Since the beginning of the year, precious metals like platinum have been dominating headlines as prices have climbed on the back of tightening supply, stronger-than-expected industrial demand, and renewed investor interest.
Production challenges in South Africa, rising automotive catalyst needs, and a growing forecast for market deficits have all supported this upward momentum.
Impact on Tharisa’s Share Price
This rally has had a direct impact on Tharisa’s share price, which has moved closely in line with the surge in platinum, delivering double-digit returns to investors who have invested since the beginning of the year; the company is also uniquely positioned as a significant co-producer of both platinum group metals (PGMs) and chrome concentrates. As a PGM-focused company with nearly half of its total output made up of platinum (about 49.8% of production), movements in the platinum price filter straight through to Tharisa’s revenue, margins, and market sentiment.
Financial Performance Highlights
In the latest financial year, Tharisa reported revenue of US$602.9 million for the year, compared to US$721.4 million in the prior period, with earnings supported by an 18.6% increase in the average annual PGM basket price to US$1,615 per ounce. EBITDA rose to US$187.3 million, up from US$177.6 million, reflecting solid operational performance and continued leverage to stronger PGM pricing.
In an exclusive interview with our Chief Enablement Officer, Carel Nolte, Tharisa CEO Phoevos Pouroulis said, “The cyclicality of commodities brings both opportunities and challenges, but we’re pleased that our business model has proven to be resilient through that cyclicality.”
Watch the full webinar with Phoevos here:
The wider platinum market dynamics are also supporting this correlation. Supply deficits, tighter global inventories, and rising demand across jewellery, industrial, and investment sectors have pushed platinum higher in 2025, with analysts highlighting deepening market tightness. These forces have helped Tharisa achieve a higher PGM basket price in its latest financial year, cushioning the impact of softer chrome prices, which fell 4% year-on-year.
Strategic Position in South Africa
South Africa remains central to this global narrative. The Bushveld Complex is exceptionally rich in platinum and other PGEs, and Tharisa operates in a prime section of the complex, home to most of the world’s platinum group metals and chrome. The company recovers PGMs and chrome together, lowering costs and supporting long-term growth, while ensuring efficient delivery to global markets as it moves toward underground mining.
Source: Tharisa
Long-Term Growth and PGM Exposure
Tharisa’s involvement in the PGM market is broad, encompassing mining, processing, and marketing of PGMs and chrome. The company continues to invest in long-term growth, including a major ten-year, $547 million capital programme to support the move underground. Management has set a higher PGM production target for FY2026 of 145,000–165,000 ounces, up from around 138,300 ounces produced in the latest year; the last time production reached this level was in FY2022. Phoevos noted that: “The underground project is the natural progression for our operations,” highlighting confidence in expanding output despite ongoing operational transitions.
Capital Returns to Shareholders
For income-focused investors, Tharisa continues to return capital. The board declared a total dividend of $0.03 for the latest financial year, including a final gross dividend of $0.015 per share, which will be paid in March next year.
The company’s dividend policy of paying 15% of its consolidated net profit after tax, which could enable the company to between shareholder returns with reinvestment requirements amid high PGM prices, especially the underground expansion, meaning dividends are paid when earnings, liquidity, and capital commitments allow. Shareholders could therefore expect payouts aligned with sustainable cash generation and the company’s evolving growth strategy.
Sources – EasyEquities, Tharisa, Mining Review Africa, Mining Technology, SFA (Oxford)
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