Core Viewpoint - Kenmare Resources plc reported a challenging year in 2025, with significant declines in revenue and profitability due to market conditions, necessitating difficult decisions such as workforce reductions and the suspension of dividends. The company is focused on operational efficiency and maintaining financial stability while engaging with the Government of Mozambique regarding the renewal of its Implementation Agreement [2][4][28]. Financial Performance - Mineral product revenue for 2025 was $312.1 million, a decrease of 20% year-on-year, attributed to a 13% drop in shipments and a 6% decline in average product prices to $338 per tonne [4][5]. - Adjusted EBITDA was $58.0 million, reflecting a 63% decrease year-on-year, resulting in an adjusted EBITDA margin of 19% [4][5]. - The company recognized an impairment charge of $301.3 million, primarily due to lower future revenue projections and uncertainties regarding pricing [4][5]. - Net debt increased to $158.8 million at the end of 2025, up from $25.0 million at the end of 2024, largely due to capital expenditures on the Wet Concentrator Plant upgrade [4][5]. Operational Highlights - Heavy Mineral Concentrate production was 1,233,300 tonnes in 2025, down 15% year-on-year, while ilmenite production was 842,300 tonnes, a 17% decrease [8][39]. - Shipments of finished products totaled 947,900 tonnes, down 13% year-on-year, with expectations for over 1.1 million tonnes in 2026 as the company plans to draw down stockpiles [5][40]. - The upgrade of the Wet Concentrator Plant A was largely completed, with over 80% of the capital investment incurred by the end of 2025 [12][50]. Market Conditions - The titanium minerals market faced headwinds in 2025, with weaker global demand and increased supply from competitors, leading to a 6% decline in average prices received [45][49]. - The zircon market showed signs of recovery, with stronger prices expected in Q2 2026 due to demand exceeding supply [48][49]. Strategic Initiatives - The company is prioritizing a "value over volume" approach to maintain liquidity and financial flexibility amid challenging market conditions [13][32]. - Ongoing negotiations with the Government of Mozambique regarding the renewal of the Implementation Agreement are critical for the company's future operations [5][34][71]. - Kenmare aims to resume dividend payments when financial conditions allow, having previously returned over $300 million to shareholders since 2019 [18][28].

Group 1 - The US Export-Import Bank (EXIM) announced support of up to USD 10 billion for Mesabi Metallics, aimed at a major minerals and manufacturing project in Minnesota, which is expected to unlock nearly USD 30 billion in strategic deals to enhance America's supply chain security with Indo-Pacific allies [10][11]. - Mesabi Metallics is developing an integrated iron ore mining and processing facility that will produce approximately seven million tons of high-grade direct-reduction iron ore pellets annually, which are critical for modern steelmaking and will create hundreds of jobs in the US [2][11]. - The high-grade pellets produced will be essential for next-generation steel production and will supply materials necessary for infrastructure, manufacturing, and advanced industries, while also strengthening economic ties with India [5][11]. Group 2 - EXIM is advancing America's Energy Dominance agenda through initiatives that strengthen domestic industry and build partnerships with allies in the Indo-Pacific [6][11]. - EXIM issued Letters of Interest for up to USD 4.2 billion in potential financing for nuclear fuel sales by General Matter to nuclear power operators in Japan and South Korea, which will support the purchase of American enriched uranium [6][11]. - In Australia, RZ Resources is developing the Copi Project, expected to produce titanium feedstocks and other strategic minerals, with EXIM providing up to USD 550 million in financing, reflecting increased coordination among global economies to secure critical minerals supply chains [7][8][11]. Group 3 - The USD 14 billion Delfin LNG Project, developed by Delfin Midstream Inc., will establish the first offshore liquefied natural gas export facility in the US, involving partners from Japan and South Korea [9][11]. - EXIM's support for these projects aligns with the Trump Administration's priority to enhance America's energy dominance and expand energy supply while boosting domestic maritime capabilities [10][11].

Financial Data and Key Metrics Changes - For the full year 2025, the company generated revenue of $2.9 billion, reflecting a year-over-year decline driven by unfavorable pricing and mix, and lower volumes in both TiO2 and zircon [12] - Loss from operations was $253 million, and net loss attributable to Tronox was $470 million, including $233 million of restructuring and other charges [13] - Adjusted EBITDA was $336 million, with an adjusted EBITDA margin of 11.6% [13] Business Line Data and Key Metrics Changes - TiO2 volumes in Q4 reached their highest point of the year, with a 9% increase in volumes, partially offset by a 4% decline in price [14] - Zircon revenues increased 32% sequentially, driven by a 42% increase in volumes, although zircon price was down 7% quarter to quarter [15] - Revenue from other products increased 10% compared to the prior year, mainly driven by higher pig iron volumes [15] Market Data and Key Metrics Changes - The company experienced market share gains in India, Latin America, and the Middle East, supported by anti-dumping measures [14] - North America and Europe saw lower volumes consistent with normal fourth quarter demand patterns [14] - The company noted a structural change in global TiO2 trade flows, particularly benefiting from anti-dumping duties [7] Company Strategy and Development Direction - The company announced the closure of two pigment plants to streamline operations and improve cost structure over the long term [9] - A sustainable cost improvement program is in place, with more than $90 million of run rate savings achieved, significantly exceeding the original target [10] - The company is cautiously optimistic about market dynamics improving, with expectations for TiO2 prices to rise due to recent price increase announcements [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in TiO2 and zircon pricing, indicating an inflection point in both markets [60] - The company is focused on cash generation while balancing the impact on EBITDA, with expectations for positive free cash flow in 2026 [21] - Management highlighted the importance of maintaining liquidity and managing costs amid market fluctuations [20] Other Important Information - The company ended the year with total debt of $3.2 billion and net debt of $3 billion, with a weighted average interest rate of approximately 6% [17] - Liquidity as of December 31st increased to $674 million, including $199 million in cash and cash equivalents [17] - Capital expenditures totaled $341 million for the year, with a focus on maintenance and safety [18] Q&A Session Summary Question: Free cash flow guidance and EBITDA expectations - The company indicated that to reach breakeven, approximately $350 million in EBITDA is needed, with a focus on cash generation and working capital improvement [28][29] Question: Production costs and mining operations - Management expects improvement in operations from Q4 to Q1, with a significant focus on sustainable cost improvement programs [36][67] Question: Volume changes in TiO2 and market dynamics - The company noted a slight decline in TiO2 volumes year-over-year, with the global TiO2 industry experiencing similar trends [57] Question: Pricing discipline in the industry - Management expressed confidence in industry-wide price increases, indicating that many companies are announcing price hikes [84][86]

Financial Data and Key Metrics Changes - For the full year 2025, the company generated revenue of $2.9 billion, reflecting a year-over-year decline driven by unfavorable pricing and mix, and lower volumes in both TiO2 and zircon [12] - Loss from operations was $253 million, and net loss attributable to Tronox was $470 million, including $233 million of restructuring and other charges [13] - Adjusted EBITDA was $336 million, with an adjusted EBITDA margin of 11.6% [13] Business Line Data and Key Metrics Changes - TiO2 volumes in Q4 reached their highest point of the year, with a 9% increase in volumes, although prices declined by 4% [14] - Zircon revenues increased 32% sequentially, driven by a 42% increase in volumes, despite a 7% decline in price [15] - Revenue from other products increased 10% year-over-year, mainly due to higher pig iron volumes [15] Market Data and Key Metrics Changes - The company experienced market share gains in India, Latin America, and the Middle East, supported by anti-dumping measures [14] - North America and Europe saw lower volumes consistent with normal fourth quarter demand patterns [14] - The company noted a structural change in global TiO2 trade flows, particularly benefiting from anti-dumping duties [7] Company Strategy and Development Direction - The company is focused on cash generation and maintaining liquidity, with capital expenditures expected to be approximately $260 million in 2026 [20] - Tronox is implementing a sustainable cost improvement program, targeting $125 million-$175 million in run rate savings by the end of 2026 [10] - The company is advancing its rare earth strategy, aiming to move downstream into separated rare earth oxides while maintaining capital discipline [26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about market dynamics improving, with TiO2 prices expected to rise due to recent price increase announcements [11] - The company anticipates positive free cash flow in 2026, supported by improved pricing and cost management initiatives [12] - Management highlighted the importance of maintaining a disciplined approach to cash preservation and inventory management [8] Other Important Information - The company executed a $400 million senior secured note offering in September to increase liquidity [8] - The company closed two pigment plants to streamline operations and improve cost structure [9] Q&A Session Summary Question: Free cash flow guidance and EBITDA expectations - The company indicated that to reach breakeven, approximately $350 million in EBITDA is needed, with expectations for EBITDA to expand throughout the year [28][31] Question: Production costs and mining operations - Management clarified that while some production costs were positively impacted in Q4, they expect improvements in operations and efficiencies in Q1 [36][37] Question: Volume changes in TiO2 and industry contraction - The company confirmed a slight decline in TiO2 volumes year-over-year, with the global TiO2 industry experiencing similar trends [58][59] Question: Pricing dynamics and industry discipline - Management noted that the industry is seeing price increases announced across the board, indicating a potential shift towards price discipline [84][85]

Chief Executive Officer Senior Vice President, Chief Financial Officer Fourth Quarter and Full Year 2025 Conference Call Tronox Holdings plc February 19, 2026 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 1 Presenters John Romano John Srivisal Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 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 ...

Core Insights - Tronox reported revenue of $730 million for the quarter ended December 2025, reflecting an 8% increase year-over-year, but EPS was -$0.60 compared to $0.03 in the same quarter last year [1] - The revenue was slightly below the Zacks Consensus Estimate of $730.22 million, resulting in a surprise of -0.03%, while the EPS surprise was -38.38% against a consensus estimate of -$0.43 [1] Financial Performance - Key metrics indicate that Tronox's revenue from TiO2 was $577 million, exceeding the estimated $556.4 million [4] - Revenue from other products reached $75 million, surpassing the average estimate of $68.67 million [4] - Zircon revenue was reported at $78 million, also above the average estimate of $65.49 million [4] Stock Performance - Over the past month, Tronox shares have returned +37.2%, contrasting with a -1.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Company Overview - Tronox Holdings plc operates as a vertically integrated manufacturer of titanium dioxide (TiO2) pigment, essential for various industries including paint, plastics, and cosmetics, with a strong presence in North America and internationally [2] - The company owns six titanium mines in Australia and South Africa, along with eight pigment processing plants globally, providing a cost advantage and positioning it in the first quartile of the global cost curve [2] Competitive Positioning - Tronox's vertical integration allows it to effectively compete with Chinese producers and maintain strong margins despite global competition [3] - The company also benefits from byproducts such as zircon and monazite, which contain rare earth elements like neodymium and praseodymium, offering additional growth opportunities in the rare earths market [3] Market Demand and Growth Potential - Demand for titanium is expected to grow significantly, driven by traditional markets and emerging applications in aerospace, robotics, and drone technology, enhancing Tronox's pricing power [4] - The company has a substantial debt load of $3.2 billion, but its historical cash flows indicate strong earnings potential during economic upswings, supported by favorable macroeconomic indicators [4] Valuation and Investment Thesis - Tronox's current valuation features a price-to-sales ratio of 0.42x, indicating significant upside potential with a medium-term target price of $15, and even higher if management successfully reduces debt and expands into rare earths [5] - The combination of cost leadership, growth optionality, and rare earth exposure presents an appealing risk/reward profile for investors in the context of a global commodity supercycle [5]

Core Insights - Energy Fuels Inc. has released an updated Feasibility Study (FS) for its Vara Mada project in Madagascar, confirming its exceptional economics and significant mineral reserves, including rare earth elements, titanium, and zircon [2][3] Project Overview - The Vara Mada project, previously known as the Toliara Project, is a large-scale heavy mineral sand project located in southwest Madagascar, containing substantial reserves of ilmenite, zircon, and monazite [4][5] - The project is expected to have an initial mine life of 38 years, with potential for extension through planned refinements and additional drilling [2][12] Economic Metrics - The FS indicates a net present value (NPV) of $1.8 billion at a 10% discount rate, with an internal rate of return (IRR) of 24.9% [6][11] - Expected annual EBITDA from the project is projected to exceed $500 million, with an average EBITDA margin of 72% over the modeled life [6][11] - The project is anticipated to produce 959,000 tonnes of ilmenite, 66,000 tonnes of zircon, 8,000 tonnes of rutile, and 24,000 tonnes of monazite annually [11] Strategic Importance - The project is positioned to supply up to 30% of U.S. demand for light rare earth oxides and 85% for heavy rare earth oxides, addressing critical supply chain needs [6][11] - Energy Fuels aims to process monazite from Vara Mada at its White Mesa Mill in Utah, enhancing its capabilities in producing high-purity rare earth oxides [4][13] Development Plans - The company plans to expand its processing capabilities at the White Mesa Mill, with Phase 1 expected to process up to 10,000 tonnes per annum of monazite concentrate, and a Phase 2 expansion anticipated to increase capacity significantly by 2028 [14][15] - Pre-FID capital expenditures are estimated at $121 million, with post-FID costs for establishing a mineral processing operation projected at $769 million [18] Regulatory and Operational Considerations - The company is in negotiations with the Government of Madagascar to formalize fiscal and operational terms for the project, including the addition of monazite production to its mining permit [16] - The successful development of the project is contingent upon achieving legal and fiscal stability, as well as obtaining necessary approvals [16]

Financial Performance - Revenue decreased by 13% year-over-year, from $804 million in Q3 2024 to $699 million in Q3 2025[11, 16] - Adjusted EBITDA decreased by 48% year-over-year, from $143 million in Q3 2024 to $74 million in Q3 2025[11, 25] - Adjusted EBITDA margin decreased by 720 basis points year-over-year, from 17.8% in Q3 2024 to 10.6% in Q3 2025[11, 25] - Free cash flow was a use of $137 million in Q3 2025, compared to a use of $14 million in Q3 2024[11] - Net loss attributable to Tronox was $99 million in Q3 2025, compared to a net loss of $25 million in Q3 2024[11, 13] Operational Highlights - TiO2 volumes decreased by 8% year-over-year and 4% quarter-over-quarter[16, 21] - Zircon volumes decreased by 4% year-over-year and 7% quarter-over-quarter[16, 21] - The company is on track to deliver sustainable run-rate cost improvements of more than $60 million in 2025 and $125-$175 million by the end of 2026[10] Liquidity and Capital Allocation - The company raised $400 million of secured notes in Q3 2025[10, 33] - Total debt was $3.2 billion as of September 30, 2025, with a net leverage ratio of 7.5x on a trailing twelve-month basis[33] - Total available liquidity was $664 million as of September 30, 2025, including $185 million in cash and cash equivalents[33]

Core Viewpoint - Kenmare Resources plc has announced the appointment of Ekaterina (Katia) Ray as an independent Non-Executive Director, alongside other changes to its Board of Directors, aimed at strengthening the company's governance and strategic direction [2][3]. Group 1: Board Changes - Katia Ray has been appointed as an independent Non-Executive Director and member of the Remuneration Committee, effective immediately [2]. - Graham Martin will retire from the Board after nine years of service, effective January 31, 2026 [8]. - Elaine Dorward-King will take on the role of Senior Independent Director, while Katia Ray will chair the Remuneration Committee and Deirdre Somers will chair the Nomination Committee [8]. Group 2: Background of Katia Ray - Katia Ray has over 25 years of senior-level experience in the mining sector, including roles at FTSE 100 companies across Europe, Africa, North America, and Asia [5]. - She has held various senior positions in sales, marketing, business development, and change management during her 15 years at Rio Tinto [5]. - Katia founded her consultancy, KPNB Limited, in 2009, providing strategic advice to multinational corporations and private equity firms [6]. Group 3: Company Overview - Kenmare Resources plc is a leading global producer of titanium minerals and zircon, operating the Moma Titanium Minerals Mine in northern Mozambique [2]. - The Moma mine accounts for approximately 6% of global titanium feedstocks, supplying customers in over 15 countries [9].