Tharisa has announced its production goals for the financial year 2026 (FY26), targeting between 145,000 and 165,000oz of platinum group metals (PGMs), along with between 1.5 million tonnes (mt) and 1.65mt of chrome concentrate.
This represents an increase from 138,300oz of PGMs and 1.56mt of chrome concentrate produced in the 2025 fiscal year, which concluded on 30 September.
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In the final quarter of 2025 (Q4 2025), PGM production rose by 19.7% quarter-on-quarter to 41,300oz, while chrome production increased by 2.9% to 407,200 tonnes (t).
This production was driven by improvements in mining, milling, grade and recovery metrics, stated the company.
Tharisa CEO Phoevos Pouroulis said: “We closed the year on a strong note, delivering robust production results in the final quarter. This performance reflects the resilience of our operations, the dedication of our teams on the ground, and the effectiveness of the strategic investments we have made throughout the year, complemented by yet another pleasing safety performance through all our operations.
“Our continued investment in fixed assets – highlighted by the US$547m commitment to unlocking multi-generational underground life at our flagship Tharisa Mine – reflects our unwavering commitment to ensuring safety, operational efficiency and the sustainability of our operations. In a dynamic mining landscape, these long-term capital investments are essential to unlocking resource potential, enhancing productivity and securing value for future generations.
“Our commodities continue to benefit from strong underlying fundamentals. Global demand trends, coupled with a constrained and complex supply response, have resulted in a market that is well supported and structurally balanced. This equilibrium underpins our positive outlook as highlighted in our continued long-term investment in our strategic assets.”
The company plans to deliver the first ore from the new underground operation at the Tharisa mine in Q2 2026, extending the mine’s life beyond 2034.
Tharisa also noted that the PGM market, particularly platinum, has performed strongly in 2025 due to continued deficits and constrained supply.
Palladium, on the other hand, encountered “a more delicate balance”.
Meanwhile, the minor metals have experienced strong price support due to robust supply and demand fundamentals, which are likely to continue sustaining current price levels.
Tharisa observed an 18.6% increase in the average annual PGM price to $1,615/oz in 2025, compared to $1,362/oz in 2024. Q4 saw a 24.1% quarter-on-quarter increase to $1,953/oz.
For FY25, the average price of metallurgical-grade chrome concentrate fell by 11% year-on-year to $266/t. In Q4, the price further declined to an average of $276/t, down from $293/t in Q3.
“We continue to see compelling growth opportunities in our business, with material advances, despite measured capital allocation, at Karo. Our expansion aspirations are carefully calculated and aligned with our disciplined capital allocation policy, ensuring that we prioritise long-term value creation, balance sheet strength and sustainable returns for our shareholders,” added Pouroulis.
Earlier this month, Tharisa announced plans to invest $547m (R9.46bn) in an underground PGM mining project over the next ten years.
