Tharisa plc, the integrated platinum group metals (PGM) and chrome producer listed on the London and Johannesburg stock exchanges, has announced the completion of a secondary listing on the Main Board of the Namibia Securities Exchange (NSX) under the ticker symbol THR, with trading commencing on 9 November 2026. The move is designed to broaden Tharisa's investor base by providing Namibian institutional investors — including pension funds and asset managers — with direct access to PGM and chrome exposure not previously available on the NSX. The JSE remains the primary listing and principal venue for price discovery, with no structural change to existing share classes.

Key Points

  • Tharisa plc (LSE: THS, JSE: THA, NSX: THR) — integrated PGM and chrome producer incorporated in Cyprus
  • Secondary listing on the Main Board of the Namibia Securities Exchange commenced 9 November 2026 under symbol THR
  • NSX-listed shares are fungible ordinary shares; JSE remains primary listing and anchor for price discovery
  • Investors may watch for index-linked demand from Namibian institutions and progress on the Karo Platinum Project in Zimbabwe

Tharisa Gains NSX Domestic Asset Status to Attract Namibian Pension Funds and Asset Managers

A central rationale for the NSX listing is the conferral of Namibian asset status on Tharisa's ordinary shares, subject to applicable Namibian regulatory limits. This classification is significant because Namibian pension funds and asset managers are required under local regulation to hold a minimum proportion of their assets domestically. By achieving domestic asset status on the NSX, Tharisa becomes eligible for inclusion within those mandatory domestic allocations, creating a category of demand that the company states would otherwise be unavailable to it. IJG Securities (Pty) Ltd, which proposed the listing, will act as the company's NSX sponsor.

NSX Listing Offers Namibian Institutions Their Only Direct PGM and Chrome Exposure

The announcement states that the FTSE NSX Capped Overall Index is currently weighted towards financial stocks, with Anglo American its only resources constituent. Tharisa's addition to the NSX therefore provides Namibian institutional investors with the sole available route to PGM and chrome exposure within a domestic asset allocation. The company produces PGMs and chrome concentrates from the Tharisa Mine on the south-western limb of South Africa's Bushveld Complex, and is advancing the Karo Platinum Project on Zimbabwe's Great Dyke, which is designed to produce approximately 226 koz of PGMs per year at steady state. Index-linked demand is expected to grow in line with the company's free float market capitalisation.

Fungible Share Structure and Namibian Dollar Peg Designed to Preserve JSE Liquidity

Tharisa's board considered whether the additional listing risked fragmenting liquidity and concluded it does not expect this outcome. NSX trades are expected to be sourced on the JSE and booked to the Namibian register, rather than through an independent order book. Because the Namibian dollar is pegged at par to the South African rand, the NSX price is expected to track the JSE price closely. The shares traded on the NSX are the same class of ordinary shares as those on the JSE, LSE, and A2X Markets, making them fully fungible. The company described the initiative as cost-effective and quick to implement, with NSX continuing obligations derived from JSE requirements.

NSX Listing Complements Karo Platinum Capital Deployment Phase and Wider Shareholder Strategy

The announcement states the NSX listing is one of several capital markets initiatives Tharisa is pursuing to widen demand for its shares and support the group's cost of capital, with the Karo Platinum Project now in its capital deployment phase. First ore to the mill at Karo is expected in the fourth quarter of calendar 2027, and a binding offtake term sheet for Karo's PGM concentrate has been signed with Valterra Platinum for an initial five-year term. Tharisa also operates Redox One, which is commercialising iron-chromium redox flow battery technology for long-duration energy storage using chrome and iron the group already produces.