Slide 1: Investor Presentation October 2019
” KENMARE Investor Presentation October 2019
Slide 2: Disclaimer
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 a
Slide 3: Overview: Kenmare Resources
Overview: Kenmare Resources » World’s largest merchant ilmenite producer 4th largest producer of TiO, feedstocks > Currently representing 7% of global supply MOZAMBIQUE > Growing to 10% of global supply by 2021 Moma Titanium Minerals Mine > >10 years of operations, 30 years in Wet Concentrator Plant
Slide 4: Mineral sands: essential to modern life
Mineral sands: essential to modern life “on Emerging market demand growing rapidly World GDP vs TiO, pigment consumption Two core product streams of minerals sands 6 450 Titanium feedstocks (ilmenite and rutile) 3 3 >» TiO, pigment imparts whiteness and opacity in the manufacture of 5 4 300 a paints
Slide 5: Overview: Moma Titanium Minerals Mine
Overview: Moma Titanium Minerals Mine » Globally significant Mineral Reserves of heavy minerals Tier 1 resource base > >100yearlifeofmine gg : 1 ‘Wet e >» Moma is multiple ore bodies - 8 billion @ ------ > ee C4] tonnes of Mineral Resources Rehabilitation oavy Mineral > Current mine plan runs to 204
Slide 6: Q3 2019: On track to achieve full year guidance
Q3 2019: On track to achieve full year guidance » Q3 2019 vs Q3 2018: Highlights LTIFR HMC production 0.20 304,100t -31% 9% Q3 2018: 0.29 Q3 2018: 279,900t IImenite Primary zircon 230,800t 12,900t -1% 26% Q3 2018: 233,900t Q3 2018: 10,200t Rutile Concentrates 2,100t 10,700t 24% 78% Q3 2018: 1,700t Q
Slide 7: Development projects progressing well
Development projects progressing well » Growing ilmenite production to 1.2 Mtpa WCP B move (2020) 20% capacity upgrade of WCP B Construction of WCP C and dredge Project execution commenced complete and delivering to progressing in line with project following DFS completion and Board scope delivery t
Slide 8: Execution underway of WCP C development
Execution underway of WCP C development » On track for commissioning to commence in Q4 2019 Smaller scale, high grade production Julia dredge’s launch in the Netherlands > WCPC has a target capacity of 500 tph >» Targeting a high grade area of the Namalope ore zone that is inaccessible to either of
Slide 9: Execution underway of WCP B move
Execution underway of WCP B move » Relocation scheduled to be completed in Q3 2020 Pilivili ore zone Watch an animation of the WCP B move » Highest grade ore zone in Moma’s portfolio - Mineral Reserves of 4.4% Total Heavy Mineral (THM) » Other favourable characteristics including free flowing sand,
Slide 10: H1 2019 review
» KENMARE H1.2019 review
Slide 11: Robust financial performance
Robust financial performance » Maiden interim dividend to be paid in October 2019 Revenue Sales price (FOB) '2 Total cash costs? Net ilmenite unit cost USS$122.7m US$239/t USS152/t USS78/t -12% +7% 0% -11% H1 2018: US$140.1m H1 2018: US$223/t H1 2018: US$151/t H1 2018: US$88/t EBITDA Profit after ta
Slide 12: Targeting further unit cost reductions by 2021
Targeting further unit cost reductions by 2021 » Production and cash operating cost per tonne profile 1,400 240 § 1,200 200 3 1,000 160m 3 a o ec 5 800 og = 1208 & S 600 2g = S 80 5 3 £ 400 = 200 40 G ‘¢ ) - ua 2013 2014 2015 2016 2017 2018 2019 2021 mm Production @@™ Production Guidance ——All-Produ
Slide 13: EBITDA bridge H1 2018 to H1 2019
60 -3.5 40 US$ millions 14.0 -25.1 5.7 48.2 3.5 20 42.8 0 H1 2018 EBITDA Sales Volume Sales Price Sales Mix Stock Costs H1 2019 EBITDA Movements ➢ ➢ ➢
Slide 14: US$3.5m net cash at period-end
US$3.5m net cash at period-end » Net cash bridge 31 Dec 2018 to 30 June 2019 60 240 aS] = 8 20 > 135 -2.3 —— 3.5 0 LJ as Net cash Jun-19 Net cash Dec-18 Operating cashflow Property, Plant & | Working capital Interest payment Equipment changes > H1 2019 capital spend of US$20.4m (property, plant & eq
Slide 15: Maiden dividend declared
Maiden dividend declared » Dividend policy to pay a minimum of 20% of profit after tax Maiden dividend H1 2019 profit after tax Final dividend Interim >» Board has declared an interim dividend of US$c2.66/share! NY |) dividend > Dividend distribution of US$2.9m USS$21.9m Dividend policy > Commitment
Slide 16: Market
» KENMARE
Slide 17: Supply deficit for titanium feedstocks
Supply deficit for titanium feedstocks » Forecast supply/demand market balance 10,000 8,000 TiO, units (kt) 6,000 4,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 lm Existing Supply lm Increased Moma Supply mmm Potential New Supply ——Total Feedstock Demand Source: Com
Slide 18: Positive outlook for all products
Positive outlook for all products » Q3 2019 markets update IImenite > Demand for pigment, the main consumer of titanium feedstocks, remains subdued due to global economic uncertainties > However titanium feedstocks market was tight in Q3 2019 as a result of constrained supply > Kenmare believes that
Slide 19: Outlook for H2 2019 and beyond
» KENMARE Outlook for H2 2019 and beyond
Slide 20: Conclusion: Building on our strategy
Conclusion: Building on our strategy >» Strategy > Low capital intensity growth to fully utilise existing installed facilities Margin expansion Focus on margin expansion through cost reductions and/or increased revenue streams Shareholder returns > Returns >20% profit after tax to shareholders and b
Slide 21: Sustainability
» KENMARE
Slide 22: Sustainable operating practices
Sustainable operating practices » Committed to being a responsible corporate citizen Safety Lost Time Injury Frequency Rate » LTIFR of 0.20 per 200k man hours worked to 30 Sept 2019 (30 . 06 Sept 2018: 0.29) 5 E >» Increased focus on risk assessment and __ personal Ss s 04 accountability 3 a > Incre
Slide 23: Kenmare Moma Development Association (KMAD)
Kenmare Moma Development Association (KMAD) Established in 2004, KMAD’s objective is to implement development programmes in the Moma Mine’s host communities. Examples of KMAD’s initiatives to date: Economic Development and Livelihoods > Funding provided for >65 new local businesses » Agriculture pro
Slide 24: Follow Kenmare on social media
Follow Kenmare on social media » Facebook, Twitter and LinkedIn KENMARE RESOURCES PLO KENMARE Kenmare has gone social > Kenmare has profiles on Facebook, Twitter and LinkedIn, which feature regular updates on our corporate social responsibility initiatives, operational and development milestones, ne
Slide 25: Contact Us
po KENMARE Contact Us Jeremy Dib