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 - 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 Insights - Lion Rock Minerals has secured an $8.6 million strategic placement from Tronox Holdings to advance its Minta monazite and rutile project in Cameroon, resulting in Tronox acquiring 5% equity in Lion Rock [1][4]. Investment Details - Tronox will receive approximately 153 million new shares of Lion Rock at a price of $0.056 each and will provide commercial and technical services for the project [2]. - The investment is intended to accelerate drilling, resource definition, metallurgical test work, and product qualification in Cameroon [3]. Long-Term Partnership - The partnership aims to leverage Lion Rock's resource base with Tronox's mine-to-pigment capabilities, enhancing Tronox's strategic expansion into the rare earth value chain [3][5]. - Tronox's involvement is expected to create a foundation for collaboration in developing critical minerals, particularly in rare earths and titanium feedstock [4][5]. Strategic Importance - The Minta project is viewed as a significant opportunity for Tronox to advance its critical mineral strategy, particularly in rare earths and high-grade rutile [5][6]. - Tronox, a leading producer of titanium products, operates globally with a focus on mining titanium-bearing mineral sands and producing high-quality titanium feedstock materials [6][7].

Core Viewpoint - Kenmare Resources plc reported its Half-Yearly Financial Report for H1 2025, highlighting a 3% increase in mineral product revenue, challenges with operating costs, and ongoing negotiations with the Government of Mozambique regarding the renewal of the Moma Implementation Agreement [1][2][4][5]. Financial Performance - Mineral product revenue reached $159.6 million in H1 2025, up 3% year-on-year, driven by stronger shipments and a higher average price received [6][55]. - Adjusted EBITDA was $47.2 million, down 25% year-on-year, with a margin of 30% [6][55]. - The company recognized a non-cash impairment loss of $100.3 million due to lower projected future revenue assumptions [6][55]. - Adjusted profit after tax was $6.1 million, down 71% year-on-year [6][55]. - Cash operating costs increased to $248 per tonne, up 14% year-on-year, primarily due to higher direct operating costs [6][63]. Operational Highlights - HMC production was 670,600 tonnes, up 2% year-on-year, while total finished product production increased to 500,800 tonnes, also up 2% year-on-year [24][28]. - Total shipments in H1 2025 were 488,900 tonnes, reflecting a 2% increase year-on-year [32]. - The company is on track to achieve its 2025 production and cost guidance, with expectations for stronger shipments in H2 2025 [3][26][82]. Market Dynamics - Demand for Kenmare's ilmenite remains strong, supported by a stable global pigment market and growth in the titanium metal market [11][50]. - Ilmenite prices in H1 2025 were marginally below those of H2 2024, while the average price received per tonne was $326, up 1% year-on-year [50][60]. - The zircon market remains subdued, with demand negatively impacted by the substitution of zircon for lower-cost materials [53]. Capital Projects - The Wet Concentrator Plant A upgrade project is progressing well, with $208 million spent by the end of H1 2025, representing 60% of the total project budget of $341 million [3][36][81]. - The company plans to increase development capital expenditure guidance for 2025 from $150 million to $165 million due to updated expenditure phasing [3][36]. Corporate Developments - Kenmare has been in negotiations with the Government of Mozambique for nearly three years regarding the renewal of the Moma Implementation Agreement, expressing concerns over the prolonged process [5][20][23]. - The company appointed James McCullough as the new Chief Financial Officer on 1 May 2025, bringing extensive experience from Rio Tinto Plc [46].