DAVY VIEW

Kenmare has delivered a solid first-half performance in an important year for the group that will see a significant part of production shift to a new high-grade zone. This is due to take place in the coming weeks (Q3) and will in a full year allow production levels of 1.2m tonnes of ilmenite to be achieved. Confirmation of the relocation will be an important de-risking event. We expect that this, taken with the evidence of strong titanium feedstock pricing and guidance tracking, should lead to an upward re-rating of the share price.