Slide 1: 2026 Site visit presentation
TRANSFORMING RESOURCES INTO OPPORTUNITY FOR ALL 2026 Site visit presentation 5-6 February2026
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 Sustainability Regina Macuacua, Deputy Country Manager Operations update Higino Jamisse, Moma Mine General Manager Capital projects update Ben Baxter, Chief Operations Officer 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: Excess supply driving continued market weakness
Excess supply driving continued market weakness Ongoing shift in supply from the West to China Chinese titanium concentrates imports (Mt)1 The feedstock market remained oversupplied in 2025, 2.0 despite supply reductions by Western producers 1.5 Chinese domestic ilmenite production increased signi
Slide 7: Kenmare remains well-positioned in market
Kenmare remains well-positioned in market Kenmare’s market outlook Structural demand drivers continue to support Kenmare’s Chinese chloride pigment production (Kt)1 products Demand for Kenmare’s ilmenite is underpinned by record Chinese 800 chloride pigment production in 2025 Kenmare’s low impur
Slide 8: 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 9: Implementation Agreement remains a major focus
Implementation Agreement 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
Slide 10: Sustainability
Sustainability Regina Macuacua, Deputy Country Manager New classroom built by KMAD for Pilivili village school
Slide 11: 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) Safe and engaged workforce • Lowest ever All Injury Frequency Rate (0.75 per 200k hours worked) in 2025 • Phase 1 o
Slide 12: 97% Mozambican workforce
97% Mozambican workforce Overview of workforce localisation and diversity Localisation of Kenmare’s workforce Largest employer in Nampula province At the end of 2025, Kenmare had 1,684 employees at Moma 100 % employees 80 Of these, 97% are Mozambican and over 70% are from Nampula 60 province (27
Slide 13: KMAD: 2025 highlights
KMAD: 2025 highlights Kenmare Moma Development Association: A not-for-profit organisation established in 2004 Construction of district Distribution of >11,600 90 small businesses hospital >80% complete school material kits supported 57.9% Improved access to electricity $345k revenues generated Commu
Slide 14: Operations update
Operations update Higino Jamisse, GM of Moma Mine Non-mags stockpile at the Mineral Separation Plant
Slide 15: Lowest ever All Injury Frequency Rate in 2025
Lowest ever All Injury Frequency Rate in 2025 "Trabalho Seguro“ (“Safe Work”) initiative promoting increased safety awareness Rolling 12-month LTIFR and AIFR 0 2 1.46 0.07 0 0.06 1.5 LTIFR AIFR 0 0.84 0.75 1 0.67 0 0.03 0.5 0.02 0 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 LTIFR AIFR Lowest ever All Injury
Slide 16: 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 17: 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 18: Value over volume approach
Value over volume approach Maximise shipments while minimising cost of production Facilitating draw down of stockpiles to unlock value Ilmenite stockpiles Manage production to maximise shipments, while facilitating drawdown of ilmenite stockpiles, resulting in normalised levels of ~150kt of finish
Slide 19: Capital projects update
Capital projects update Ben Baxter, Chief Operations Officer Wet Concentrator Plant A
Slide 20: 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 21: 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 22: 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 23: SMO 1 delivered 50kt HMC production in 2025
SMO 1 delivered 50kt HMC production in 2025 Selective Mining Operations (SMOs) provide capital-light production SMO 1 adding valuable HMC contribution SMO 1’s concentrator modules SMO 1 supported production in 2025, providing 50kt HMC Targeted run rate of 300 tonnes per hour (tph) consistently a
Slide 24: Summary and outlook
Summary and outlook Tom Hickey, Managing Director WCP A New classroom built by KMAD dredge for Pilivili village school operator
Slide 25: 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 26: Cost reduction initiatives underway
Cost reduction initiatives underway Overview of Kenmare’s cost management programme for late 2025-2026 2026 total cash operating 2026 WCP A project capital 2026 sustaining capital cost guidance expenditure guidance guidance $215-225m $30m1 $30m1 (2025: $228-252m) (2025: ~$156m1) (2025 guidance: ~$50
Slide 27: Actively managing Moma's cost base
Actively managing Moma’s cost base Moma’s variable and fixed costs H1 2025 cash operating cost breakdown ($m) ~40% of cost base is directly linked to production volumes (i.e. variable cost) Indicative fixed vs. variable split 140 Variable Fixed Variable cost base is primarily driven by: Direct c
Slide 28: 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 29: Questions?
Questions? Safety briefing at the Mineral Separation Plant
Slide 30: Appendices
Appendices Community plant nursery
Slide 31: Simplified mining flowsheet
Simplified mining flowsheet Kenmare has three mining ponds and one SMO in production Mining Pond A Mining Pond B Mining Pond C SMO 1 Supplemental Dredge 1 Dredge 2 Dredge 3 Dredge 4 Dry Mining Dry Mining 1 Ore Ore Ore Ore Ore Wet Wet Wet Concentrator Concentrator Concentrator Ore SMOOre 1 Plant A Pl
Slide 32: Simplified processing flowsheet
Simplified processing flowsheet Kenmare processes HMC into four products: ilmenite, rutile, zircon and concentrates HMC stockpile Mineral Separation Plant Product warehousing Wet Dry Non- zircon zircon WCP A Wet circuit Zircon magnetic circuit circuit HMC stockpile concentrate Concentrates WCP B MSC
Slide 33: 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 TiO2 pigment consumption1 TiO2 pigment imparts whiteness and opacity in the 8 600 Global GDP Index manufa
Slide 34: Sustained cash flow generation
Sustained cash flow generation H1 2025 financial highlights Average price received ($/t) Total revenue ($m) H1 2025 EBITDA margin1 486 331 429 412 425 389 243 250 323 326 197 216 165 168 30% (H1 2024: 41% ) H1 H2 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 H2 H1 2022 2023 2024 2025 2022 2023 2024 2025 EBITDA ($m)
Slide 35: Follow Kenmare on social media
Follow Kenmare on social media Facebook, LinkedIn and X (Twitter) Kenmare has profiles on Facebook, LinkedIn and X (Twitter), which feature regular updates on our sustainability initiatives, operational and development milestones, news flow and more Kenmare Resources – Site visit presentation, 5-6
Slide 36: 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