Production Report Q1 FY2026
Tharisa plc reported its Q1 FY2026 production results, showing improved PGM recoveries to 78.8% and chrome recoveries to 70.3%, alongside higher PGM prices averaging US$2,208/oz and chrome concentrate prices at US$276/t. The company's cash on hand decreased to US$122.2 million from US$173.0 million, with debt falling to US$75.2 million from US$104.4 million, resulting in a net cash position of US$47.0 million. Production volumes for reef mined and milled were down quarter-on-quarter, impacting PGM and chrome concentrate output, but the company remains constructive on PGM price outlook and has provided FY2026 production guidance of 145-165 koz PGMs and 1.50-1.65 Mt chrome concentrates.
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JSE share code: THA
LSE share code: THS
A2X share code: THA
('Tharisa' or the 'Company' or 'Group')
PRODUCTION REPORT FOR THE FIRST QUARTER FY2026 ENDED 31 DECEMBER 2025
Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock exchanges, announces its production results for Q1 FY2026[1] and cash balance as at 31 December 2025.
Highlights
‒ Lost Time Injury Frequency Rate ('LTIFR') per 200 000 man hours worked of
‒ 0.02 at Tharisa Minerals
‒ 0.00 at Karo Platinum
‒ Planned risk mitigation successful with double the amount of rainfall and lightening events year on year
‒ PGM recoveries improved at 78.8% (Q1 FY2025 61.7%)
‒ Chrome recoveries improved at 70.3% (Q1 FY2025 65.7%)
‒ PGM prices averaging at US$2 208/oz (FY2025 US$1 615)
‒ Average metallurgical grade chrome concentrate price at US$276/t (FY2025: US$266t)
Group cash on hand of US$122.2 million (30 September 2025: US$173.0 million), and debt of US$75.2 million (30 September 2025: US$104.4 million), resulting in a net cash position of US$47.0 million (30 September 2025: US$68.6 million)
| Quarter ended 31 Dec 2025 | Quarter ended 30 Sep 2025 | Quarter on quarter movement % | Quarter ended 31 Dec 2024 | Year ended 30 Sep 2025 | ||
|---|---|---|---|---|---|---|
| Reef mined | kt | 1 239.0 | 1 486.7 | (16.7) | 1 291.0 | 5 353.8 |
| Reef milled | kt | 1 361.5 | 1 429.6 | (4.8) | 1 377.6 | 5 555.7 |
| 6E PGMs produced | koz | 38.8 | 41.3 | (6.1) | 29.9 | 138.3 |
| Chrome concentrates produced | kt | 349.4 | 407.2 | (14.2) | 374.4 | 1 558.2 |
| Average PGM contained metal basket price | US$/oz | 2 208 | 1 953 | 13.1 | 1 381 | 1 615 |
| Average metallurgical grade chrome concentrate price - 42% basis | US$/t | 276 | 276 | - | 271 | 266 |
Phoevos Pouroulis, CEO of Tharisa, commented:
"The first quarter of the financial year was another safe quarter operationally, with production reflecting planned mine volumes and the seasonal operating environment. 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. "
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
‒ LTIFR per 200 000 man hours worked of
‒ 0.02 at Tharisa Minerals
‒ 0.00 at Karo Platinum
Market Update
‒ Platinum fundamentals remain in deficit for the third consecutive year. Legislative changes in the European Union regarding the 2035 ban on combustion-engine vehicles coupled with tariff uncertainty and rising investment appetite for the precious metals cluster meant PGM prices rose sharply over the past quarter and continue to hold firm. Chrome prices remain stable and will likely remain range bound until after the Chinese New Year. Chinese stainless steel production increased during 2025 compared with 2024 and is expected to increase by approximately 3% into 2026.
Operational Update
‒ Reef mined at 1 239.0 kt (Q4 FY2025: 1 486.7 kt)
‒ Reef milled at 1 361.5 kt (Q4 FY2025: 1 429.6 kt)
‒ Quarterly PGM production at 38.8 koz (Q4 FY2025: 41.3 koz)
‒ Rougher feed grade of 1.41 g/t (Q4 FY2025: 1.42 g/t)
‒ Recovery of 78.8% (Q4 FY2025: 80.7%)
‒ Quarterly chrome production of 349.4 kt (Q4 FY2025: 407.2 kt)
‒ Grade of 14.9% Cr2O3 (Q4 FY2025: 15.7%)
‒ Recovery at 70.3% (Q4 FY2025: 74.0%)
Cash Balance and Debt Position
‒ Group cash on hand of US$122.2 million (30 September 2025: US$173.0 million), and debt of US$75.2 million (30 September 2025: US$104.4 million), resulting in a net cash position of US$47.0 million (30 September 2025: US$68.6 million).
Guidance
The above forward-looking statements have not been reported on or reviewed by Tharisa's auditors and is the responsibility of the directors.
| Quarter ended 31 Dec 2025 | Quarter ended 30 Sep 2025 | Quarter on quarter movement % | Quarter ended 31 Dec 2024 | Year ended 30 Sep 2025 | ||
|---|---|---|---|---|---|---|
| Reef mined | kt | 1 239.0 | 1 486.7 | (16.7) | 1 291.0 | 5 353.8 |
| Stripping ratio | m 3 : m 3 | 10.2 | 9.3 | 9.7 | 12.4 | 8.9 |
| Reef milled | kt | 1 361.5 | 1 429.6 | (4.8) | 1 377.6 | 5 555.7 |
| PGM flotation feed | kt | 1 089.0 | 1 117.9 | (2.6) | 1 082.7 | 4 330.7 |
| PGM rougher feed grade | g/t | 1.41 | 1.42 | (0.7) | 1.39 | 1.39 |
| PGM recovery | % | 78.8 | 80.7 | (2.4) | 61.7 | 71.3 |
| 6E PGMs produced | koz | 38.8 | 41.3 | (6.1) | 29.9 | 138.3 |
| Platinum | koz | 21.0 | 22.6 | (7.1) | 16.2 | 73.0 |
| Palladium | koz | 7.1 | 6.7 | 6.0 | 5.1 | 22.0 |
| Rhodium | koz | 3.8 | 4.5 | (15.6) | 2.8 | 14.5 |
| Average PGM contained metal basket price | US$/oz | 2 208 | 1 953 | 13.1 | 1 381 | 1 615 |
| Platinum | US$/oz | 1 675 | 1 384 | 21.0 | 966 | 1 098 |
| Palladium | US$/oz | 1 469 | 1 170 | 25.6 | 1 011 | 1 033 |
| Rhodium | US$/oz | 7 735 | 6 575 | 17.6 | 4 577 | 5 309 |
| Cr 2 O 3 ROM grade | % | 14.9 | 15.7 | (5.1) | 16.9 | 16.3 |
| Chrome recovery | % | 70.3 | 74.0 | (5.0) | 65.7 | 70.3 |
| Chrome yield | % | 25.7 | 28.5 | (9.8) | 27.2 | 28.0 |
| Chrome concentrates produced | kt | 349.4 | 407.2 | (14.2) | 374.4 | 1 558.2 |
| Metallurgical grade | kt | 312.8 | 371.1 | (15.7) | 317.7 | 1 381.8 |
| Specialty grades | kt | 36.6 | 36.1 | 1.4 | 56.7 | 176.4 |
| Average metallurgical grade chrome concentrate contract price - 42% basis | US$/t CIF China | 276 | 276 | - | 271 | 266 |
| Average exchange rate | ZAR:US$ | 17.1 | 17.6 | (2.8) | 17.9 | 18.1 |
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[1] Tharisa's financial year is from 01 October to 30 September
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