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].