| Imagery Source: Tharisa Plc |
| Information Source: JSE SENS |
| Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock exchanges, announces its production results for Q3 FY20251 and cash balance at 30 June 2025. |
| Highlights |
- Lost Time Injury Frequency Rate (‘LTIFR’) per 200,000 man-hours worked of
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- 0.00 at Karo Platinum ‒ 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.
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| 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 is 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 improved 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 on 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 anLTI-freee quarter being achieved
- LTIFR per 200,000 man-hours worked of
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| 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 neared, 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.
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| 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)
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- PGM production up at 34.5 koz (Q2 FY2025: 32.5 koz)
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- Rougher feed grade of 1.34 g/t (Q2 FY2025: 1.42 g/t)
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- Recovery of 74.9% (Q2 FY2025: 67.4%)
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- Chrome production up at 395.7 kt (Q2 FY2025: 381.0 kt)
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- Grade of 16.0% Cr2O3 (Q2 FY2025: 16.7%)
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- Recovery at 72.4% (Q2 FY2025: 69.0%)
- Tharisa Minerals' underground definitive feasibility study completed
- Karo Platinum infrastructure work is continuing in line with capital availability
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| 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-month 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. |
| For the full document, click the link below |
| Tharisa Plc |
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