Tharisa

THS · Main Market · Basic Resources · mcap £364m · 111.0p 1 open situation →

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2026 Karo Platinum Project build-out

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Project milestones◷ in 37 days

Karo Platinum Project build-out

Construction; awaiting bond drawdown

Karo build-out continued after the 25-year Special Mining Lease (24 Aug 2026), Valterra offtake (27 Aug 2026) and US$300m bond (escrow confirmed 25 Sep 2026). The 13 Oct 2026 report shows US$240m of US$516m capex spent, pre-stripping at 1.91m BCM and construction moving to steel erection. Drawdowns are expected from Nov 2026 and first ore to the mill is still targeted for Q4 CY2027.

Output ambition: CEO says Karo will more than double PGM output and add a second Tier 1 asset 11 Sep 2026 ↗
Key agreements: SMLA and Valterra offtake agreement concluded 11 Sep 2026 ↗
Conditions: Remaining release conditions must be met before project drawdown 25 Sep 2026 ↗
Capex to date: US$240m of US$516m: US$204m Tharisa equity, US$36m KMH bond 13 Oct 2026 ↗
Next milestone: Ore mining from October 2026; mechanical installation Q1 2027 13 Oct 2026 ↗
Commissioning: July to October 2027; first ore to mill Q4 CY2027 13 Oct 2026 ↗

Next: Drawdowns from Nov 2026; ore mining Oct 2026; first ore to mill Q4 CY2027 · 30 Nov 2026

13 Oct 2026 US$288.2m in escrow; conditions pending
25 Sep 2026 Proceeds in escrow; release conditions pending
11 Sep 2026 Bond priced; settlement pending
27 Aug 2026 Offtake signed; refinancing still not mentioned

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