Core Viewpoint - Kenmare Resources plc provides an update on the Wet Concentrator Plant A upgrade project and revises its 2025 production guidance due to commissioning challenges and market conditions [2][4]. WCP A Upgrade Project Overview - The upgrade of WCP A includes the installation of two new high-capacity dredges and a new feed preparation module, with commissioning progressing since October 2, 2025 [3][7]. - The capital cost estimate for the WCP A upgrade remains unchanged at $341 million [6]. - The transition to the Nataka ore zone, which represents approximately 70% of Moma's Mineral Resources, is crucial for securing long-term production [5]. Production Guidance Update - The revised production guidance for 2025 is now set at 870,000 to 905,000 tonnes of ilmenite, down from the original guidance of 930,000 to 1,050,000 tonnes [12][15]. - Rutile production is expected to be between 8,500 to 9,500 tonnes, also revised from previous estimates [12][15]. - The company anticipates that lower production will not impact sales in 2025, as Q4 is typically a strong period for shipments [5][13]. Cost Guidance - Total cash operating cost guidance remains at $228 to $252 million, while cash costs per tonne of finished product are now expected to be $235 to $245 due to lower anticipated production volumes [13][15]. - Development capital expenditure guidance for the WCP A project is now expected to be $170-175 million, slightly increased from the previous estimate of $165 million [14][15]. Future Outlook - The company plans to announce its Q4 2025 Production Report and guidance for 2026 on January 21, 2026 [16].

Core Viewpoint - Tronox Holdings plc reported a significant decline in financial performance for Q3 2025, with a net loss of $99 million, driven by weaker demand, competitive pressures, and operational challenges in the titanium dioxide (TiO2) and zircon markets [2][5][6]. Financial Performance - Revenue for Q3 2025 was $699 million, a decrease of 13% year-over-year and a 4% decline from Q2 2025 [2][5]. - TiO2 revenue was $550 million, down 11% year-over-year, attributed to an 8% decline in sales volumes and a 5% decrease in average selling prices [6][7]. - Zircon revenue decreased by 20% to $59 million, driven by a 16% drop in average selling prices and a 4% decline in sales volumes [7]. - Adjusted EBITDA was $74 million, representing a 48% decrease from the previous year, with an adjusted EBITDA margin of 10.6% [8][9]. Operational Challenges - The company faced challenges from weaker-than-expected demand and aggressive inventory liquidation by competitors, impacting pricing and sales volumes [3][4]. - A restructuring charge of $27 million was included in the net loss, primarily related to the closure of the Botlek pigment plant [5][6]. Cost Management and Cash Flow - Tronox is implementing a cost improvement program expected to yield over $60 million in annualized savings by the end of 2025, with a longer-term goal of $125–$175 million by the end of 2026 [3][4]. - Free cash flow for Q3 2025 was a use of $137 million, with capital expenditures of $80 million [11][12]. Market Outlook - The company anticipates a 3-5% increase in TiO2 volumes and a 15-20% increase in zircon volumes for Q4 2025, despite pricing headwinds [4][12]. - Anti-dumping measures in various countries are expected to improve market conditions and sales volumes in the future [4][12]. Strategic Positioning - Tronox is positioned to benefit from the global shift away from reliance on Chinese rare earths, with significant mineral deposits in Australia and South Africa [11][12]. - The company has taken a 5% equity interest in Lion Rock Minerals, enhancing its rare earth strategy [11].

Core Viewpoint - Kenmare Resources plc is progressing with the upgrade of its Wet Concentrator Plant A (WCP A) to facilitate mining in the Nataka ore zone, which is crucial for the company's long-term production sustainability [2][4]. Project Overview - The WCP A upgrade project is essential for transitioning to the Nataka ore zone, which contains approximately 70% of Moma's Mineral Resources and is expected to support production for over 20 years [4]. - The capital cost estimate for the WCP A upgrade project remains at $341 million, with expectations that about 80% of this capital will be deployed by the end of 2025 [6]. Production and Operations - WCP A has paused production for an estimated three to four weeks to facilitate the connection of new dredges and a new feed preparation module [9]. - The upgrade includes the addition of two high-capacity dredges and a new feed preparation module to manage higher levels of slimes in the Nataka ore, aiming to enhance mining rates and Heavy Mineral Concentrate production [5]. Timeline and Future Plans - After the production pause, WCP A is expected to ramp up to its nameplate capacity of 3,500 tonnes per hour by the end of 2025, with the transition to Nataka commencing in late Q2 2026 and expected to take approximately 18 months [10].

Core Viewpoint - Kenmare Resources has successfully received the first of two new high-capacity dredges at the Moma Titanium Minerals Mine, marking a significant milestone in the upgrade of its Wet Concentrator Plant A, which is expected to enhance production capabilities and transition to the Nataka ore zone [2][3]. Group 1: Dredge Arrival and Upgrade Project - The first new dredge, weighing 1,160 tonnes and measuring 62 metres in length, has arrived at the Moma Mine as part of the upgrade project for the Wet Concentrator Plant A [4][5]. - The dredges were fabricated in the Netherlands and transported by sea, with the first dredge landing on July 18, 2025 [5]. - The second dredge is expected to arrive in the coming weeks, and both will be moved to the staging pond for assembly [5]. Group 2: Upgrade Work Sequence - The upgrade work for WCP A is on track to begin in Q3 2025 and is anticipated to take three to four weeks [6]. - The existing dredges will be detached, and the new dredges will be integrated into the plant, facilitating a transition to the Nataka ore zone [6]. Group 3: Transition to Nataka Ore Zone - The transition to the Nataka ore zone is crucial as it represents approximately 70% of Moma's nine billion tonnes of Mineral Resources and is expected to sustain production for over 20 years [7]. - This transition is essential for securing long-term production capabilities at the Moma Mine [7].