Tharisa (THS ), the South African-based miner of platinum group metals and chrome, has completed the establishment of a Level 1 American Depositary Receipt (ADR) programme, with J.P. Morgan appointed as the depositary bank.
The programme is effective from 8 June 2026 under the ticker symbol THARY.
The ADR Programme will enable US-based investors to gain exposure to Tharisa through dollar-denominated ADRs trading in the United States of America over-the-counter (OTC) market.
Each Tharisa ADR will represent ten ordinary shares of the company.
The ADR Programme is part of Tharisa's broader strategy to enhance accessibility of its securities to international investors, with a particular focus on the USA, where interest in critical and strategic minerals continues to grow.
Platinum group metals and chrome, the core commodities mined by Tharisa, are recognised as critical minerals in the USA and other major economies, and as such attract increasing attention from investors seeking exposure to the energy transition, clean air technologies and future facing technologies including AI.
“The establishment of our ADR programme marks a meaningful step in broadening Tharisa's global investor reach,” said Phoevos Pouroulis, chief executive of Tharisa.
“The United States is an attractive jurisdiction, and we are seeing significant interest in critical and strategic minerals, the very commodities at the heart of our business. All of the commodities we mine fall into both categories, and this programme gives US investors a simple, accessible and familiar mechanism through which to access our equity story. It is consistent with our strategy of enhancing optionality, improving liquidity and reaching the widest possible pool of institutional and retail investors who recognise the value of what we are building at Tharisa.”
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It will be interesting to see how much Tharisa’s ADRs boost liquidity in the company. The strengthened commodities markets over the past 12 months have been good for the share price, which is up by around 50%, even as the company moves to secure its long-term future by a transition to underground mining. Worth noting, too, that there are very few North American platinum group metals projects of any real significance, so it’s quite likely that Tharisa will pick up an audience fairly quickly.