Tharisa (LSE:THS), the integrated PGM and chrome producer that runs the Tharisa Mine on South Africa's Bushveld Complex, has priced a $300 million senior secured Nordic bond.
The offering drew demand from more than 150 international institutional investors across Europe, the UK, the Middle East, North America and Asia, and was oversubscribed.
Proceeds will fund completion of the Karo Platinum Project on Zimbabwe's Great Dyke, a Tier 1 asset expected to more than double Tharisa's PGM output, with first ore to the mill targeted for the fourth quarter of calendar year 2027.
Settlement is expected on 24 September, with proceeds held in escrow until release conditions are met.
"As an inaugural issuance under this structure, the pricing reflects both the jurisdiction in which the project sits and the fact that Karo is still in construction," said Phoevos Pouroulis, chief executive of Tharisa.
He added that the company expects its cost of capital to improve as Karo is commissioned and it builds a track record with the investor base.
The bookrunners were DNB Carnegie and HSBC, and the bonds are set to list on Euronext Oslo Børs within 12 months of the issue date.
Pouroulis pointed to recent operational de-risking of the project, including the conclusion of the SMLA and the Valterra offtake agreement, as groundwork for the bond's reception.
News Intelligence what this means for the company
Tharisa raised $300 million via an oversubscribed Nordic bond to fund completion of its Karo Platinum Project in Zimbabwe, with first ore targeted for Q4 2027. The bond pricing reflects construction-phase and jurisdiction risk, but the company expects its cost of capital to improve as Karo reaches production—a material step toward doubling PGM output, which aligns with its 2030 strategy targeting 226,000 ounces of PGMs annually.
The raise materially strengthens Tharisa's balance sheet for Karo's completion; the company reported a net cash position of $10.7 million in Q3 FY2026, so this $300 million inflow (held in escrow pending release conditions) is transformative for project execution. Oversubscription and geographic diversity of demand signal investor confidence in the asset despite Zimbabwe jurisdiction and construction risk.
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