REG - Tharisa PLC - Production Report Q1 FY2026

TharisaAnnouncement

Yesterday 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260113:nRSM5638Oa&default-theme=true

RNS Number : 5638O  Tharisa PLC  13 January 2026

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 '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% Cr(2)O(3) (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

‒      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 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

 

 

Paphos, Cyprus

13 January 2026

 

JSE Sponsor

Investec Bank Limited

Connect with us on LinkedIn
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2F8630834%2Fadmin%2Ffeed%2Fposts%2F&data=05%7C02%7Csdewitt%40tharisa.com%7Cb4359cc34f9f411b94d008dc8950d0f3%7C9b0829b9be394336a766f8c9dc2c71a4%7C0%7C0%7C638536227402219626%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=FaLKMxZnAr%2BTbs9l3R01HVBM4CLQ0nk28BRyfjz79%2Bs%3D&reserved=0)
to get further news and updates about our business.

 

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 - delivering on expansion and growth opportunities,
commercialising technology solutions

Tharisa is an integrated resource group playing a pivotal role in the global
energy transition and the decarbonisation of economies. Leveraging innovation
and technology, Tharisa covers the entire value chain - exploration, mining,
processing, beneficiation, marketing, sales, and logistics - for PGMs and
chrome concentrates. The low cost, multigenerational Tharisa Mine is located
on the southwestern limb of the Bushveld Complex, South Africa, the largest
source of PGMs and chrome globally. Development of the Karo Platinum Project,
a tier-one PGM project on Zimbabwe's Great Dyke, further reinforces Tharisa's
growth strategy. Investments in downstream beneficiation, including proven
chrome and PGM alloy production, will add significant value when
commercialised. Tharisa is committed to reducing carbon emissions by 30% by
2030 and the sustainability roadmap targets net carbon neutrality by 2050.
Through Redox One, Tharisa is advancing proprietary iron-chromium redox flow
battery technology, utilising the very commodities it mines to support
long-duration energy storage - a key component in the transition to renewable
energy.

Tharisa plc is listed on the Johannesburg Stock Exchange (JSE: THA) and the
London Stock Exchange (LSE: THS, Equity Shares (Transition) Category).

 1  Tharisa's financial year is from 01 October to 30 September

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLGPURAGUPQGWP



            Copyright 2019 Regulatory News Service, all rights reserved