Tharisa has closed its 2025 financial year on a strong note, reporting a 19.7% quarter-on-quarter increase in PGM output and a 2.9% rise in chrome production for the fourth quarter. The dual-listed mining and metals company said the performance reflected operational resilience and the success of its long-term investment strategy.
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PGM production rose to 41.3 koz in Q4 (Q3 FY2025: 34.5 koz), lifting the full-year total to 138.3 koz, while chrome production reached 407.2 kt in the quarter and 1.56 Mt for the year. The quarter also saw an improvement in PGM grades and recoveries, supported by stronger mining and milling performance.
Average PGM basket prices climbed sharply to US$1 953/oz in Q4, up 24% from the previous quarter, bringing the full-year average to US$1 615/oz. Chrome concentrate prices, however, eased to US$266/t for the year, reflecting softer market conditions.
Chief Executive Officer Phoevos Pouroulis said the results capped off a resilient year for Tharisa, underpinned by improved safety and disciplined execution.
“We closed the year on a strong note, delivering robust production results in the final quarter,” he said. “This performance reflects the dedication of our teams and the effectiveness of our strategic investments, complemented by another pleasing safety performance.”
Tharisa achieved a Lost Time Injury Frequency Rate (LTIFR) of 0.03 at its Tharisa Minerals operations and 0.00 at Karo Platinum, marking another injury-free quarter.
The company reaffirmed its long-term vision with a US$547 million capital commitment toward the transition to underground mining at its Tharisa Mine. The phased project will start in the west pit and reach steady state by FY2029, with the east pit portal to follow by FY2033.
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Pouroulis said the investment underscored Tharisa’s commitment to unlocking the mine’s “multi-generational” potential while maintaining safety, sustainability, and efficiency.
“In a dynamic mining landscape, these long-term investments are essential to unlocking resource potential, enhancing productivity, and securing value for future generations,” he said.
At year-end, Tharisa reported cash on hand of US$173 million, with debt reduced to US$104.4 million, resulting in a net cash position of US$68.6 million, up from US$43.1 million in June.
Looking ahead, the company issued FY2026 production guidance of 145–165 koz PGMs (6E) and 1.50–1.65 Mt of chrome concentrates, supported by stable demand fundamentals and improved operational flexibility.
Tharisa also received a favourable Tax Court ruling related to a long-standing mining royalties dispute, which could have a positive impact on future earnings once recalculations are finalised.