Tharisa boosts chrome output and launches underground mining as PGM grades dip

Tharisa ( (GB:THS) ) has issued an update.

Tharisa reported mixed operating results for the second quarter of FY2026, with platinum group metals output down 11.6% to 34.3 koz due to lower reef grades, but chrome concentrate production up 15.6% to 404 kt on improved feed grades and steady recoveries. Stronger commodity prices boosted the average PGM basket price by nearly 38% and supported chrome pricing, helping the Group lift its cash balance to US$184.3 million despite higher debt linked to underground development and working capital.

Operationally, the quarter was marked by the first blast at the Apollo portal, formally launching underground mining at the Tharisa Mine and underpinning plans to invest over US$500 million in underground expansion over the next decade. The company also advanced early works and funding for its Karo Platinum project in Zimbabwe, while maintaining solid safety metrics and reiterating FY2026 production guidance of 145–165 koz PGMs and 1.50–1.65 Mt of chrome, reinforcing its long-term growth and diversification strategy.

The most recent analyst rating on (GB:THS) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Tharisa stock, see the GB:THS Stock Forecast page.

More about Tharisa

Tharisa plc is a Cyprus-incorporated mining and metals company dual-listed in Johannesburg and London, focused on platinum group metals (PGMs) and chrome concentrates. Its flagship Tharisa Mine is transitioning from open pit to combined open pit and underground operations, while the Group is also developing the Karo Platinum project in Zimbabwe, targeting long-life, large-scale PGM and chrome production.

Average Trading Volume: 520,469

Technical Sentiment Signal: Buy

Current Market Cap: £350.2M

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