Half Year 2026 Tharisa PLC Earnings Call Transcript
Key Points
- Tharisa PLC (TIHRF) reported a significant 85% increase in their PGM basket price, reaching nearly $2,600 per ounce.
- The company achieved a 138.1% increase in EBITDA, amounting to $104.3 million, showcasing strong financial performance.
- Tharisa PLC (TIHRF) maintained a healthy gross profit margin of 30.3%, with a gross profit of $108.9 million.
- The company is ahead of schedule with its underground development at the Apollo West Mine, achieving 134% of the planned progress.
- Tharisa PLC (TIHRF) has successfully completed factory acceptance testing on its Redox One iron-chromium flow battery system, marking a step towards proving the commercial viability of this technology.
- The company faces inflationary cost pressures, particularly due to increased diesel prices, impacting operational expenses.
- There are delays in the proposed solar installation at the Tharisa mine due to lack of grid connectivity in the region.
- The Karo Platinum project financing is taking longer than expected, partly due to the need for fiscal stability agreements with the Zimbabwean government.
- Tharisa PLC (TIHRF) is experiencing challenges with logistics, relying heavily on road transport, which is less efficient compared to rail.
- The company is at an investment-heavy stage, with significant capital commitments, which could strain cash flow if not managed carefully.
Good morning, ladies and gentlemen, and welcome to the Tharisa plc investor presentation. (Operator Instructions) The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so on the Investor Meet Company platform.
Before we begin, as usual, we would like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I'd now like to hand you over to CEO, Phoevos Pouroulis. Good morning, sir.
Good morning, and welcome everyone, to this half year results presentation for our financial year 2026. With me today in the room is our CFO, Michael Jones; and CFO designate, Jacques Breytenbach, who will be taking over from Michael from the August 1, as Michael enters his retirement. So really starting off with our intent and purpose statement of redefining resources,
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