SENS-AI
THA Operational Update Neutral

THARISA PLC - Production report for the third quarter FY2026 ended 30 June 2026

Tharisa plc
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What this filing means

Operational recovery confirmed but counterweights are real. PGM production of 39.6 koz bounced 15.5% quarter on quarter as mining conditions normalised and recoveries improved to 83.8%, and the company reaffirmed FY2026 guidance. The offsetting negatives are significant: the PGM basket price fell 11.8% quarter on quarter while chrome prices have already started softening, and net cash collapsed from US$54.7 million to US$10.7 million as the underground project and Karo Platinum draw on the bala…

Bull case

  • PGM production of 39.6 koz in Q3 is a 15.5% recovery from Q2's weather-impacted 34.3 koz, with recoveries rising to 83.8% from 77.5%.
  • Chrome prices remained constructive at US$306/t, up 5.5% quarter on quarter, supporting revenue quality.

Bear case

  • The PGM basket price fell 11.8% to US$2,681/oz from US$3,038/oz in Q2 — a material quarter-on-quarter headwind to revenue and operating profit that is not offset by the volume recovery.
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Category
Operational Update
Event posture
No Edge
Published
Jul 14, 2026

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