Slide 1: Q4 2025 Production Update
TRANSFORMING RESOURCES INTO OPPORTUNITY FOR ALL Q4 2025 Production Update Private investor webinar via Investor Meet Company, 21 January 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: Agenda
Agenda Introduction Tom Hickey, Managing Director Operations and capital projects update Ben Baxter, Chief Operations Officer Market update Tom Hickey, Managing Director Financial review James McCullough, Chief Financial Officer 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 ~20 years of production, with ~40 years in Mozambique >100 years of Mineral Resources at current production rate Trusted corporate citizen Meaningful c
Slide 5: Market leadership built on a robust strategy
Market leadership built on a robust strategy Strategic priorities and recent performance OPERATE RESPONSIBLY • >$25m invested into community initiatives since 2004 97% • Lowest ever All Injury Frequency MOZAMBICAN Rate achieved in 2025 WORKFORCE DELIVER LONG LIFE, • Consistent low-cost industry posi
Slide 6: Sustainability goals advanced in 2025
Sustainability goals advanced in 2025 Four strategic sustainability focus areas • 30% improvement on 3-year rolling average Lost Time Injury Frequency Rate (0.07 per 200k hours worked), underpinned by Trabalho Seguro (Safe Safe and engaged workforce Work) initiative • Lowest ever All Injury Frequenc
Slide 7: Operations & capital projects
Operations & capital projects Ben Baxter, Chief Operations Officer Wet Concentrator Plant A
Slide 8: 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 requirements) >15Mt production of finished produc
Slide 9: Production impacted by WCP A upgrade project
Production impacted by WCP A upgrade project 2025 production review Mining HMC Ilmenite HMC production down 15% YoY due primarily to lower excavated ore volumes relating to the WCP A upgrade work 1,233,300t 842,300t Selective Mining Operation (SMO) met its expected production rate of 50,000 tonn
Slide 10: 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 11: Commissioning of WCP A in final stages
Commissioning of WCP A in final stages Status update on the WCP A upgrade project The new high-capacity dredges The new feed preparation unit The new TSF1 All major construction and installation work associated with the upgrade of WCP A is now complete Kenmare is in the final stages of the commi
Slide 12: Market update
Market update Tom Hickey, Managing Director Non-mags stockpile at the Mineral Separation Plant
Slide 13: Stable demand for Kenmare's products in Q4
Stable demand for Kenmare’s products in Q4 Overview of titanium minerals and zircon markets in Q4 2025 Titanium minerals market continues to be over-supplied Demand for all of Kenmare’s products remained stable in Q4 2025 but pricing continued to decline due to market over-supply Globally, deman
Slide 14: Financial review
Financial review James McCullough, Chief Financial Officer WCP A dredge operator
Slide 15: Increased net debt due to peak capex in 2025
Increased net debt due to peak capex in 2025 2025 year-end financial highlights Cash & cash equivalents Year-end financial position Increase in net debt is due primarily to peak capital expenditure on the WCP A upgrade project during 2025 of $156m (plus $12m incurred in 2025 and to be paid in 2026
Slide 16: WCP A project substantially de-risked
WCP A project substantially de-risked WCP A project capital expenditure schedule WCP A project capital expenditure profile ($m) 100 >80% project capital expenditure incurred by year-end 2025 Capital cost estimate for WCP A upgrade and 75 transition to Nataka remains at $341m Total spend to end ‘25
Slide 17: Summary and outlook
Summary and outlook Tom Hickey, Managing Director New classroom built by KMAD for Pilivili village school
Slide 18: 2026 guidance
2026 guidance1 Kenmare expects to deliver product shipments in excess of 1.1Mt in 2026 2026 Guidance 2025 Actual Shipments tonnes In excess of 1,100,000 947,900 Production Ilmenite tonnes In excess of 800,000 842,300 Primary zircon tonnes In excess of 41,000 50,000 Rutile tonnes In excess of 7,500 8
Slide 19: 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 • Consistent record of operating cashflow generation • >100 years of Mineral Resources at
Slide 20: Contact us
A community water supply Contact us system built by KMAD Katharine Sutton / David Weeks Investor Relations +353 1 671 0411 ir@kenmareresources.com Follow us