[SMM Precious Metals Express]

[SMM PGM Flash] Tharisa reported on 13 October that its South African mine produced 41,000 oz of six-element PGMs in Q4 FY2026, up 3.5% from the previous quarter. Full-year output reached 153,700 oz, 11% above FY2025 and within guidance. Its average contained-metal basket price was US$2,607/oz for the year, 61% higher year on year, although the Q4 average eased 5.4% quarter on quarter to US$2,535/oz. Rising annual output and a substantially higher basket price strengthen the revenue backdrop for the PGM-and-chrome operation, while the quarterly price decline shows continuing volatility. Tharisa set FY2027 PGM guidance at 150,000–170,000 oz. It also still targets first ore to the Karo mill in Zimbabwe for Q4 2027; that date and Karo’s planned output remain forecasts, not achieved production.