Kenmare Resources Reports Q3 2026 Production Figures

Kenmare Resources plc, one of the leading global producers of titanium minerals and zircon, reported its Q3 2026 production figures on 15 October 2026. For the quarter ended 30 September 2026, the company saw a significant increase in ilmenite production, which rose almost 60% compared to Q2 2026. However, due to ongoing commissioning challenges at WCP A, the company now expects ilmenite production in 2026 to be between 710,000 and 750,000 tonnes, compared to approximately 800,000 tonnes as previously guided. Shipments are also expected to be slightly lower than the initial guidance at approximately 1.05 million tonnes.

The company's zero Lost Time Injuries (LTIs) in Q3 2026 and a Lost Time Injury Frequency Rate (LTIFR) of 0.06 per 200,000 hours worked for the 12 months to 30 September 2026 (0.02 for the same period in 2025) reflect a continued focus on safety. Ilmenite production was 233,600 tonnes in Q3 2026, up 12% year-on-year (YoY) and 59% quarter-on-quarter (QoQ), primarily due to a 19% increase in Heavy Mineral Concentrate (HMC) processed. Primary zircon production was 13,000 tonnes, up 6% YoY, and rutile production was 2,200 tonnes, up 22% YoY, also due to the increased HMC processed.

Total shipments of finished products in Q3 2026 were 242,900 tonnes, up 7% YoY, though below the run rate required to achieve the previous shipments guidance of over 1.1 million tonnes. This shortfall is attributed to delays at other ports during Q3, limiting vessel loading time at Moma, and operational protocols in place to ensure product quality, which restrict the loading of different products at the same time.

Kenmare has completed a Pre-Feasibility Study (PFS) to investigate the potential to realize significant additional value from the rare earth elements within the Moma deposit. The PFS indicates the potential to produce up to 4,000 tonnes per year of monazite for a low capital outlay, thereby generating significant incremental long-term value from the Moma orebody. Work will now progress on a Definitive Feasibility Study (DFS) and the company is also engaged in commercial discussions with potential offtake partners.

Kenmare Resources plc continues to engage constructively with the Government of Mozambique regarding the extension of Moma's Implementation Agreement, with a focus on bringing these discussions to a positive conclusion in the near-term. Additionally, the company has received a non-binding proposal from International Resources Holdings (IRH) regarding a possible cash offer for the company. Discussions with IRH are ongoing, and there can be no certainty that a firm offer will be made or as to the terms of any such offer, should one be made.

In terms of operations, the company's rolling 12-month LTIFR to 30 September 2026 was 0.06 per 200,000 hours worked, reflecting a continued commitment to safety. The company expects shipments, the key guidance metric for the year, to be approximately 1.05 million tonnes in 2026, slightly lower than the previous guidance of over 1.1 million tonnes. This is due to delays at other ports during Q3, causing customer vessels to arrive late at Moma and consequently limiting loading time, and operational protocols in place to ensure product quality.