Tharisa annual platinum group metal and chrome output meets guidance

Tharisa PLC said on Tuesday that its annual platinum group metal production met its guidance, indicating that its underground project remains on track.

The Cyprus-headquartered platinum miner saw its PGM production rise 11% to 153,700 ounces for the financial year that ended September 30 from 138,700 ounces a year earlier, beating the target of 140,000 ounces.

PGM output for the fourth quarter to September 30 was up 3.5% to 41,000 ounces from 39,600 ounces for the third quarter to June 30.

Average PGM price for the full year surged 61% to USD2,607 an ounce from USD1,615, but PGM price fell 5.4% to USD2,535 an ounce on average quarter-on-quarter from USD2,681.

Tharisa reported that its annual chrome production was roughly steady at 1.6 million tonnes, in line with guidance. Fourth quarter chrome production was 416,700 tonnes, up 5.8% from 393,800 tonnes in the third quarter.

The average chrome price for financial 2026 was up 9.0% to USD290 per tonne from USD266, while the average chrome price for the fourth quarter fell 6.9% to USD285 a tonne from USD306.

Tharisa said its underground transition project remains on track and within budget.

The company said Karo Platinum operations further de-risked, through the signing of a 25-year special mining lease agreement with the Zimbabwean government in August, and a five-year PGM concentrate purchase agreement signed with Valterra Platinum Ltd in the same month, providing offtake certainty.

It said it had invested USD240 million in Karo Platinum phase one, against a total capital expenditure estimate of USD516 million, with first ore to the mill targeted for the fourth quarter of the 2027 calendar year. Karo Platinum is fully funded, with a USD300 million senior secured Nordic bond.

As at September 30, cash on hand was USD123.6 million, up from USD198.8 million at June 30, with additional escrow cash of USD288.2 million amounting to a combined total of USD411.8 million.

Looking ahead, Tharisa guided PGM production for financial 2027 between 150,000 ounces and 170,000 ounces, while the chrome production target is between 1.50 million tonnes and 1.65 million.

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