Slide 1: Transforming resources into opportunity for all
Transforming resources into opportunity for all Mining Forum Americas 28-30 September 2026
Slide 2: Disclaimer
Disclaimer This Presentation (the “Presentation”) has been This Presentation does not constitute or form part statements in this Presentation relating to future prepared and issued by Kenmare Resources plc of, and should not be construed as, an offer, financials, results, plans and expectations (the
Slide 3: Introduction to Kenmare
Introduction to Kenmare Progressive land rehabilitation programme
Slide 4: Established producer, long mine life
Established producer, long mine life Overview: Kenmare Resources plc Moma Titanium Minerals Mine in Mozambique • Track record of ~20 years of production • >100 years of Mineral Resources at current production rate Trusted corporate citizen • Meaningful contribution to Mozambique economy Moma • Const
Slide 5: Market leadership built on a robust strategy
Market leadership built on a robust strategy Strategic priorities and recent performance OPERATE • >$25m invested into community initiatives since 2004 98% OPERATE RESPONSIBLY RESPONSIBLY • Industry-leading safety MOZAMBICAN performance WORKFORCE • >100 years of Mineral Resources DELIVER LONG LIFE,
Slide 6: One of the world’s largest titanium deposits
One of the world’s largest titanium deposits Overview of the Moma Mine – a well-established operation in production since 2007 Low cost, bulk mining operation Low environmental impact Three Wet Concentrator Plants (WCPs) in production, plus a Primarily hydro-generated electricity (>90% of electr
Slide 7: Sustainability is central to Kenmare’s business
Sustainability is central to Kenmare’s business Four strategic sustainability focus areas • Largest employer in Nampula Province - >1,680 Safe and engaged workforce direct employees at Moma • Kenmare Moma Development Association Thriving communities (KMAD) has supported construction of water supply
Slide 8: A high-quality shareholder register
A high-quality shareholder register Corporate overview Capital structure Major shareholders3 Listings London Stock Exchange; African Acquisition S.à.r.l. 17.1% Euronext Dublin M&G Plc 14.0% Ticker KMR J O Hambro Capital Management 9.0% Shares outstanding 89,228,161 Aegis Financial Corporation 8.0% M
Slide 9: Kenmare’s product markets
Dedicated port facilities Kenmare’s product markets
Slide 10: Mineral sands: essential to modern life
Mineral sands: essential to modern life Demand for Kenmare’s products is driven by global GDP growth and urbanisation in emerging markets World GDP vs TiO2 pigment consumption11 Titanium feedstocks (ilmenite and rutile) World GDP vs TiO2 pigment consumption TiO2 pigment imparts whiteness and opaci
Slide 11: Ilmenite remains weak but zircon recovering in Q2
Ilmenite remains weak but zircon recovering in Q2 H1 2026 markets products review and H2 2026 outlook Kenmare’s average price received ($/t) 600 1,800 Average and ilmenite price 500 1,500 Zircon price 400 1,200 300 900 200 600 100 300 0 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 2022 2023 2024 2025 2026 Ilmenite
Slide 12: H1 2026 review
H1 2026 review Wet Concentrator Plant A
Slide 13: Strong demand for new ZrTi product
Strong demand for new ZrTi product H1 2026 operations review HMC Ilmenite Mining 442,200t 273,100t Reduced Heavy Mineral Concentrate (HMC) production due to: -34% -39% Lower ore grades and reduced excavated ore volumes due to H1 2025: 670,600t H1 2025: 449,900t WCP A commissioning and paused WCP
Slide 14: Financial performance reflects tough conditions
Financial performance reflects tough conditions H1 2026 financial overview Average price received Mineral product revenue Shipments Cash and cash ($/t) ($m) equivalents 412 425 389 243 250 323 326 350 216 242 165 168 160 136 555,600t $31.0m (H1 2025: 488,900t) (31 Dec 2025: H1 H2 H1 H2 H1 H2 H1 H1 H
Slide 15: Implementation Agreement negotiations ongoing
Implementation Agreement negotiations ongoing Overview of Implementation Agreement (IA) and renewal process Background to IA Renewal process Recent progress • The IA governs the terms under • Kenmare has made several offers • During 2026, there have been regular which Kenmare conducts its with impro
Slide 16: Summary
Summary Community plant nursery
Slide 17: Active focus on minimising costs
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
Slide 18: Transforming resources into opportunity for all
Transforming resources into opportunity for all Delivering Kenmare’s purpose Resilient long-term production profile Cashflow generation through the cycle • One of the world’s largest titanium minerals deposits • Solid record of operating cashflow generation • >100 years of Mineral Resources at curre
Slide 19: Appendices
Appendices Wet Concentrator Plant A at night
Slide 20: Steady improvements realised in early H2
Steady improvements realised in early H2 Status update on the WCP A upgrade project All major construction and installation work is now complete New dredges at WCP A The rate of capital expenditure has decreased substantially, as planned In H1 Kenmare spent ~$23 million on WCP A – H2 spend expec
Slide 21: Increasing SMO production in H2 2026
Increasing SMO production in H2 2026 Selective Mining Operations (SMOs) provide capital-light production SMO 1 adding valuable HMC contribution SMO 1’s concentrator Designed to enable mining of peripheral areas of Moma orebody SMO 1 commissioned in H1 2025 for a capital cost of <$6m Capacity o
Slide 22: ~12% decrease in total cash operating costs in H1
~12% decrease in total cash operating costs in H1 Total cash operating costs breakdown 140.0 130.0 124.4 120.0 (1.4) (5.7) (1.0) 109.6 4.0 Other indirect 110.0 (5.2) (1.5) 8.2 costs 100.0 11.3 Production 17.6 Taxes 90.0 Other direct 20.6 80.0 costs 20.9 Production 70.0 Overheads 27.1 60.0 Repairs &
Slide 23: Net current asset position supporting liquidity
Net current asset position supporting liquidity Balance sheet review 31-June-2026 31-Dec-2025 PPE additions of $23m in H1 2026 relating to the WCP A $ million $ million upgrade project and SMO 2 Property, plant and equipment 864.2 876.7 Finished product inventory drawdown of ~128kt in H1 2026, s
Slide 24: Contact us
Community water supply system built by KMAD Contact us Katharine Sutton / David Weeks Investor Relations +353 1 671 0411 ir@kenmareresources.com Follow us