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Palladium up 10%, platinum up 2%. The catch up rally following the gold rally has started.
THS is the next one to move.
Incredible move off the lows from palladium there!!
Have bought back in after such a long time as the lack of interest is unique here today while all others in sector move higher!! Easy to say we are oversold without a breakdown of reasons to accompany the statement but I’d wager worries over Karo capex will diminish as the PGM space returns to favour. Conviction buy with potential 20-25% in short term IMO
£74m net cash .. £140m m/c
If platinum and palladium make moves here, and continues up.. then palladium has just bounced from a decade low.
Incredible.
But what could be more important is that USDZAR has now fallen for 5 days solid.
I too have maybe rashly bought a few thousand more
Also interesting that THS PGM basket’s biggest constituents now are, by my fallible calcs, Platinum 36% rh 31% iridium 15% and palladium only 13%. While Karo basket has Palladium and Platinum as biggest both at just over a third followed by gold 16% and then rhodium. So Karo basket has been recovering a bit faster this week. Remains to be seen if Palladiumnis a dead cat bounce or proves real
Sorry to post again but again by my calcs the basket is much as it was 6 months ago but share price down 40%
Can't post graphs here but here is a link
https://www.linkedin.com/feed/update/urn:li:activity:7171785180968304640
Nice to see the share trading volumes going up, hopefully a sign of some support for an increase back to a sensible share price!
Platinum going for it again
Chrome concentrate 40-42% price CIF Chinese ports this week is up $5/t to $295-300/tonne so we will see the Tharisa price nudge up on Monday.
Smkr, palladium price averaged $1016/oz in 2018 and was in 3 figures for 2010 to 2017.
i agree the USD has been weaker in the last week or so but probably too early to read too much into that.
Yeah I agree on the dollar Mike. Was a good down week but still incredibly high. It’s been non stop since early 21 and rate hikes. Hopefully they reduce them slightly before elections over there, might put a top in it at least. I think that’s the reason for the drop this week also.
https://www.cnbc.com/amp/2024/03/07/powell-says-fed-is-not-far-from-the-point-of-cutting-interest-rates.html
BPat so far our purchases at 48 (and me reinvesting divi at 52 along with others) are going well, my first in a long time, as looked just too cheap given chromium holding up and even including Karo worries
Chrome is back above $300/tonne ,the highest for 6 months and now contributing about 70% of revenue.
BPat890, when we bought at 47p on Mar 15th and both posted here, you said you expected a 20-25% rise pretty rapidly. You were wrong …..it has been 60%…so far. Well done, I am hanging in along with my larger original stake, and those I added on top a week later at52p, metals are now motoring and this is wildly oversold…plus the buy back on top is huge considering how few shares are traded, thank you Tharisa
Yes Sotolo-things appear to be going in the right direction barring no shocks in the SA election -for example the EFF having a say in a minority ANC government -although likely indications that others will be involved and not the EFF.
Results due on Thursday -probably get RNS tomorrow if variance of more than 20% from results to 31/3/2023 -requirement of SA stock exchange listing rules
Moneyman, Good point about SA rules requiring a SENS/RNS if accounts expected to be variable by more/lower than 20% for same period last year. My estimated numbers assumed a ~22% reduction so the lack of any SENS/THS bodes well for the actual numbers on Thursday.
The current quarterly Tharisa PGM price of around $1413 is the highest quarterly figure since April- June last year while the current chrome quarter price to date of $305 is a record high so this bodes well for H2.
Trading statement – interim results for the six months ended 31 March 2024
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.
Tharisa is preparing its financial statements for the interim results of the FY2024 financial year, with the
Reviewed Interim Condensed Consolidated Financial Statements expected to be released on or about 23
May 2024.
Tharisa’s headline earnings per share ('HEPS') for the six months ended 31 March 2024 are expected to
be between US 12.5 cents and US 13.5 cents per share with a tolerance of 10%. This is a decrease of
23.3% to 29.0% relative to the HEPS of US 17.6 cents per share for the six months ended 31 March 2023.
Tharisa’s basic earnings per share ('EPS') for the six months ended 31 March 2024 are expected to be
between US 12.5 cents and US 13.5 cents per share with a tolerance of 10%. This is a decrease of between
22.4% to 28.2% relative to the EPS of US 17.4 cents for the six months ended 31 March 2023, with both
HEPS and EPS being in part impacted by the nearly 40% drop in PGM prices received and increased cost
pressures.
The financial information on which this trading statement is based has not been reviewed and reported
on by the Company’s auditors.