Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) has reported an encouraging set of production results for the third quarter of its 2025 financial year.
The period saw increased mining volumes and improved output of both platinum group metals (PGMs) and chrome concentrates, allied to stronger pricing, though the company has lowered its production guidance slightly.
Reef mining volumes climbed by 27.7% to 1.45 million tonnes compared with the previous quarter, reflecting strong operational recovery after heavy rainfall disrupted activity earlier in the year.
This translated into a 6.2% increase in PGM production to 34,500 ounces and a 3.9% rise in chrome concentrate output to nearly 396,000 tonnes.
The average prices received for both metals improved sharply in the quarter.
The PGM basket price, a weighted average of the six key platinum group metals, rose 10.8% to US$1,574 per ounce.
At the same time, metallurgical-grade chrome concentrate prices jumped 24.7% to US$293 per tonne, largely driven by renewed demand and inventory restocking.
Despite these positive trends, Tharisa has adjusted its production outlook, trimming guidance by around 5% from the lower end of its previous estimates.
The company now expects full-year output to come in slightly below earlier projections of 140,000 ounces of PGMs (on a six-metal equivalent basis) and 1.65 million tonnes of chrome concentrates.
Operationally, recovery rates have improved in both the chrome and PGM circuits, reaching 74.9% and 72.4% respectively, although challenges remain with the head grade blend, which affects overall metal content in the ore.
The group’s cash position stood at US$150.9 million at quarter-end, down from US$186.0 million three months prior, with net cash of US$29.4 million after accounting for debt of US$121.5 million.
The cash reduction reflects the timing of project expenditures and working capital needs.
Tharisa’s focus continues on completing its underground feasibility study for Tharisa Minerals and progressing infrastructure works at the Karo Platinum project, with funding efforts ongoing for this asset, described as a Tier 1 development.
While commodity prices have improved, the company noted the importance of sustained higher prices to support broader industry investment.