Operating Cash GenerationSustained positive operating cash flow (~104m in 2025) indicates the core Moma operation still converts mining output into cash. Over 2–6 months this underpins working capital, funds maintenance capex and servicing, and provides a runway while commodity cycles recover.
Stable, Essential End-marketsKenmare supplies ilmenite, zircon and rutile, key feedstocks for titanium dioxide pigment and ceramics. These are structural industrial inputs with steady long-term demand, giving the business a durable end-market position and predictable product demand over a multi-month horizon.
Equity-backed Solvency CushionA sizable equity base (~815m) relative to debt (~206m) provides a solvency buffer and financial flexibility. This cushion reduces short-term insolvency risk, supports refinancing options and helps absorb cyclical swings in commodity prices over the medium term.