JSE- and LSE-listed Tharisa has set its production guidance for the 2026 financial year at between 145 000 oz and 165 000 oz of platinum group metals (PGMs) and between 1.5-million and 1.65-million tonnes of chrome concentrates.

That compares with the 138 300 oz of PGMs and 1.56-million tonnes of chrome concentrate produced in the 2025 financial year, ended September 30, which was lower than the 145 100 oz of PGMs and 1.7-million tonnes of chrome concentrates produced in the 2024 financial year.

PGM production in the final quarter of the 2025 financial was, however, up 19.7% quarter-on-quarter, at 41 300 oz, while chrome production was 2.9% higher quarter-on-quarter at 407 200 t.

The strong fourth-quarter production performance was driven by all key metrics – mining, milling, grade and recovery – trending higher.

"We closed the year on a strong note, delivering robust production results in the final quarter. This performance reflects the resilience of our operations, the dedication of our teams on the ground and the effectiveness of the strategic investments we have made throughout the year, complemented by yet another pleasing safety performance through all our operations," says Tharisa CEO Phoevos Pouroulis.

He adds that the company continued investment in fixed assets – highlighted by its recently announced $547-million commitment to underground mining at its flagship Tharisa mine, in the North West province – reflects the company's "unwavering commitment" to ensuring safety, operational efficiency and the sustainability of its operations.

"In a dynamic mining landscape, these long-term capital investments are essential to unlocking resource potential, enhancing productivity and securing value for future generations," Pouroulis states.

The company announced earlier this month that first ore from the new underground operation at the Tharisa mine was scheduled to be delivered in the second quarter of 2026. The underground operation will extend the mine's life beyond 2034.

Pouroulis further points out that the PGMs and chrome concentrate it produces continue to benefit from strong underlying fundamentals.

"Global demand trends, coupled with a constrained and complex supply response, have resulted in a market that is well-supported and structurally balanced. This equilibrium underpins our positive outlook as highlighted in our continued long-term investment in our strategic asset," he says.

The company states that the PGM market and platinum, in particular, has been one of the strongest commodity price performers in 2025, with the continued deficits, constrained supply and tightening stocks acting as strong tailwinds.

Palladium, however, faces "a more delicate balance", while the minor metals have seen good price support driven by healthy supply demand fundamentals, which should see continued support for current prices.

Tharisa notes that the average PGM price increased by 18.6% to $1 615/oz for the 2025 financial year, compared with $1 362/oz in the 2024 financial year. The average PGM price increased by 24.1% quarter-on-quarter to $1 953/oz for the fourth quarter of the year.

The company adds that chrome prices remain stable owing to the balanced market, across ore and concentrates.

The average metallurgical-grade chrome concentrate price decreased by 11% year-on-year to $266/t for the 2025 financial year, while also averaging lower at $276/t in the fourth quarter, compared with $293/t in the third quarter.

"We maintain that sustained demand will come from the stainless steel segment, coupled with constrained supply growth providing continued support to the pricing environment," Tharisa states.

Meanwhile, the company continues to invest in the development of its Karo PGM project, in Zimbabwe.

"We continue to see compelling growth opportunities in our business, with material advances, despite measured capital allocation, at Karo. Our expansion aspirations are carefully calculated and aligned with our disciplined capital allocation policy, ensuring that we prioritise long-term value creation, balance sheet strength and sustainable returns for our shareholders," says Pouroulis.