Tharisa has issued production guidance for the 2026 financial year, targeting 145,000 to 165,000 ounces of platinum group metals (PGMs) and 1.5 million to 1.65 million tonnes of chrome concentrates.
This follows a 2025 financial year where production of 138,300 oz of PGMs and 1.56-million tonnes of chrome fell short of 2024 levels.
However, the company ended strongly, with a 19.7% quarter-on-quarter surge in fourth-quarter PGM production to 41,300 oz.
Company chief executive Phoevos Pouroulis attributed the robust finish to improved mining, milling, grade, and recovery.
He linked the company's positive outlook to its long-term investments, notably the recently announced $547-million underground project at its flagship Tharisa mine in the North West province.
First ore from the underground operation, which will extend the mine's life beyond 2034, is scheduled for the second quarter.
The company benefited from a stronger pricing environment, with the average PGM basket price rising 18.6% to $1,615/oz for the full 2025 year.
Meanwhile, Tharisa said the PGM market had been one of the strongest commodity price performers in 2025 due to continued structural deficits.
While chrome concentrate prices saw an 11% annual decline to an average of $266/t, the company expects sustained demand from the stainless steel sector to provide price support.
Tharisa also continues the measured development of its Karo platinum group metals project in Zimbabwe.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
