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Kenmare Resources (KMR) AI Stock Analysis
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Kenmare Resources
(LSE:KMR)
The score is weighed down primarily by deteriorated financial performance (large loss, higher leverage, and negative free cash flow) and weak operating conditions discussed on the earnings call (price declines, low profitability, and elevated net debt). Technicals are a partial offset with the stock trading above key moving averages and positive MACD, but near-term momentum looks stretched (high RSI), and valuation support is limited by a negative P/E and paused dividends.
Kenmare Resources (KMR) vs. iShares MSCI United Kingdom ETF (EWC)
- Market Cap
- GBP 210.47M
- Dividend Yield
- ―
- Average Volume (3M)
- 105.78K
- Price to Earnings (P/E)
- -1.1
- Beta (1Y)
- 0.81
- Revenue Growth
- -28.42%
- EPS Growth
- -411.33%
- Country
- UK
- Employees
- 1,740
- Sector
- Basic Materials
- Sector Strength
- 61
- Industry
- Industrial Materials
Kenmare Resources Business Overview & Revenue Model
Company Description
Headquartered in Dublin, Ireland, Kenmare Resources plc, established in 1972, is a prominent producer and global supplier of mineral sand products. Through its subsidiaries, the company extracts ilmenite, zircon, and rutile, alongside specialized con...
How the Company Makes Money
Kenmare makes money primarily by mining mineral sands ore at its Moma operation, processing it into saleable mineral products, and selling those products to customers under commercial sales arrangements. Key revenue streams: - Ilmenite sales (primary...
Kenmare Resources Earnings Call Summary
Balanced: the company demonstrated strong operational and financial discipline (safety record, shipment growth, 12% reduction in cash operating costs, successful commercialization of a new ZrTi product, inventory-led liquidity and constructive financing support). However, material commodity price declines (average price −26% y/y), weak profitability (EBITDA ~$4M; loss after tax $34M), WCP A commissioning shortfalls (throughput below nameplate), inventory NRV hits, and elevated net debt are significant negatives. Management maintained guidance for shipments and highlighted constructive progress on the WCP A remediation and government implementation agreement, but market oversupply and cost headwinds create continued near-term uncertainty.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Guidance reiterated that Kenmare is on track to deliver 1.1 Mt of shipments in 2026, with ilmenite production modestly adjusted to ~800,000 t for the full year after H1 shipments of 555,000 t (up ~13–14%); H1 saw strong ZrTi take-up (over 80,000 t sold and ~102,000 t of tailings converted), concentrates rising to ~20% of tonnes sold (17% of revenue), and a finished‑product inventory drawdown of ~128,000 t. Prices remain weak: average realized price $242/t (ilmenite $203/t, zircon ~$1,100/t), while costs improved with total cash operating costs down ~12% to just under $110m in H1 (unit cash cost $255/t) and full‑year cash cost guidance around $215–225m. Financially EBITDA was $4m in H1, loss after tax $34m, net debt rose to ~$176m (from ~$159m), banks upsized the RCF by $30m to $230m, cash flow before development CapEx was $6.1m, and development CapEx was $23m in H1 (including $12m accrual) with only ~$7m expected in H2. Operationally WCP A averaged ~2,800 t/h vs 3,500 t/h nameplate (dredge/pump and winch brake works targeted for Q4), and management expects further production support from SMO capacity growth (SMO2 planned to reach 1,000 t/h with a 500 t/h Phase 1 commissioning in Q4).
Kenmare Resources Financial Statement Overview
Summary
Financials reflect a clear downswing: revenue declined into 2025 and earnings swung to a very large net loss, while leverage increased (debt rose sharply and equity fell). Operating cash flow stayed positive, but free cash flow turned deeply negative, reducing flexibility if weak conditions persist.
Income Statement
38NegativeBalance Sheet
72PositiveCash Flow
55Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 309.56M | 335.47M | 414.75M | 458.48M | 525.99M | 455.94M |
| Gross Profit | -28.53M | 18.05M | 95.38M | 163.55M | 243.29M | 160.93M |
| EBITDA | 15.28M | 59.31M | 154.75M | 223.75M | 296.42M | 210.89M |
| Net Income | -265.75M | -331.87M | 64.89M | 130.98M | 206.03M | 128.53M |
Balance Sheet | ||||||
| Total Assets | 1.07B | 1.11B | 1.31B | 1.26B | 1.25B | 1.16B |
| Cash, Cash Equivalents and Short-Term Investments | 31.15M | 48.64M | 56.68M | 71.05M | 108.27M | 69.06M |
| Total Debt | 205.74M | 205.70M | 79.25M | 49.39M | 80.36M | 150.28M |
| Total Liabilities | 286.94M | 293.69M | 148.24M | 117.88M | 145.29M | 230.07M |
| Stockholders Equity | 785.41M | 815.07M | 1.16B | 1.14B | 1.10B | 930.64M |
Cash Flow | ||||||
| Free Cash Flow | -75.18M | -105.23M | 7.24M | 86.66M | 149.55M | 87.46M |
| Operating Cash Flow | 41.36M | 104.10M | 159.83M | 153.19M | 209.42M | 147.81M |
| Investing Cash Flow | -116.54M | -209.33M | -152.59M | -66.54M | -59.87M | -60.34M |
| Financing Cash Flow | 60.15M | 97.00M | -21.60M | -123.88M | -109.73M | -100.97M |
Kenmare Resources Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:KMR, the sentiment is Positive. The current price of 238.00 is above the 20-day moving average (MA) of 226.27, above the 50-day MA of 203.14, and above the 200-day MA of 217.44, indicating a bullish trend. The MACD of 8.82 indicates Positive momentum. The RSI at 65.31 is Neutral, neither overbought nor oversold. The STOCH value of 64.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:KMR.
Kenmare Resources Peers Comparison
Overall Rating
- GB:KMR53Neutral
GB:1SN49Neutral
GB:RBW48Neutral
GB:JLP47Neutral
GB:TUN42Neutral
GB:PRE40Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 61Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
| GB:KMR | 53Neutral | GBP 210.47M | -1.06 | -33.21% | ― | -28.42% | -411.33% |
| GB:1SN | 49Neutral | GBP 71.53M | -21.26 | -5.58% | ― | ― | 29.27% |
| GB:RBW | 48Neutral | GBP 136.96M | -23.12 | -53.83% | ― | ― | -123.68% |
| GB:JLP | 47Neutral | GBP 57.48M | -1.54 | -18.64% | ― | ― | ― |
| GB:TUN | 42Neutral | GBP 508.11M | -1.05 | -2022.63% | ― | ― | -161.22% |
| GB:PRE | 40Underperform | GBP 173.22M | -0.06 | -13.98% | ― | ― | ― |
* Basic Materials Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| GB:KMR | Kenmare Resources | 238.00 | -18.00 | -7.03% | |
| GB:JLP | Jubilee Metals Group PLC | 1.70 | -1.50 | -46.88% | |
| GB:RBW | Rainbow Rare Earths | 19.50 | 0.20 | 1.04% | |
| GB:PRE | Pensana Rare Earths PLC | 49.00 | -63.00 | -56.25% | |
| GB:TUN | Tungsten West Plc | 31.50 | 21.20 | 205.83% | |
| GB:1SN | First Tin Plc | 13.20 | 5.45 | 70.32% |
Kenmare Resources Corporate Events
Kenmare Resources Confirms Non-Binding Takeover Approach from IRH
NeutralKenmare Resources has confirmed it received a non-binding cash proposal from International Resources Holdings RSC Ltd for the entire issued and to be issued share capital, following recent market speculation. Discussions are ongoing but there is no c...
Kenmare Resources refreshes board with new Oman-backed director
PositiveKenmare Resources announced a board change, with Non-Executive Director Issa Al Balushi stepping down on 22 August 2026 and Mahmood Al Khatri appointed as a Non-Executive Director from the same date. Both directors are nominees of African Acquisition...
Kenmare Resources H1 Earnings Hit by Weak Markets and Plant Delays
NegativeKenmare Resources reported a sharp deterioration in first-half 2026 earnings as weak pricing for titanium minerals and zircon and commissioning delays at its upgraded Wet Concentrator Plant A weighed on performance. Mineral product revenue fell 16% y...
Kenmare trims ilmenite output guidance but leans on stockpiles and new ZrTi demand
NeutralKenmare reported softer-than-expected H1 2026 production, with heavy mineral concentrate and ilmenite output falling sharply due to lower ore grades and delays commissioning the upgraded Wet Concentrator Plant A, which is nearing the end of its Namal...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Oct 07, 2026