THARISA has set an ambitious target for platinum production just as the price of the metal surges to a 12-year high.
Commenting in his firm’s fourth quarter and full year production report on Tuesday, Tharisa CEO Phoevos Pouroulis said 2026 PGM production would be between 145,000 to 165,000 ounces. Tharisa produced 138,300 oz this year (2024: 145,100 oz). The last time it produced as much PGMs as forecast for 2026 was the 2022 financial year. About 49.8% of Tharisa’s total production is platinum.
Tharisa’s 2025 output is relatively disappointing owing to pit remediation. Signs of improved mining conditions were evident in the fourth quarter, however. PGM production increased 19.7% to 41,300 oz which compares to 34,500 oz in the third quarter.
This was just as the platinum price started a remarkable run. The metal has gained 85% so far this year. Tharisa recorded an 18.6% increase in the average annual PGM price which came in at $1,615/oz for the year. The basket price was 24.1% in the fourth quarter.
“The PGM market and in particular platinum has been one of the strongest commodity price performers in 2025, with the continued deficits, constrained supply, and tightening stocks acting as strong tailwinds,” said Tharisa in its fourth quarter update.
Platinum is currently trading at $1,639.90/oz, pushing through levels last seen in 2013. According to René Hochreiter, an analyst at Noah Capital, the metal is poised to hit $2,000/oz. “We see a 17% demand deficit in 2025,” he said in a report last mongh. “Lease rates are 10% off the high of nearly 40% earlier this year. Demand from the jewellery, industrial and investment sectors remain strong,” he said.
The improved outlook for PGMs and platinum in particular will help offset chrome. Tharisa has guided to production of between 1.5 million tons to 1.65Mt of chrome concentrates in 2026 compared to output of 1.56Mt this year. But the chrome price fell under pressure this year falling 11% to an average price of $266 per tons (2024: $299/t).
“Guidance for FY26 sees chrome volumes 17% lower than our present forecasts,” said Peel Hunt, Tharisa’s nominated advisor. It added, however that “surging” PGM prices would offset lower volumes.
Earlier this month, Tharisa unveiled a 10-year $547m capital programme aimed at transitioning to underground mining at the North West province pit. Once operating two targeted reefs, the company’s exposure to platinum will increase to 55% of total.
“Although we expect the market to react negatively to the capex numbers and funding obligations in the short term, the benefits of the project should support the longer-term valuation, especially in an environment of rising PGM prices,” said Arnold van Graan, an analyst for Nedbank Securities of the expansion announcement.
Shares in Tharisa have gained 47% year-to-date. The company is currently capitalised at just over R7bn.
