Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) has reported a 'tough' start to its latest financial year with production of both chrome and platinum affected by the drilling equipment available.
Platinum metals group (PGM) output in the three months to December 2025 was 29,900 ounces (37,100oz), said the South Africa-based miner, while chrome production dropped to 374,400 tonnes (426,800t).
PGM prices did edge up slightly to averaging at US$1 381/oz for the quarter but chrome dropped to US$271/t (Q4 FY2024: US$314/t).
Net cash at the end of December 2024 was US$89.0 million.
Phoevos Pouroulis, Tharisa chief executive, stated: “ Undoubtedly a tough start to the new year impacted by drilling equipment availability, as a consequence thereof we mined sub-optimal oxidised reef horizons.
“This yielded lower ROM grades and therefore lower recoveries.
“We have subsequently improved the drilling rates and equipment availability.
“The focus this quarter will be on optimising the feed grade and improving our recoveries to previous levels.
“While we have seen a drop in the chrome price due to slowing stainless steel demand, we remain of the view that these price levels are unsustainable and will need to correct to meet expected demand.
"The PGM pricing environment remains stubbornly weak notwithstanding sound demand fundamentals.”