Slide 1: Q3 2025 Production Update
TRANSFORMING RESOURCES INTO OPPORTUNITY FOR ALL Q3 2025 Production Update Investor Meet Company private investor webinar, 16 October 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 James McCullough, Chief Financial Officer Operations and capital projects update Ben Baxter, Chief Operations Officer Market update Tom Hickey, Managing Director Summary and outlook Tom Hickey, Managing Director Questions? 3
Slide 4: Established producer, consistent cash generation
Established producer, consistent cash generation 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 Meaningful co
Slide 5: 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 6: Market leadership built on a robust strategy
Market leadership built on a robust strategy Strategic priorities and recent performance OPERATE RESPONSIBLY • >$23m invested into community initiatives since 2004 97% • Low Lost Time Injury Frequency MOZAMBICAN 1 Rate (0.02 per 200k hours worked) WORKFORCE DELIVER LONG LIFE, • Consistent low-cost i
Slide 7: Sustainability is central to Kenmare's business
Sustainability is central to Kenmare’s business Overview of Kenmare’s approach to sustainability and highlights • Strong safety culture focused on the “Trabalho Seguro” (“Safe Work”) campaign Safe and engaged workforce • Largest employer in Nampula province – committed to local and national hiring •
Slide 8: Financial review
Financial review Pilivili operations infrastructure terrace
Slide 9: Sustained cash flow generation
Sustained cash flow generation H1 2025 financial highlights Average price received ($/t) Total revenue ($m) H1 2025 dividend Net debt at 30 June 486 331 429 412 425 389 250 323 326 197 243 216 USc10.0/sh $85.1m 165 168 (H1 2024: (31 Dec 2024: USc15.0/sh) $25.0m) H1 H2 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 H
Slide 10: >$300m shareholder returns since 2019
>$300m shareholder returns since 2019 Overview of Kenmare’s shareholder returns profile and interim dividend Shareholder returns ($m) Total 2025 interim dividend 120 100 $8.9m 80 82.7 60 30 2025 interim dividend/share 40 USc10.0 20 0 9 11 32.1 51.5 50 28.6 8.9 2019 2020 2021 2022 2023 2024 H1'25 Div
Slide 11: Operations and capital projects update
Operations and capital projects update Mineral Separation Plant stockpiles
Slide 12: A globally significant titanium minerals mine
A globally significant titanium minerals mine Moma Mine operating schematic Low cost, bulk mining operation Low environmental impact Well-established operation – in production since 2007 Primarily hydro-generated electricity (>90% of electrical >1Mt ilmenite production in 2024, plus co-product
Slide 13: Q3 impacted by upgrades to WCP A and Peg vessel
Q3 impacted by upgrades to WCP A and Peg vessel Q3 2025 production review Mining HMC Ilmenite HMC production down 16% YoY due primarily to a 19% decrease in excavated ore volumes relating to the WCP A production pause 298,400t 209,000t The downtime at WCP A was partly offset by production from S
Slide 14: Securing future production at Moma
Securing future production at Moma Kenmare is upgrading its largest mining plant ahead of its transition to a new large ore zone Upgraded Wet Concentrator Plant A Mineral Resource by ore zone (THM1) Nataka Namalope 71% 3% Mpuitine 9 billion 5% tonnes Pilivili 3% Quinga North Mualadi 1% Marrua 12% Co
Slide 15: WCP A expected to be at full capacity by year-end
WCP A expected to be at full capacity by year-end Timeline for WCP A upgrade project for the remainder of 2025 Upgraded WCP A is fully Safe beach landing of two new Connection of new equipment completed, commissioned and producing dredges at Moma with commissioning underway at capacity Q3 2025 Q
Slide 16: WCP A project substantially de-risked
WCP A project substantially de-risked Rate of spend on WCP A project will decline rapidly post year-end 2025 WCP A project capital expenditure ($m) Capital cost estimate for WCP A upgrade and transition to Nataka remains at $341m 100 80% of total spend expected to be complete by year-end 2025, w
Slide 17: Market update
Market update Product storage sheds
Slide 18: Stable demand for Kenmare's products in Q3
Stable demand for Kenmare’s products in Q3 Overview of titanium minerals and zircon markets in Q3 2025 Weaker global demand for titanium minerals While demand for Kenmare’s products was stable in Q3, globally demand for titanium minerals weakened, reflecting softer underlying end markets, such as
Slide 19: Increased supply creating market pressure
Increased supply creating market pressure Higher levels of supply from domestic Chinese producers and imported concentrates Chinese domestic ilmenite Chinese domestic ilmenite production (Mt)1 Ilmenite production in China is increasing at a steady rate 4.0 This strong supply has led to price pre
Slide 20: Summary and outlook
Summary and outlook New houses built for Isoa village relocation
Slide 21: 2025 production guidance
2025 production guidance1 Kenmare expects to produce 930-960kt of ilmenite in 2025 Production 2025 Guidance 2024 Actual Ilmenite tonnes 930,000-960,000 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 2025 Guidance
Slide 22: 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 • H1 2025 underlying EBITDA margin of 30% • >100 years of Mineral Resources at current pro
Slide 23: Contact us
New school classrooms built by KMAD in Naholoco village Contact us Katharine Sutton Investor Relations +353 1 671 0411 ir@kenmareresources.com Follow us