It is well to be noted that Tharisa, the JSE as well as the London Stock Exchange-listed mining and metals company, stated that transitional capital for its dual underground development project over 10 terms would likely come to $547 million.
Apparently, the company said on October 3, 2025, in an update pertaining to the underground mining expansion plans for its flagship Tharisa open-pit mine located near Rustenburg, that this capital was anticipated to be financed through internal cash and external funding lines, therefore making use of balance sheet agility. Importantly, the update was offered as the base for a presentation when it came to investors on the day.
The CEO, Phoevos Pouroulis, stated in a communication that the phased approach to portal development helps with early access to reef, with the board and pillar design enabling a safe, cost-effective ramp-up along with long-term operational efficiency. He added that as they continue to innovate with purpose, they are indeed setting standards for multiple generations to come.
Importantly, he emphasized the fact that the underground mining expansion offers a high-confidence, low-geological-risk opportunity so as to sustain Tharisa Mine for more than 50 years.
It is worth noting that Tharisa Mine happens to be the flagship asset of the company, a co-producing open-pit mine when it comes to the platinum group metals as well as chrome concentrates. Significantly, there are plans for a phased move to underground mining expansion by way of the Apollo Complex-West Mine development and the Orion Complex-East Mine project.
The company stated that Tharisa Mine is all set to elevate the operational efficiency and environmental stewardship along with long-term value creation.
The present processing facilities had a capacity of 5.6 Mtpa when it came to run-of-mine (ROM), therefore ensuring production scalability and, at the same time, operational flexibility.
Apparently, the life of mine—the LOM schedule offered for the open-pit operations—is to get depleted by the 2035 financial year.
Pouroulis went on to indicate that the addition of underground mined ore from the West Mine-Apollo Complex as well as the East Mine-Orion Complex from 2031 would make sure that the 5.6 Mtpa nameplate processing capacity was achieved and, as a matter of fact, exceeded.
Both the Apollo and Orion complexes, which will be developed sequentially, happen to be designed to mine 255 ktpm, having a combined production rate of almost 510 ktpm that was capped at the plant feed capacity of 5.6 Mtpa.
All this would go on to maintain the present PGM as well as chrome concentrate output, with growth opportunities because of smarter mining and also less dilution. Apparently, a mining contractor model will be deployed.
Pouroulis further went on to state that their proven co-product business model is going to continue to give out value as they switch on a modern smart mine, therefore future-proofing their capacity to unlock long-term value by way of a more efficient, agile as well as a lower-cost mining model that happens to cover many generations.
He added that the shallow ore body helped with on-reef mechanized development, therefore delivering cleaner ROM along with significantly decreasing the waste, capital intensity as well as environmental effect.
Significantly, he went on to note that the underground project happens to be the natural progression when it comes to operations and has been established to access a multigenerational mineral resource base and elevate the operational efficiencies while, at the same time, maintaining their world-class yardsticks when it comes to health, environmental stewardship, safety, and further bloating their track record in terms of long-term value creation.
As per a third-quarter production report to June 30, 2025, the company said that the cash on hand was $164.6m, with debt of $121.5m, therefore bringing the net cash to $43.1m. At that point in time, the production was trending towards the lower end of guidance.
Interestingly, it was in May 2025 that the half-year headline earnings per share were reported 78% lower, coming to US 2.9 cents, with Tharisa carrying on with its track record in terms of generating profits, although at lower levels, thereby helping the company to consistently invest in the sustainability and, of course, growth of its operations. Besides, the company also noted they now happen to be in their tenth year in terms of returning capital to the shareholders, and at the same time they are also going ahead with their second share buyback.
It is well to be noted that the share price of Tharisa fell 1.64% to R24 on October 3, 2025. This is the price that has risen by 34% in a year and has also maintained its position on the market.