Tharisa results shows higher output, lower prices

Tharisa posted increased production in its PGMs for the third quarter of this year, but showed that average prices had fallen quarter-on-quarter. Quarterly PGM...

Tharisa posted increased production in its PGMs for the third quarter of this year, but showed that average prices had fallen quarter-on-quarter. Quarterly PGM output was at 39,600oz, up from 34,300oz in Q2 2026, up 15% "supported by a marked improvement in recoveries to 83.8%", the company shared. Production guidance for FY2026 is set at between 145 koz and 165 koz PGMs (6E basis) and 1.50 Mt to 1.65 Mt of chrome concentrates.

Chrome output is at 393,800t for the quarter. The average PGM contained metal basket price of $2,681/oz fell quarter-on-quarter (Q2 FY2026: $3,038/oz), attributed to a stronger US dollar, higher real yields and renewed Fed hawkishness outweighing supportive fundamentals. (function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document.querySelectorAll(`iframe`);for(var n in e.data[`datawrapper-height`])for(var r=0,i;i=t[r];r++)if(i.contentWindow===e.source){var a=e.data[`datawrapper-height`][n]+`px`;i.style.height=a}}})}e()})();"The medium-term outlook remains constructive, underpinned by platinum's expected fourth consecutive deficit, constrained South African supply, and demand from auto, AI, electronics, hydrogen and jewellery," Tharisa said.

"Although PGM prices moderated from recent highs, with the basket price lower quarter on quarter, prices remained materially ahead of the prior-year comparative period and medium-term fundamentals remain supportive," Phoevos Pouroulis, CEO of Tharisa, said.