Core Insights - Energy Fuels Inc. and Astron Limited have received a non-binding and conditional Letter of Support from Export Finance Australia for up to A$80 million in senior debt project financing for the Donald Rare Earth and Mineral Sands Project, which has a total funding requirement of A$520 million [1][12]. Project Financing - The Donald Project aims for a 50% debt-to-equity gearing ratio and is collaborating with other Export Credit Agencies and senior lenders to finalize the financing syndicate [1][3]. - The Letter of Support is contingent upon satisfactory completion of due diligence, including financial, technical, environmental, and social assessments [2]. Project Overview - The Donald Project is one of Australia's most advanced critical mineral projects, targeting the production of rare earth elements (REEs) to be processed at Energy Fuels' facility in the U.S. [4]. - Production is expected to commence as early as the second half of 2027, pending project financing and a positive final investment decision (FID) [4]. Production Capacity - Phase 1 of the Donald Project is projected to produce an average of 7.2 thousand tonnes per annum of Rare Earth Element Concentrate (REEC), including up to 1,000 tonnes of Neodymium-Praseodymium oxides, 92 tonnes of Dysprosium oxide, and 16 tonnes of Terbium oxides annually [6]. - The White Mesa Mill in Utah has the capacity to process all of the Phase 1 REEC production and produce separated rare earth oxides [6]. Market Impact - The heavy rare earths produced from the Donald Project are expected to meet approximately one-third of U.S. demand for Dysprosium and a quarter of U.S. demand for Terbium, which are critical for clean energy, defense, and advanced manufacturing industries [7]. Broader Financing Strategy - The financing strategy includes advanced engagement with government agencies and commercial banks to secure the remaining debt financing [9]. - A staged equity investment of up to A$183 million from Energy Fuels is planned, with A$45 million expected prior to FID and A$138 million post-FID [10]. Project Significance - The Donald Project features a total mineral resource of 1.81 billion tonnes and is expected to be a globally significant source of critical minerals, supporting technologies vital to clean energy and advanced manufacturing [14].

Core Viewpoint - Kenmare Resources plc provided a trading update for Q3 2025, highlighting production challenges due to upgrades at the Wet Concentrator Plant A and a decline in global market conditions affecting demand and pricing for titanium minerals and zircon [4][6][27]. Production Overview - The Moma Mine produced 298,400 tonnes of Heavy Mineral Concentrate (HMC) in Q3 2025, a 16% decrease year-on-year, primarily due to a 19% decrease in excavated ore volumes [9][14]. - Ilmenite production was 209,000 tonnes, down 19% year-on-year, while primary zircon production was 12,300 tonnes, down 16% year-on-year [15]. - Total shipments of finished products were 227,400 tonnes, a 25% decrease year-on-year, attributed to reduced shipping capacity [16]. Operations Update - The upgrade project for Wet Concentrator Plant A is on track, with commissioning of new dredges and feed preparation modules beginning in October 2025 [5][21]. - The capital cost for the WCP A upgrade project remains at $341 million, with expectations to achieve nameplate capacity by the end of 2025 [23]. Market Conditions - Global demand for mineral sands products softened, leading to a decline in prices for Kenmare's products [27][29]. - One customer has indicated it will not take contracted volumes in H2 2025, affecting Kenmare's sales strategy [17][29]. - The zircon market remained subdued, but demand for Kenmare's high-grade zircon was stable in China and Europe [32]. Corporate Update - Discussions with the Government of Mozambique regarding the extension of Moma's Implementation Agreement are ongoing, with the company focused on securing its contractual entitlements [24][25]. - The company is pursuing payment for approximately $9.3 million in unpaid invoices due to a customer's financial distress [29].

Core Viewpoint - Kenmare Resources plc reported a tragic incident involving a police officer at its Moma Titanium Minerals Mine in Mozambique, highlighting concerns over security and safety at the site [3][4][5]. Incident Details - The incident occurred on 30 September 2025, when a police officer was assaulted while guarding the Mine's water pump station, resulting in significant head trauma and subsequent death [3][4]. - The assault appears to have been motivated by theft, specifically the theft of electrical cables from the pump station [4]. Company Response - Kenmare is cooperating with the Mozambican police, who have dispatched an investigation team to the site, and is enhancing security measures by ensuring security personnel work in pairs [5][6]. - The Managing Director expressed condolences to the officer's family and emphasized the company's commitment to safety and wellbeing for all individuals involved in its operations [6]. Company Overview - Kenmare Resources plc is a leading producer of mineral sands products, operating the Moma Titanium Minerals Mine, which accounts for approximately 6% of global titanium feedstocks [7]. - The company supplies its products to customers in over 15 countries, with applications in everyday items such as paints, plastics, and ceramic tiles [7].

Core Viewpoint - Kenmare Resources plc has published its Report on Payments to Governments for the financial year ended 31 December 2024, detailing payments made to the Government of Mozambique related to its mining operations at the Moma Titanium Minerals Mine [2][3]. Company Overview - Kenmare Resources plc is a leading global producer of titanium minerals and zircon, operating the Moma Titanium Minerals Mine in northern Mozambique, which accounts for approximately 6% of global titanium feedstocks [5][22]. - The company is incorporated in Ireland and has a premium listing on the London Stock Exchange, with a secondary listing on Euronext Dublin [5]. Regulatory Compliance - The report complies with the Transparency Regulations, Companies Act 2014, and UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules, ensuring transparency in payments made to governments [4]. Payment Analysis - The report categorizes payments made to the Government of Mozambique, including taxes, royalties, and fees, with a total payment of $20,323,000 for the year 2024 [21]. - Specific payments include $9,921,000 in taxes, $10,087,000 in royalties, and $315,000 in fees [21]. Operational Structure - The mining operations at the Moma Mine are conducted by Kenmare Moma Mining (Mauritius) Limited and processing by Kenmare Moma Processing (Mauritius) Limited, both wholly-owned subsidiaries of Kenmare [6][9]. - The Group's corporate costs are recorded by the parent company, which does not engage in direct exploration or mining activities [7]. Financial Metrics - For the fiscal year ending 31 December 2024, the margin applied to cash costs of mining was 50.5%, as stipulated in the Mineral Licensing Contract with the Government of Mozambique [12]. - KMML is subject to a mining royalty of 3% based on HMC sold to KMPL, while KMPL pays a revenue royalty of 1% on recognized revenue [13][16]. Community Contributions - The report highlights the Group's contributions to local communities, although specific payments for infrastructure improvements are excluded from the report [10][17].