Tharisa (THS): Karo Platinum Project build-out

This situation live

THS Tharisa

£364m · 111.0p · +16% since the first step

10 Nov 2025 · Bondholders approved extension; effective 1 December 2025 · +32% until the next step approved by the requisite majority, with effect from the maturity date of the existing bonds, being 1 December 2025

13 Jan 2026 · Extension effective; Tharisa funding Karo further · −8% until the next step At Karo, development remains aligned with capital availability, with Tharisa providing additional funding support to maintain momentum on the project timeline.

14 Apr 2026 · Karo funding progressing; fiscal agreements nearing conclusion · +3% until the next step The funding is subject to final agreement with the Government of Zimbabwe on the fiscal stability agreements which are nearing conclusion.

7 May 2026 · Contractor appointed; first portal under development · −7% until the next step The signing follows on from the successful first blast on 31 March 2026 marking the commencement of the development of the first portal at the Tharisa Mine.

14 Jul 2026 · Portal development on time and on budget · +8% until the next step Tharisa underground project on time and in line with budget, portal development on track to deliver first ROM within Q4

24 Aug 2026 · Special Mining Lease signed; fiscal terms agreed · +2% until the next step The parties have agreed to the fiscal terms, and the agreement was signed by Hon. Minister Dr Eng. Polite Kambamura of the Ministry of Mines and Mining Development and Hon. Minister Mthuli Ncube of th

27 Aug 2026 · Offtake signed; refinancing still not mentioned · +2% until the next step This agreement underpins the bankability of Karo, reflects the quality of the asset and reinforces the partnership-led approach that has been central to Tharisa's development since inception.

11 Sep 2026 · Bond priced; settlement pending · −2% until the next step successful pricing of a US$300 million five-year senior secured bond issued at 98% of principal, with a semi-annual coupon of 11.00% per annum

25 Sep 2026 · Proceeds in escrow; release conditions pending · −2% until the next step will see proceeds released to the Group upon fulfilment of the remaining applicable release conditions

13 Oct 2026 · Construction; awaiting bond drawdown · −10% since The US$300 million bond has been sized to fund the remaining construction programme, with proceeds held in escrow pending fulfilment of the customary conditions precedent.

Project milestones

Karo Platinum Project build-out

Construction; awaiting bond drawdown

NOV30 Next: Drawdowns from Nov 2026; ore mining Oct 2026; first ore to mill Q4 CY2027 in 37 days

Every step · 10

10 Nov 2025 Bondholders approved extension; effective 1 December 2025 – approved by the requisite majority, with effect from the maturity date of the existing bonds, being 1 December 2025 ↗
13 Jan 2026 Extension effective; Tharisa funding Karo further – At Karo, development remains aligned with capital availability, with Tharisa providing additional funding support to maintain momentum on the project timeline. ↗
14 Apr 2026 Karo funding progressing; fiscal agreements nearing conclusion – The funding is subject to final agreement with the Government of Zimbabwe on the fiscal stability agreements which are nearing conclusion. ↗
7 May 2026 Contractor appointed; first portal under development – The signing follows on from the successful first blast on 31 March 2026 marking the commencement of the development of the first portal at the Tharisa Mine. ↗
14 Jul 2026 Portal development on time and on budget – Tharisa underground project on time and in line with budget, portal development on track to deliver first ROM within Q4 ↗
24 Aug 2026 Special Mining Lease signed; fiscal terms agreed – The parties have agreed to the fiscal terms, and the agreement was signed by Hon. Minister Dr Eng. Polite Kambamura of the Ministry of Mines and Mining... ↗
27 Aug 2026 Offtake signed; refinancing still not mentioned – This agreement underpins the bankability of Karo, reflects the quality of the asset and reinforces the partnership-led approach that has been central to... ↗
11 Sep 2026 Bond priced; settlement pending – successful pricing of a US$300 million five-year senior secured bond issued at 98% of principal, with a semi-annual coupon of 11.00% per annum ↗
25 Sep 2026 Proceeds in escrow; release conditions pending – will see proceeds released to the Group upon fulfilment of the remaining applicable release conditions ↗
13 Oct 2026 Construction; awaiting bond drawdown – The US$300 million bond has been sized to fund the remaining construction programme, with proceeds held in escrow pending fulfilment of the customary... ↗

What is happening

Tharisa: Karo Platinum Project build-out – Construction; awaiting bond drawdown. ['Construction; awaiting bond drawdown']

In short: 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.
Announced: 10 Nov 2025 · Bondholders approved extension; effective 1 December 2025
Latest: 13 Oct 2026 · US$288.2m in escrow; conditions pending
Output ambition: CEO says Karo will more than double PGM output and add a second Tier 1 asset
Key agreements: SMLA and Valterra offtake agreement concluded
Conditions: Remaining release conditions must be met before project drawdown
Capex to date: US$240m of US$516m: US$204m Tharisa equity, US$36m KMH bond
Next milestone: Ore mining from October 2026; mechanical installation Q1 2027
Commissioning: July to October 2027; first ore to mill Q4 CY2027
Steady state: 220-230 koz 6E per annum, about six months after first ore in mill
Progress: Pre-stripping 1.91m BCM; Chirundazi Dam 75% complete; cleaner flotation 73%

What comes next

Drawdowns from Nov 2026; ore mining Oct 2026; first ore to mill Q4 CY2027 (30 Nov 2026).

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