Tharisa, the dual-listed mining and metals company, which released its production and financial results for the first quarter of the 2026 financial year, ended December 31, 2025, has reported a notable year-on-year increase in both platinum group metal (PGM) and chrome recoveries, alongside a robust net cash position, as it progresses strategic underground development and navigates a supportive pricing environment for precious metals.
It said PGM recoveries rose substantially to 78.8%, compared to 61.7% in the same quarter last year. Chrome recoveries also improved, reaching 70.3% from 65.7% in the prior year period.
This improvement occurred despite a 16.7% quarter-on-quarter decrease in reef mined to 1.24 million tonnes, attributed to seasonal weather impacts.
Production for the quarter totalled 38,800 ounces of PGMs compared to 29,900 ounces a year earlier and 349,400 tonnes of chrome concentrates against the previous year’s 374,400 tonnes.
The company benefited from a stronger PGM pricing environment, with the average 6E basket price rising to $2,208 per ounce, compared to $1,615 per ounce for the full 2025 financial year.
Meanwhile, Tharisa held a net cash position of $47.0 million as of December 31, 2025, with cash on hand of $122.2 million against debt of $75.2 million.
Company chief executive Phoebus Pouroulis said that the quarter was a safe operationally and that leading indicators are trending positively.
He said that underground development is progressing in line with strategic plans and that the company remains constructive on the PGM price outlook, expecting robust prices to persist.
Tharisa reaffirmed its production guidance for FY2026, targeting between 145,000 and 165,000 ounces of PGMs and 1.50 to 1.65 million tonnes of chrome concentrates.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
