Wrap Text
Production Report for the Second Quarter FY2025 ended 31 March 2025
Tharisa plc
(Incorporated in the Republic of Cyprus with limited liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
ISIN: CY0103562118
LEI: 213800WW4YWMVVZIJM90
('Tharisa' or the 'Company')
PRODUCTION REPORT FOR THE SECOND QUARTER FY2025 ENDED 31 MARCH 2025
Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock
exchanges, announces its production results for Q2 FY2025(1) and cash balance at 31 March 2025.
Highlights
- Lost Time Injury Frequency Rate ('LTIFR') per 200 000 man hours worked of
- 0.02 at Tharisa Minerals
- 0.08 at Karo Platinum
- PGM production up to 32.5 koz (Q1 FY2025: 29.9 koz)
- Chrome production up to 381.0 kt (Q1 FY2025: 374.4 kt)
- Average PGM prices increased to US$1 421/oz for the quarter (Q1 FY2025: US$1 381/oz)
- Average metallurgical grade chrome concentrate prices at US$235/t for the quarter (Q1 FY2025: US$271/t)
- Group cash on hand of US$186.0 million (31 December 2024: US$175.1 million), and debt of
US$106.7 million (31 December 2024: US$86.1 million), resulting in a net cash position of US$79.3 million
(31 December 2024: US$89.0 million)
Quarter Quarter Quarter on Quarter Half year Half year
ended ended quarter ended ended ended
31 Mar 31 Dec movement 31 Mar 31 Mar 31 Mar
2025 2024 % 2024 2025 2024
Reef mined kt 1 131.1 1 291.0 (12.4) 1 035.0 2 422.1 2 093.6
Reef milled kt 1 358.6 1 377.6 (1.4) 1 378.5 2 736.2 2 802.8
6E PGMs produced (6E) koz 32.5 29.9 8.7 35.3 62.4 71.1
Average PGM contained metal US$/oz 1 421 1 381 2.9 1 343 1 403 1 344
basket price
Chrome concentrates produced kt 381.0 374.4 1.8 402.7 755.4 865.6
Average metallurgical grade US$/t 235 271 (13.3) 286 253 288
chrome concentrate contract CIF
price – 42% basis China
(1) Tharisa's financial year is from 01 October to 30 September
Phoevos Pouroulis, CEO of Tharisa, commented:
"A solid quarter dampened by unprecedented rainfall and weather interruptions, which necessitated higher than
budgeted in pit evacuations in line with safety protocols and thus affected mining mix and volumes. Lightning
disruptions hit an all-time high during the period.
The dryer winter months are expected to lead to a more normal production output.
Studies on the underground mine development are nearing finalisation, and we will update the market on these
exciting plans in the second half of the year.
While on the markets, chrome has rebounded strongly from the quarter's lows, and our PGM basket price is
relatively stable in Rand terms with the devaluation of our local currency, the impact of the trade wars on the
outlook for global economic growth is creating an uncertain and volatile environment which may impact on
demand for commodities. While both PGMs and chrome are not subject to USA tariffs, the intermediate and final
products containing these commodities will be."
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
- LTIFR per 200 000 man hours worked of
- 0.02 at Tharisa Minerals
- 0.08 at Karo Platinum
Market Update
- PGM prices saw good support pre-USA global trade tariff being affected, as the market started to realise
that the supply demand gap needs price recalibration to ensure future re-balance. The impact of the trade
tariffs, particularly on the motor trade, on future demand for motor vehicles may impact PGM demand and
prices going forward.
- Chrome prices have advanced from pre-December 2024 quarterly lows, with spot trading at US$300/t with
port stocks at circa six to eight week inventory levels. Demand for chrome remains strong, with the logistics
pipelines operating normally. The recent implementation by the USA of revised trade tariffs on all Chinese
imports into the USA, with China being our main market for the chrome concentrates, and likely impact on
demand for stainless steel is uncertain at this time and may impact on demand and prices for chrome.
Operational Update
- Steady quarter on quarter reef mining at 1 131.1 kt (Q1 FY2025: 1 291.0 kt)
- Quarter on quarter reef milled at 1 358.6 kt (Q1 FY2025: 1 377.6 kt), with continued supplement of ROM
purchases
- PGM production up to 32.5 koz (Q1 FY2025: 29.9 koz)
- Rougher feed grade of 1.42 g/t (Q1 FY2025: 1.39 g/t)
- Recovery of 67.4% (Q1 FY2025: 61.7%)
- Chrome production up to 381.0 kt (Q1 FY2025: 374.4 kt)
- Grade of 16.7% Cr2O3 (Q1 FY2025: 16.9%)
- Recovery at 69.0% (Q1 FY2025: 65.7%)
- Tharisa Minerals underground definitive feasibility study on track for approval in second half of the year
- Karo Platinum infrastructure work is ongoing in line with available funding for work packages while value
engineering continues
Cash Balance and Debt Position
- Group cash on hand of US$186.0 million (31 December 2024: US$175.1 million), and debt of
US$106.7 million (31 December 2024: US$86.1 million), resulting in a net cash position of US$79.3 million
(31 December 2024: US$89.0 million)
Guidance
- Production guidance for FY2025 is set at between 140 koz and 160 koz PGMs (6E basis) and 1.65 Mt to 1.8
Mt of chrome concentrates
The above forward-looking statements have not been reported on or reviewed by Tharisa's auditors and is the
responsibility of the directors.
Quarter Quarter Quarter on Quarter Half year Half year
ended ended quarter ended ended ended
31 Mar 31 Dec movement 31 Mar 31 Mar 31 Mar
2025 2024 % 2024 2025 2024
Reef mined kt 1 131.1 1 291.0 (12.4) 1 035.0 2 422.1 2 093.6
Stripping ratio m3: m3 12.3 12.4 (0.8) 14.0 12.3 12.9
Reef milled kt 1 358.6 1 377.6 (1.4) 1 378.5 2 736.2 2 802.8
PGM flotation feed kt 1 056.2 1 082.7 (2.4) 1 055.6 2 138.8 2 103.6
PGM rougher feed grade g/t 1.42 1.39 2.2 1.66 1.41 1.63
PGM recovery % 67.4 61.7 9.2 62.9 64.5 64.5
6E PGMs produced koz 32.5 29.9 8.7 35.3 62.4 71.1
Platinum produced koz 17.5 16.2 8.0 19.2 33.7 39.7
Palladium produced koz 4.8 5.1 (5.9) 6.4 9.9 11.6
Rhodium produced koz 3.5 2.8 25.0 3.2 6.3 6.5
Average PGM contained metal US$/oz 1 421 1 381 2.9 1 343 1 403 1 344
basket price
Platinum price US$/oz 970 966 0.4 910 968 912
Palladium price US$/oz 962 1 011 (4.8) 978 986 1 033
Rhodium price US$/oz 4 770 4 577 4.2 4 399 4 673 4 306
Cr2O3 ROM grade % 16.7 16.9 (1.2) 18.1 16.8 18.6
Chrome recovery % 69.0 65.7 5.0 66.4 67.4 68.5
Chrome yield % 28.0 27.2 2.9 29.2 27.6 30.9
Chrome concentrates produced kt 381.0 374.4 1.8 402.7 755.4 865.6
Metallurgical grade kt 333.5 317.7 5.0 339.5 651.2 729.4
Specialty grades kt 47.5 56.7 (16.2) 63.2 104.2 136.2
Average metallurgical grade US$/t 235 271 (13.3) 286 253 288
chrome concentrate contract CIF
price – 42% basis China
Average exchange rate ZAR:US$ 18.5 17.9 3.4 18.9 18.2 18.9
Paphos, Cyprus
10 April 2025
JSE Sponsor
Investec Bank Limited
Connect with us on LinkedIn to get further news and updates about our business.
Investor Relations Contacts:
Ilja Graulich (Head of Investor Relations and Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com
Broker Contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / Georgia Langoulant
+44 207 418 8900
BMO Capital Markets Limited (UK Joint Broker)
Thomas Rider / Nick Macann
+44 207 236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Jennifer Lee / Detlir Elezi
+44 203 207 7800
About Tharisa
Tharisa is an integrated resource group critical to the energy transition and decarbonisation of economies. It
incorporates exploration, mining, processing and the beneficiation, marketing, sales, and logistics of PGMs and
chrome concentrates, using innovation and technology as enablers. Its principal operating asset is the multi-
generational Tharisa Mine, located in the south-western limb of the Bushveld Complex, South Africa. Tharisa is
also developing the Karo Platinum Project, a tier-one PGM asset located on the Great Dyke in Zimbabwe, while
simultaneously focusing on beneficiation in the form of chrome and PGM alloys. A 15-year Power Purchase
Agreement for the procurement of wheeled renewable energy and a 40 MW solar project will ensure that
Tharisa Minerals' drive to reduce its carbon footprint by 30% by 2030 is well within reach, forming a major part
of a roadmap to become net carbon neutral by 2050. Redox One is accelerating the development of a proprietary
iron chromium redox flow long-duration battery utilising the commodities we mine. Tharisa plc is listed on the
Johannesburg Stock Exchange (JSE: THA) and the Main Board of the London Stock Exchange (LSE: THS).
Date: 10-04-2025 07:05:00
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