KENMARE RESOURCES PLC - Q2 2026 Production Update

Kenmare Resources’ Q2 2026 investor update highlighted resilient operational and financial performance despite ongoing weakness in titanium minerals markets, with management prioritising shipments, cash generation and balance sheet strength. The company remains on track to achieve annual shipment guidance of more than 1.1 million tonnes after delivering strong first-half shipments, supported by inventory reduction and the successful commercialisation of its new Zyrtai concentrate product. While ilmenite production was impacted by the slower-than-expected commissioning of the Wet Concentrator Plant A (WCPA) upgrade, management expects production to strengthen in the second half as operational improvements continue and mining rates increase. Zircon markets have strengthened significantly, driving higher pricing across Kenmare’s product portfolio, while demand for Zyrtai has exceeded expectations and is expected to continue into 2027. The company also reported positive operating cash flow before development capital expenditure, secured greater financial flexibility through an expanded revolving credit facility, and confirmed that WCPA capital spending is nearing completion. Management reiterated confidence in achieving operating cost guidance and highlighted ongoing negotiations with the Mozambican government to renew its long-term implementation agreement, while maintaining a preference for a negotiated outcome. Looking ahead, Kenmare remains focused on completing the WCPA ramp-up, progressing the transition to the higher-grade Nataka orebody, strengthening liquidity and positioning the MoMA mine for decades of future production, supported by long-term customer relationships and continued investment in operational efficiency and sustainable growth.