THARISA PLC - Interim Results

In this episode, we explore Tharisa PLC's 2026 interim results, highlighting a significant 85% increase in platinum group metals prices, reaching nearly $2,600 an ounce. Despite typical inflation pressures, Tharisa mitigates costs through a unique co-product model, producing both PGMs and chrome simultaneously, resulting in a low all-in sustaining cost of $268 per ounce. The company is transitioning its main mine underground and developing the Cairo Project in Zimbabwe, actively working to secure fiscal stability agreements to ensure capital flow. They are also pivoting towards green energy with their ARXO Metals innovation hub, focusing on an iron chromium redox flow battery, which offers long-duration energy storage solutions. This positions Tharisa favorably for future demand in the energy transition and high-grade materials critical for modern infrastructure.