Tharisa plc

For the 6 months ended 31 March 2026, Tharisa reported revenue of $359.4 million, up 28%; EBITDA of $104.3 million, up 138.1%; profit before tax of $69.9 million; EPS of $0.158, up 532%; and gross profit of $108.9 million with a 30.3% gross margin. Chrome concentrate production was 753,300 tonnes, roughly flat, while PGM production increased to 73,100 ounces; the average PGM basket price rose 85.3% to $2,599/oz and the average metallurgical chrome price increased 12.3% to $284/tonne. Operational cash flow was $96.4 million, cash and equivalents were $184.3 million, total debt was $130.3 million, and net cash was $54 million. The board approved an interim dividend of $0.025 per share, equal to 15.9% of consolidated net profit after tax. For the full year, capex budget is $165.9 million, excluding deferred stripping and Karo Platinum; underground mining capex is budgeted at $76.7 million, and total capital commitments at 31 March were $120.2 million. Management said the underground project is fully funded with $179 million of facilities and asset-backed financing, while Karo still depends on closing fiscal stability and financing arrangements.

Phoevos Pouroulis emphasized that Tharisa’s co-product model is working well, with strong PGM pricing and resilient chrome demand supporting the business. He highlighted safety, underground development at Apollo being ahead of schedule, Karo’s progress, and the successful factory acceptance testing of the Redox One battery as evidence of the company’s broader strategy beyond mining. His tone was constructive and confident, but he also flagged inflationary pressure from diesel and said mitigation measures are in place.

Michael Jones focused on the financial strength of the period: $96.4 million of operational cash flow, revenue of $359.4 million, EBITDA of $104.3 million, and net cash of $54 million. He said $103.5 million was invested in the business during the half, including $65.5 million of sustaining capex, $16.3 million of underground capex, and $21.4 million into Karo and related infrastructure, while total debt was $130.3 million with $42.1 million short-dated revolver/facility debt. He also noted that the stronger PGM basket price reduced peak underground funding needs by about $45 million, from $173 million to $179 million in secured facilities and asset-backed financing.

Analysts focused on diesel supply, logistics, chrome pricing, Zimbabwe government approvals, Karo financing, solar project delays, and the ADR/main market listing opportunity. Management said diesel supply risk has been mitigated through diversified suppliers and extra storage, with a target of around 10% fuel savings per cubic meter moved, while Zimbabwe supply was not seen as an issue due to multiple importers. On logistics, Tharisa said it moved about 22% of cargo by rail in the half, exported 60% via Maputo and 40% mainly via Richards Bay, and wants to move back toward an 80/20 rail-road mix over time. On Karo, management said fiscal stability agreements with the Zimbabwe government are aligned and execution-ready, but the financing is tied to those agreements and the process is still regulatory and time-consuming; the solar project at Tharisa mine is stalled by grid connectivity constraints.