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Tharisa (THA) investor relations material

Tharisa Status Update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Status Update summary3 Oct, 2025

Strategic transition to underground mining

  • A phased transition from open-pit to underground mining will sustain and enhance long-term production of PGMs and chrome, leveraging mechanized board and pillar methods for efficiency and safety.

  • Underground mining begins October 2025, with open-pit depletion expected by 2034–2035, ensuring long-term production and multigenerational value.

  • The transition starts with Apollo portals, followed by Orion, enabling early ore access and operational efficiency, with steady-state output by 2033.

  • Robust geological studies underpin a 10-year initial underground plan, with 60.7 Mt measured and indicated resources and 30.4 Mt reserves.

  • Early works, regulatory alignments, and key technical partners are in place to ensure a de-risked, compliant transition.

Operational and financial highlights

  • Combined underground production rate will maintain or exceed 5.6 Mtpa, with Apollo and Orion complexes reaching steady state by 2033.

  • Capital investment totals $547m for Apollo and Orion, with peak funding at $173m and mining costs at $40.8/t.

  • Project IRR exceeds 25%, with a post-tax NPV at spot prices of $985m over a 60-year mine life.

  • Mechanized mining, smart technologies, and a contractor model will enhance safety, efficiency, and cost control, with proactive labor transition and reskilling.

  • Integrated processing plants and focused on-reef mining will maximize PGM and chrome recovery, with improved prill split and grade control.

ESG and community impact

  • Committed to reducing carbon emissions by 30% by 2030, with investments in solar power, battery technology, and advanced water management.

  • 43% of employees and contractors are from host communities, with 26% female representation, and ongoing investment in education, skills, and local business partnerships.

  • Community trust holds shares and receives dividends, with $2.3m invested in skills development and local upliftment initiatives.

  • Socioeconomic value creation, community upliftment, and restoration of natural vegetation are central to the operational ethos.

  • Water management includes a reverse osmosis plant and advanced site hydrology to ensure sustainability and environmental protection.

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Frequently asked questions

Tharisa plc is an integrated resource group primarily engaged in the mining, processing, and sale of platinum group metals (PGMs) and chrome concentrates. The company's operations are centered around the Tharisa Mine, located in South Africa, which produces a variety of PGMs including platinum, palladium, and rhodium, along with chrome concentrates used in the metallurgical, chemical, and foundry industries. Tharisa plc also focuses on innovative technologies and sustainable practices to enhance its mining and processing efficiencies. The company is headquartered in Paphos, Cyprus, and its shares are listed on the LSE.

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