THA Operational Update Neutral
THARISA PLC - Production Report for the second quarter FY2026 ended 31 March 2026
Tharisa plc
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What this filing means
Tharisa's Q2 production report reveals a mixed operational performance with stronger chrome output and pricing offsetting weaker PGM volumes, alongside the strategic commencement of underground mining.
Bull case
- Chrome production increased by 15.6% to 404.0 kt, supported by a higher average metallurgical grade concentrate price of US$290/t.
- The net cash position improved to US$54.7 million, providing a solid balance sheet foundation.
Bear case
- Quarterly PGM production declined to 34.3 koz from 38.8 koz, driven by lower rougher feed grades.
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