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].

Second Quarter 2025 Conference Call Tronox Holdings plc July 31, 2025 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 1 Presenters John Romano John Srivisal Chief Executive Officer Senior Vice President, Chief Financial Officer Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 2 Safe Harbor Statement and Non-U.S. GAAP Financial Terms Cautionary Statement about Forward-Looking Statements Statements in this presentation that are not historical are forward-looking st ...

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].

Tronox Holdings plc Investor Presentation April 2024 Tronox Holdings plc | tronox.com | Confidential & Proprietary 1 Safe Harbor Statement and Non-U.S. GAAP Financial Terms Cautionary Statement about Forward-Looking Statements Statements in this presentation that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about u ...

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].

Financial Data and Key Metrics Changes - The company generated revenue of $738 million, an increase of 9% sequentially, primarily driven by higher TiO2 sales volumes [10] - Loss from operations was $61 million, with a net loss of $111 million, including $87 million of restructuring and other charges [11] - Adjusted EBITDA was $112 million, representing a 15% decline year on year, with an adjusted EBITDA margin of 15.2% [11][14] - Free cash flow was a use of $142 million, including $110 million of capital expenditures [11] Business Line Data and Key Metrics Changes - TiO2 revenues decreased 3% year over year, driven by a 1% decrease in sales volumes and unfavorable exchange rates, but increased 10% sequentially due to higher seasonal demand [12] - Zircon revenues decreased 22% compared to the prior year, driven by a 15% decrease in sales volume and a 7% decrease in price [12] - Revenue from other products increased 5% year over year and 25% sequentially due to higher sales of pig iron and opportunistic sales of ilmenite [12] Market Data and Key Metrics Changes - Europe experienced a stronger than normal seasonal demand uplift in TiO2 volumes, with a 12% increase from Q4 2024 [7] - North America also saw stronger seasonal trends, while competitive activity in Latin America, the Middle East, and Asia exerted pressure on sales [8] - The company is beginning to see benefits from antidumping duties finalized in the EU in January, resulting in sales volumes recovering to levels not seen since Q2 2021 in Europe [7] Company Strategy and Development Direction - The company is focusing on strategic actions to manage costs and improve operational efficiency, including idling the Batlik pigment plant in the Netherlands [9][18] - A cost improvement program was introduced, targeting sustainable run rate cost improvements of $125 million to $175 million by the end of 2026 [20] - The company aims to maintain its position as a leading vertically integrated titanium mining and upgrading producer [19] Management's Comments on Operating Environment and Future Outlook - The management highlighted ongoing macroeconomic challenges, including inflation and high interest rates, impacting housing markets and consumer sentiment [18] - The company maintains its guidance for 2025, expecting revenue in the range of $3 billion to $3.4 billion and adjusted EBITDA between $525 million and $625 million [23] - Management anticipates stronger performance in the second half of 2025, driven by expected improvements in pigment and zircon volumes [23] Other Important Information - The company ended the quarter with total debt of $3 billion and net debt of $2.8 billion, with a net leverage ratio of 5.2 times [14][15] - Capital expenditures totaled $110 million, with approximately 49% allocated to maintenance and safety and 51% to strategic projects [17] - The company declared a dividend of $0.0125 per share in the first quarter [17] Q&A Session Summary Question: Update on TiO2 volume growth expectations - Management expects a lift in TiO2 demand driven by antidumping duties in Europe and anticipated duties in India and Brazil [30][31] Question: Average utilization rate for TiO2 production - Historically, operating rates were above 80%, and management expects to maintain or exceed those rates [33] Question: European growth size in the quarter - European growth was double the normal rate from Q4 to Q1, indicating significant demand recovery [38] Question: Outlook for zircon market - Management expects measured growth in zircon, with only about 5% growth anticipated year over year [44] Question: Impact of Batlik closure on inventory and cash flow - The closure is expected to generate significant cash flow, with inventory levels decreasing over time [49] Question: Production costs and improvements - Management anticipates improved production costs in the second half of the year due to operational efficiencies and the shutdown of the Batlik plant [56][58] Question: Antidumping duties in India and Brazil - Management sees significant opportunities in India and Brazil, with expectations of increased market share as duties are finalized [62][64]

Financial Data and Key Metrics Changes - The company generated revenue of $738 million, an increase of 9% sequentially, primarily driven by higher TiO2 sales volumes [10] - The loss from operations was $61 million, with a net loss of $111 million, which included $87 million of restructuring and other charges [11] - Adjusted EBITDA was $112 million, representing a 15% decline year on year, with an adjusted EBITDA margin of 15.2% [11][14] - Free cash flow was a use of $142 million, including $110 million of capital expenditures [11] Business Line Data and Key Metrics Changes - TiO2 revenues decreased 3% year over year, driven by a 1% decrease in sales volumes and unfavorable exchange rates, but increased 10% sequentially due to higher seasonal demand [12] - Zircon revenues decreased 22% compared to the prior year, driven by a 15% decrease in sales volume and a 7% decrease due to price [12] - Revenue from other products increased 5% year over year and 25% sequentially due to higher sales of pig iron and opportunistic sales of ilmenite [12] Market Data and Key Metrics Changes - Europe experienced a stronger than normal seasonal demand uplift in TiO2 volumes, with a 12% increase from Q4 2024 [6] - North America also saw stronger seasonal trends, while competitive activity in Latin America, the Middle East, and Asia exerted pressure on sales [7] - Zircon sales were lower both year over year and sequentially due to a slower start in China [7] Company Strategy and Development Direction - The company is focusing on strategic actions to manage costs and improve operational efficiency, including the idling of the Batlik pigment plant in the Netherlands [8][17] - A cost improvement program was introduced, targeting sustainable run rate cost improvements of $125 million to $175 million by the end of 2026 [19] - The company aims to maintain its position as a leading vertically integrated titanium mining and upgrading producer [20] Management's Comments on Operating Environment and Future Outlook - The management highlighted ongoing macroeconomic challenges, including inflation and high interest rates, impacting housing markets and consumer sentiment [17] - The company maintains its guidance for 2025, expecting revenue in the range of $3 billion to $3.4 billion and adjusted EBITDA between $525 million and $625 million [22] - The management anticipates stronger performance in the second half of 2025, driven by expected improvements in pigment and zircon volumes [22] Other Important Information - The company ended the quarter with total debt of $3 billion and net debt of $2.8 billion, with a net leverage ratio of 5.2 times [14] - Capital expenditures totaled $110 million in the quarter, with approximately 49% allocated to maintenance and safety and 51% to strategic projects [16] - The company declared a dividend of $0.0125 per share in the first quarter [16] Q&A Session Summary Question: Update on TiO2 volume growth expectations - Management expects a lift in TiO2 demand driven by antidumping duties in Europe and anticipated duties in India and Brazil [29][30] Question: Average utilization rate for TiO2 production - Historically, operating rates were above 80%, and management expects to maintain or exceed those rates [32] Question: European growth size in the quarter - European growth was double the normal rate, significantly influenced by reduced Chinese exports [37] Question: Outlook for zircon markets - Management anticipates only about 5% growth in zircon year over year, with a more balanced growth expected [42] Question: Impact of Batlik closure on inventory and cash flow - The closure is expected to generate significant cash flow and help reduce inventory levels over time [48] Question: Production costs and improvements - Management expects improved production costs in the second half of the year due to better fixed cost absorption and the impact of the Batlik closure [56] Question: Antidumping measures in India and Brazil - Management sees significant opportunities in India and Brazil, with expectations of increased market share as duties are finalized [62][63] Question: Rare earth extraction project status - The project to extract rare earths from tailings is still in progress, with prefeasibility studies ongoing in Australia [110]

First Quarter 2025 Conference Call Tronox Holdings plc May 1, 2025 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 1 Presenters John Romano John Srivisal Chief Executive Officer Senior Vice President, Chief Financial Officer Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 2 Safe Harbor Statement and Non-U.S. GAAP Financial Terms Cautionary Statement about Forward-Looking Statements Statements in this presentation that are not historical are forward-looking state ...

Financial Data and Key Metrics Changes - Tronox generated revenue of $3.1 billion in 2024, an increase of 8% compared to the prior year, driven primarily by higher TiO2 and zircon sales volumes, partially offset by unfavorable price and product mix [10] - The company reported a net loss attributable to Tronox of $48 million for the full year, with adjusted EBITDA of $564 million and an adjusted EBITDA margin of 18.3% [10] - In Q4 2024, revenue was $676 million, a decrease of 1% year-over-year, with a net loss of $30 million and adjusted EBITDA of $129 million, achieving an adjusted EBITDA margin of 19.1% [11][10] Business Line Data and Key Metrics Changes - TiO2 revenues increased by 3% year-over-year in Q4, with sales volumes improving by 4%, but were partially offset by a 1% decline due to price and product mix [11] - Zircon revenues surged by 32% year-over-year in Q4, driven by a 43% increase in sales volumes, despite an 11% headwind from price and product mix [12] - Revenue from other products decreased by 38% year-over-year due to opportunistic sales that did not repeat in Q4 2024 [13] Market Data and Key Metrics Changes - Stronger TiO2 commercial performance in Asia Pacific and Latin America helped mitigate lagging demand in Europe, while North America performed in line with expectations [6] - The company noted competitive dynamics affecting pricing across all products, with expectations for price recovery in the second half of 2025 [30][29] Company Strategy and Development Direction - Tronox is focusing on sustainability projects, including converting 40% of its power in South Africa to solar, which avoided $17 million in electricity costs in 2024 [8] - The company launched a new business strategy in the second half of 2024, emphasizing cost efficiency, optimizing asset reliability, and driving operational excellence [9] - Tronox identified $125 million to $175 million of additional cost improvement opportunities achievable by the end of 2026 [9] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 revenue to range from $3 billion to $3.4 billion, with adjusted EBITDA between $525 million and $625 million, considering market recovery and competitive dynamics [18] - The company anticipates a stronger second half of 2025, with pricing expected to improve as market conditions stabilize [19] - Management highlighted ongoing challenges with mining production costs, projecting a negative impact of $50 million to $60 million in 2025 due to transitioning to new mines [40][41] Other Important Information - Tronox's total debt stood at $2.9 billion, with a net leverage ratio of 4.8 times at year-end [15] - The company returned $80 million to shareholders in dividends during 2024 [16] Q&A Session Summary Question: What is driving the softer pricing in the first half of the year? - Management noted competitive activity in certain regions and a slow recovery period, with expectations for price increases in the second half of the year as market conditions improve [26][30] Question: How much of the cost improvement program relies on volumes versus efficiency? - The cost improvement program focuses primarily on cost efficiencies rather than volume increases, with expectations to achieve $25 million to $30 million of improvements in 2025 [31][32] Question: What is the expected impact of mining costs in 2025? - The majority of the $50 million to $60 million negative impact is expected in the first half of 2025, with recovery anticipated in 2026 as new mines come online [40][41] Question: How are raw material costs trending for 2025? - Raw material costs are expected to decline in the low single digits year-over-year, with specific increases in electricity and coal costs [84][85] Question: What is the outlook for TiO2 market share? - Management indicated that while some share has been lost to Chinese competitors, there are opportunities for recovery, particularly in regions benefiting from trade duties [68][69]