Kenmare Resources (“KMR”) reported weaker than expected Q3’25 production. Heavy mineral concentrate (“HMC”) output from Moma fell 17% QoQ to 298kt as dredge mining slowed due to downtime for the Wet Concentrator Plant A (“WCP A”) upgrade. While this was previously flagged by KMR, it was not offset as much as we had anticipated by higher excavation rates outside this period. Reduced HMC processing led to lower ilmenite output of 209kt (15% lower QoQ), 23% below H&Pe. KMR now expects FY25 producti ....