Member Info for Tharisa

these are standard announcements that we simply fill in, regulatory, not much we can do about that

yes, these were options granted over a 5year period, need to sell before 28/2 or they lapse

Tharisa, the platinum group metals (PGMs) and chrome co-producer dual-listed on the Johannesburg and London stock exchanges, today announces its production and cash balance results for Q1 FY2023
Quarter highlights
? Lost Time Injury Frequency Rate (‘LTIFR’) of 0.3 per 200 000-man hours worked
? Mining volumes impacted by unprecedented rainfall not seen in the history of the Tharisa Mine
? Processing efficiencies impacted by increased processing of oxidised ore and variable ROM stockpiles
? PGM output marginally lower versus prior quarter at 42.7 koz (Q4 FY2022: 45.3 koz)
? Chrome output fell as a direct result of feed and ore mix variability at 383.1 kt (Q4 FY2022: 416.2 kt) with grades remaining consistent at 17%
? Vulcan Plant optimisation continuing with increased output on track for H2 FY2023
? Production guidance maintained at between 175 koz and 185 koz PGMs (6E basis) and 1.75 Mt to 1.85 Mt of chrome concentrates
? Elevated PGM prices driven by PGM demand for the automotive industry and lower production from major suppliers; Chrome prices remain buoyant currently at US$260/t due to eroding Chinese stockpiles
? Successful ground breaking at Karo Platinum Mine in Zimbabwe; project construction ongoing
? Raised US$31.8m from bond issue for Karo Mining Holdings on the Victoria Falls Stock Exchange
? Cash on hand US$213.9 million, with a net cash position of US$101.1 million
? Growth strategy firmly on track for FY2023

Phoevos Pouroulis, CEO of Tharisa, commented:
“Despite operational headwinds at the Tharisa Mine, the Company delivered a solid quarter of PGM and chrome production, underpinning our commitment in delivering guidance of between 175 koz and 185 koz PGM and 1.75 Mt and 1.85 Mt chrome concentrates. The quarter also saw significant progress in the development of Karo Platinum, which will be our second Tier 1 PGM asset, with ground breaking and the commencement of the development of the necessary infrastructure and mine construction, supported by the first bond issue on the Victoria Falls Exchange in Zimbabwe.
The fatality in October 2022 overshadowed the quarter where output was hampered by unprecedented rainfall, which registered an annualised increase in rainfall of 27%. While the changes we have made to the pit layout provided significantly better drainage, access to the pit was nevertheless hampered due to the high-water level, directly resulting in pit flexibility being compromised. Our stockpile management strategy implemented over the past 24 months resulted in minimising the impact to our normal output.
Our growth strategy remains intact, underpinned by further free cash flow generation in the quarter, as well as progressing with our ambitions to become a multi-asset and multi-jurisdiction group with the rapid progress of the Karo Platinum Project.”

https://bit.ly/3WYG69U

nope, it is that number

today's prices as per our treasury
Tharisa Basket Price
Platinum $1 084.00
Palladium $1 792.50
Rhodium $11 747.08
Gold $1 876.93
Ruth $408.47
Iridium $4 607.70
Karo USD $1 882.04
Tharisa USD $2 360.00
Tharisa ZAR R40 138.46
Brought to you by TreasuryONE

Profit for the year 167 156 131 541

all in the results booklet

https://www.tharisa.com/pdf/investors/annual-results/2022/tharisa-plc-fy2022-results-condensed-consolidated-financial-statements.pdf

Key Highlights
• Safety:
o As at 30 September 2022, Tharisa had achieved seven fatality free years and over six million fatality free shifts, with a Lost Time Injury Frequency Rate (‘LTIFR’) of 0.40 per 200 000-man hours worked
o Legohu Raymond Mothapo succumbed to his injuries in a tragic accident in the open pit on the evening of Tuesday, 18 October 2022 and later passed on Friday, 21 October 2022
• Operations:
o Annual PGM production up 13.6% at 179.2 koz (FY2021: 157.8 koz) at an average PGM basket price of US$2 564/oz (FY2021: US$3 074/oz), down 16.6%
o Annual chrome production up 5.1% at 1 582.7 kt (FY2021: 1 506.1 kt) at an average metallurgical grade chrome price of US$209/t (FY2021: US$154/t), up 35.7%
• Corporate actions:
o Acquisition of remaining 26% minority shareholding in Tharisa Minerals in a landmark BEE transaction for a purchase consideration of US$25.6 million
o Acquired controlling interest in Karo Mining Holdings with exercise of farm-in option at a discount to the project NPV for a purchase consideration of US$27.0 million with construction having commenced
• Financials:
o Revenue increased 15% to US$686.0 million (FY2021: US$596.3 million)
o EBITDA increased 5.8% to US$236.3 million (FY2021: US$224.3 million) at an EBITDA margin of 34% (FY2021: 37.6%)
o Profit before tax increased 25.1% to US$231.7 million (FY2021: US$185.3 million)
o Earnings per share of US 53.8 cents (FY2021: US 37.4 cents), an increase of 44%
o Free cash flow of US$61.8 million
o Final dividend of US 4 cents per share proposed, bringing total dividend to US 7 cents per share, 17.7% of adjusted NPAT
o Net cash position of US$80.4 million, well-positioned for growth
o Return on invested capital of 23.8% (FY2021: 25.5%)
• Guidance for FY2023:
o Production guidance for FY2023 is set between 175 koz and 185 koz PGMs (6E basis) and 1.75 Mt to 1.85 Mt of chrome concentrates

Phoevos Pouroulis, CEO of Tharisa, commented:
“This year has been characterised by an extraordinary performance from the Tharisa Mine, with a strong financial performance driven by record PGM and chrome production in a highly challenging environment. This has been achieved through our innovative approach to maximising the more than sixty years of life of mine of the Tharisa Mine, and the significant commitment and capabilities of the Tharisa team. The FY2022 year has provided not only record production of the metals which we mine, but also the consolidation of the foundations of the next stage of our growth for the coming decade and beyond. This has materialised through the completion of the world’s largest chrome fines processing plant, the commencement of the construction of the Karo Platinum Project in Zimbabwe, the significant progress made in the beneficiation strategies across all our businesses, and the landmark BEE transaction which will deliver value to all our shareholders for years to come.”

Sotolo, no one has confirmed record dividend, that tweet refers to FY2021 performance

https://bit.ly/3u6VZhJ

Trading statement – results for the year ended 30 September 2022
In terms of section 3.4(b) of the JSE Listings Requirements, companies are required to provide guidance
to the market when they are satisfied that a reasonable degree of certainty exists that the financial results
for the current reporting period will differ by at least 20% from the results of the previous corresponding
reporting period.
A production update for the financial year ended 30 September 2022 was released on the JSE Stock
Exchange News Service and LSE Regulatory News Service on 11 October 2022. The production report
highlighted lower PGM basket prices for the year but higher chrome concentrate prices, yet both were
supported by a weaker South Africa Rand versus United States Dollar exchange rate. Tharisa in the period
under review also consolidated its shareholding in Tharisa Minerals Proprietary Limited from 74% to 100%
with the purchase consideration being settled through the issue of new ordinary shares in the Company.
Tharisa is preparing its financial statements for FY2022, with the financial results expected to be released
on or around 5 December 2022.
Tharisa’s basic earnings per share ('EPS') for the financial year ended 30 September 2022 on a fully diluted
basis are expected to be between US$ 53 cents and US$ 54 cents per share with a tolerance of 10%. This
is an increase of between 41% and 44% relative to the EPS of US$ 37.4 cents per share for the financial
year ended 30 September 2021 and is after accounting for the acquisition of a controlling interest in Karo
Mining Holdings plc as a “business combination”.
Tharisa’s headline earnings per share ('HEPS') for the financial year ended 30 September 2022 on a fully
diluted basis are expected to be between US$ 41 cents and US$ 42 cents per share with a tolerance of
10%. This is an increase of between 7% and 9% relative to the HEPS of US$ 38.3 cents per share for the
financial year ended 30 September 2021.
The financial information on which this trading statement is based has not been reviewed or reported on
by the Company’s auditors.

I know we are all believers on this site, but I have found a new one to join the flock
https://frisby.substack.com/p/portfolio-update?utm_source=substack&utm_medium=email

correct, it is the percentage of base metal in the reef we will be mining, numbers by Mike1959 look workable

Metalhead, your question is justified even in these circumstances, one has to separate the two, as tough as it is, no, had we had an impact, we would have had to alert the market on any changes but operations are continuing

and Tamesis leaves it at GBP3.00 while Noah rates us at ZAR93.00/share

Maputo half run by Grindrod, plus the dredging that has been done lately helps, Beira an option but not something we have really investigated thus far

sure, Transnet obviously runs rail and port, port running on skeleton, we just did a shipment and have port stock, for next ship in coming days, Maputo is fine, which we have been using very successfully for a while, so port access is ok, ie no intimidation but no one to handle the new stock, so we wait and see, so moving via Maputo as much as we can, again, upside of an internal logistics team that is flexible rather than a tight outsourced rigid system

Mike, rougher feed grade and proven/probable cannot be compared, the rougher feed grade takes into account grade upgrade after some of the chrome has been mass extracted, IDG

Link to Tamesis report

https://www.tharisa.com/analyst-reports.php

Sotolo, as you know, we are chrome fans, the outlook for the commodity is very good, and if we could find exciting new projects, we would grow the business, plus the fact that we produce not just metallurgical chrome plus have our specialty range, makes this a good business, of course PGMs will dominate but the commodity suite we have makes us very happy

? LTIFR of 0.4 per 200 000-man hours worked
? Achieved seven fatality free years and six million fatality free shifts
? Continued focus on sustainable in pit mining led to consistent milling throughput resulting in:
? Quarterly PGM production increasing to 45.3 koz (Q3 FY2022: 42.1 koz), at a rougher feed grade of 1.67 g/t (Q3 FY2022: 1.65 g/t) with recoveries at 76.2% (Q3 FY2022: 75.6%)
? Annual PGM production up 13.6% at 179.2 koz (FY2021: 157.8 koz)
? Quarterly chrome production increasing to 416.2 kt (Q3 FY2022: 389.7 kt) at a grade of 17.3% Cr2O3 (Q3 FY2022: 17.0%) and recovery at 69.6% (Q3 FY2022: 70.2%)
? Annual chrome production up 5.1% at 1 582.7 kt (FY2021: 1 506.1 kt)
? Strategic commodity portfolio and robust pricing supporting the Company’s capital allocation and growth ambitions:
? Quarterly PGM basket price of US$2 400/oz (Q3 FY2022: US$2 677/oz) down 10.3%
? Annual PGM basket price of US$2 564/oz (FY2021: US$3 074/oz) down 16.6%
? Quarterly metallurgical grade chrome price of US$226/t (Q3 FY2022: US$247/t) down 8.5%
? Annual metallurgical grade chrome price of US$209/t (FY2021: US$154/t), up 35.7%
? Cash balance of US$143.4 million and positive net cash position of US$78.6 million
? Karo Platinum project on schedule with ‘ground-breaking’ due December 2022
? Production guidance for FY2023 is set between 175 koz and 185 koz PGMs (6E basis) and 1.75 Mt to 1.85 Mt of chrome concentrates

CEO of Tharisa:
“Operationally, this has been a rewarding year that will translate to a strong set of financial results, despite the macro challenges that have impacted global supply chains, inflation, and the mining sector. This operational performance is built on key decisions we made some years ago with the goal of accelerating our growth strategy and thus building a highly innovative, stronger, and more sustainable company.
Central to our success has been the continued efficiency at our flagship Tharisa Mine, where production increased across the board, with the Vulcan Plant contributing to increased production resulting in improved recoveries.
One of Tharisa’s core values is maintaining a strong health and safety record. This was again achieved during the year, delivering seven fatality free years and six million fatality free shifts. We continue to strive to be a zero-harm company.
On the corporate front, we have simplified our structure through fully aligning our long-term BEE partners as shareholders in the broader Tharisa business. We have advanced our position in Karo Platinum, which is on track to become the second world-class asset in our portfolio. The next major milestone is ‘ground-breaking’ at the Karo site in December 2022, as this PGM asset moves into the construction phase, with inaugural production planned for within the next 24 months. Tharisa remains firmly committed to its strategy of delivering sustainable growth and value to all its stakeholders despite the current volatility in the global markets.”

Viable, we have for some time stated that we have shifted a large amount of transport onto road and have also been utilising more ports over the last 12 months, logistics to port for us is not the problem, neither is the ship availability as we manage a pipeline of finished product of about 6 weeks, with stockpiles at various strategic locations, to be fair, Transnet is getting their act together slowly, see story of today https://www.miningweekly.com/article/tfr-concludes-repair-work-on-north-corridor-2022-09-08/rep_id:3650 on coal IDG

Some views from peel Hunt on the Amplats news this morning

Amplats cuts guidance: Anglo has announced that due to sub-standard replacement parts for its Polokwane smelter rebuild the project is delayed. This will add two months onto the build and mean that there is a bigger build in inventory ahead of the smelter. Refined PGM production is expected to fall c.300-500koz, with guidance now 3.7-3.9Moz (from 4.0-4.4Moz). This is a temporary build in inventory and we would expect the volumes to unwind in 2023, but in the shorter term it will tighten the refined PGM market slightly. For the minor PGM metals like rhodium, where there are no significant inventories to tap, we would expect it to tighten the market. Tharisa# is an obvious short term beneficiary of the incrementally lower PGM supply.