REG - Tharisa PLC - Production report for Q2FY2025 ended 31 March 2025
10/04/2025 07:00
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RNS Number : 3547E Tharisa PLC 10 April 2025
Tharisa plc
(Incorporated in the Republic of Cyprus with limited liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
ISIN: CY0103562118
LEI: 213800WW4YWMVVZIJM90
('Tharisa' or the 'Company')
PRODUCTION REPORT FOR THE SECOND QUARTER FY2025 ENDED 31 MARCH 2025
Tharisa, the mining, metals, and innovation company dual-listed on the
Johannesburg and London stock exchanges, announces its production results for
Q2 FY2025(( 1 )) and cash balance at 31 March 2025.
Highlights
‒ Lost Time Injury Frequency Rate ('LTIFR') per 200 000 man hours
worked of
§ 0.02 at Tharisa Minerals
§ 0.08 at Karo Platinum
‒ PGM production up to 32.5 koz (Q1 FY2025: 29.9 koz)
‒ Chrome production up to 381.0 kt (Q1 FY2025: 374.4 kt)
‒ Average PGM prices increased to US$1 421/oz for the quarter (Q1
FY2025: US$1 381/oz)
‒ Average metallurgical grade chrome concentrate prices at
US$235/t for the quarter (Q1 FY2025: US$271/t)
‒ Group cash on hand of US$186.0 million (31 December 2024:
US$175.1 million), and debt of US$106.7 million (31 December 2024: US$86.1
million), resulting in a net cash position of US$79.3 million (31 December
2024: US$89.0 million)
Quarter ended 31 Mar 2025 Quarter ended 31 Dec 2024 Quarter on quarter movement % Quarter ended 31 Mar 2024 Half year ended 31 Mar 2025 Half year ended 31 Mar 2024
Reef mined kt 1 131.1 1 291.0 (12.4) 1 035.0 2 422.1 2 093.6
Reef milled kt 1 358.6 1 377.6 (1.4) 1 378.5 2 736.2 2 802.8
6E PGMs produced (6E) koz 32.5 29.9 8.7 35.3 62.4 71.1
Average PGM contained metal basket price US$/oz 1 421 1 381 2.9 1 343 1 403 1 344
Chrome concentrates produced kt 381.0 374.4 1.8 402.7 755.4 865.6
Average metallurgical grade chrome concentrate contract price - 42% basis US$/t CIF China 235 271 (13.3) 286 253 288
Phoevos Pouroulis, CEO of Tharisa, commented:
"A solid quarter dampened by unprecedented rainfall and weather interruptions,
which necessitated higher than budgeted in pit evacuations in line with safety
protocols and thus affected mining mix and volumes. Lightning disruptions hit
an all-time high during the period.
The dryer winter months are expected to lead to a more normal production
output.
Studies on the underground mine development are nearing finalisation, and we
will update the market on these exciting plans in the second half of the year.
While on the markets, chrome has rebounded strongly from the quarter's lows,
and our PGM basket price is relatively stable in Rand terms with the
devaluation of our local currency, the impact of the trade wars on the outlook
for global economic growth is creating an uncertain and volatile environment
which may impact on demand for commodities. While both PGMs and chrome are not
subject to USA tariffs, the intermediate and final products containing these
commodities will be. "
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
‒ 0.08 at Karo Platinum
Market Update
‒ PGM prices saw good support pre-USA global trade tariff being
affected, as the market started to realise that the supply demand gap needs
price recalibration to ensure future re-balance. The impact of the trade
tariffs, particularly on the motor trade, on future demand for motor vehicles
may impact PGM demand and prices going forward.
‒ Chrome prices have advanced from pre-December 2024 quarterly
lows, with spot trading at US$300/t with port stocks at circa six to eight
week inventory levels. Demand for chrome remains strong, with the logistics
pipelines operating normally. The recent implementation by the USA of revised
trade tariffs on all Chinese imports into the USA, with China being our main
market for the chrome concentrates, and likely impact on demand for stainless
steel is uncertain at this time and may impact on demand and prices for
chrome.
Operational Update
‒ Steady quarter on quarter reef mining at 1 131.1 kt (Q1 FY2025:
1 291.0 kt)
‒ Quarter on quarter reef milled at 1 358.6 kt (Q1 FY2025:
1 377.6 kt), with continued supplement of ROM purchases
‒ PGM production up to 32.5 koz (Q1 FY2025: 29.9 koz)
‒ Rougher feed grade of 1.42 g/t (Q1 FY2025: 1.39 g/t)
‒ Recovery of 67.4% (Q1 FY2025: 61.7%)
‒ Chrome production up to 381.0 kt (Q1 FY2025: 374.4 kt)
‒ Grade of 16.7% Cr(2)O(3) (Q1 FY2025: 16.9%)
‒ Recovery at 69.0% (Q1 FY2025: 65.7%)
‒ Tharisa Minerals underground definitive feasibility study on
track for approval in second half of the year
‒ Karo Platinum infrastructure work is ongoing in line with
available funding for work packages while value engineering continues
Cash Balance and Debt Position
‒ Group cash on hand of US$186.0 million (31 December 2024:
US$175.1 million), and debt of US$106.7 million (31 December 2024: US$86.1
million), resulting in a net cash position of US$79.3 million (31 December
2024: US$89.0 million)
Guidance
‒ Production guidance for FY2025 is set at between 140 koz and 160
koz PGMs (6E basis) and 1.65 Mt to 1.8 Mt of chrome concentrates
The above forward-looking statements have not been reported on or reviewed by
Tharisa's auditors and is the responsibility of the directors.
Quarter ended 31 Mar 2025 Quarter ended 31 Dec 2024 Quarter on quarter movement % Quarter ended 31 Mar 2024 Half year ended 31 Mar 2025 Half year ended 31 Mar 2024
Reef mined kt 1 131.1 1 291.0 (12.4) 1 035.0 2 422.1 2 093.6
Stripping ratio m(3): m(3) 12.3 12.4 (0.8) 14.0 12.3 12.9
Reef milled kt 1 358.6 1 377.6 (1.4) 1 378.5 2 736.2 2 802.8
PGM flotation feed kt 1 056.2 1 082.7 (2.4) 1 055.6 2 138.8 2 103.6
PGM rougher feed grade g/t 1.42 1.39 2.2 1.66 1.41 1.63
PGM recovery % 67.4 61.7 9.2 62.9 64.5 64.5
6E PGMs produced koz 32.5 29.9 8.7 35.3 62.4 71.1
Platinum produced koz 17.5 16.2 8.0 19.2 33.7 39.7
Palladium produced koz 4.8 5.1 (5.9) 6.4 9.9 11.6
Rhodium produced koz 3.5 2.8 25.0 3.2 6.3 6.5
Average PGM contained metal basket price US$/oz 1 421 1 381 2.9 1 343 1 403 1 344
Platinum price US$/oz 970 966 0.4 910 968 912
Palladium price US$/oz 962 1 011 (4.8) 978 986 1 033
Rhodium price US$/oz 4 770 4 577 4.2 4 399 4 673 4 306
Cr(2)O(3) ROM grade % 16.7 16.9 (1.2) 18.1 16.8 18.6
Chrome recovery % 69.0 65.7 5.0 66.4 67.4 68.5
Chrome yield % 28.0 27.2 2.9 29.2 27.6 30.9
Chrome concentrates produced kt 381.0 374.4 1.8 402.7 755.4 865.6
Metallurgical grade kt 333.5 317.7 5.0 339.5 651.2 729.4
Specialty grades kt 47.5 56.7 (16.2) 63.2 104.2 136.2
Average metallurgical grade chrome concentrate contract price - 42% basis US$/t CIF China 235 271 (13.3) 286 253 288
Average exchange rate ZAR:US$ 18.5 17.9 3.4 18.9 18.2 18.9
Paphos, Cyprus
10 April 2025
JSE Sponsor
Investec Bank Limited
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Investor Relations Contacts:
Ilja Graulich (Head of Investor Relations and Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com (mailto:igraulich@tharisa.com)
Broker Contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / Georgia Langoulant
+44 207 418 8900
BMO Capital Markets Limited (UK Joint Broker)
Thomas Rider / Nick Macann
+44 207 236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Jennifer Lee / Detlir Elezi
+44 203 207 7800
About Tharisa
Tharisa is an integrated resource group critical to the energy transition and
decarbonisation of economies. It incorporates exploration, mining, processing
and the beneficiation, marketing, sales, and logistics of PGMs and chrome
concentrates, using innovation and technology as enablers. Its principal
operating asset is the multi-generational Tharisa Mine, located in the
south-western limb of the Bushveld Complex, South Africa. Tharisa is also
developing the Karo Platinum Project, a tier-one PGM asset located on the
Great Dyke in Zimbabwe, while simultaneously focusing on beneficiation in the
form of chrome and PGM alloys. A 15-year Power Purchase Agreement for the
procurement of wheeled renewable energy and a 40 MW solar project will ensure
that Tharisa Minerals' drive to reduce its carbon footprint by 30% by 2030 is
well within reach, forming a major part of a roadmap to become net carbon
neutral by 2050. Redox One is accelerating the development of a proprietary
iron chromium redox flow long-duration battery utilising the commodities we
mine. Tharisa plc is listed on the Johannesburg Stock Exchange (JSE: THA) and
the Main Board of the London Stock Exchange (LSE: THS).
1 Tharisa's financial year is from 01 October to 30 September
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