Tharisa forecasts sharp earnings decline amid operational challenges

JOHANNESBURG - Tharisa plc, the Cyprus-incorporated mining group, is alerting shareholders to anticipate a significant drop in earnings for the first half of the fiscal year 2025, according to a trading statement released today.

The company, which specializes in the mining and beneficiation of platinum group metals (PGMs) and chrome concentrates, is preparing its financial statements for the six-month period ending March 31, 2025. The reviewed interim consolidated financial statements are expected to be released around May 22, 2025.

Tharisa’s basic earnings per share (EPS) for the period are projected to be between 2 cents and 3 cents, marking a decrease of 76.6% to 84.3% from the EPS of 12.8 cents for the same period in the previous year. Similarly, headline earnings per share (HEPS) are also expected to fall within the same range, representing a decline of 77.2% to 84.8% compared to the HEPS of 13.2 cents for the first half of 2024.

The company attributes this downturn to unprecedented weather-related operational challenges and a weaker chrome price on a year-by-year basis. This announcement is in compliance with section 3.4(b) of the JSE Listings Requirements, which mandates companies to inform the market when they reasonably expect a 20% or more difference in their financial outcomes from the previous corresponding reporting period.

Tharisa’s principal operations are based in the Bushveld Complex of South Africa, with additional projects such as the Karo Platinum Project in Zimbabwe. The company is also engaged in initiatives aimed at reducing its carbon footprint, including a 15-year Power Purchase Agreement for renewable energy and the development of a solar project.

The financial information on which this trading statement is based has not been reviewed or reported on by the company’s auditors. Tharisa is listed on the Johannesburg Stock Exchange, the London Stock Exchange (LON:LSEG), and the A2X, with a focus on resources critical to energy transition and decarbonization.

Investors are advised to exercise caution when dealing in the company’s securities until the full interim results are published. This report is based on a press release statement from Tharisa plc.

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