Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) has issued an upbeat trading statement ahead of the release of results for the year ended 30 September 2022.
The company said its basic earnings per share (EPS) for the 2022 financial year (FY2022) on a fully diluted basis are expected to be between US$53 cents and US$54 cents per share with a tolerance of 10%. This is an increase of between 41% and 44% relative to the EPS of US$37.4 cents per share for the financial year ended 30 September 2021 and is after accounting for the acquisition of a controlling interest in Karo Mining Holdings PLC as a "business combination".
Tharisa said its headline earnings per share (HEPS) for FY2022 on a fully diluted basis are expected to be between US$41 cents and US$42 cents per share with a tolerance of 10%. This is an increase of between 7% and 9% relative to the HEPS of US$38.3 cents per share for the financial year ended 30 September 2021.
A production update for FY2022, released on 11 October 2022, highlighted lower PGM (platinum group metals) basket prices for the year but higher chrome concentrate prices, while both were supported by a weaker South Africa Rand versus the US Dollar exchange rate.
In the period under review, Tharisa also consolidated its shareholding in Tharisa Minerals Proprietary Limited from 74% to 100% with the purchase consideration being settled through the issue of new ordinary shares in the company.
The company said it is preparing its financial statements for FY2022, with the financial results expected to be released on or around 5 December 2022.
Tharisa is an integrated resource group critical to the energy transition and decarbonisation of economies. It incorporates mining, processing, exploration, and the beneficiation, marketing, sales, and logistics of PGMs and chrome concentrates, using innovation and technology as enablers.
The company's principal operating asset is the Tharisa Mine located in the south-western limb of the Bushveld Complex, South Africa. The mechanised mine has a 20-year open-pit life and the ability to extend operations underground by at least an additional 40 years. Tharisa also owns Karo Mining Holdings, a development stage, low-cost, open-pit PGM asset, located on the Great Dyke in Zimbabwe.