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Mining Forum Americas 28-30 September 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 – Mining Forum Americas, September 2026 2
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Introduction to Kenmare Progressive land rehabilitation programme
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Kenmare Resources – Mining Forum Americas, September 2026 4 Established producer, long mine life • Titanium minerals are used in the manufacture of paints, paper, plastic and titanium metal • Kenmare represents 6% of global titanium minerals supply • Titanium is recognised as a critical mineral Overview: Kenmare Resources plc Moma Mine Mozambique Market-leading position Moma Titanium Minerals Mine in Mozambique Trusted corporate citizen Significant capital investment • Track record of ~20 years of production • >100 years of Mineral Resources at current production rate • Meaningful contribution to Mozambique economy • Constituent of FTSE4Good index • Bulk mining, processing and export facilities • Net book value of >$875m
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Kenmare Resources – Mining Forum Americas, September 2026 5 Market leadership built on a robust strategy Strategic priorities and recent performance OPERATE RESPONSIBLY • >100 years of Mineral Resources providing stable, long-term supply • Strong customer relationships that have endured several industry cycles 98% MOZAMBICAN WORKFORCE 9bt MOMA’S MINERAL RESOURCES >$300m SHAREHOLDER DISTRIBUTIONS SINCE 2019 • >$25m invested into community initiatives since 2004 • Industry-leading safety performance • Dividends paused to support long-term financial stability • Funding capital projects from existing cash, operating cash flow and debt ALLOCATE CAPITAL EFFICIENTLY DELIVER LONG LIFE, LOW-COST PRODUCTION OPERATE RESPONSIBLY
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6 One of the world’s largest titanium deposits Overview of the Moma Mine – a well-established operation in production since 2007 Low cost, bulk mining operation Three Wet Concentrator Plants (WCPs) in production, plus a Selective Mining Operation (SMO) WCP A – 3,500 tph, 2x dredges WCP B – 2,400 tph, 1x dredge, 1x dry mine WCP C – 500 tph, 1x dredge On-site Mineral Separation Plant (MSP) to convert Heavy Mineral Concentrate (HMC) into finished products Dedicated on-site port facilities provide easy access to market Low environmental impact Primarily hydro-generated electricity (>90% of electrical requirements) Progressive rehabilitation of mined areas No toxic chemicals used in mining or processing operations >90% water re-use rate >90% recycling rate of waste generated Kenmare Resources – Mining Forum Americas, September 2026
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7 Sustainability is central to Kenmare’s business Trusted business • Largest employer in Nampula Province - >1,680 direct employees at Moma • Kenmare Moma Development Association (KMAD) has supported construction of water supply systems, health centres and schools • One of the lowest carbon intensity mineral sands miners for Scope 1 emissions • Named as the most transparent extractive company in Mozambique for fifth consecutive year Kenmare Resources – Mining Forum Americas, September 2026 Four strategic sustainability focus areas Safe and engaged workforce Thriving communities Healthy natural environment
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Kenmare Resources – Mining Forum Americas, September 2026 8 A high-quality shareholder register Analyst coverage Capital structure Corporate overview Major shareholders3 Listings London Stock Exchange; Euronext Dublin Ticker KMR Shares outstanding 89,228,161 Market capitalisation1 $214.8m Net debt2 $175.8m Enterprise value $390.6m Berenberg Richard Hatch Davy Colin Grant Hannam & Partners Roger Bell Peel Hunt Kieron Hodgson TP ICAP Julien Thomas African Acquisition S.à.r.l. 17.1% M&G Plc 14.0% J O Hambro Capital Management 9.0% Aegis Financial Corporation 8.0% Aberforth Partners LLP 6.0% Fidelity International (FIL) 4.2% Pageant Investments 4.0% 1: At 18 September 2026 2. At 30 June 2026 3. Based on TR1 notifications as at 18 September 2026 Institutional Sovereign wealth Retail
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Kenmare’s product markets Dedicated port facilities
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0 1 2 3 4 Middle East and Africa Asia Pac. ex China & Japan Central Europe China Western Europe North America Kenmare Resources – Mining Forum Americas, September 2026 10 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 a “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 demand growing rapidly Rare Earth Elements Contained in the mineral monazite, used in a wide range of applications and essential to support the energy transition World GDP vs TiO2 pigment consumption1 1: Source: Company (1966 GDP base year) 2: Source: Company (2021 data) Demand for Kenmare’s products is driven by global GDP growth and urbanisation in emerging markets 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) World GDP vs TiO2 pigment consumption1 TiO2 regional pigment consumption (kg/capita)2
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Kenmare Resources – Mining Forum Americas, September 2026 11 Ilmenite remains weak but zircon recovering in Q2 H1 2026 markets products review and H2 2026 outlook Stable demand for all products in H1 2026 but ilmenite pricing soft Ilmenite market was oversupplied in H1 2026 resulting in a lower average ilmenite price received This was particularly evident in China due to growth in the supply of concentrates and higher domestic ilmenite production Higher freight charges due to US/Iran conflict also impacted average ilmenite price received Higher prices achieved for all zircon products in H1 Zircon prices benefitted from reduced zircon supply from major producers Robust demand for all products continues in H2 Positive demand trends have continued into H2 but global oversupply is expected to continue to weigh on ilmenite pricing Kenmare’s average price received ($/t) 0 300 600 900 1,200 1,500 1,800 0 100 200 300 400 500 600 H1 H2 H1 H2 H1 H2 H1 H2 H1 2022 2023 2024 2025 2026 Zircon price Average and ilmenite price Ilmenite price ($/t) Average price ($/t) Zircon price ($/t)
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H1 2026 review Wet Concentrator Plant A
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Improved production in early H2, with 2026 ilmenite production guidance of ~800kt Kenmare Resources – Mining Forum Americas, September 2026 13 Strong demand for new ZrTi product H1 2026 operations review HMC 442,200t -34% H1 2025: 670,600t Ilmenite 273,100t -39% H1 2025: 449,900t Primary zircon 18,600t -32% H1 2025: 27,200t Concentrates1 135,700t 599% H1 2025: 19,400t Rutile 2,700t -44% H1 2025: 4,800t Shipments 555,600t 14% H1 2025: 488,900t 1. Concentrates include secondary zircon, mineral sands concentrate and a new concentrates product called ZrTi Mining Reduced Heavy Mineral Concentrate (HMC) production due to: Lower ore grades and reduced excavated ore volumes due to WCP A commissioning and paused WCP B dry mining Production is forecast to strengthen in H2, supported by WCP A improvements and strong performance from WCP B, leading to lower unit costs Finished products Production of finished products was impacted by lower HMC production Concentrates production was up 599% YoY principally due to ZrTi – annual concentrates guidance materially exceeded in H1 Shipments Shipments were up 14% YoY due to ~128kt stock drawdown and consistent transshipment performance On track to achieve shipments guidance of >1.1Mt
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412 425 323 389 326 350 242 H1 H2 H1 H2 H1 H2 H1 2023 2024 2025 2026 Kenmare Resources – Mining Forum Americas, September 2026 14 Financial performance reflects tough conditions Total cash operating costs $109.6m (H1 2025: $124.4m) Net debt Cash and cash equivalents $31.0m (31 Dec 2025: $48.6m) $175.8m (31 Dec 2025: $158.8m) H1 2026 financial overview 1. 2025 figures are adjusted to exclude impairment charge of $301.3m Average price received ($/t) Adjusted 1 EBITDA ($m) Adjusted1 loss after tax ($m) Mineral product revenue ($m) 243 216 165 250 168 160 136 H1 H2 H1 H2 H1 H2 H1 2023 2024 2025 2026 110 110 63 94 47 11 4 H1 H2 H1 H2 H1 H2 H1 2023 2024 2025 2026 68 63 21 44 6 -30 -34 H1 H2 H1 H2 H1 H2 H1 2023 2024 2025 2026 Shipments 555,600t (H1 2025: 488,900t)
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Kenmare Resources – Mining Forum Americas, September 2026 15 Implementation Agreement negotiations ongoing Overview of Implementation Agreement (IA) and renewal process Background to IA Renewal process Recent progress • Kenmare has made several offers with improved terms, recognising the Government’s desire for increased revenue from Moma • MD Tom Hickey met President Chapo twice in 2025 and highlighted the importance of a timely resolution to the negotiations for both Kenmare and the nation • President Chapo emphasised Moma’s significance to Mozambique and stressed the Government’s intention to renew the IA • During 2026, there have been regular meetings with Government ministers and discussions with their technical teams • These discussions indicate significant progress on the outstanding issues • Kenmare remains committed to pursuing a near-term negotiated IA renewal • The IA governs the terms under which Kenmare conducts its processing and export activities, including royalties • It does not impact day-to-day mining operations in any way • 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 the Government’s support
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Summary Community plant nursery
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Kenmare Resources – Mining Forum Americas, September 2026 17 Active focus on minimising costs Kenmare’s 2026 guidance1 2026 Guidance H1 2026 Actual 2025 Actual Shipments tonnes In excess of 1,100,000 555,6002 947,900 Production Ilmenite tonnes Approximately 800,000 273,100 842,300 Primary zircon tonnes In excess of 41,000 18,600 50,000 Rutile tonnes In excess of 7,500 2,700 8,600 Concentrates2 tonnes In excess of 81,000 135,700 103,100 Costs 2026 Guidance H1 2026 Actual 2025 Actual Total cash operating costs $m 215-2253 109.6 242.7 Cost per tonne of finished product $/tonne $240-$2503 255 242 1. Announced on 21 January 2026. Ilmenite production guidance was amended to “approximately 800,000 tonnes” from “in excess of 800,000 tonnes” on 16 July 2026 2. Including ZrTi 3. Concentrates includes secondary zircon, mineral sands concentrate and a new concentrates by-product, ZrTi 3. Based on minimum 2026 production guidance Kenmare is on track to achieve 2026 shipments – H1 shipments (including ZrTi) are in line with the run rate of annual guidance Ilmenite production in 2026 is expected to be approximately 800,000 tonnes, rather than in excess of 800,000 tonnes Annual concentrates production guidance of >81,000t was materially exceeded in H1, meeting strong customer demand Kenmare is on track to achieve total cash operating costs, with continuing focus on reducing operating costs in H2 Materially lower capital expenditure expected in 2026 than in 2025 Development capital is expected to be $30m, with ~$23m incurred on the WCP A upgrade in H1 Sustaining capital is expected to be ~$30m in 2026, including SMO 2, with ~$7m incurred in H1
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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 18 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 • Transition of WCP A to Nataka is key to securing production from Moma for decades to come • Solid record of operating cashflow generation • Operating cost improvements being implemented in 2026, supporting liquidity and financial flexibility • >$300m in shareholder distributions since 2019 • >$25m invested into community initiatives through KMAD since 2004, plus >$215m paid to Mozambican Government through taxes and royalties since 2019 • Renewal of Moma’s Implementation Agreement continues to be a priority – significant progress on relevant issues Kenmare Resources – Mining Forum Americas, September 2026 Cashflow generation through the cycle Creating value for all stakeholders Resilient long-term production profile Strong market position Focused on creating long-term value for all stakeholders
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Appendices Wet Concentrator Plant A at night
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Kenmare Resources – Mining Forum Americas, September 2026 20 Steady improvements realised in early H2 Status update on the WCP A upgrade project New dredges at WCP A All major construction and installation work is now complete The rate of capital expenditure has decreased substantially, as planned In H1 Kenmare spent ~$23 million on WCP A – H2 spend expected to be ~$7m as per Nataka transition plan Dredge performance issues in H1 inhibit production Kenmare had expected to achieve nameplate capacity in Q2, but this has not been consistently delivered to date This was due principally to dredging performance, resulting in the capacity averaging 2,800 tph in H1, compared to nameplate capacity of 3,500 tph Rectification measures in progress Solutions implemented on feed preparation and offplant tails management, with further work underway Throughput and utilisation are being addressed with the dredge supplier to strengthen consistency Design improvements have been approved for the dredge braking system - orders have been placed and commissioning expected during Q4 Continued improved operating techniques and spares management bring mitigations in the meantime Throughputs and utilisations have continued to improve through Q2 and into Q3, and a realistic improvement profile has been incorporated into our guidance
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Increasing SMO production in H2 2026 Selective Mining Operations (SMOs) provide capital-light production SMO 1 adding valuable HMC contribution Designed to enable mining of peripheral areas of Moma orebody SMO 1 commissioned in H1 2025 for a capital cost of <$6m Capacity of 300 tph and provided 50kt of HMC production in 2025, as planned SMO 2 builds on the success of SMO 1 SMO 2 is an upgraded version of SMO 1, incorporating design improvements Construction of Phase 1 underway and commissioning expected in Q4 2026, with Phase 2 expected to follow in 2027 21Kenmare Resources – Mining Forum Americas, September 2026 Operation Throughput (tph) Capex ($m) Commissioning expected SMO 1 300 <6 N/A - operating SMO 2 – Phase 1 500 10.9 Q4 2026 SMO 2 – Phase 2 500 2.1 2027 SMO 3 500 3.5 2027 Total 1,800 <23 SMO 1’s dry mining equipment SMO 1’s concentrator
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27.1 20.9 20.6 17.6 11.3 8.2 4.0 Other indirect costs Production Taxes Other direct costs Production Overheads Repairs & Maintenance Kenmare Resources – Mining Forum Americas, September 2026 22 ~12% decrease in total cash operating costs in H1 Total cash operating costs breakdown Decrease in total cash operating costs YoY attributed to: $5.7m decrease in labour costs driven by Q4 2025 retrenchment of Moma staff $5.2m decrease in production overheads on lower equipment rental and keen cost discipline across all categories $1.4m decrease in energy and fuel costs as lower diesel consumption more than offset higher prices Other costs include $2.2m sales tax on ZrTi (H1 2025: nil) 124.4 (1.4) (5.7) (1.0) (5.2) (1.5) H1 2025 Costs Energy Labour Repairs & maintanance Production overheads Other costs H1 2026 Costs 60.0 70.0 80.0 90.0 100.0 110.0 120.0 130.0 140.0 109.6
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PPE additions of $23m in H1 2026 relating to the WCP A upgrade project and SMO 2 Finished product inventory drawdown of ~128kt in H1 2026, supporting increased shipments NRV write down of $5.9m based on lower pricing outlook Closing cash balance of $31.0m having funded all operating costs, debt servicing and capital investment, with no drawdown of debt in the period Net current asset position of >$135m $30m additional Revolving Credit Facility available to 30 June 2027 and changes to the financial covenants to provided additional financial flexibility Upsize provided by Kenmare’s existing lender group, recognising Moma’s quality, scale and future potential Impairment headroom of $67m at end June Kenmare Resources – Mining Forum Americas, September 2026 23 Net current asset position supporting liquidity Balance sheet review 31-June-2026 $ million 31-Dec-2025 $ million Property, plant and equipment 864.2 876.7 Inventory 96.3 112.5 Trade and other receivables 75.31 70.6 Cash 31.0 48.6 Total assets 1,066.8 1,108.4 Equity and reserves 781.3 814.7 Bank loans 203.9 204.7 Leases 0.8 1.0 Creditors and provisions 80.8 88.0 Total equity and liabilities 1,066.8 1,108.4 Focused on financial discipline and balance sheet flexibility 1. Includes $2.1m tax asset
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Katharine Sutton / David Weeks Investor Relations +353 1 671 0411 ir@kenmareresources.com Contact us Follow us Community water supply system built by KMAD