Slides
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Investor presentation February 2026 TRANSFORMING RESOURCES INTO OPPORTUNITY FOR ALL
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Disclaimer This Presentation (the “Presentation”) has been prepared and issued by Kenmare Resources plc (the “Company” or “Kenmare”). While this Presentation has been prepared in good faith, the Company and its respective officers, employees, agents and representatives expressly disclaim any and all liability for the contents of, or omissions from, this Presentation, and for any other written or oral communication transmitted or made available to the recipient or any of its officers, employees, agents or representatives. No representations or warranties are or will be expressed or are to be implied on the part of the Company, or any of its respective officers, employees, agents or representatives in or from this Presentation or any other written or oral communication from the Company, or any of its respective officers, employees, agents or representatives concerning the Company or any other factors relevant to any transaction involving the Company or as to the accuracy, completeness or fairness of this Presentation, the information or opinions on which it is based, or any other written or oral information made available in connection with the Company. This Presentation does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities of the Company nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or investment decision relating to such securities, nor does it constitute a recommendation regarding the securities of the Company. This Presentation is as of the date hereof. This Presentation includes certain statements, estimates and projections provided by the Company with respect to the anticipated future performance of the Company or the industry in which it operates. Such statements, estimates and projections reflect various assumptions and subjective judgments by the Company’s management concerning anticipated results, certain of which assumptions and judgments may be significant in the context of the statements, estimates and projections made. These assumptions and judgments may or may not prove to be correct and there can be no assurance that any projected results are attainable or will be realised. In particular, certain statements in this Presentation relating to future financials, results, plans and expectations regarding the Company’s business, growth and profitability, as well as the general economic conditions to which the Company is exposed, are forward looking by nature and may be affected by a variety of factors. The Company is under no obligation to update or keep current the information contained in this Presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein and any opinions expressed in the Presentation or in any related materials are subject to change without notice. The financial information provided in this announcement is unaudited. All monetary amounts refer to United States dollars unless otherwise indicated. Kenmare Resources – Investor presentation, February 2026 2
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Kenmare Resources – Investor presentation, February 2026 3 Established producer, consistent cash generation The Moma Titanium Minerals Mine in Mozambique Track record of ~20 years of production, with ~40 years in Mozambique >100 years of Mineral Resources at current production rate Trusted corporate citizen Meaningful contribution to the local and national economy Constituent of the FTSE4Good index as of June 2025 Implementation Agreement (IA) renewal remains a major focus Market-leading position Titanium minerals (ilmenite and rutile) are key raw materials in the manufacture of paints, paper, plastic and titanium metal Kenmare represents 6% of global titanium feedstocks supply Titanium is included on the critical minerals lists for Europe, the UK and the US Significant capital investment Capital expenditure of >$1.5bn to date Wet Concentrator Plant (WCP) A capital project well advanced and capital cost estimate remains at $341m Overview: Kenmare Resources plc Moma Mine Mozambique
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DELIVER LONG LIFE, LOW-COST PRODUCTION Kenmare Resources – Investor presentation, February 2026 4 Market leadership built on a robust strategy Strategic priorities and recent performance OPERATE RESPONSIBLY ALLOCATE CAPITAL EFFICIENTLY • Consistent low-cost industry position • >100 years of Mineral Resources providing major growth potential 97% MOZAMBICAN WORKFORCE 9bt MOMA’S MINERAL RESOURCES >$300m SHAREHOLDER DISTRIBUTIONS SINCE 2019 • >$25m invested into community initiatives since 2004 • Lowest ever All Injury Frequency Rate achieved in 2025 • Funding capital projects from existing cash, operating cash flow and debt • Dividend policy established in 2018
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Healthy natural environment 5 Sustainability goals advanced in 2025 Four strategic sustainability focus areas Safe and engaged workforce Trusted business Thriving communities • 30% improvement on 3-year rolling average Lost Time Injury Frequency Rate (0.07 per 200k hours worked) • Lowest ever All Injury Frequency Rate (0.75 per 200k hours worked) in 2025 • Phase 1 of district hospital now >80% complete, which will support three KMAD health centres • 164 students graduated from the KMAD-built Topuito Technical College, including the 55 female students, sponsored by KMAD • >60% waste recycled in 2025, prolonging the life of the landfill site for years to come • Organic waste composting is reducing methane emissions and producing compost to improve land rehabilitation • Kenmare named as the most transparent company in Mozambique for fifth consecutive year • Kenmare entered the FTSE4Good index in June 2025 Kenmare Resources – Investor presentation, February 2026
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Net debt Kenmare Resources – Investor presentation, February 2026 6 Increased net debt due to peak capex in 2025 2025 year-end financial highlights Cash & cash equivalents Impairment charge Up to $300m including $100.3m recognised in H1 2025 $48.6m (31 Dec 2024 : $56.7m) Year-end financial position Increase in net debt is due primarily to peak capital expenditure on the WCP A upgrade project during 2025 of $156m (plus $12m incurred in 2025 and to be paid in 2026) Net debt / EBITDA covenant under Revolving Credit Facility increased from 2.0x to 3.0x for full year 2025, maintaining covenant compliance through this period of elevated net debt Customer in financial distress Shipments totalling $9.3m made to a customer in financial distress in Q3 remain unpaid Shipments were delivered to two separate customer operations, which are now subject to separate and ongoing restructuring and sales processes, with one at an advanced stage Impairment charge and inventory valuation Weaker pricing outlook expected to result in estimated recoverable value of mining and processing assets being less than their carrying value Impairment will be recognised in Kenmare’s 2025 Preliminary Results Impairment is a non-cash charge and does not impact continuing operations, development programmes, ability to pay creditors, debt covenant compliance or ability to pay dividends The carrying value of ilmenite stocks will be reduced to net realisable value (NRV) in the 2025 Preliminary Results, reflecting lower NRV than production costs for certain products, and leading to a 2025 expense of ~$15m $158.8m (31 Dec 2024 : $25.0m)
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Kenmare Resources – Investor presentation, February 2026 7 Implementation Agreement remains a major focus Overview of Implementation Agreement (IA) and renewal process Background to IA The IA governs the terms under which Kenmare conducts its processing and export activities, including royalties, an Industrial Free Zone and related fiscal matters The IA was signed in 2002 with a term to December 2024 and included a right of renewal on the same terms Since December 2024 Kenmare has continued to operate under the previous IA’s terms, with Government support Renewal process The renewal process was initiated in late 2022 and discussions have been conducted on an irregular basis since then, involving a wide range of stakeholders within Mozambique, including Ministers and regulators Kenmare recognises and supports the Government’s objective of securing increased revenue from Moma Kenmare’s most recent proposal included a phased increase in royalty rate from 2.5% to 3.5% over the course of the 20-year agreement (vs 1% in currently), with withholding tax applied Engagement with the Government of Mozambique MD Tom Hickey met His Excellency President Chapo twice in 2025 and highlighted the importance of a timely resolution to the negotiations for both Kenmare and the nation On both occasions the President emphasised Moma’s importance to Mozambique and stressed the Government’s intention to renew the IA Kenmare continues to engage with members of the Mozambican government and administration Kenmare hopes for a near-term conclusion of the IA, while reserving the right to safeguard its contractual entitlements, up to and including arbitration, if an agreement cannot be reached
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Operations update Non-mags stockpile at the Mineral Separation Plant
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9 A globally significant titanium minerals mine Moma Mine operating schematic Low environmental impact Primarily hydro-generated electricity (>90% of electrical requirements) Progressive rehabilitation of mined areas, with ~200k tree saplings planted in 2025 No toxic chemicals used in mining or processing operations Kenmare Resources – Investor presentation, February 2026 Low cost, bulk mining operation Well-established operation – in production since 2007 >15Mt production of finished products to date Three mining ponds, with floating Wet Concentrator Plants, in production and a small-scale Selective Mining Operation (SMO) Dedicated on-site port facilities provide easy access to market
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Kenmare Resources – Investor presentation, February 2026 10 Production impacted by WCP A upgrade project 2025 production review HMC 1,233,300t -15% 2024: 1,466,600t Ilmenite 842,300t -17% 2024: 1,008,900t Primary zircon 50,000t -1% 2024: 50,500t Concentrates1 103,100t 124% 2024: 46,100t Rutile 8,600t -12% 2024: 9,800t Shipments 9 47,900t -13% 2024: 1,088,600t Mining HMC production down 15% YoY due primarily to lower excavated ore volumes relating to the WCP A upgrade work Selective Mining Operation (SMO) met its expected production rate of 50,000 tonnes in 2025, benefitting from a strong Q4 performance Finished products Kenmare achieved revised 2025 production guidance for ilmenite and rutile and original production guidance for primary zircon - original production guidance materially exceeded for concentrates Concentrates production was up 124% YoY, benefitting from the incorporation of new product ZrTi in production metrics Total production of finished products was down 10% YoY, impacted by a 16% decrease in HMC processed Shipments Shipments were down 13% YoY due to poor weather conditions in H1 and the Peg vessel going into dry dock between June and September 1. Concentrates include secondary zircon, mineral sands concentrate and a new concentrates by-product called ZrTi Shipments in 2026 are expected to exceed 1.1Mt, >15% increase versus 2025
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Kenmare Resources – Investor presentation, February 2026 11 Value over volume approach Maximise shipments while minimising cost of production Facilitating draw down of stockpiles to unlock value Manage production to maximise shipments, while facilitating drawdown of ilmenite stockpiles, resulting in normalised levels of ~150kt of finished products In order to reduce costs, consider mining plant curtailments and/or selective processing of highest value products Focus on highest value production Maximise production of zircon and highest value ilmenite Significant focus on zircon and rutile (non-magnetic minerals) circuit recoveries Selectively reprocess intermediate zircon and rutile waste streams where NPV positive Increase sales of ZrTi Stockpile tailings at Mineral Separation Plant so they can be reprocessed Take advantage of excess processing (drying) and shipping capacities to sell additional ZrTi Strong focus on costs and planning Retrenchment of ~15% Moma workforce Plan production to ensure maximum efficiency within existing electricity contract Defer sustaining capital where safe and practicable to do so Ilmenite stockpiles Moma’s port facilities
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Wet Concentrator Plant A Capital projects update
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Kenmare Resources – Investor presentation, February 2026 13 Securing future production at Moma Kenmare is upgrading its largest mining plant ahead of its transition to a new large ore zone WCP A upgrade and transition to Nataka Kenmare is commissioning its largest mining plant, Wet Concentrator Plant (WCP) A, following upgrade work, ahead of its transition to the Nataka ore zone Moving WCP A to Nataka unlocks the majority of Moma’s ~9bnt Mineral Resources, securing production for decades to come Project capital cost of $341m, with >80% incurred and deployed by the end of 2025 – project substantially de-risked Following the upgrade, the majority of WCP A is new equipment – two new high-capacity dredges and improved slimes handling Upgraded Wet Concentrator Plant A 1. Total Heavy Mineral Nataka 71% Namalope 3% Mpuitine 5% Pilivili 3% Mualadi 12%Marrua 1%Congolone Quinga North 1% 9 billion tonnes Mineral Resource by ore zone (THM1)
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Kenmare Resources – Investor presentation, February 2026 14 Commissioning of WCP A in final stages Status update on the WCP A upgrade project All major construction and installation work associated with the upgrade of WCP A is now complete Kenmare is in the final stages of the commissioning and ramp up process While overall progress on the commissioning of WCP A in Q4 2025 was positive, some elements of the commissioning process have taken longer than anticipated Remedial measures implemented in Q4 are working well As the commissioning process has progressed, additional bottlenecks have been identified A range of low-cost rectification measures are being undertaken in Q1 to achieve nameplate capacity of 3,500 tonnes per hour The new high-capacity dredges The new feed preparation unit The new TSF1 1. Tailings Storage Facility
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0 25 50 75 100 H2 H1 H2 H1 H2 H1 H2 H1 2023 2024 2025 2026 2027 Kenmare Resources – Investor presentation, February 2026 15 WCP A project substantially de-risked WCP A project capital expenditure schedule ~$70m~$270m Total spend to end ‘25 ~$30m~$156m Last 12 months Next 12 months >80% project capital expenditure incurred by year-end 2025 Capital cost estimate for WCP A upgrade and transition to Nataka remains at $341m Unallocated contingency remaining Total cash spent to end 2025 approximately $270m (with a further $12m incurred) Total cash still to spend is approximately $70m: $30m in 2026 $40m over 2027-2032 Project funded from cash resources, operating cash flow, and debt facilities Project capital intensity materially reducing in 2026 WCP A project capital expenditure profile ($m) Total spend remaining
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Market update Moma’s dedicated port facilities
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Kenmare Resources – Investor presentation, February 2026 17 Excess supply driving continued market weakness Ongoing shift in supply from the West to China The feedstock market remained oversupplied in 2025, despite supply reductions by Western producers Chinese domestic ilmenite production increased significantly in 2025 Concentrate production sold into China from African countries and elsewhere in the world for reprocessing also increased Western mining companies reduced supply in response to oversupplied market conditions Subdued end-market demand and pigment market imbalance Demand from paint and coatings producers remained weak in 2025, reflecting soft construction and industrial activity Weak consumer confidence and elevated interest rates continued to weigh on downstream demand However while Western producers curtailed output, pigment production remained strong in China 0 1 2 3 4 5 2019 2020 2021 2022 2023 2024 2025e Western Production Chinese Production Global pigment production (Mt)2 Chinese titanium concentrates imports (Mt)1 0.0 0.5 1.0 1.5 2.0 H1 H2 H1 H2 H1 H2 H1 2022 2023 2024 2025 1. Source: Ferroalloy 2. Source: TZMI
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Kenmare Resources – Investor presentation, February 2026 18 Kenmare remains well-positioned in market Kenmare’s market outlook Structural demand drivers continue to support Kenmare’s products Demand for Kenmare’s ilmenite is underpinned by record Chinese chloride pigment production in 2025 Kenmare’s low impurity ilmenite is preferred for beneficiation for chloride pigment and titanium metal Titanium metal demand has been more resilient than pigment markets, accounting for 25% of ilmenite sales in 2025, up from 6% in 2017 The zircon market remained subdued in 2025, although supply reductions in H2 2025 contributed to price stabilisation in China 2026 outlook Demand for Kenmare’s products remains robust entering 2026, supported by a strong Q1 order book Demand for Kenmare’s zircon products exceeds availability Increased sales of new product ZrTi expected in 2026 Pricing assumptions reflect a cautious view on medium-term recovery and slightly lower long-term expectations 0 100 200 300 400 500 600 700 800 2021 2022 2023 2024 2025 Chinese chloride pigment production (Kt)1 1. Source: Toodudu
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Summary and outlook New classroom built by KMAD for Pilivili village school WCP A dredge operator
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Kenmare Resources – Investor presentation, February 2026 20 2026 guidance1 Kenmare expects to deliver product shipments >1.1Mt in 2026 2026 Guidance 2025 Actual Shipments tonnes In excess of 1,100,000 947,900 Production Ilmenite tonnes In excess of 800,000 842,300 Primary zircon tonnes In excess of 41,000 50,000 Rutile tonnes In excess of 7,500 8,600 Concentrates2 tonnes In excess of 81,000 106,200 Costs 2026 Guidance 2025 Actual Total cash operating costs $m 215-2253 N/R4 Cost per tonne of finished product $/tonne $240-$2503 N/R4 1. Announced on 21 January 2026 2. Concentrates includes secondary zircon, mineral sands concentrate and a new concentrates by-product, ZrTi 3. Based on minimum 2026 production guidance 4. To be reported in full year financial statements Kenmare’s focus in 2026 will be to deliver shipment volumes in excess of 1,100,000 tonnes, >15% uplift compared to 2025 and comprising a significant draw down of finished product inventories Lower production of finished products than in recent years to minimise operating costs and accelerate the drawdown of stocks The reprocessing of tailings to produce ZrTi is expected to supplement concentrates production and as such, concentrates production is expected to be in excess of 81,000 tonnes in 2026 Production will be flexed upwards from this minimum guidance level to meet market demand once inventory levels have normalised
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Kenmare Resources – Investor presentation, February 2026 21 Cost reduction initiatives underway Overview of Kenmare’s cost management programme for late 2025-2026 Value over volume Constraining production in 2026 is expected to deliver a reduction in operating costs versus 2025 A thorough assessment of Kenmare’s cost structure was undertaken and opportunities were identified to further decrease operating costs in 2026, including minimising the use of dry mining A retrenchment process in respect of ~15% of Kenmare’ workforce was also initiated in Q4 2025 - while regretted, this is a necessary and proportionate response to the challenges currently being experienced by Kenmare and the wider industry Materially lower capital expenditure on the WCP A upgrade project is expected in 2026 of ~$30m (including $12m carried forward from 2025) The remaining ~$40m of project capital largely relates to infrastructure within the Nataka area and is planned to be invested in 2027-2032 Sustaining capital is expected to be ~$30m - discretionary items will be deferred wherever safe and practicable to do so 2026 total cash operating cost guidance $215-225m (2025: $228-252m) 2026 WCP A project capital expenditure guidance $30m1 (2025: ~$156m1) 1. $156m was spent in 2025, with an additional $12m incurred to be paid in 2026. This $12m is included within the $30m guided for 2026 2. Including improvement capex 2026 sustaining capital guidance $30m1 (2025 guidance: ~$50m2)
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33 22 21 23 13 57 0 20 40 60 80 100 120 140 H1 2025 Total cash operating costs Labour Electricity & fuel Repairs & maintenance Production overheads Other direct costs Other indirect costs Production taxes 22 Actively managing Moma’s cost base ~40% of cost base is directly linked to production volumes (i.e. variable cost) Variable cost base is primarily driven by: Direct consumption (e.g. electricity and fuel) Activity-based expenditure (e.g. scheduled maintenance, HME rentals, overtime payments, land use compensations) Fixed costs do not vary directly with production, but are compressible through cost reduction initiatives Other cost drivers include general cost inflation pressures and the relative contribution of lower cost dredge mining vs. dry mining Cost reductions underway or in planning include: Labour retrenchment Production curtailments HME fleet management Capital deferrals 2026 costs forecast to reduce through lower production and cost reduction initiatives Variable Fixed 5% 95% 95% 5% 55% 45% 40% 60% 30% 70% 100% 0% Kenmare Resources – Site visit presentation, 5-6 February 2026 Moma’s variable and fixed costs Indicative fixed vs. variable split H1 2025 cash operating cost breakdown ($m)
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• Preferred supplier due to Moma’s long mine life and favourable characteristics of product suite • Geographically diversified customer base, with 25 customers operating in 15 countries • Strong order book for Q1 2026 23 Transforming resources into opportunity for all Delivering Kenmare’s purpose • One of the world’s largest titanium minerals deposits • >100 years of Mineral Resources at current production rate • Upgrade and transition of Wet Concentrator Plant A is key to securing production from Moma for decades to come • Consistent record of operating cashflow generation • Upgrade of WCP A has been engineered to maintain a low- cost profile • Multiple funding sources for capital programme • >$25m invested into community initiatives through KMAD since 2004, plus >$185m paid to Mozambican Government through taxes and royalties since 2019 • Moma’s Implementation Agreement continues to be a key focus – prolonged renewal process remains a concern Resilient long-term production profile Market-leading position Creating value for all stakeholders Consistent low-cost industry position Kenmare Resources – Investor presentation, February 2026 Long-life asset, low-cost producer, market leader, strong value creation for all stakeholders
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Appendices Community plant nursery
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0 200 400 600 0 2 4 6 8 1966 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 2018 2022 Global GDP Index Million tonnes Pigment consumption (LHS) Global GDP Index (RHS) 0 2 4 Middle East and Africa Asia Pac. ex China & Japan Central Europe China Western Europe North America Kenmare Resources – Investor presentation, February 2026 25 Mineral sands: essential to modern life Titanium feedstocks (ilmenite and rutile) TiO2 pigment imparts whiteness and opacity in the manufacture of paints, plastics and paper Non-recyclable and difficult to substitute Pigment is “quality of life” product, consumption grows as income levels increase Significantly higher TiO2 pigment consumption per capita in developed western economies Large population developing economies are set for strongest pigment and zircon demand growth Zircon An important raw material for the ceramics industry for wall tiles, floor tiles and sanitary ware Emerging market zircon and pigment demand growing rapidly Rare Earths Contained in the mineral monazite, used in a wide range of applications and essential to support the transition to green energy World GDP vs TiO2 pigment consumption1 TiO2 regional pigment consumption (kg/capita)2 1: Source: Company (1966 GDP base year) 2: Source: Company (2021 data) Demand for mineral sands is driven by global GDP growth and urbanisation in emerging markets Demand for Kenmare’s products is driven by global GDP growth and urbanisation in emerging markets
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SMO 1 delivered 50kt HMC production in 2025 Selective Mining Operations (SMOs) provide capital-light production SMO 1 adding valuable HMC contribution SMO 1 supported production in 2025, providing 50kt HMC Targeted run rate of 300 tonnes per hour (tph) consistently achieved in H2 Operational optimisation was undertaken in H1, including the use of dry mining to provide consistent feed SMO 2 expected to begin commissioning in Q3 2026 SMO 2 is an upgraded version of SMO 1, incorporating design improvements Construction expected to commence in Q2 2026, with commissioning in Q3 SMOs are a capitally-efficient alternative to previously planned WCP B upgrade 26Kenmare Resources – Investor presentation, February 2026 SMO 1’s concentrator modules SMO 1’s dry mining equipment Operation Throughput (tph) Capex ($m) Commissioning expected SMO 1 300 <6 N/A - operating SMO 2 – Phase 1 500 8 Q3 2026 SMO 2 – Phase 2 500 3.5 H2 2027 SMO 3 500 3.5 H2 2027 Total 1,800 <21
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63 143 68 63 21 44 6 H1 H2 H1 H2 H1 H2 H1 2022 2023 2024 2025 104 194 110 110 63 94 47 H1 H2 H1 H2 H1 H2 H1 2022 2023 2024 2025 197 331 243 216 165 250 168 H1 H2 H1 H2 H1 H2 H1 2022 2023 2024 2025 Total revenue ($m) Kenmare Resources – Investor presentation, February 2026 27 Sustained cash flow generation H1 2025 financial highlights H1 2025 EBITDA margin1 EBITDA ($m) 1 Net profit ($m) 1 Average price received ($/t) 1. Adjusted EBITDA and adjusted net profit excludes the $100.3 million impairment loss WCP A upgrade and transition to Nataka $341m Execution progressing to budget 30% (H1 2024: 41% ) 429 486 412 425 323 389 326 H1 H2 H1 H2 H1 H2 H1 2022 2023 2024 2025
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Follow us Contact us Katharine Sutton / David Weeks Investor Relations +353 1 671 0411 ir@kenmareresources.com A community water supply system built by KMAD