Highlights

  • Berenberg issued a buy rating on Tharisa with a target price of GBX 200.
    • Q1 FY2026 PGM recoveries improved to 78.8%, while chrome recoveries rose to 70.3%.
    • Tharisa reported a net cash position of USD 47.0 million as at 31 December 2025.

Tharisa plc (LSE:THS), the dual-listed mining and metals group focused on platinum group metals (PGMs) and chrome, has received a buy rating from Berenberg, with the broker setting a target price of GBX 200. The rating comes as the company released its Q1 FY2026 production results and updated the market on operational performance, safety metrics, and financial positioning. Tharisa shares were trading at GBX 135.00 on 9 February, showing gains of 126.89% over one year and 53.41% over six months.

Broker Endorsement Highlights Growth Strategy

Berenberg’s buy rating underscores Tharisa’s positioning as an integrated resource group spanning exploration, mining, processing, beneficiation, marketing, and logistics for PGMs and chrome concentrates. The company’s asset base includes the Tharisa Mine in South Africa’s Bushveld Complex and the Karo Platinum Project on Zimbabwe’s Great Dyke. In addition, investments in downstream beneficiation and proprietary energy storage technology through Redox One form part of its long-term development roadmap.

Operational Performance for Q1 FY2026

During the quarter ended 31 December 2025, Tharisa reported reef mined of 1,239.0 kt and reef milled of 1,361.5 kt. Quarterly PGM production reached 38.8 koz, while chrome production totalled 349.4 kt. PGM recoveries improved to 78.8%, compared with 61.7% in Q1 FY2025, while chrome recoveries rose to 70.3% from 65.7% in the prior-year period.

Health and safety performance remained a core focus, with a Lost Time Injury Frequency Rate (LTIFR) of 0.02 at Tharisa Minerals and 0.00 at Karo Platinum. The company also noted successful risk mitigation measures during a period of higher rainfall and increased lightning events.

Market Conditions and Pricing Environment

PGM prices averaged USD 2,208 per ounce during the quarter, up from USD 1,615 in FY2025, supported by supply deficits and regulatory developments in the European Union. Chrome concentrate prices averaged USD 276 per tonne, compared with USD 266 per tonne in FY2025. The company highlighted expectations of continued stainless steel production growth in China into 2026.

Financial Position and FY2026 Guidance

As at 31 December 2025, Tharisa held group cash of USD 122.2 million, with debt of USD 75.2 million, resulting in a net cash position of USD 47.0 million. For FY2026, production guidance has been set at 145–165 koz of PGMs (6E basis) and 1.50–1.65 Mt of chrome concentrates.

Tharisa’s latest operational update, combined with Berenberg’s buy rating, places focus on the company’s production profile, market exposure, and financial position. With defined FY2026 guidance, ongoing project development, and exposure to PGMs, chrome, and energy storage technology, Tharisa continues to advance its integrated business strategy across its asset base.

FAQ Section

Q1: What is Berenberg’s target price for Tharisa?
Berenberg has set a target price of GBX 200 and issued a buy rating on Tharisa shares.

Q2: What were Tharisa’s key production figures in Q1 FY2026?
Tharisa produced 38.8 koz of PGMs and 349.4 kt of chrome concentrate during the quarter.

Q3: What is Tharisa’s production guidance for FY2026?
The company expects PGM production of 145–165 koz (6E basis) and chrome output of 1.50–1.65 Mt.