Tharisa (THA) H1 2025 earnings summary

Executive summary

• Vertically integrated, low-cost producer of PGMs and chrome, with operations spanning exploration, mining, processing, smelting, refining, marketing, and logistics, and ongoing development of Redox Flow energy storage systems.

• FY2025 interim period marked by significant operational and financial headwinds, including lower commodity prices, reduced profitability, and severe weather impacts.

• Ongoing investment in underground expansion at Tharisa Minerals and value enhancements at Karo Platinum, with DFS for Tharisa West portal completed.

• Redox One battery commercialization progressing to megawatt scale in the new calendar year.

• Interim dividend of US 1.5c/share declared; second share repurchase program of up to US$5m launched.

Financial highlights

• Revenue for H1 FY2025: US$280.8m, down 23.9% year-over-year; EBITDA: US$43.8m, down 45%; net profit after tax: US$8.2m, down 78.9%.

• Net cash from operations: US$36.0m (down 58.2%); cash and cash equivalents: US$193.6m at period end.

• CapEx: US$52.5m, including US$12.8m for Karo Platinum.

• Headline EPS: US 2.9c, down 78% year-over-year.

• Interim dividend of US 1.5c/share, representing 54.3% of net profit after tax.

Outlook and guidance

• FY2025 guidance maintained at lower end: 140,000–160,000 PGMs and 1.65M–1.8M tons chrome.

• Focus on operational recovery, underground transition at Tharisa Mine, and downstream beneficiation.

• Karo Platinum project financing remains a challenge; alternative funding sources being explored.

• Cautiously optimistic for improved H2 output due to drier season and operational improvements.

• Redox One commercialization and Karo project set to double PGM production, with first ore in mill expected 15 months after financial close.