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].