Tharisa Ends FY2025 Strong with Surge in PGM & Chrome Output, $68.6m Net Cash

Tharisa has closed its 2025 financial year with remarkable operational and financial achievements, solidifying its position as a leading integrated producer of platinum group metals (PGMs) and chrome. The Johannesburg and London dual-listed miner delivered strong production growth and demonstrated disciplined management across its operations, despite a volatile commodities environment. The company’s continued emphasis on efficiency, safety, and sustainability has enabled it to outperform expectations, culminating in a strong net cash position that underscores its financial resilience and operational strength.

Production results were particularly impressive. PGM output climbed by 19.7 percent quarter-on-quarter to reach 41.3 thousand ounces (koz), driving the full-year total to 138.3 koz. This growth was complemented by a 2.9 percent increase in chrome production to 407.2 thousand tonnes (kt) during the final quarter, bringing the total for the year to 1.56 million tonnes (Mt). Market dynamics also played a role in shaping Tharisa’s performance. While chrome prices softened to US$266 per tonne amid weaker global demand, PGM prices surged 24 percent in the last quarter to an average of US$1,953 per ounce, boosting overall revenue.

Operational excellence was matched by a continued focus on safety and sustainability. Tharisa Minerals recorded a Lost Time Injury Frequency Rate (LTIFR) of just 0.03, while its Karo Platinum project achieved a flawless LTIFR of 0.00, reflecting world-class safety practices. Financially, the company ended the year with US$173 million in cash and US$104.4 million in debt, yielding a net cash position of US$68.6 million. These results provide a solid foundation for future capital commitments, including a US$547 million investment to transition the Tharisa Mine from open-pit to underground operations by FY2029 (west pit) and FY2033 (east pit).

Looking ahead, Tharisa’s FY2026 guidance points to steady progress, with projected production of 145 to 165 koz of PGMs and 1.50 to 1.65 Mt of chrome concentrates. A recent favorable ruling in a long-standing tax dispute over mining royalties is expected to further enhance profitability and investor confidence. Together with its strategic investments and strong balance sheet, the company is well-positioned to sustain growth and generate long-term value.

For Africa’s broader mining industry, Tharisa’s performance reflects the growing maturity of regional miners that are integrating technology, safety, and sustainability into their core operations. The company’s transition toward underground mining and continued investment in high-value metals align with global trends toward cleaner technologies and critical minerals demand. This evolution not only strengthens South Africa’s position as a PGM and chrome powerhouse but also sets a benchmark for responsible resource development across the continent.

Mini-Glossary

• PGMs (Platinum Group Metals): A group of precious metals including platinum, palladium, rhodium, and others, used mainly in automotive catalytic converters and industrial applications.
• koz: Abbreviation for “thousand ounces,” a standard unit of measurement for precious metals.
• kt/Mt: Kiloton (1,000 tonnes) and Megaton (1,000,000 tonnes), used for measuring bulk commodities like chrome.
• LTIFR (Lost Time Injury Frequency Rate): A key safety metric that tracks injuries resulting in lost work time per million hours worked.
• Net Cash Position: The difference between a company’s cash holdings and its debt, indicating financial health and liquidity.
• Underground Mining: Extraction of minerals through tunnels and shafts rather than open pits, often used to access deeper ore bodies.