Slide 1: Mining Forum Americas
TRANSFORMING RESOURCES INTO OPPORTUNITY FOR ALL Mining Forum Americas 14-17 September 2025
Slide 2: Disclaimer
Disclaimer This Presentation (the “Presentation”) has been This Presentation does not constitute or form to future financials, results, plans and prepared and issued by Kenmare Resources plc part of, and should not be construed as, an offer, expectations regarding the Company’s business, (the “Compa
Slide 3: 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 Low environme
Slide 4: 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 minerals (ilmenite and rutile) World GDP vs TiO2 pigment consumption1 Primarily used to make TiO2 pigment - imparts whiteness and opacity in the manufa
Slide 5: Market leadership built on a robust strategy
Market leadership built on a robust strategy Strategic priorities and recent performance OPERATE • >$23m invested into community initiatives since 2004 97% RESPONSIBLY • Kenmare entered the FTSE4Good MOZAMBICAN index in June 2025 WORKFORCE DELIVER LONG LIFE, • Consistent low-cost industry position 3
Slide 6: Sustainability is central to Kenmare’s business
Sustainability is central to Kenmare’s business Overview of Kenmare’s approach to sustainability and highlights • Zero Lost Time Injuries in H1 2025 and LTIFR of 0.03 per 200k hours worked to 30 June 2025 Safe and engaged workforce • 97% Mozambican employees at the Moma Mine - committed to local and
Slide 7: Stronger financial performance expected in H2
Stronger financial performance expected in H2 H1 2025 financial highlights Average price received ($/t) Total revenue ($m) Dividends (USc/share) Interim 463 498 418 437 Final 421 39 360 392 327 326 43 272 17 232 25 168 8 18 15 2 7 11 10 2020 2021 2022 2023 2024 H1'25 2020 2021 2022 2023 2024 H1'25 2
Slide 8: >$300m shareholder returns since 2019
>$300m shareholder returns since 20191 Overview of Kenmare’s shareholder returns profile and interim dividend Shareholder returns ($m) Total 2025 interim dividend 120 100 $8.9m 80 82.7 60 30 2025 interim dividend/share 40 USc10.0 20 9 11 32.1 51.5 50 28.6 8.9 0 2019 2020 2021 2022 2023 2024 H1'25 Di
Slide 9: 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) >1Mt ilmenite production in 2024, p
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 New equipment and existing plant Mineral Resource by ore zone (THM1) Nataka Namalope 71% 3% 9 billion Mpuitine tonnes 5% Pilivili Mualadi Quinga North Marrua 12% 1% Congol
Slide 11: 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 Connection of new equipment underway Safe beach landing of two new (3-4 week production pause), Upgraded WCP A is fully commissioned dredges at Moma with commissioning thereafter and pr
Slide 12: High-quality products are a key differentiator
High-quality products are a key differentiator Kenmare is the world’s largest ilmenite supplier IP2 IP1 IP3 Direct chloride pigment Beneficiation China Beneficiation ex - China Chloride Slag Synthetic Rutile Sulphate pigment ex China Sulphate pigment China 44 46 48 50 52 54 56 58 60 62 64 TiO2 conte
Slide 13: Increased supply creating market pressure
Increased supply creating market pressure Consistent demand for Kenmare’s products but 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
Slide 14: On track to achieve 2025 production guidance
On track to achieve 2025 production guidance1 Kenmare expects to produce 930,000-1,050,000 tonnes of ilmenite in 2025 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 63,0
Slide 15: 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 EBITDA margin of ~30% • >100 years of Mineral Resources at current production ra
Slide 16: Appendices
Appendices WCP A, the new dredges and the new feed preparation module in the combined staging pond and mining pond
Slide 17: Stronger production expected in H2 2025
Stronger production expected in H2 2025 H1 2025 production review Mining HMC production Ilmenite 2% increase in HMC production YoY due to a 9% increase in ore grades partially offset by a 6% decrease in excavated ore volumes 670,600t 449,900t Production expected to be stronger in H2, supported b
Slide 18: 30% underlying EBITDA margin in H1 2025
30% underlying EBITDA margin in H1 2025 H1 2025 income statement $ million H1 2025 Mineral product revenue up 3% YoY, H1 2025 H1 2024 Adjusted1 due to slightly higher shipments and a Mineral product revenue 159.6 159.6 154.5 higher value product mix, offset by slightly lower pricing Freight revenu
Slide 19: H1 2025 costs impacted by non-recurring items
H1 2025 costs impacted by non-recurring items H1 2025 cash operating costs reconciliation1 Total cash operating costs up 16% YoY Unit H1 2025 H1 2024 (+$17.2m), mainly due to 6% increase in direct operating costs at Cost of sales (excluding freight) $m 136.7 123.0 Moma (+$6.7m) Administration ex
Slide 20: WCP A project substantially de-risked
WCP A project substantially de-risked Rate of spend on WCP A project will decline rapidly post year-end 2025 WCP A project capital expenditure ($m) Capital cost estimate for WCP A upgrade and transition to Nataka remains at $341m 100 80% of total spend expected to complete by year-end 2025, with
Slide 21: Consistent demand for Kenmare’s ilmenite
Consistent demand for Kenmare’s ilmenite Kenmare targets the strongest market segments for its ilmenite xxx Chinese pigment production (‘000 tonnes)1 Titanium feedstock demand from metal industry2 4,000 400 1,000 3,000 300 800 ‘000 TiO2 units 2,000 200 600 1,000 100 400 0 0 200 H1 H2 H1 H2 H1 H2 H1
Slide 22: IA renewal remains a major focus
IA renewal remains a major focus 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 The IA was signed in
Slide 23: Follow Kenmare on social media
Follow Kenmare on social media LinkedIn, Facebook and X (Twitter) Kenmare has profiles on LinkedIn, Facebook and X (Twitter), which feature regular updates on our sustainability initiatives, operational and development milestones, news flow and more Kenmare Resources – Mining Forum Americas, Septe
Slide 24: Contact us
School classrooms built by KMAD in Naholoco village Contact us Katharine Sutton Investor Relations +353 1 671 0411 ir@kenmareresources.com Follow us