Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) kept its production guidance for the 2025 financial year unchanged despite the tough start to the year, notes broker Panmure Liberum.
Guidance remains 140-160,000oz 6E PGMs and 1.65-1.80Mt of chrome concentrates, noted the broker.
Elsewhere, the underground Definitive Feasibility Study (DFS) at the Tharisa mine is said to be “progressing well”, with early works capital “being deployed”.
“We are currently expecting study completion during the second half of 2025, “ Panmure said, adding that Tharisa has previously said that underground mining should extend mine life by “at least 40 years” and alleviate increasing costs and haul distances for open-pit waste rock deposition and reduce third-party ore purchases.
At the Karo Platinum project in Zimbabwe, value engineering opportunities continue to be evaluated, with work packages progressing “in -line” with existing funding.
Last year, Tharisa slowed Karo’s timeline, pushing back the first ore production to the second half of 2026 due to the low PGM pricing environment impacting funding workstreams.
Shares today were down 7% at 60p.