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Tharisa Mine's chrome operations helped the company navigate the recent PGM downturn, generating 64% of gross profit in FY 2025 despite PGM prices recovering to $1,615/oz. The company is investing in the Karo platinum project in Zimbabwe, with $193m already spent and total costs estimated at $550m, aiming for first production in H1 2027.

While the PGM market shows signs of recovery, there is market caution due to high capital commitments. Tharisa's strategy focuses on expanding PGM output, with Karo potentially doubling production and downstream investments enhancing profitability. Investor sentiment hinges on the sustainability of PGM price increases.