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].

Core Viewpoint - Kenmare Resources plc has terminated discussions regarding a potential offer from a consortium led by Oryx Global Partners Limited, citing that the proposals significantly undervalued the company and its prospects [3][12]. Company Overview - Kenmare Resources plc is a leading global producer of titanium minerals and zircon, operating the Moma Titanium Minerals Mine in northern Mozambique [3]. - The company is confident in its independent prospects and ability to achieve strategic and operational objectives, with a strong order book for the second half of 2025 [5]. Offer Discussions - Initial discussions began on March 6, 2025, when Kenmare received a non-binding proposal from the consortium for an all-cash offer at a price of 530 pence per share [7]. - The Board of Kenmare unanimously rejected the initial proposal, deeming it to undervalue the company [8]. - Subsequent engagement with the consortium revealed that they were only willing to proceed with an offer at a price substantially below the initial proposal, which was also rejected by the Board [11]. Future Plans - Kenmare is progressing with the Wet Concentrator Plant A upgrade project, with commissioning expected to begin in Q3 2025 [6]. - Ongoing discussions with the Government of Mozambique regarding the extension of the Implementation Agreement highlight the company's commitment to its investments and future plans in the region [7].