief executive of Tharisa.

“Operationally, we met our market guidance for both commodities, producing 153,700 of 6E PGMs and 1,563,800 tonnes of chrome concentrates for the year. The pricing environment was materially stronger than in the prior year. Our average PGM contained metal basket price was US$2,607 per ounce, compared with US$1,615 per ounce for full year 2025, while the metallurgical grade chrome concentrate price averaged US$290 per tonne on a 42% basis, compared with US$266 per tonne. Platinum market fundamentals remain supportive over the medium term, despite the WPIC's revised forecast of a marginal surplus for 2026. While chrome prices softened late in the year amid weaker stainless steel demand and cautious mill procurement, we believe market conditions are positioned to improve as procurement normalises and demand strengthens, supporting a firmer chrome price outlook.”

 

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A solid performance from Tharisa, that also positions the company well for the future. The track record of production is already impressive, but the expansion is now looking impressive too, with both Tharisa underground and Karo moving ahead rapidly.