Tharisa plc (GB:THS)
LSE:THS
Earnings Data
Report Date
May 21, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.11Last Year’s EPS
0.02Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call reported solid financial results (revenue, EBITDA and net profit), strong safety and ESG recognition, meaningful operational improvements (reef mined +15.3%) and material project de‑risking at Karo alongside active commercialization of downstream technologies (Arxo Metals and Redox One). Offsetting negatives include an ~11% decline in chrome prices, rising unit costs (on-mine cash cost/tonne +12.9%), heavy near-term capex requirements and remaining funding to fully close Karo financing (including a ~$125m funding need). Jurisdictional dollar scarcity in Zimbabwe increased local funding costs (bond rate up to 11%) and introduces fiscal/FX execution risk. Overall, the positives—particularly the mining royalty credit, cash generation, project derisking and technology commercialization progress—outweigh the lowlights, but the company faces significant capital and commodity exposure in the near term.Company Guidance
Strong Revenue and Profitability
Revenue of $602.9 million; EBITDA $187.3 million (up 5.5% YoY from $177.6m); net profit after tax $80.8 million; net cash from operating activities $94 million; cash and cash equivalents $175.1 million; headline earnings per share USD 0.275.
Favorable PGM Pricing and Contribution
Average Tharisa PGM basket price $1,615/oz (up ~18.4–18.6% YoY); PGMs contributed ~40% of revenue; 137,500 PGM ounces sold; spot PGM basket trading substantially higher (~$2,200/oz) supporting future margins.
Safety and Recognition
Lost-time injury frequency rate 0.03 incidents per 200,000 man-hours at Tharisa mine and 0 incidents at Karo Platinum site; MineSAFE award for best improved open-cast safety performance and double silver at the 2025 NSSA Safety & Health Workers Award; Tharisa mine first Level 9 compliant mine in South Africa.
Operational Volume Improvements
Reef tonnes mined increased 15.3% to 5.3 million tonnes, driven by removal of previous waste stripping backlog and expanded strike length; tonnes milled ~flat at 5.5 million tonnes.
Mining Royalty Landmark Ruling
Favorable tax-court outcome led to reversal of previous mining royalty provision, resulting in a $67.3 million credit to cost of sales, a $13.6 million royalty receivable and associated income tax impact of $18.2 million — materially improving reported profitability.
Disciplined Capital Allocation & Shareholder Returns
Capital discipline maintained with FY capex $118.5 million (including $33.5m invested in Karo); final dividend $0.015 announced (matching interim) giving total dividends $0.03 for the year; share buyback program (second $5m) 87% complete; distributions + buybacks represent 17.2% of consolidated net profit after tax returned to shareholders.
Derisked Karo Platinum Progress
Karo Phase 1 substantially derisked with $193 million invested to date: 10-year open-pit defined (2.3Moz reserve, 12Moz open-pit resource), 96Moz total resource incl. underground; key infrastructure advanced (Chirundazi dam 27% complete, mill building 78% complete, long-lead equipment procured/installed); mining contract awarded to EPSA and early waste stripping to start Q1 2026.
Underground Transition Plan and DFS Metrics
Tharisa committed $547 million investment over next decade for underground transition; DFS all-in sustaining cost including development $40.8/tonne; peak funding requirement modest at ~$173 million; DFS IRR of 25% at PGM basket $1,633/oz (spot materially higher today).
Technology Commercialization & Energy Storage Progress
Arxo Metals advancing five novel mine-to-metal beneficiation processes (including Chloroplat PGM route and ultrafine chrome recovery). Redox One progressing electrolyte-from-concentrate Redox Flow development with first megawatt-scale battery planned at Tharisa in 2026 and further global demonstrations; long-duration energy storage commercialization underway.
Socioeconomic and Procurement Impact
Group employment and contractors ~4,483 (27% female employees); 35 learnerships/bursaries/internships; direct & indirect currency inflows ~$430.5 million; global taxes and royalties ~$31.7 million; procurement from BEE/HDI/women/BBBEE suppliers $331.1 million; >40% of workforce from host communities; SLP/CSI spend $1.1 million.
GB:THS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
GB:THS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Dec 01, 2025 | 98.16 p | 94.20 p | -4.04% |
May 22, 2025 | 60.67 p | 61.65 p | +1.61% |
Nov 28, 2024 | 60.15 p | 63.91 p | +6.25% |
May 23, 2024 | 69.90 p | 70.18 p | +0.40% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Tharisa plc (GB:THS) report earnings?
Tharisa plc (GB:THS) is schdueled to report earning on May 21, 2026, Before Open (Confirmed).
What is Tharisa plc (GB:THS) earnings time?
Tharisa plc (GB:THS) earnings time is at May 21, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is the P/E ratio of Tharisa plc stock?
The P/E ratio of Tharisa is N/A.
What is GB:THS EPS forecast?
GB:THS EPS forecast for the fiscal quarter 2026 (Q2) is 0.11.