Tharisa has reported a 5% year-on-year increase in operating profit to $125 million for the year ended September 30, 2025, despite lower production of both platinum group metals (PGM) and chrome concentrate.
The miner’s chrome concentrate output fell 8.2% to 1.56 million tonnes, while its 6E PGM production declined 4.7% to 138,300 ounces.
However, stronger commodity prices helped lift earnings before interest, taxes, depreciation, and amortisation (EBITDA) by 5.5% to $187 million.
The company declared a total dividend of $0.03 per share, down 33% from the prior year’s $0.045, citing capital allocation toward growth projects.
Earnings per share decreased 3.6% to $0.26.
Despite the lower production, Tharisa ended the year with a strong balance sheet, holding $175 million in cash and a net cash position of $69 million.
Looking ahead, the company set its 2026 production guidance at 1.5 million to 1.65 million tonnes of chrome concentrate and 145,000 to 165,000 ounces of PGMs.
Tharisa said that PGM prices averaged $1,615 per ounce during the year, 18.6% higher year-on-year, supported by resilient industrial demand and the strategic outlook for platinum in hydrogen fuel cells.
Chrome concentrate prices, however, averaged 11% lower at $266 per tonne, though demand from the stainless steel sector, particularly in China, remains firm.
The company is advancing several strategic projects, including the Karo platinum development in Zimbabwe and downstream beneficiation initiatives for chrome and alloys.
It is also advancing its proprietary iron-chromium redox flow battery technology, aiming to use mined commodities for long-duration energy storage.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
