22 M A Y 2025
INNOVATING THE RESOURCES COMPANY OF THE FUTURE GLOBALLY SIGNIFICANT, VERTICALLY INTEGRATED LOW-COST PRODUCER AND DEVELOPER OF CRITICAL STRATEGIC METALS
EXPLORATION
MINING
PROCESSING
SMELTING
REFINING
MARKETS, SALES & LOGISTICS
BASE METALS
ENERGY STORAGE
CHROME ALLOYS
PRECIOUS METALS
2
HY2025 KEY HIGHLIGHTS
-
SAFETY
Lost Time Injury Frequency Rate per 200 000 man hours of:
0.02 at Tharisa Minerals
0.08 at Karo Platinum
-
OPERATIONS
PGM production of 62.4 koz
Chrome production of 755.4 kt
-
DEVELOPMENT
Tharisa Minerals underground expansion DFS nearing completion
Karo Platinum value enhancements being evaluated
Arxo Metals beneficiation strategy cemented with PGM and chrome alloy production
Redox One commercialisation on track
3
US$253/t
down 12.2%
MET GRADE PRICE
US$1 403/oz
up 4.4%
PGM BASKET PRICE
REVENUE
US$280.8 m
down 23.9%
(HY2024: US$369.1 m)
EBITDA
US$43.8 m
down 45.0%
(HY2024: US$79.6 m)
NET PROFIT AFTER TAX
US$8.2 m
down 78.9%
(HY2024: US$38.8 m)
NET CASH FROM OPERATING ACTIVITIES
US$36.0 m
down 58.2%
(HY2024: US$86.2 m)
CAPITAL EXPENDITURE
US$52.5 m
includes US$12.8 m on Karo Platinum
(HY2024: US$114.1 m)
CASH AND CASH EQUIVALENTS*
US$193.6 m
(HY2024: US$198.5 m)
HEPS
US 2.9 cents
down 78.0%
(HY2024: US 13.2 cents)
INTERIM DIVIDEND
US 1.5 cents
54.3% of NPAT
(HY2024: US 1.5 cents)
NEW SHARE REPURCHASE PROGRAMME
US$5 m
*includes amounts held in restricted bank deposits 4
US$1 500/oz
SPOT PGM BASKET PRICE
21 May 2025
PGMS PLAY VITAL ROLE IN DECARBONISING THE PLANET
Tariffs have complicated demand outlook for PGMs, focus shifts to supply
Capital investment in primary production has declined by~20% since 2023 due to prolonged low prices
Leading to South African 3E PGM supply declines by 19%-26% by 2030
Stable ICE demand but substantial increase in hybrid drive trains
Higher industrial demand
Powering fuel cells for zero emission vehicles and clean energy systems
Producing fibreglass, used to make wind turbine blades
Catalysing nitric acid for fertilisers
Enabling hard disk drives for much greater storage density in data centres
Increased jewellery demand, from China in particular
ETFs, coins and bars demand also increasing
Hydrogen economy to provide multi decade PGM demand
New technologies and applications
Sustained deficits depleting above ground stocks
Catalysing the production of sustainable aviation fuel
PGMS ARE FUNDAMENTAL TO THE MODERN GLOBAL ECONOMYCoatings and wires used to make and protect aeroplane engines
MOVEMENT IN STOCKS
2022
2023
2024
2025
200
0
-200
-400
-600
Electrochemical production of copper foil in lithium ion batteries
Producing green hydrogen to decarbonise hard to abate applications
Catalytic converters that reduce vehicle emissions
Catalysts and compounds used in cancer treatment and pharmaceuticals
-800
-1 000
GROWTH APPLICATIONS CRITICAL TO THE ENERGY TRANSITION
5
SOURCE: JOHNSON MATTHEY
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Tharisa plc published this content on May 22, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 22, 2025 at 07:11 UTC.
