Kenmare Resources Plc · LSE:KMR
Kenmare Resources — Proactive One2One Investor Forum (May 2026)
23 slides from Kenmare Resources's conference presentation, May 12, 2026
Slide 1: Proactive One2One Investor Forum
Transforming resources into opportunity for all Proactive One2One Investor Forum 12 May 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 New classroom built by KMAD for Pilivili village school WCP A dredge operator
Slide 4: Established producer, long mine life
Established producer, long mine life Overview: Kenmare Resources plc The Moma Titanium Minerals Mine in Mozambique One of the largest titanium minerals deposits in the world Track record of ~20 years of production, with ~40 years in Mozambique >100 years of Mineral Resources at current product
Slide 5: A high-quality shareholder register
A high-quality shareholder register Corporate overview Capital structure Major shareholders 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% Ma
Slide 6: Market leadership built on a robust strategy
Market leadership built on a robust strategy Strategic priorities and recent performance OPERATE • >$25m invested into community initiatives since 2004 97% OPERATE RESPONSIBLY RESPONSIBLY • Lowest ever All Injury Frequency MOZAMBICAN Rate achieved in 2025 WORKFORCE • Consistent low-cost industry DEL
Slide 7: Moma Mine: Overview
Moma Mine: Overview Wet Concentrator Plant A
Slide 8: One of the world's largest titanium deposits
One of the world’s largest titanium deposits Moma Mine operating schematic Low cost, bulk mining operation Low environmental impact Mature operation – in production since 2007 Primarily hydro-generated electricity (>90% of electrical Three Wet Concentrator Plants (WCPs) in production, plus req
Slide 9: Securing future production at Moma
Securing future production at Moma Kenmare has upgraded its largest mining plant ahead of its transition to a large new ore zone Wet Concentrator Plant A Mineral Resource by ore zone (THM1) Nataka Namalope 71% 3% Mpuitine 9 billion 5% tonnes Pilivili 3% Quinga North Mualadi 1% Marrua 12% Congolone 1
Slide 10: WCP A project materially de-risked
WCP A project materially de-risked WCP A project capital expenditure schedule WCP A project capital expenditure profile ($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 $341m Total spend to end ‘25 To
Slide 11: Kenmare's product markets
Dedicated port facilities Kenmare’s product markets
Slide 12: Mineral sands: essential to modern life
Mineral sands: essential to modern life Demand for Kenmare’s products is driven by global GDP growth and urbanisation in emerging markets World GDP vs TiO2 pigment consumption11 Titanium feedstocks (ilmenite and rutile) World GDP vs TiO2 pigment consumption TiO2 pigment imparts whiteness and opaci
Slide 13: Oversupply drove weak market conditions in 2025
Oversupply drove weak market conditions in 2025 Average price received for Kenmare’s products continued to decline Average price received for products ($/t) 500 Titanium feedstocks’ prices weakened due to soft end markets 400 Demand for Kenmare’s products was stable in 2025, although 300 product m
Slide 14: Tighter market conditions expected from Q2
Tighter market conditions expected from Q2 Q1 2026 review and Q2 2026 outlook Chinese chloride pigment production (Mt)1 800 A soft Q1 but oversupply beginning to reduce 600 The titanium feedstock market continued to weaken in Q1 2026 400 However, the Chinese chloride pigment and titanium metal m
Slide 15: 2025 review
New dredge landing at Moma, July 2025 2025 review
Slide 16: 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 Safe and engaged workforce worked) • Largest employer in Nampula Province, with >1,680 direct employees at Moma • Phase 1 o
Slide 17: 2025 production impacted by WCP A upgrade work
2025 production impacted by WCP A upgrade work 2025 production review HMC Ilmenite Mining Heavy Mineral Concentrate (HMC) production down 15% YoY due 1,233,300t 842,300t primarily to lower excavated ore volumes relating to the WCP A -15% -17% upgrade work 2024: 1,466,600t 2024: 1,008,900t Finished
Slide 18: Financial performance reflects a challenging year
Financial performance reflects a challenging year 2025 financial highlights Average price received Mineral product revenue Total 2025 capital Impairment charge ($/t) ($m) expenditure 463 418 498 327 360 338 421 437 392 $205m $301.3m 312 (2024: $153m) (2024: nil) 2021 2022 2023 2024 2025 2021 2022 20
Slide 19: Implementation Agreement negotiations ongoing
Implementation Agreement negotiations ongoing Overview of Implementation Agreement (IA) and renewal process Background to IA The IA governs the terms under which Kenmare conducts its processing and export activities, including royalties, an Industrial Free Zone and related fiscal matters It does
Slide 20: Outlook for 2026 and beyond
Outlook for 2026 and beyond Community plant nursery
Slide 21: 2026 guidance
2026 guidance1 Kenmare expects to deliver product shipments >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 8,600 Concent
Slide 22: Transforming resources into opportunity for all
Transforming resources into opportunity for all Delivering Kenmare’s purpose Resilient long-term production profile Consistent Consistentlow-cost low-costindustry industryposition position • One of the world’s largest titanium minerals deposits • Consistent record of operating cashflow generation •
Slide 23: 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
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