Tharisa, an integrated resource group, has secured a secondary listing on the Namibia Securities Exchange, opening its shares to Namibian institutional investors as the platinum group metals and chrome producer seeks to broaden its shareholder base and attract additional capital to fund its expansion projects.

Trading on the NSX main board is expected to begin Nov. 9, 2026, while the Johannesburg Stock Exchange will remain the company’s primary listing and principal venue for price discovery. The additional listing will not change the company’s existing arrangements on the JSE or London Stock Exchange.

Namibia opens new investor access

The NSX listing gives Namibian pension funds and asset managers direct access to Tharisa’s exposure to platinum group metals and chrome, commodities that were not previously available through the local exchange.

The secondary listing also gives the shares Namibian asset status, subject to applicable regulatory limits. This could attract demand from domestic institutional investors, particularly pension funds and asset managers required to maintain minimum allocations to locally listed investments.

Tharisa CEO Phoevos Pouroulis described the move as a cost-effective way to diversify the company’s investor base and attract long-term institutional capital as it advances its Karo Platinum Project in Zimbabwe.

JSE remains trading anchor

Tharisa expects the additional listing to generate incremental demand rather than fragment existing liquidity. Trades on the NSX will be sourced through the JSE and transferred to the Namibian share register, rather than matched through an independent order book.

The Namibian dollar is pegged at parity with the South African rand, meaning Tharisa’s NSX share price is expected to track its JSE price. IJG Securities proposed the listing and will serve as the company’s sponsor.

The move forms part of a broader capital markets programme aimed at improving share liquidity and widening the pool of investors supporting Tharisa’s growth. With Karo entering its capital deployment phase, the company is seeking to strengthen demand for its shares and manage its cost of capital.

Karo project drives expansion

Tharisa operates across the exploration, mining, processing and marketing of platinum group metals and chrome. Its flagship mine sits on the southwestern limb of South Africa’s Bushveld Complex, where the company produces both commodities from a single orebody and processes chrome through its Vulcan ultra-fine recovery plant.

Its second major mining asset, the Karo Platinum Project in Zimbabwe’s Great Dyke, is designed to produce 226,000 ounces of platinum group metals annually at steady state during its first phase. The project is expected to more than double Tharisa’s group PGM production, with first ore scheduled to reach the mill in the fourth quarter of 2027.

New production and energy plans

Tharisa has signed a binding term sheet with JSE-listed Valterra Platinum for the offtake of Karo’s platinum group metals concentrate under an initial five-year agreement, providing a commercial framework for marketing the project’s future output.

Beyond mining, the group is developing iron-chromium redox flow battery technology through its Redox One business, targeting long-duration energy storage using iron and chrome produced within its operations.

Tharisa aims to reduce carbon emissions by 30% by 2030 and achieve net carbon neutrality by 2050. Its operating subsidiary, Tharisa Minerals (an operating subsidiary of Tharisa plc), received its first wheeled renewable electricity supply from Etana Energy in September 2026, adding another component to the group’s energy strategy.