**Kenmare Resources Q3 2025 Production Report Summary**
**Key Highlights**
**Production Update** Kenmare Resources plc, a leading global producer of titanium minerals and zircon, reported Q3 2025 production results from its Moma Titanium Minerals Mine in Mozambique. Ilmenite production is expected to be towards the lower end of the 2025 guidance range (930,000–960,000 tonnes) due to delayed upgrade work at the Wet Concentrator Plant (WCP) A. Primary zircon production remained stable, supported by intermediate stockpiles.
**WCP A Upgrade** Commissioning of the upgraded WCP A, including new dredges and a feed preparation module, began in October. The plant is on track to achieve its nameplate capacity of 3,500 tonnes per hour by year-end 2025, securing long-term production from the Nataka ore zone.
**Market Conditions** Global market conditions remain challenging, with one customer unable to take contracted volumes in Q4 due to financial distress. Pricing for Kenmare’s products declined as expected, reflecting oversupply, though demand for high-grade zircon remained stable.
**Safety Performance** The Lost Time Injury Frequency Rate (LTIFR) improved to 0.02 per 200,000 hours worked for the 12 months to September 2025, with the WCP A Projects team remaining injury-free since project commencement. A fatal incident involving a police officer occurred in late September, prompting increased security measures.
**Shipments and Inventory** Total shipments in Q3 were 227,400 tonnes, down 25% year-on-year due to reduced shipping capacity. Closing stock of finished products increased to 317,400 tonnes, expected to be drawn down in Q4.
**Implementation Agreement (IA)** Discussions with the Mozambican government on extending Moma’s IA are ongoing, with Kenmare reserving the right to pursue arbitration if an agreement is not reached.
**Capital Projects** The WCP A upgrade and Nataka transition remain on budget at $341 million, with 80% of core capital expected to be deployed by year-end 2025.
**Outlook**
Kenmare remains confident in achieving its 2025 production and cost guidance, subject to the successful ramp-up of WCP A. The company continues to navigate challenging market conditions while focusing on operational efficiency and long-term growth. A private investor webinar is scheduled for October 16, 2025, to provide further updates.