Kenmare Resources Plc · LSE:KMR
Kenmare Resources — TP ICAP MidCap conference 2025
31 slides from Kenmare Resources's conference presentation, May 16, 2025
Slide 1: Kenmare Resources – TP ICAP MidCap conference
m KENMARE RESOURCES PLC Zs ~~ TRANSFORMING RESOURCES. SS OPPORTUNITY see TP ICAP MidCap conference
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 al
Slide 3: Possible offer for Kenmare
Possible offer for Kenmare > Oryx Global Partners and Michael Carvill have made a non-binding offer for the Company Possible all cash offer for Kenmare > Following press speculation, Kenmare confirmed that it had received a non-binding proposal from Oryx Global Partners Limited and Michael Carvill (
Slide 4: Moma Mine Mozambique
➢ ➢ ➢ Moma ➢ Mine ➢ Mozambique ➢ ➢ Moma Mine ➢ ➢
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 TiO, pigment consumption! » TiO, pigment imparts whiteness and opacity in the manufacture of paints, pla
Slide 6: Market leadership built on a robust strategy
Market leadership built on a robust strategy >» Strategic priorities and recent performance LOW-COST PRODUCTION ALLOCATE CAPITAL EFFICIENTLY Kenmare Resources — TP ICAP MidCap conference, May 2025 * Strong safety performance —- 5m hours worked without a Lost Time Injury to early May 2025 * >§$23m in
Slide 7: WCPB mining in Pilivili
y KENMARE WCPB mining in Pilivili
Slide 8: Sustained cash flow generation
Sustained cash flow generation > 2024 financial highlights Financial performance “=F Other highlights Capital projects ' Average price ($/t) Revenue (FOB) | 2024fullyeardividend | : WCPAupgrade and : i : {transition to Nataka 4630 og bao 4980 an USc32.0/sh | : a i ” 392 Coe.UIS | $341m (2023: USc56.
Slide 9: $295m shareholder returns since 2019
$295m shareholder returns since 2019 Cumulative dividends of $182m and share buy-backs of $113m since dividend policy established hareholder returns ($m) 120 100 80 60 40 2019 2020 2021 2022 2023 2024 M™EDividends Ml—Share buy-backs ——% Profit after tax » Proposed 2024 dividend of USc32.0/sh, includ
Slide 10: Available RCF and net current assets
Available RCF 350 300 2027 250 Net current assets 200 2025 2028 150 2026 100 50 0 WCP A capex Net current assets & RCF ➢ ➢ ➢
Slide 11: Balancing capital returns and investment plans
Balancing capital returns and investment plans >» Capital allocation priorities Capital requirements Sustaining capital Non-discretionary capital (ie. WCP A upgrade and transition) Lu i Financial flexibility $200m RCF available until 2029 O Invoice discounting facility in place | : Target payout rat
Slide 12: Kenmare
>» KENMARE
Slide 13: A globally significant mine
A globally significant mine Overview of the Moma Titanium Minerals Mine Mining 1. 2. 3. 4. Gh, Evaluation Wet Concentrator Dune Heavy Mineral Plant cWCP) Rehabilitation Concentrate A tier one asset, a well-established producer > > Moma is a mature operation — in production since 2007 >1Mt ilmenite p
Slide 14: Strong production of all products in 2024
Strong production of all products in 2024 >» 2024 production review and 2025 outlook HMC’ production 1,446,600t % 2023: 1,448,300t Primary zircon 50,500t -1% 2023: 51,100t Concentrates 46,100t 1% 2023: 45,700t 1. Heavy Mineral Concentrate IImenite 1,008,900t 2% 2023: 986,300t Rutile 9,800t 17% 2023:
Slide 15: 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 -WCP A mining in its current ore zone : : - Mineral Resource by ore zone (THM’) : : Nataka Namalope 71% 3% 9 billion g Mpuitine tonnes @ 5% Pilivili > Mualadi Quinga Nor
Slide 16: WCP A comfortably funded with existing facilities
WCP A comfortably funded with existing facilities > Overview of capital costs for WCP A's upgrade and transition to Nataka WCP A project capex of $341m : > Capital cost for the project remains in line with Key components: capital costs and commissioning previous estimates at $341m > $102m spent in 2
Slide 17: Project execution advancing
Project execution advancing >» -Dredges due tobe transported — -The new module in construction — - to Moma in mid-May in Moma’s staging pond Three key elements of project continue to progress > Fabrication of two new dredges advancing with project contractor- all work expected to complete in Q2, bef
Slide 18: Market update
Market update » KENMARE
Slide 19: High-quality products a key differentiator
High-quality products a key differentiator > Kenmare has a market-leading position IP2 IP1 IP3 I I Beneficiation ex - China Chloride Slag Synthetic Rutile I Sulphate pigment ex China I ; I I I I [ I I 44 46 48 50 52 54 56 58 60 62 64 TiO, content >» Kenmare’s ilmenite product suite offers the Compan
Slide 20: Kenmare's ilmenite receives a price premium
Kenmare’s ilmenite receives a price premium >» Kenmare's ilmenite is suitable for beneficiation, a rapidly growing market segment , . *. ee . 2 y 86% increase in sales to beneficiation market since 2017 Keninfare:liinenite: sales far benietication > Capacity for beneficiation has been growing in rec
Slide 21: Resilient demand for Kenmare's products
Resilient demand for Kenmare’s products > Average price received for Kenmare’s products remained historically high in 2024 a Average price received for Kenmare’s products ($/t) 200 oo —— 2016 2017 2018 2019 2020 2021 2022 2023 2024 > 4% increase in Kenmare’s shipment volumes in 2024, reflecting stro
Slide 22: Kenmare
>» KENMARE
Slide 23: Sustainability is core to Kenmare's business
Sustainability is core to Kenmare’s business >» Kenmare has four sustainability-focused strategic pillars Thriving communities Strong relationships with host communities are critical to Kenmare’s licence to operate and it works closely with them to improve local facilities and opportunities. Safe an
Slide 24: Sustainability goals advanced in 2024
Sustainability goals advanced in 2024 >» Overview of Kenmare's approach to sustainability and 2024 highlights Kenmare Resources — TP ICAP MidCap conference, May 2025 . 97% Mozambican employees at the Moma Mine - committed to local and national hiring >17% female employees at Moma and 25% of senior l
Slide 25: KMAD: 2024 highlights
KMAD: 2024 highlights > 28 new small businesses rf supported ; ; Intensive primary school ; numeracy/literacy programme undertaken Kenmare Resources — TP ICAP MidCap conference, May 2025 25
Slide 26: Wet Concentrator Plant A
>» KENMARE Wet Concentrator Plant A —_ = 2 = * . %¢5 yf - Ai... ‘ we e~ e i Ne * iis, x a Y/
Slide 27: 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 * 2024 EBITDA margin of 40% * >100 years of Mineral Resources at current production r
Slide 28: Kenmare
KENMARE >»
Slide 29: 2025 production guidance
2025 production guidance! >» 2025 ilmenite production expected to be in line with 2024 [Production || 2025 Guidance 2024 Actual IImenite 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 Concentrates* tonnes 63,000-69,000* 43,000 pote Tota
Slide 30: Follow Kenmare on social media
Follow Kenmare on social media > Facebook, LinkedIn and X (Twitter) hh KENMARE URCES PLO >» Kenmare has profiles on Facebook, LinkedIn and Twitter (X), which feature regular updates on our sustainability initiatives, operational and development milestones, news flow and more Kenmare Resources — TP I
Slide 31: A white x on a black background Description automatically generated
A white x on a black background Description automatically generated