Slide 1: 2024 results presentation
TRANSFORMING RESOURCES INTO OPPORTUNITY FOR ALL 2024 results presentation 26 March 2025
Slide 2: Disclaimer
Disclaimer This Presentation (the “Presentation”) has been This Presentation does not constitute or form part attainable or will be realised. In particular, certain prepared and issued by Kenmare Resources plc of, and should not be construed as, an offer, statements in this Presentation relating to
Slide 3: Agenda
Agenda Introduction Tom Hickey, Managing Director Financial review Tom Hickey, Managing Director Operations and capital projects update Ben Baxter, Chief Operations Officer Market update Cillian Murphy, Group GM – Sales & Marketing Outlook Tom Hickey, Managing Director Staging pond for Questions? WC
Slide 4: Possible offer for Kenmare
Possible offer for Kenmare Oryx Global Partners and Michael Carvill have made a non-binding offer for the Company Possible all cash offer for Kenmare Following press speculation, Kenmare confirmed that it had received a non-binding proposal from Oryx Global Partners Limited and Michael Carvill (to
Slide 5: The world's largest ilmenite supplier
The world’s largest ilmenite supplier Overview: Kenmare Resources plc The Moma Titanium Minerals Mine in Mozambique Track record of 18 years of production, with ~40 years in Mozambique >100 years of Mineral Resources at current production rate Trusted corporate citizen Low environmental impact
Slide 6: Market leadership built on a robust strategy
Market leadership built on a robust strategy Strategic priorities and recent performance 97% • Strong safety performance – 4m OPERATE hours worked without a Lost Time Injury to mid-March 2025 RESPONSIBLY • >$23m invested into community MOZAMBICAN WORKFORCE initiatives since 2004 DELIVER LONG LIFE, •
Slide 7: Financial review
Financial review Tom Hickey, Managing Director Mineral Separation Plant
Slide 8: Sustained cash flow generation
Sustained cash flow generation 2024 financial highlights Financial performance Other highlights Capital projects Average price ($/t) Revenue (FOB) 2024 full year dividend WCP A upgrade and transition to Nataka 463 418 498 327 360 421 437 392 USc32.0/sh $341m 272 232 (2023: USc56.0/sh) 2020 2021 2022
Slide 9: Resilient 40% EBITDA margin
Resilient 40% EBITDA margin 2024 Income Statement review Revenue by product (%) – 2024 vs 2023 Zircon, Rutile, 2% Zircon, 18% Rutile, 3% 2024 2023 18% Concentrates, Concentrates, $ million $ million 5% 7% Mineral product revenue 392.1 437.1 2024 2023 Freight revenue 22.7 21.4 Total revenue 414.7 458
Slide 10: Healthy demand for all Kenmare products
Healthy demand for all Kenmare products 2024 product prices and shipping review Commodity price movements ($/t) 4% increase in shipping volumes YoY $500/t $2,000/t Ilmenite and average price Total shipping volumes of 1.09 Mt in 2024, up 4% YoY, supported by increased production of finished product
Slide 11: Increased labour and power costs in 2024
Increased labour and power costs in 2024 2024 cash operating cost calculations Unit 2024 2023 Cash operating costs up 7% YoY due to: Cost of sales (excluding freight) $m 296.7 273.5 Increased labour costs due to higher headcount and payrates Administration expenses $m 6.2 8.4 Increased power c
Slide 12: Funding investment while maintaining returns
Funding investment while maintaining returns Movement in net cash/(debt) • Development ($102m) • Sustaining ($37m) • Improvement $200m ($6m) • Studies ($8m) 133 $150m • Receivables (+$34.2m) $100m • Payables (+$10m) • Inventory (-$14m) $50m 30 21 $0m -154 -48 -8 -25 -$50m Opening Operating Capex W/c
Slide 13: Strong and flexible balance sheet
Strong and flexible balance sheet Balance sheet review 31-Dec-2024 31-Dec-2023 $ million $ million Property, plant and equipment 1,019.1 937.2 Capital investment of $154m in 2024, funded mainly Inventory 112.8 99.3 from operating cashflow Trade and other receivables 119.5 153.7 $102m related to
Slide 14: Well capitalised to fund capex and dividends
Well capitalised to fund capex and dividends A strong financial position before operational free cash flow Historically high net current assets ($m) Global Capitalslag costs production met by existing 1 resources ($m) 350 Available RCF 300 250 300 2027 200 250 200 Net current assets 150 2025 2028 10
Slide 15: ~$295m shareholder returns since 2019
~$295m shareholder returns since 2019 Cumulative dividends of ~$182m and share buy-backs of $113m Dividend profile (USc/share) Interim Final Total % Profit after tax Dividend policy delivery 70.0c/sh 70% Proposed 2024 final dividend of USc17/sh1 60.0c/sh 54.3 56.0 60% Proposed 2024 dividend of U
Slide 16: Balancing capital returns and investment plans
Balancing capital returns and investment plans Capital allocation priorities • Sustaining capital Capital requirements • Non-discretionary capital (i.e. WCP A upgrade and transition) CORE • $200m RCF available until 2029 Financial flexibility • Invoice discounting facility in place • Target payout r
Slide 17: Operations update
Operations update Ben Baxter, Chief Operations Officer WCP B mining in Pilivili
Slide 18: Sustainability goals advanced in 2024
Sustainability goals advanced in 2024 Four strategic sustainability focus areas • Lowest ever All Injury Frequency Rate achieved in 2024 of 0.93 per 200k hours worked Safe and engaged workforce • Malaria prevention programme continues to deliver strong results - 2024 incidence rate well below three-
Slide 19: Four million LTI-free hours worked to mid-March
Four million LTI-free hours worked to mid-March "Trabalho Seguro“ (“Safe Work”) initiative promoting increased safety awareness Lost Time Injuries and rolling 12-month LTIFR 5 0.2 4 Lost Time Injuries 3 0.09 0.09 0.1 2 0.06 0.06 1 0 0.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 LTIs LTIFR Return to strong saf
Slide 20: Strong production of all products in 2024
Strong production of all products in 2024 2024 production review Mining Heavy Mineral Concentrate (HMC) production was broadly in line HMC production Ilmenite with 2023, although with stronger production in H2 vs H1 1,446,600t 1,008,900t 2024 represents a new annual record for excavated ore volu
Slide 21: 2025 production guidance
2025 production guidance1 2025 ilmenite production expected to be in line with 2024 Production 2025 Guidance 2024 Actual Ilmenite tonnes 930,000-1,050,000 1,008,900 Primary zircon tonnes 47,500-54,000 50,500 Rutile tonnes 9,000-10,000 9,800 Concentrates2 tonnes 63,000-69,0002 43,000 Costs Total cash
Slide 22: Capital projects update
Capital projects update Ben Baxter, Chief Operations Officer Staging pond for WCP A upgrade
Slide 23: Project execution advancing
Project execution advancing Current status of WCP A project Second of two dredges launched The new module in construction into the dock in the Netherlands in Moma’s staging pond Three key elements of project continue to progress Fabrication of two new dredges advancing with project contractor– all
Slide 24: WCP A comfortably funded with existing facilities
WCP A comfortably funded with existing facilities Overview of capital costs for WCP A’s transition to Nataka WCP A capex of $341m Capital cost for the project remains in line with Key components: capital costs and commissioning previous estimates at $341m $102m spent in 2024 Capital cost Capital
Slide 25: New SMO benefits production from 2025
New SMO benefits production from 2025 Introduction of Selective Mining Operation (SMO) The SMO’s concentrator module 50kt/annum additional HMC production from SMO SMO is designed to deliver 50kt/annum HMC production at a low capital cost (<$6m) due to its simple, modular nature SMO will enable K
Slide 26: Market update
Market update Cillian Murphy, Group GM – Sales & Marketing Mineral Separation Plant
Slide 27: Resilient demand for Kenmare's products
Resilient demand for Kenmare’s products Average price received for Kenmare’s products remained historically high in 2024 Average price received for Kenmare’s products ($/t) 500 400 300 200 100 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 4% increase in Kenmare’s shipment volumes in 2024, reflect
Slide 28: Kenmare is targeting strongest market segments
Kenmare is targeting strongest market segments Kenmare’s ilmenite is suitable for beneficiation, a rapidly growing market segment Kenmare ilmenite sales for beneficiation2 86% increase in sales to beneficiation market since 2017 600 Capacity for beneficiation has been growing in recent years1 - Vo
Slide 29: Ilmenite prices expected to stabilise in 2025
Ilmenite prices expected to stabilise in 2025 2025 outlook for titanium feedstocks and zircon markets Titanium feedstocks Ilmenite Kenmare has a strong order book for 2025 and while titanium feedstocks pricing in H1 2025 is lower than H2 2024, it looks to be stabilising Demand for titanium feeds
Slide 30: Outlook
Outlook Tom Hickey, Managing Director Measuring tree height as part of survival rates analysis following slimes additioning
Slide 31: Transforming resources into opportunity for all
Transforming resources into opportunity for all Delivering Kenmare’s purpose Resilient long-term production profile Consistent low-cost industry position • One of the world’s largest titanium minerals deposits • 2024 EBITDA margin of 40% • >100 years of Mineral Resources at current production rate •
Slide 32: Appendices
Appendices A new school block built by KMAD
Slide 33: 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 Titanium feedstocks (ilmenite and rutile) World GDP vs TiO2 pigment consumption1 TiO2 pigment imparts whiteness and opacity in the manufacture of paints, plasti
Slide 34: A globally significant titanium minerals mine
A globally significant titanium minerals mine Moma Mine operating schematic Low cost, bulk mining operation Low environmental impact Mature operation – in production since 2007 Primarily hydro-generated electricity (>90% of electrical Three Wet Concentrator Plants (WCPs) in operation requireme
Slide 35: Financing facilities upgraded
Financing facilities upgraded Overview of Revolving Credit Facility (RCF) Quantum Interest rate Term $200m SOFR + 4.85% 5 years Debt facilities include more favourable terms and extended maturity Features of $200 million RCF include: Increased quantum compared to previous debt ($110m term loan a
Slide 36: Securing future production at Moma
Securing future production at Moma No significant relocation costs post WCP A transition to Nataka WCP A upgrade and transition to Nataka Mineral Resource by ore zone (THM1) Moving WCP A to Nataka unlocks the majority of Kenmare’s ~9bnt Mineral Resources, securing production at Moma for decades to
Slide 37: Follow Kenmare on social media
Follow Kenmare on social media Facebook, LinkedIn and X (Twitter) Kenmare has profiles on Facebook, LinkedIn and Twitter (X), which feature regular updates on our sustainability initiatives, operational and development milestones, news flow and more Kenmare Resources – 2024 Preliminary Results 37
Slide 38: Contact us
Contact us Supervisor at WCP B Katharine Sutton Investor Relations +353 1 671 0411 ir@kenmareresources.com Photo in paint swoosh to be updated Follow us Dredge Operator at WCP B