The customer has indicated that it will not take delivery of contracted shipment volumes in H2 2025 and therefore Kenmare is looking to redirect some product sales into the market, with increased risk around pricing and volume. In consequence of this customer's restructuring and sales process, approximately $9.3 million of invoices for shipments made by Kenmare in Q3 remain unpaid. Kenmare retains title to all material pending payment and is pursuing all avenues to obtain payment in respect of these invoices as well as to preserve its rights and remedies under the contract for both non-payment and loss of contracted volumes. Elevated pigment inventories across the pigment supply chain led to pigment producers reducing production, limiting demand for titanium feedstocks, particularly in China. Pigment inventories in China gradually decreased throughout the summer months and consequently Chinese pigment production and prices have increased in recent weeks after inventories normalised.