Kenmare Resources 'ilmenite output in the third quarter fell 4% year-on-year and 32% month-on-month

Kenmare Resources plc (LSE: KMR, ISE: KMR), one of the world's leading producers of titanium minerals and zircons operating Moma titanium ores ("Mine" or "Moma") in northern Mozambique, is pleased to provide transaction updates for the quarter ended September 30, 2023 ("Third Quarter 2023").

Statement from Managing Director Michael Carvill:

"As expected, production strengthened in the third quarter, putting Kenmel firmly on track to achieve revised 2023 guidance. Ilmenite production increased by 32% month-on-month as operations continue to be stable and strong production is expected to continue in the fourth quarter.

Following strong product pricing in the first half of 2023, weak global economic activity affected the market for Kenmare's products in the third quarter, although demand for our high-quality ilmenite remains resilient. Shipments were affected by loading of two ships completed after the end of the quarter, which means they will be attributed to the fourth quarter.

Heavy concentrate output in the third quarter of 2023 was 414,600 tons, a decrease of 7% from the third quarter of 2022 (443,900 tons), due to the decline in ore grade, but an increase of 30% compared with the second quarter of 2023;

Ilmenite output in the third quarter of 2023 was 291,200 tons, a decrease of 4% compared with the third quarter of 2022 (304,700 tons), due to a decrease in HMC processing volume, but an increase of 32% compared with the second quarter of 2023;

Primary zircon production was 14,100 tons, a decrease of 18% compared with the third quarter of 2022 (17,300 tons), due to reduced HMC processing volume and increased intermediate inventories, but an increase of 22% compared with the second quarter of 2023;

Total finished product shipments were 163,400 tons, a decrease of 43% compared to the third quarter of 2022 (285,600 tons), as two large ilmenite shipments were completed after the end of the quarter-these will be recorded as shipments in the fourth quarter of 2023.