Karo Mining's Platinum Project in Zimbabwe

Karo Mining is confident in its financial capability to fund the next phase of its platinum project in Zimbabwe, despite a consolidated loss of $2.5 million for 2025. The company's total assets stood at $156.6 million as of September 30, 2025, while equity rose to $100.9 million, underlining sustained shareholder support for the project. Cash balances increased to $12.35 million, supported by shareholder funding and improved operational discipline.

The project, located in Mashonaland West Province along the mineral-rich Great Dyke, began construction in December 2022 and involves completing construction and moving to the commissioning and operational stages to achieve first ore in mill in the second half of 2026. Karo Mining's confidence stems from the rebound in platinum group metal prices in 2025, with basket prices rising by about 45% to an average of $1,882.74 per six-element ounce.

The project's key details include: Location : Mashonaland West Province, Zimbabwe, along the mineral-rich Great Dyke. Expected Production: 220,000 ounces of platinum group metals (PGMs) annually over 10 years. Project Cost : $546 million, up from the initial estimate of $512.9 million.  Funding : Karo Mining is in advanced talks for $225 million in debt funding and has received $107 million from its parent company, Tharisa Plc

Project Progress and Funding
Karo Mining has made significant progress on the project, with civil construction 80% complete and 90% of long-lead mechanical and electrical items procured and in storage. The company has spent $178 million on the project so far and is seeking to extend the maturity of its VFEX-listed bond by three years to December 2028. Karo Mining's parent company, Tharisa Plc, has provided an equity commitment of $160 million and proceeds from the bond to fund the project