Tharisa (LSE:THS), the integrated PGM and chrome producer operating the Bushveld Complex mine in South Africa and the Karo Platinum project in Zimbabwe, produced 39.6 thousand ounces of platinum group metals in the third quarter of its 2026 financial year, up from 34.3 thousand ounces in the prior quarter.
Chrome concentrate output slipped slightly to 393.8 thousand tonnes from 404 thousand tonnes, as lower milled tonnes from an annual maintenance shutdown offset improved run-of-mine grade.
Reef mined jumped 41.6% quarter on quarter to 1,235.2 thousand tonnes, recovering from weather-related disruption in the second quarter, while recoveries improved to 83.8% from 77.5%.
The average PGM basket price fell to $2,681 an ounce from $3,038, while the metallurgical grade chrome concentrate price rose to $306 a tonne from $290.
Chief executive Phoevos Pouroulis said the quarter "demonstrated normalised operations and in line with budget", with mining performance recovery supporting improved feed grades.
Group cash on hand rose to $198.8 million from $184.3 million at 31 March, but debt climbed to $188.1 million from $129.6 million following a drawdown on an $80.0 million underground transition term loan, leaving net cash of $10.7 million, down from $54.7 million.
The Tharisa underground project remains on schedule for first run-of-mine output in the fourth quarter, while Karo Platinum's Phase 1 mining contractor mobilisation is complete.
Year-to-date production keeps the group on track for FY2026 guidance of 145,000 to 165,000 ounces of PGMs and 1.50 to 1.65 million tonnes of chrome concentrate.
