KENMARE RESOURCES PLC - H1 2026 Results

Kenmare Resources PLC’s H1 2026 investor update highlighted resilient operational performance and disciplined cost management amid challenging titanium minerals market conditions. The company reported strong shipments of 555,000 tonnes, up 13% year-on-year, supported by inventory drawdowns and strong demand for its new Zertai product, while lower commodity prices and a weaker product mix contributed to a 16% decline in revenue. Average realised prices fell to $242 per tonne and EBITDA was $4 million, with a loss after tax of $34 million and net debt increasing to $176 million. Management maintained a strong focus on financial flexibility, reducing cash operating costs by 12% to approximately $110 million and securing a $30 million increase in its revolving credit facility. Operationally, Kenmare expects approximately 800,000 tonnes of ilmenite production and remains on track for its 1.1 million-tonne 2026 shipments target, supported by a solid Q3 order book. The company continues to progress the WCP A ramp-up and investment in selective mining capacity, while development capital expenditure is expected to decline significantly in H2. Looking ahead, Kenmare’s growth strategy remains focused on improving production, margins and cash flow, maintaining cost discipline and positioning the long-life Moma Titanium Minerals Mine to benefit from an eventual market recovery, alongside constructive progress on its implementation agreement with the Mozambique Government.