Kenmare Resources confirmed on Tuesday that it has received a non-binding proposal from International Resources Holdings RSC (IRH) regarding a possible cash offer to acquire the company.
The Mozambique-focused titanium minerals producer said the statement follows recent press speculation, and that discussions with IRH are ongoing.
Kenmare gave no indication of price or terms, and cautioned there is no certainty a firm offer will emerge.
IRH has until 5 pm on 17 November to announce a firm intention to bid or confirm it does not intend to make an offer.
The approach lands as Kenmare works through a difficult operational stretch at its Moma mineral sands operation in Mozambique.
The company cut its 2026 ilmenite production guidance to approximately 800,000 tonnes in July, down from "more than 800,000 tonnes," after commissioning problems at Wet Concentrator Plant A and falling ore grades cut heavy mineral concentrate output by 37% year-on-year in the second quarter.
Net debt climbed to $175.7m at the end of the first half, from $158.8m at the end of 2025, with cash down to $31m, prompting Kenmare to secure a $30m upsize to its revolving credit facility and agree covenant adjustments for additional financial flexibility.
Average selling prices across Kenmare's products fell 26% year-on-year to $242 a tonne in the first half, with ilmenite down 29% to $203 a tonne, weakness management has attributed primarily to elevated Chinese supply rather than falling demand.
The company's issued share capital stands at 89.23m shares, with a further 2.36m options outstanding under its restricted share plan.