REG - Tharisa PLC - Production Report Q2 FY2026

TharisaAnnouncement

14/04/2026 07:00

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RNS Number : 2494A  Tharisa PLC  14 April 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 SECOND QUARTER FY2026 ENDED 31 MARCH 2026

Tharisa, the mining, metals, and innovation company dual-listed on the
Johannesburg and London stock exchanges, announces its production results for
Q2 FY2026(( 1  (#_ftn1) )) and cash balance as at 31 March 2026.

Highlights

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

‒     0.03 at Tharisa Minerals

‒     0.00 at Karo Platinum

‒     Successful first blast at the Tharisa Mine Apollo portal marking
the official transition to underground mining in parallel with the existing
open cast mining operations

‒     Quarterly PGM production at 34.3 koz (Q1 FY2026: 38.8 koz) with
PGM recoveries stable at 77.5% (Q1 FY2026: 78.8%)

‒     PGM prices averaging at US$3 038/oz (Q1 FY2026: US$2 208)

‒     Quarterly chrome production of 404.0 kt (Q1 FY2026: 349.4 kt) with
chrome recoveries stable at 69.7% (Q1 FY2026: 70.3%)

‒     Average metallurgical grade chrome concentrate price at US$290/t
(Q1 FY2026: US$276/t)

‒     Group cash on hand of US$184.3 million (31 December 2025: US$122.2
million), and debt of US$129.6 million (31 December 2025: US$75.2 million),
resulting in a net cash position of US$54.7 million (31 December 2025:
US$47.0 million)

 

                                                                           Quarter ended 31 Mar 2026     Quarter ended 31 Dec 2025     Quarter on quarter movement %    Quarter ended 31 Mar 2025     Half year    ended 31 Mar 2026        Half year    ended 31 Mar 2025
 Reef mined                                                        kt      872.4                         1 239.0                       (29.6)                           1 131.1                       2 111.4                               2 422.1
 Reef milled                                                       kt      1 387.9                       1 361.5                       1.9                              1 358.6                       2 749.4                               2 736.2
 6E PGMs produced                                                  koz     34.3                          38.8                          (11.6)                           32.5                          73.1                                  62.4
 Chrome concentrates produced                                      kt      404.0                         349.4                         15.6                             381.0                         753.3                                 755.4
 Average PGM contained metal basket price                          US$/oz  3 038                         2 208                         37.6                             1 421                         2 599                                 1 403
 Average metallurgical grade chrome concentrate price - 42% basis  US$/t   290                           276                           5.1                              235                           284                                   253

 

Phoevos Pouroulis, CEO of Tharisa, commented:

"This quarter's results reflect the resilience and operational discipline that
define Tharisa, underpinned by our continued strong safety performance, in
traditionally the toughest operational quarter, impacted by increased
lightning events and high rainfall. We nevertheless increased quarterly output
in the chrome segment, while PGM output was hampered by lower grades in the
reef being mined.

While reef mined was lower in the quarter due to in-pit constraints,
processing throughput remained strong with improved chrome feed grades
supporting higher chrome concentrate production. PGM production was impacted
by lower grades in the reef being mined, although recoveries remained robust.
On the processing side, PGM recoveries of 77.5% and chrome recoveries of 69.7%
demonstrate the consistency of our operations.

The pricing environment strengthened materially during the quarter, with the
average PGM contained metal basket price increasing to US$3 038/oz from US$2
208/oz in Q1 FY2026, while the average metallurgical grade chrome concentrate
contract price improved to US$290/t from US$276/t in

Q1 FY2026. Current chrome prices at approximately US$315/t  are supported by
higher logistics and freight costs due to the increase in global oil prices.
In light of the current geo-political challenges, we have put in place
mitigation measures to ensure, as far as possible, security of fuel supply to
the Tharisa Mine, while costs will increase, our focus remains on efficiency.

The official commencement of the underground development at the Tharisa Mine
took place on

31 March 2026 with the first blast at the Apollo portal. This development
showcases the long-term life of the Tharisa Mine, with over 60 years of
underground mining potential, while we will be investing over US$500m over the
next decade to sustain the optimal output of over 200 kozpa of PGMs and

2.0 Mt of chrome concentrate. The underground development is a natural
progression for the Tharisa Mine and forms a core pillar of Tharisa's
long-term strategic vision and capital allocation.

We continue to make good progress in further derisking our Karo Platinum
project in Zimbabwe, with open pit surface clearing commencing as planned,
following the successful mobilisation of our mining contractor at the end of
the last quarter. Infrastructure development and investment in key work
packages continues securing  the necessary power, water and long lead
requirements. Good progress has been made in terms of the Karo funding, which,
will provide the full requirements for project completion and targeting first
ore in mill in H2 2027. The funding is subject to final agreement with the
Government of Zimbabwe on the fiscal stability agreements which are nearing
conclusion.

These results reinforce our confidence in the Group's strategy, our balance
sheet discipline and our ability to continue delivering long-term value. I
thank our teams for their continued dedication to safe, efficient and
responsible production and project development."

 

Health & Safety

‒     The health and safety of our stakeholders remains a core value to
the Group which continues to strive for zero harm at its operations

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

‒     0.03 at Tharisa Minerals

‒     0.00 at Karo Platinum

Market Update

‒     Platinum fundamentals remain firm as the market comes to terms
with the deficits in the supply demand dynamics, with the de-stocking of
inventory pipelines, any new demand will need to be met by new supply. Prices
held firm even during the disruptive geopolitical second half of the quarter.
Chrome prices remain strong with logistics costs being passed on to the end
customer.

Operational Update

‒     Reef mined at 872.4 kt (Q1 FY2026: 1 239.0 kt)

‒     Strip ratio increased disproportionally due to lower mining rate

‒     Reef milled at 1 387.9 kt (Q1 FY2026: 1 361.5 kt)

‒     Quarterly PGM production at 34.3 koz (Q1 FY2026: 38.8 koz)

‒     Rougher feed grade of 1.29 g/t (Q1 FY2026: 1.41 g/t)

‒     Recovery of 77.5% (Q1 FY2026: 78.8%)

‒     Quarterly chrome production of 404.0 kt (Q1 FY2026: 349.4 kt)

‒     Grade of 16.9% Cr(2)O(3) (Q1 FY2026: 14.9%)

‒     Recovery at 69.7% (Q1 FY2026: 70.3%)

Cash Balance and Debt Position

‒     Group cash on hand of US$184.3 million (31 December 2025: US$122.2
million), and debt of US$129.6 million (31 December 2025: US$75.2 million),
resulting in a net cash position of US$54.7 million (31 December 2025:
US$47.0 million). The increase in cash on hand was partly offset by higher
debt, reflecting funding drawdowns for the underground development and working
capital timing during the quarter.

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 Mar 2026     Quarter ended 31 Dec 2025     Quarter on quarter movement %    Quarter ended 31 Mar 2025     Half year    ended 31 Mar 2026        Half year    ended 31 Mar 2025
 Reef mined                                                                 kt               872.4                         1 239.0                       (29.6)                           1 131.1                       2 111.4                               2 422.1
 Stripping ratio                                                            m(3): m(3)       16.5                          10.2                          61.8                             12.3                          12.7                                  12.3
 Reef milled                                                                kt               1 387.9                       1 361.5                       1.9                              1 358.6                       2 749.4                               2 736.2
 PGM flotation feed                                                         kt               1 069.5                       1 089.0                       (1.8)                            1 056.2                       2 158.5                               2 138.8
 PGM rougher feed grade                                                     g/t              1.29                          1.41                          (8.5)                            1.42                          1.35                                  1.41
 PGM recovery                                                               %                77.5                          78.8                          (1.6)                            67.4                          78.2                                  64.5
 6E PGMs produced                                                           koz              34.3                          38.8                          (11.6)                           32.5                          73.1                                  62.4
 Platinum                                                                   koz              18.7                          21.0                          (11.0)                           17.5                          39.6                                  33.7
 Palladium                                                                  koz              4.9                           7.1                           (31.0)                           4.8                           11.9                                  9.9
 Rhodium                                                                    koz              3.5                           3.8                           (7.9)                            3.5                           7.3                                   6.3
 Average PGM contained metal basket price                                   US$/oz           3 038                         2 208                         37.6                             1 421                         2 599                                 1 403
 Platinum                                                                   US$/oz           2 207                         1 675                         31.8                             970                           1 941                                 968
 Palladium                                                                  US$/oz           1 714                         1 469                         16.7                             962                           1 591                                 986
 Rhodium                                                                    US$/oz           10 480                        7 735                                                          4 770                         9 107                                 4 673
 Cr(2)O(3) ROM grade                                                        %                16.9                          14.9                          13.4                             16.7                          15.9                                  16.8
 Chrome recovery                                                            %                69.7                          70.3                          (0.9)                            69.0                          70.0                                  67.4
 Chrome yield                                                               %                29.1                          25.7                          13.2                             28.0                          27.4                                  27.6
 Chrome concentrates produced                                               kt               404.0                         349.4                         15.6                             381.0                         753.3                                 755.4
 Metallurgical grade                                                        kt               366.1                         312.8                         17.0                             333.5                         678.8                                 651.2
 Specialty grades                                                           kt               37.9                          36.6                          3.6                              47.5                          74.5                                  104.2
 Average metallurgical grade chrome concentrate contract price - 42% basis  US$/t CIF China  290                           276                           5.1                              235                           284                                   253
 Average exchange rate                                                      ZAR:US$          16.4                          17.1                          (4.1)                            18.5                          16.7                                  18.2

 

  Paphos, Cyprus

  14 April 2026

 

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

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