REG - Tharisa PLC - Production report for Q4 and full year FY2025

TharisaAnnouncement

14/10/2025 07:00

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RNS Number : 1661D  Tharisa PLC  14 October 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' or the 'Group')

 

PRODUCTION REPORT FOR THE FOURTH QUARTER AND YEAR ENDED 30 SEPTEMBER 2025

Tharisa, the mining, metals, and innovation company dual-listed on the
Johannesburg and London stock exchanges, announces its production results for
Q4 and financial year ended FY2025(( 1  (#_ftn1) )) and cash balance as at the
year end.

Highlights

‒     Lost Time Injury Frequency Rate ('LTIFR') per 200 000 man hours
worked of

§ 0.03 at Tharisa Minerals

§ 0.00 at Karo Platinum

‒     Output:

‒     PGM production for the year at 138.3 koz (FY2024: 145.1 koz) with
strong growth in PGM production in Q4, up 19.7% to 41.3 koz (Q3 FY2025: 34.5
koz)

‒     Chrome production for the year at 1 558.2 kt (FY2024: 1 702.6 kt)
and Q4 chrome production up 2.9% to 407.2 kt (Q3 FY2025: 395.7 kt)

‒     Strong quarterly performance was driven by all key metrics trending
higher, namely mining, milling, grade and recovery for both commodities

‒     Pricing:

‒     Average annual PGM price increase of 18.6% to US$1 615/oz (FY2024:
US$1 362/oz), with a very strong price increase of 24.1% to US$1 953/oz for
the quarter (Q3 FY2025: US$1 574/oz)

‒     Average annual metallurgical grade chrome concentrate prices
contracted by 11.0% to US$266/t (FY2024: US$299/t) while also averaging lower
in the quarter at US$276/t (Q3 FY2025: US$293/t)

‒     Announced the Tharisa Mineral's phased transition to underground
mining, commencing in the west pit and achieving steady state by FY2029 with
east pit portal development reaching steady state by FY2033 - ensuring long
term sustainability by unlocking the multi-generational resource endowment

‒     Committed transitional capital for the dual project development over
the next ten-year period of US$547m, entrenching our robust co-production, low
cost business model and continued investment in our mining eco system,
empowering all stakeholders

‒     Successful share buyback continuing with approximately one third
left under existing US$5m authority

‒     Group cash on hand of US$173.0 million (30 June 2025: US$164.6
million), and debt of US$104.4 million (30 June 2025: US$121.5 million),
resulting in a net cash position of US$68.6 million (30 June 2025: US$43.1
million).

‒     Production guidance for FY2026 is set at between 145 koz and 165 koz
PGMs (6E basis) and

1.50 Mt to 1.65 Mt of chrome concentrates

                                                                                             Quarter ended 30 Sep 2025    Quarter ended 30 June 2025    Quarter on quarter movement %    Quarter ended 30 Sep 2024    Year ended 30 Sep 2025    Year  ended 30 Sep 2024
 Reef mined                                                                 kt               1 486.7                      1 444.9                       2.9                              1 286.5                      5 353.8                   4 641.9
 Reef milled                                                                kt               1 429.6                      1 389.9                       2.9                              1 394.9                      5 555.7                   5 593.8
 PGMs produced (6E)                                                         koz              41.3                         34.5                          19.7                             37.1                         138.3                     145.1
 Average PGM contained metal basket price                                   US$/oz           1 953                        1 574                         24.1                             1370                         1 615                     1 362
 Chrome concentrates produced                                               kt               407.2                        395.7                         2.9                              426.8                        1 558.2                   1 702.6
 Average metallurgical grade chrome concentrate contract price - 42% basis  US$/t CIF China  276                          293                           (5.8)                            314                          266                       299

 

Phoevos Pouroulis, CEO of Tharisa, commented:

"We closed the year on a strong note, delivering robust production results in
the final quarter. This performance reflects the resilience of our operations,
the dedication of our teams on the ground, and the effectiveness of the
strategic investments we have made throughout the year, complemented by yet
another pleasing safety performance through all our operations.

Our continued investment in fixed assets - highlighted by the US$547
commitment  to unlocking multi-generational underground life at our flagship
Tharisa Mine - reflects our unwavering commitment to ensuring safety,
operational efficiency, and the sustainability of our operations. In a dynamic
mining landscape, these long-term capital investments are essential to
unlocking resource potential, enhancing productivity, and securing value for
future generations.

Our commodities continue to benefit from strong underlying fundamentals.
Global demand trends, coupled with a constrained and complex supply response,
have resulted in a market that is well-supported and structurally balanced.
This equilibrium underpins our positive outlook as highlighted in our
continued long-term investment in our strategic assets.

We continue to see compelling growth opportunities in our business, with
material advances, despite measured capital allocation, at Karo. Our expansion
aspirations are carefully calculated and aligned with our disciplined capital
allocation policy, ensuring that we prioritise long-term value creation,
balance sheet strength, and sustainable returns for our shareholders."

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 with
an LTI free quarter being achieved

‒     LTIFR per 200 000 man hours worked of

§ 0.03 at Tharisa Minerals

§ 0.00 at Karo Platinum

Market Update

‒     The PGM market and in particular platinum has been one of the
strongest commodity price performers in 2025, with the continued deficits,
constrained supply, and tightening stocks acting as strong tailwinds.
Palladium, however, faces a more delicate balance, while the minor metals have
seen good price support driven by healthy supply demand fundamentals, which
should see continued support for current prices

‒     Chrome prices remain stable due to the balanced market, across ore
and concentrates.

We maintain that sustained demand will come from the stainless steel segment,
coupled with constrained supply growth providing continued support to the
pricing environment

Operational Update

‒     Annual reef mined was up 15.3% as pit flexibility continued to
improve post remediation plans put in place 24 months ago, with total reef
tonnes mined at 5 353.8 kt, completed by an improvement in quarterly mining,
up 2.9% at 1 486.7 kt (Q3 FY2025: 1 444.9 kt)

‒     Reef milled for the year was steady and close to nameplate capacity
at 5 555.7 kt while quarterly milling was at capacity at 1 429.6 kt (Q3
FY2025: 1 389.9 kt)

‒     PGM production for the year at 138.3 koz (FY2024: 145.1 koz) with
strong growth in PGM production in Q4, up 19.7% to 41.3 koz (Q3 FY2025: 34.5
koz), at an improved rougher feed grade of 1.42 g/t (Q3 FY2025: 1.34 g/t) and
recovery of 80.7%

(Q3 FY2025: 74.9%)

‒     Chrome production for the year at 1 558.2 kt (FY2024: 1 702.6 kt)
and Q4 chrome production up 2.9% to 407.2 kt (Q3 FY2025: 395.7 kt), at a
 grade of 15.7% Cr(2)O(3)

(Q3 FY2025: 16.0%) and recovery at 74.0% (Q3 FY2025: 72.4%)

‒     Karo Platinum infrastructure work continuing with ball mills being
delivered and installed on site while work is continuing at the Chirundazi Dam
expansion

Cash Balance and Debt Position

Group cash on hand of US$173.0 million (30 June 2025: US$164.6 million), and
debt of US$104.4 million (30 June 2025: US$121.5 million), resulting in a
net cash position of US$68.6 million (30 June 2025: US$43.1 million).

Tax Court

Favourable Tax Court judgement over mining royalties dispute, dating back to
2015, with potential positive impact to earnings, with detailed recalculation
in progress.

Guidance

Production guidance for FY2026 is set at between 145 koz and 165 koz PGMs (6E
basis) and 1.50 Mt to 1.65 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 30 Sep 2025    Quarter ended 30 June 2025    Quarter on quarter movement %    Quarter ended 30 Sep 2024    Year ended 30 Sep 2025    Year  ended 30 Sep 2024
 Reef mined                                                                 kt               1 486.7                      1 444.9                       2.9                              1 286.5                      5 353.8                   4 641.9
 Stripping ratio                                                            m(3): m(3)       9.3                          8.3                           12.0                             11.3                         8.9                       12.5
 Reef milled                                                                kt               1 429.6                      1 389.9                       2.9                              1 394.9                      5 555.7                   5 593.8
 PGM flotation feed                                                         kt               1 117.9                      1 074.0                       4.1                              1 049.6                      4 330.7                   4 218.0
 PGM rougher feed grade                                                     g/t              1.42                         1.34                          6.0                              1.56                         1.39                      1.60
 PGM recovery                                                               %                80.7                         74.9                          7.7                              70.6                         71.3                      67.0
 6E PGMs produced                                                           koz              41.3                         34.5                          19.7                             37.1                         138.3                     145.1
 Platinum                                                                   koz              22.6                         17.1                          32.2                             22.3                         73.0                      81.6
 Palladium                                                                  koz              6.7                          5.3                           26.4                             6.0                          22.0                      23.4
 Rhodium                                                                    koz              4.5                          3.6                           25.0                             3.9                          14.5                      13.8
 Average PGM contained metal basket price                                   US$/oz           1 953                        1 574                         24.1                             1 370                        1 615                     1 362
 Platinum                                                                   US$/oz           1 384                        1 073                         29.0                             963                          1 098                     942
 Palladium                                                                  US$/oz           1 170                        991                           18.1                             970                          1 033                     1 002
 Rhodium                                                                    US$/oz           6 575                        5 314                         23.7                             4 616                        5 309                     4 467
 Cr(2)O(3) ROM grade                                                        %                15.7                         16.0                          (1.9)                            18.2                         16.3                      18.4
 Chrome recovery                                                            %                74.0                         72.4                          2.2                              68.8                         70.3                      68.3
 Chrome yield                                                               %                28.5                         28.5                          -                                30.6                         28.0                      30.4
 Chrome concentrates produced                                               kt               407.2                        395.7                         2.9                              426.8                        1 558.2                   1 702.6
 Metallurgical grade                                                        kt               371.1                        359.6                         3.2                              355.8                        1 381.8                   1 421.2
 Specialty grades                                                           kt               36.1                         36.1                          -                                71.0                         176.4                     281.4
 Average metallurgical grade chrome concentrate contract price - 42% basis  US$/t CIF China  276                          293                           (5.8)                            314                          266                       299
 Average exchange rate                                                      ZAR: US$         17.6                         18.3                          (3.8)                            18.0                         18.1                      18.2

 

Paphos, Cyprus

14 October 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
has an Equity Shares (Transition) Category listing on the London Stock
Exchange (LSE: THS).

 1  (#_ftnref1) Tharisa's financial year is from 01 October to 30 September

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