Production Goals - Tharisa targets production of 145,000 to 165,000 ounces of platinum group metals (PGMs) and 1.5 million to 1.65 million tonnes of chrome concentrate for FY26, an increase from 138,300 ounces of PGMs and 1.56 million tonnes of chrome concentrate in FY25 [1] Q4 2025 Performance - In Q4 2025, PGM production rose by 19.7% quarter-on-quarter to 41,300 ounces, while chrome production increased by 2.9% to 407,200 tonnes, driven by improvements in mining, milling, grade, and recovery metrics [2] CEO Commentary - Tharisa CEO Phoevos Pouroulis highlighted strong production results in Q4, reflecting operational resilience, team dedication, and effective strategic investments, alongside a commendable safety performance [3] Investment in Assets - The company committed US$547 million to enhance the underground life at the Tharisa Mine, emphasizing safety, operational efficiency, and sustainability as essential for unlocking resource potential and enhancing productivity [4] Market Outlook - Tharisa noted strong underlying fundamentals for commodities, with global demand trends and constrained supply leading to a structurally balanced market, supporting a positive outlook and long-term investments in strategic assets [5] PGM Market Performance - The PGM market, particularly platinum, performed strongly in 2025 due to continued deficits and constrained supply, while palladium faced a more delicate balance; minor metals also experienced strong price support from robust supply and demand fundamentals [6] Price Trends - The average annual PGM price increased by 18.6% to $1,615 per ounce in 2025, compared to $1,362 per ounce in 2024, with Q4 seeing a 24.1% quarter-on-quarter increase to $1,953 per ounce [7]