JSE-, LSE- and A2X-listed Tharisa produced 34 300 oz of platinum group metal (PGM) for the quarter ended March 31 – the second quarter of its 2026 financial year, with PGM recoveries stable at 77.5%.

Output was lower than the 38 800 oz produced in the first quarter of the financial year, but higher than the 32 500 oz produced in the second quarter of the 2025 financial year.

PGM prices averaged $3 038/oz for the quarter under review.

Chrome production, meanwhile, reached 404 000 t, an increase from the 349 400 t produced in the first quarter and higher than the 381 000 t produced in the second quarter of the prior financial year.

Chrome recoveries were stable at 69.7% and the average metallurgical-grade chrome concentrate price was $290/t.

CEO Phoevos Pouroulis says the quarter’s results reflect resilience and operational discipline, underpinned by Tharisa’s continued strong safety performance, in traditionally the toughest operational quarter, impacted by increased lightning events and high rainfall.

“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,” he states.

The pricing environment strengthened materially during the quarter, with the average PGM contained metal basket price increasing to $3 038/oz from $2 208/oz in the previous quarter, while the average metallurgical-grade chrome concentrate contract price improved to $290/t from $276/t.

Current chrome prices, at about $315/t, are supported by higher logistics and freight costs owing to the increase in global oil prices.

“In light of the current geopolitical 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,” Pouroulis indicates.

The official start of the underground development at the Tharisa mine, in South Africa, took place on March 31, with the first blast at the Apollo portal.

“This development showcases the long-term life of the Tharisa mine, with over 60 years of underground mining potential, while we will be investing over $500-million over the next decade to sustain the optimal output of over 200 000 oz/y of PGMs and two-million tonnes of chrome concentrate,” Pouroulis highlights.

“The underground development is a natural progression for the Tharisa mine and forms a core pillar of Tharisa’s long-term strategic vision and capital allocation,” he adds.

Tharisa states that it continues to make good progress in further derisking its Karo platinum project, in Zimbabwe, with openpit surface clearing starting as planned, following the successful mobilisation of its mining contractor at the end of the second quarter.

“Infrastructure development and investment in key work packages continues securing the necessary power, water and long lead requirements. Good progress has been made in terms of the Karo funding, which, will provide the full requirements for project completion and targeting first ore in mill in the second half of 2027.

“The funding is subject to final agreement with the government of Zimbabwe on the fiscal stability agreements, which are nearing conclusion. These results reinforce our confidence in the group’s strategy, our balance sheet discipline and our ability to continue delivering long-term value,” Pouroulis says.

Tharisa’s production guidance for the full year is set at between 145 000 oz and 165 000 oz of PGMs and 1.5-million to 1.65-million tonnes of chrome concentrates.