Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) hailed a positive start to its financial year with record chrome production and increased platinum group metals (PGM) output despite inclement weather.
Production was boosted by an 8.7% increase in mill throughput, with PGM output increasing to 35.7 koz in the quarter ending 31 December from 30.7 koz in the fourth quarter of the prior year, while chrome output climbed to 462.8 kt from 413.4 kt.
Tharisa anticipates continued growth in 2024, with production guidance set between 145-155 koz for PGMs and 1.7-1.8 Mt for chrome concentrates.
Chief executive Phoevos Pouroulis credited operational improvements and waste mining advances for the quarter's achievements.
Despite subdued PGM prices, Tharisa's co-product business model remained cash-generative with robust chrome market demand.
Group cash on hand was US$221.5 million at the end of December and debt US$126.6 million, resulting in a net cash position of US$94.9 million versus US$126.6 million at its September year end.
"This year we will be expanding and rolling out our R&D projects in distinct stages of development and commercialisation," said Pouroulis.
"With a solid foundation we can re-frame the operating context and re-focus our energy on our key competencies ultimately unlocking value to all stakeholders."