Tharisa (THS ) produced 34,300 ounces of platinum group metals during the second quarter of 2026, which runs to end March.
The company also produced 404,000 tonnes of chrome concentrate from its South African operation.
During the period Tharisa also carried out a successful first blast at the Tharisa Mine Apollo portal, marking the official transition to underground mining in parallel with the existing open cast mining operations.
PGM prices averaged US$3,038 per ounce during the period, up from just over US$2,200 in the previous quarter, while the average metallurgical grade chrome concentrate price ran at US$290 per tonne, up slightly from the first quarter.
Group cash on hand at the end of March stood at US$184.3 million, up from US$122.2 million at the end of December, although debt was also up, at US$129.6 million.
Net cash, accordingly, was US$54.7 million, up from the December figure of US$47 million.
"This quarter's results reflect the resilience and operational discipline that define Tharisa, underpinned by our continued strong safety performance, in traditionally the toughest operational quarter, impacted by increased lightning events and high rainfall,” said Phoevos Pouroulis, chief executive of Tharisa.
“We nevertheless increased quarterly output in the chrome segment, while PGM output was hampered by lower grades in the reef being mined. While reef mined was lower in the quarter due to in-pit constraints, processing throughput remained strong with improved chrome feed grades supporting higher chrome concentrate production. PGM production was impacted by lower grades in the reef being mined, although recoveries remained robust. On the processing side, PGM recoveries of 77.5% and chrome recoveries of 69.7% demonstrate the consistency of our operations.”
Pouroulis also highlighted the strengthening of the pricing environment during the quarter.
“Current chrome prices at approximately US$315 per tonne are supported by higher logistics and freight costs due to the increase in global oil prices. In light of the current geo-political challenges, we have put in place mitigation measures to ensure, as far as possible, security of fuel supply to the Tharisa Mine, while costs will increase, our focus remains on efficiency.”
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It shows through less on the financials, but perhaps the most significant event of the quarter was the official commencement of the underground development at the Tharisa Mine. This development should ensure a further 60 years of mine life for the Tharisa Mine. The company plans to invest over US$500 million in the project over the next decade, to sustain optimal output of over 200,000 ounces of PGMs and two million tonnes of chrome. The company is also making good progress at its Karo development in Zimbabwe, so overall the long-term future looks secure. In the meantime, guidance for 2026 is set at between 145,000 ounces and 165,000 ounces of PGMs and 1.5 million to 1.65 million tonnes of chrome concentrates.