Tharisa plc (TIHRF)

OTHER OTC:TIHRF

TIHRF

Tharisa

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Tharisa (TIHRF) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Nov 30, 2026

Before Open (Confirmed)

Period Ending

2026 (Q4)

Consensus EPS Forecast

0.08

Last Year’s EPS

0.25

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 1 Analysts Ratings

Earnings Call Summary

Q2 2026

Earnings Call Date:May 20, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call communicated strong operational cash generation, significant revenue and profitability improvements driven by a large rise in PGM basket prices and robust cost positioning, alongside clear progress on core growth projects (Tharisa underground, Karo mobilization) and promising commercialization of Arxo Metals technologies. Key challenges are manageable but material: fuel/freight inflation, timing/working capital effects on chrome sales, grid constraints delaying solar, and outstanding procedural sign-offs and associated financing for Karo in Zimbabwe. On balance, the positive financial momentum, secured financing for the underground program, and project progress outweigh the headwinds.

Company Guidance

In the H1 FY2026 update management reiterated strong operational and financial guidance supported by many concrete metrics: safety remained excellent (0.03 incidents per 200,000 man‑hours at Tharisa; 0 LTI frequency at Karo over 200,000 man‑hours; 3 years LTI‑free with 125 million tonnes moved), production was 753,300 t chrome concentrate and 73,100 oz PGMs, with average PGM basket ~$2,599/oz (up ~85% y/y; spot $2,805/oz on 18 May) and PGM ounces sold +17.4%, chrome metallurgical price ~$284/t (+12.3%); revenue rose 28% to $359.4m, EBITDA +138% to $104.3m, PBT $69.9m, EPS $0.158 (+532%) and operating cash flow $96.4m; H1 capex $103.5m (sustaining $65.5m; deferred stripping $33.5m), underground capex YTD $16.3m (FY underground budget ~$76.7m), total capex budget FY ~$165.9m, capital commitments $120.2m (Karo $27.7m), and Karo invested to date $241m targeting 226,000 oz PGM in the first 10 years; financing: secured full underground facilities of $179m (peak funding reduced by ~$45m), cash $184.3m, debt $130.3m (net cash ~$54m), current ratio 2.3x; unit metrics: tonnes milled 2.7m, on‑mine cash cost $51.8/t (‑8.8%), chrome inland freight $86.5/t (+6.8%), all‑in cost per PGM oz $268 (ex‑Karo), diesel ~10.9% of mine costs; other milestones include Apollo portal development at 134% of plan, 15 months to first ore at Karo from financial close, Great Dyke resources (178 Mt/12 Moz) and Tharisa resources (655 Mt/108 Mt reserves), Arxo’s Redox One MWh‑class FAT completed (flow battery 20‑year life/up to 24‑hour duration), export mix Maputo 60%/Richards Bay 40% with rail at 22% of cargoes in H1, and a declared interim dividend of $0.025/share (c.15.9% of consolidated net profit).

Strong Revenue and Profit Growth

Revenue up 28% to $359.4 million for the 6 months ended 31 March 2026; EBITDA rose 138.1% to $104.3 million; profit before tax of $69.9 million; earnings per share $0.158, up 532%.

Robust Cash Generation and Balance Sheet

Operational cash flow of $96.4 million; cash and cash equivalents $184.3 million versus total debt $130.3 million (net cash position of $54 million); current ratio 2.3x; net cash positive position and conservative leverage metrics.

Material PGM Price and Volume Tailwinds

PGM basket price increased ~85.3% to an average $2,599/oz (spot $2,805/oz as of 18 May); PGM production/sales up with overall PGM ounces sold +17.4% to support revenue and margins; high rhodium contribution (≈10% prill split but ~35% of revenue).

Chrome Price Support and Stable Production

Chrome concentrate production at 753,300 tonnes (flat vs prior period) while metallurgical chrome price increased ~12.3% to $284/tonne (6-month average), supporting co-product revenue diversification.

Operational and Project Progress — Tharisa Underground

First blast at the Apollo portal completed; Apollo West portal development at 134% of plan and project reported as fully funded for both West and planned East portals; mine transition plan to mechanized underground extending multi-decade life.

Karo Platinum Development Milestones

Karo project investment to date $241 million; Tier-1 contractor EPSA mobilized, equipment arriving, open-pit waste stripping started; targeting 226,000 oz PGM production in first 10 years and ~15 months to first ore in mill from financial close.

Technology & Downstream Innovation (Arxo Metals & Redox One)

Successful factory acceptance testing of megawatt-class iron-chrome Redox One flow battery; first customer deployment at Tharisa mine and second unit planned for Europe; progress on Chloroplat refinery, pyromet and ultrafine chrome recovery initiatives.

Disciplined Capital Allocation

H1 capital investment $103.5 million (including $65.5 million sustaining CapEx); deferred stripping capitalized $33.5 million; total capital commitments $120.2 million; budgeted FY capex $165.9 million (excl. deferred stripping and Karo commitments).

Dividend and Capital Return

Board declared increased interim dividend of $0.025 per share (interim payout representing ~15.9% of consolidated net profit after tax) under a policy of 15% of consolidated net profit after tax annually.

Exploration and Resource Base

Continued exploration with 26 km of underground drilling completed; large resource base highlighted — Tharisa: 655 million tonnes resource / 108 million tonnes reserves; Great Dyke: 178 million tonnes resource (12 million oz PGM) and initial open-pit reserves of 24.8 million tonnes (2.3 million oz), with potential for +50 years underground.

Tharisa (TIHRF) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TIHRF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 30, 2026	2026 (Q4)	0.08 / -	0.246	―	―	―
May 20, 2026	2026 (Q2)	0.20 / 0.16	0.029	459.09% (+0.13)	―	―
Dec 01, 2025	2025 (Q4)	0.07 / 0.25	0.157	56.30% (+0.09)	―	―
May 22, 2025	2025 (Q2)	>-0.01 / 0.03	0.132	-78.00% (-0.10)	―	―
Nov 28, 2024	2024 (Q4)	0.15 / 0.16	0.115	36.78% (+0.04)	―	―
May 23, 2024	2024 (Q2)	0.06 / 0.13	0.182	-27.54% (-0.05)	―	―
Dec 14, 2023	2023 (Q4)	0.11 / 0.11	0.28	-58.96% (-0.17)	―	―
May 19, 2023	2023 (Q2)	0.18 / 0.18	0.157	15.97% (+0.03)	―	―
Dec 05, 2022	2022 (Q4)	0.31 / 0.28	0.339	-17.51% (-0.06)	―	―
May 26, 2022	2022 (Q2)	0.21 / 0.16	0.195	-19.59% (-0.04)	―	―

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

TIHRF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 20, 2026	$1.77	$1.77	0.00%
Dec 01, 2025	$1.27	$1.27	0.00%
May 22, 2025	$0.80	$0.80	0.00%
Nov 28, 2024	$0.79	$0.79	0.00%

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 (TIHRF) report earnings?

Tharisa plc (TIHRF) is schdueled to report earning on Nov 30, 2026, Before Open (Confirmed).

What is Tharisa plc (TIHRF) earnings time?

Tharisa plc (TIHRF) earnings time is at Nov 30, 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 TIHRF EPS forecast?

TIHRF EPS forecast for the fiscal quarter 2026 (Q4) is 0.08.