Tharisa has reported full-year production in line with guidance for both platinum group metals (PGMs) and chrome concentrates, while confirming its Karo Platinum project in Zimbabwe is now fully funded following a $300 million bond issue.
For the financial year (FY) ended 30 September 2026, Tharisa produced 153.7 koz of 6E PGMs, up 11.0% from 138.3 koz in FY2025, and 1,563.8 kt of chrome concentrates, a 1.0% increase from 1,558.2 kt.
Its fourth quarter (Q4) PGM production was 41.0 koz, while chrome concentrate production was 416.7 kt.
The average PGM contained metal basket price for FY2026 was $2,607/oz, a 61% increase from $1,615/oz in FY2025.
The average metallurgical grade chrome concentrate price was $290/t on a 42% basis, up from $266/t.
Company chief executive Phoevos Pouroulis said FY2026 was “the year Tharisa's growth moved from planning into construction.”
He cited the signing of a 25-year Special Mining Lease with the government of Zimbabwe on 24 August 2026, a five-year PGM concentrate offtake agreement with Valterra Platinum on 27 August 2026, and the oversubscribed $300 million senior secured bond issued on 24 September 2026.
At Karo Platinum, cumulative investment stands at $240 million of the estimated $516 million project capex.
Funding to date comprises $204 million of Tharisa equity and $36 million from the KMH bond.
The $300 million bond proceeds are held in escrow pending fulfilment of customary conditions precedent, with project drawdowns expected from November 2026.
First ore to the mill is targeted for Q4 calendar year 2027, with steady-state production of 220 koz to 230 koz 6E per annum expected approximately six months later.
At the Tharisa Mine, the Apollo underground transition remains on track and within budget, with 450 development metres advanced, delivering 52 kt total tonnes including 30.8 kt of development reef, it said.
Group cash on hand was $123.6 million, with additional escrow cash of $288.2 million, amounting to a combined total of $411.8 million.
Debt stood at $462.8 million, resulting in a net debt position of $51 million, compared to net cash of $10.7 million at 30 June 2026.
FY2027 production guidance was set at between 150 koz and 170 koz PGMs on a 6E basis and between 1.50 Mt and 1.65 Mt of chrome concentrates.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
