REG - Tharisa PLC - Production Report Q3 FY2025

TharisaAnnouncement

Wed 07:00

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RNS Number : 2309Q  Tharisa PLC  09 July 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 THIRD QUARTER FY2025 ENDED 30 JUNE 2025

Tharisa, the mining, metals, and innovation company dual-listed on the
Johannesburg and London stock exchanges, announces its production results for
Q3 FY2025(( 1 )) and cash balance at 30 June 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

‒      Positive improvement in reef mining volumes for the quarter up
27.7% to 1.45 Mt (Q2 FY2025: 1.13 Mt)

‒      PGM production up at 34.5 koz (Q2 FY2025: 32.5 koz)

‒      Chrome production up at 395.7 kt (Q2 FY2025: 381.0 kt)

‒      Average PGM prices increased by 10.8% to US$1 574/oz for the
quarter (Q2 FY2025: US$1 421/oz)

‒      Average metallurgical grade chrome concentrate prices increased
by 24.7% to US$293/t for the quarter (Q2 FY2025: US$235/t)

‒      Group cash on hand of US$150.9 million (31 March 2025: US$186.0
million), and debt of US$121.5 million (31 March 2025: US$106.7 million),
resulting in a net cash position of US$29.4 million (31 March 2025: US$79.3
million), the difference being the result on outflow of project and working
capital timing.

 

                                                                                             Quarter ended 30 June 2025     Quarter ended 31 March 2025     Quarter on quarter movement %    Quarter ended 30 June 2024     Nine months ended 30 June 2025
 Reef mined                                                                 kt               1 444.9                        1 131.1                         27.7                             1 261.9                        3 867.0
 Reef milled                                                                kt               1 389.9                        1 358.6                         2.3                              1 396.1                        4 126.1
 PGMs produced (6E)                                                         koz              34.5                           32.5                            6.2                              36.9                           96.9
 Average PGM contained metal basket price                                   US$/oz           1 574                          1 421                           10.8                             1 391                          1 462
 Chrome concentrates produced                                               kt               395.7                          381.0                           3.9                              410.2                          1 151.1
 Average metallurgical grade chrome concentrate contract price - 42% basis  US$/t CIF China  293                            235                             24.7                             309                            266

 

 

Phoevos Pouroulis, CEO of Tharisa, commented:

"An improving quarter as our reef mining volumes trended higher as we made
 good progress in the east pit with remediation post the heavy rainfall in
the first half of the year. Work on the phased underground transition is on
track with the scheduled development timeline.

Safety is our core value and it is noteworthy to report on an LTI free
quarter.

The quarter reflected recovery improvements in both our chrome and PGM
circuits and are trending towards our targeted performance metrics for our
integrated processing plants. Our head grade blend remains a challenge while
overall output increased on the back of improved recoveries. The focus for the
remainder of the year is to provide improved mined grades into our plants.
With improved flexibility in our open pits and increased mining volume we are
forecasting improving head grades.

As outlined in detail in our half year results, Karo Platinum has made
significant progress in derisking the project and the team is working at
concluding funding solutions to accelerate the final development of this Tier
1 asset.

With commodity prices improving, our balance sheet continues to remain
robust."

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

‒      0.02 at Tharisa Minerals

‒      0.00 at Karo Platinum

Market Update

‒      PGM prices continued their upward trend driven by real physical
demand  for refined platinum and industrial buying while supply cutbacks and
pipeline destocking underpinned the widening gap in the supply demand
fundamentals. While prices are now more supportive of industry profitability,
long-term sustainability of higher prices is necessary to induce wide scale
project development

‒      Chrome prices recovered as pipeline inventories needed
restocking with metallurgical chrome prices recovering to US$295. Prices
retreated towards the end of the quarter; however, we are of the view that the
supply demand fundamentals remain in balance with the current spot price at
US$265.

Operational Update

‒      Improved quarter on quarter reef mined at 1 444.9 kt (Q2
FY2025: 1 131.1 kt)

‒      Reef milled at 1 389.9 kt for the quarter (Q2 FY2025: 1 358.6
kt)

‒      PGM production up at 34.5 koz (Q2 FY2025: 32.5 koz)

‒      Rougher feed grade of 1.34 g/t (Q2 FY2025: 1.42 g/t)

‒      Recovery of 74.9% (Q2 FY2025: 67.4%)

‒      Chrome production up at 395.7 kt (Q2 FY2025: 381.0 kt)

‒      Grade of 16.0% Cr(2)O(3) (Q2 FY2025: 16.7%)

‒      Recovery at 72.4% (Q2 FY2025: 69.0%)

‒      Tharisa Minerals underground definitive feasibility study
completed

‒      Karo Platinum infrastructure work continuing in line with
capital availability

Cash Balance and Debt Position

Group cash on hand of US$150.9 million (31 March 2025: US$186.0 million), and
debt of US$121.5 million (31 March 2025: US$106.7 million), resulting in a
net cash position of US$29.4 million (31 March 2025: US$79.3 million), the
difference being the result on outflow of project and working capital timing.

Guidance

in line with the 9 months performance to date, production is trending towards
the lower end of guidance, and we consider it prudent to lower guidance by
approximately 5% off the lower end of guidance which was set at  140 koz PGMs
(6E basis) and 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 June 2025     Quarter ended 31 March 2025     Quarter on quarter movement %    Quarter ended 30 June 2024     Nine months ended 30 June 2025
 Reef mined                                                                 kt               1 444.9                        1 131.1                         27.7                             1 261.9                        3 867.0
 Stripping ratio                                                            m(3): m(3)       8.3                            12.3                            (32.5)                           12.7                           8.8
 Reef milled                                                                kt               1 389.9                        1 358.6                         2.3                              1 396.1                        4 126.1
 PGM flotation feed                                                         kt               1 074.0                        1 056.2                         1.7                              1 064.9                        3 212.8
 PGM rougher feed grade                                                     g/t              1.34                           1.42                            (5.6)                            1.57                           1.38
 PGM recovery                                                               %                74.9                           67.4                            11.1                             68.5                           67.9
 6E PGMs produced                                                           koz              34.5                           32.5                            6.2                              36.9                           96.9
 Platinum                                                                   koz              17.1                           17.5                            (2.3)                            19.4                           50.4
 Palladium                                                                  koz              5.3                            4.8                             10.4                             5.8                            15.5
 Rhodium                                                                    koz              3.6                            3.5                             2.9                              3.3                            10.0
 Average PGM contained metal basket price                                   US$/oz           1 574                          1 421                           10.8                             1 391                          1 462.0
 Platinum                                                                   US$/oz           1 073                          970                             10.6                             981                            1 003
 Palladium                                                                  US$/oz           991                            962                             3.0                              973                            988
 Rhodium                                                                    US$/oz           5 314                          4 770                           11.4                             4 638                          4 887
 Cr(2)O(3) ROM grade                                                        %                16.0                           16.7                            (4.2)                            18.0                           16.5
 Chrome recovery                                                            %                72.4                           69.0                            4.9                              67.3                           69.0
 Chrome yield                                                               %                28.5                           28.0                            1.8                              29.4                           27.9
 Chrome concentrates produced                                               kt               395.7                          381.0                           3.9                              410.2                          1 151.1
 Metallurgical grade                                                        kt               359.6                          333.5                           7.8                              336.0                          1 010.8
 Specialty grades                                                           kt               36.1                           47.5                            (24.0)                           74.2                           140.3
 Average metallurgical grade chrome concentrate contract price - 42% basis  US$/t CIF China  293                            235                             24.7                             309                            266
 Average exchange rate                                                      ZAR:US$          18.3                           18.5                            (1.1)                            18.6                           18.2

 

Paphos, Cyprus

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

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