Tharisa (THS ) boosted platinum group metals production to 39,600 ounces during the third quarter of 2026.
Chrome production was marginally lower than the Q2 levels, at 393,800 tonnes
Year-to-date production of 112,700 ounces of PGMs positions Tharisa to deliver against guidance for the full year.
The average PGM contained metal basket price realised was US$2,681 per ounce during the period, down from the U$3,038 realised in the second quarter.
The average metallurgical grade chrome concentrate price was higher, though, at US$306 per tonne, as against the US$290 tonne Q2 price.
Meanwhile, the company continues to develop the Tharisa underground project, which remains on time and in line with budget. First run of mine is likely to be delivered within the fourth quarter.
Work is also continuing on the Karo Platinum investment in Zimbabwe.
Cash on hand at the end of June was US$198.8 million, with debt running at US$188.1 million.
"The third quarter demonstrated normalised operations and in line with budget,” said Phoevos Pouroulis, chief executive of Tharisa.
“PGM production increased by 15.5%, supported by a marked improvement in recoveries to 83.8%, while chrome production remained steady despite lower milled tonnes. Reef mined increased by 41.6% as we recovered from weather-related mining interruptions in the previous quarter. The recovery in mining performance supported improved PGM feed grade and chrome ROM grade, helping offset the impact of slightly lower milled tonnes. Our safety performance remained strong across both Tharisa Minerals and Karo Platinum.”
He also commented on the wider platinum group metals pricing environment.
“Although PGM prices moderated from recent highs, with the basket price lower quarter on quarter, prices remained materially ahead of the prior-year comparative period and medium-term fundamentals remain supportive. Chrome prices were constructive during the reporting period, supported by strong customer demand. We continued to invest through the cycle, advancing the Karo Platinum development and the Tharisa underground project on a planned and disciplined basis. While this investment increased debt during the quarter, the group maintained close to US$200 million of cash on hand and a positive net cash position of US$10.7 million.”
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Production guidance for the full year is set at between 145,000 ounces and 165,000 ounces of PGMs and between 1.5 million and 1.65 million tonnes of chrome concentrates. All told, Tharisa is in a very strong position. The weakened platinum price takes some of the gloss off, but prices are still ahead of where they were a year ago. Meanwhile, the company has recovered from its second quarter weather-related issues, and continues to power ahead with development work underground and at Karo. This is a company that’s here for the long-term, with a possible mine life of 70 years mooted for the underground portion of Tharisa, and with an established track record of production already in place.