Tharisa plc
Tharisa (Cyprus-incorporated, dual-listed LSE/JSE) is an integrated resource group with controlling interests in platinum group metals (PGM) and chrome, operating the co-producing open-pit Tharisa Mine in the Bushveld Complex, South Africa, and launching underground mining to access further reserves as PGM grades in the open pit decline. H1 2026 (six months to 31 Mar 2026): revenue up 28% to $359.4 million, EBITDA up 138.1% to $104.3 million, PGM production up 15.5% (recoveries improved to 83.8%). FY2026 production guidance: 145-165koz PGM (6E basis) and 1.50-1.65Mt chrome concentrates. Most recent (Q3 2026, quarter ended 30 Jun 2026): group cash of $198.8 million against debt of $188.1 million, a net cash position of $10.7 million (down from a $54 million net cash position at H1 2026-end, reflecting underground-mining-fleet and growth capex).
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.7/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Sep 2008 · Source
- Reached — date not disclosed
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)6/10
South Africa has deep, established PGM/chrome mining infrastructure, offset by real operational risk from grid/power reliability and labor relations.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Tharisa Mine.
Nearby producing mine (20%)10/10
Rustenburg / Kroondal / Marikana (Sibanye-Stillwater Limited) is 15 km away -- within shared-mill trucking range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:8.5/10
Nearest producing mine: Rustenburg / Kroondal / Marikana (Sibanye-Stillwater Limited), 15 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
South Africa: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer of Tharisa plc.
Chief Financial Officer and Executive Director of Tharisa plc, effective 1 Aug 2026 (CFO designate from 1 May 2026), succeeding the retiring Michael Jones. A seasoned mining-finance executive with over 25 years of experience across the diamond and PGM sectors: finance manager at Anglo American Platinum (now Valterra Platinum) 2001-2006; joined Petra Diamonds Limited in 2006 as group finance manager, becoming CFO in 2016 through 2024, when he departed for personal reasons.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
One senior officer bought stock on the open market in January 2026, the only qualifying insider activity found; all other insider-register 'Buy Back' entries are the company's own treasury share repurchases.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Tharisa, a Cyprus-incorporated group listed in London and Johannesburg, co-produces platinum group metals and chrome concentrate from the open-pit Tharisa mine in South Africa's Bushveld Complex and is developing underground mining at the Apollo and Orion complexes as open-pit grades decline. The underground project, with a total capital cost of US$547M and an IRR stated as above 25% at a US$1,633/oz PGM basket price, broke through with its first blast on 31 March 2026 and was on time and on budget in July 2026; together with the open pit it supports a mine life estimated at about 68 years. The underground resource is 60.7 Mt at 1.71 g/t 6E PGMs and 19% Cr2O3 in the measured and indicated categories. FY2026 guidance is 145-165 koz of 6E PGMs and 1.50-1.65 Mt of chrome concentrates; H1 FY2026 revenue rose 28% to US$359.4M, and all-in sustaining cost was US$268 per PGM ounce sold, net of chrome credits. Tharisa has also begun open-pit waste stripping at its Karo Platinum project.