Slide 1: Site Visit Presentation 2020
p) KENMARE Site Visit Presentation 2020 30-31 January 2020
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: Overview
Kenmare Resources — Site Visit 2020 Overview Michael Carvill, Managing Director “Ben Baxter, Chief Operations Officer Sustainability Koos Grove, General Manager, Moma Mine ~ Regina Macuacua, Corporate Affairs Manager Operations update Ben Baxter, Chief Operations Officer ~ Higino Jamisse, Operations
Slide 4: Overview
) KENMARE Overview Michael Carvill, Managing Director Ben Baxter, Chief Operations Officer
Slide 5: Overview: Kenmare Resources
Overview: Kenmare Resources ym World’s largest merchant ilmenite supplier 4th largest producer of TiO, feedstocks » Currently representing 7% of global supply MOZAMBIQUE > Growing to 10% of global supply from 2021 Moma Titanium Minerals Mine >12 years of operations, 30 years in Wet Concentrator Plan
Slide 6: Kenmare: Investment case
Kenmare: Investment case > Kenmare’s three strategic pillars Wa 7 N GROWTH 35% Third of three development projects scheduled for completion in Q4 2020 to deliver 1.2 Mtpailmenite production MARGIN EXPANSION >38% Expected lower cash operating costs of US$125-135/t" from 2021(2020 guidance: US$162-182
Slide 7: Mineral sands: essential to modern life
Mineral sands: essential to modern life » Two core product streams of mineral sands Titanium feedstock usage: 7.3Mt (2018) Titanium feedstocks (ilmenite and rutile) 5% 5% > Titanium dioxide (TiO,) pigment imparts whiteness and opacity in J = TiO2 pigment the manufacture of paints, plastics and paper
Slide 8: Financial snapshot
Financial snapshot » US$13.7m net cash at year-end 2019 Robust financial position Strong revenue generation (US$m) >» US$811m cashand cash equivalents at year-end 2019 300 >» US$161m reductionin gross debt during 2019 200 Increasing revenue and EBITDA generation > 2018 revenue: US$262.2m, H12019 rev
Slide 9: Sustainability
) KENMARE Sustainability Koos Grove, GM, Moma Mine Regina Macuacua, Corporate Affairs Manager
Slide 10: Sustainable operating practices
Sustainable operating practices > Our guiding principles: We Care, We Grow, We Excel SAFETY > LTIFR of 0.27 per 200k manhours worked to 31 Dec 2019 > Increased focus on employee empowerment and _ personal accountability for safety » Five star rating achieved from NOSA safety audit in Q4 2019 for fou
Slide 11: 96% Mozambican workforce
96% Mozambican workforce » Kenmare is proud to provide employment and development opportunities in our host country _ PLOYM ENT Localisation at Kenmare 100% Kenmare directly employed over 1,420 people at the end of 2019 > This represents a 2% increase compared to 2018 as a result of increased labour
Slide 12: Kenmare Moma Development Association (KMAD)
Kenmare Moma Development Association (KMAD) Established in 2004, KMAD’s objective is to implement development programmes in the Moma Mine’s host communities. Examples of KMAD'’s initiatives to date: Economic Development and Livelihoods >» Funding provided for >65 new local businesses > >100 local pe
Slide 13: KMAD: 2019 Highlights
KMAD: 2019 Highlights ym New ambulance provided to community health centre Nurses sponsored to undertake a 2-year mother and child healthcare course Kenmare Resources — Site Visit 2020 13
Slide 14: Operations Update
) KENMARE Operations Update Ben Baxter, Chief Operations Officer Higino Jamisse, Operations Manager
Slide 15: Overview: Moma Titanium Minerals Mine
Overview: Moma Titanium Minerals Mine » Globally significant Mineral Reserves Tier 1resource base Operational process outline > >100 year life of mine at targeted production rate of 1.2 Mtpa » Moma is comprised of multiple ore zones - 8 wet Heavy mineral we . Dyealsta sol Malang concentrator concent
Slide 16: Record year for excavated ore
Record year for excavated ore ym First of three key initiatives contributing to margin expansion > 8% increase in excavated ore tonnes to 36.8Mt in 2019 compared to 2018, setting a new annual record >» Record tonnes benefitted from 20% capacity increase of WCP B in 2018, WCP B dredge automation and
Slide 17: Optimisation of operations progressing well
Optimisation of operations progressing well ym Increased throughput and increased utilisation also contributing to margin expansion > 5% increasein throughputs to 4,822 tonnes per hour in 2019 compared to 2018, drivenby 20% capacity increase at WCP B > However increased capacity at WCP B was partial
Slide 18: Margin expansion in 2019 including a new product
Margin expansion in 2019 including a new product ym Mineral sands concentrate (MSC) was a new product in 2019 Strong project economics MSC in the product storage warehouse > Monetises former tailing streams, including monazite > Net present value (NPV),9:, of approximately US$3Om! > Internal rate of
Slide 19: 2019 production update
2019 production update > Operational performance maintained as growth projects advanced HMC production IImenite 1,202,100t -12% FY 2018: 1,370,800t Primary zircon 892,900t Th FY 2018: 958,500t Rutile 46,900t -3% FY 2018: 48,400t Concentrates 40,200t 43% FY 2018: 28,200t 8,300t 1% FY 2018: 8,200t Shi
Slide 20: Targeting unit cost reductions from 2021
Targeting unit cost reductions from 2021 » Production and cash operating cost per tonne profile 1,400 240 Ss 1,200 200 © 8 1,000 160 ~ a a © 3a 800 GE ae 120 8 & = 600 zg 3 80 ~ 2 s 400 ‘< * 200 40 fe) - 2013 2014 2015 2016 2017 2018 2019 2020 2021 M@ll— Production ME Production Guidance ——All-Produ
Slide 21: Our path to 1.2 Mtpa
p> KENMARE Our path to 1.2 Mtpa Gary Short, Projects Director
Slide 22: How will we get to 1.2 Mtpa?
How will we get to 1.2 Mtpa? A three-pronged approach to deliver 35% production growth £ Increased Improved Qa ope . = capacity utilisation = 35% production growth % 1.2 Mtpa ilmenite £ production (plus associated co-products) a Reduced unit costs & through spreading EBITDA margin Improved cash flow
Slide 23: Three development projects
Three development projects ym On track for all projects to be completed by the end of Q4 2020 WCP B upgrade 2019 2020 WCP C development 20% capacity upgrade of WCPB complete and delivering to scope Project execution commenced to move WCP B to Piliviliin Q3 2020 Cost: <USS10m Cost: US$106m Kenmare Re
Slide 24: WCP C development: Adding capacity
WCP C development: Adding capacity > Smaller scale, high grade production Why develop WCP C? > > > WCP C will target a high grade area of the Namalope ore zone that is inaccessible to either of the larger WCPs Fit for purpose - WCP C has a nameplate mining capacity of 500 tph, representing <10% of M
Slide 25: WCP C: Pathway to production
WCP C: Pathway to production > First HMC production expected before the end of February 2020 . : WCP C development teams: Final steps towards completion of WCP C development P » Piping fabrication and installationteams Complete installation of high-density polyethylene (HDPE) piping » Electrical and
Slide 26: WCP B move: Accessing higher grade ore
WCP B move: Accessing higher grade ore » Relocation scheduled to take up to 12 weeks Pilivili ore zone Watch an animation of the WCP B move >» Highest grade ore zone in Moma’s portfolio - Mineral Reserves of 4.4% THM > Other favourable characteristics including free flowing sand, low slimes and rela
Slide 27: WCP B move: Key contracts awarded
WCP B move: Key contracts awarded ~60% of contracts now awarded and four key contracts in place Electricals Civil engineering RXHK (China) & TGC (South Africa) Teichmann Earthworks & Civils (Mozambique) Task: Construction of statcom and sub-station. Task: Constructing a 23km purpose-built road Statu
Slide 28: Market Update
p KENMARE Market Update Michael Carvill, Managing Director
Slide 29: Emerging market demand growing rapidly
Emerging market demand growing rapidly ym Kenmare has customers in more than 15 countries Quality of life products > Pigmentis “quality of life” product, consumption grows as income levels increase » Significantly higher TiO, pigment consumption per capita in developed westerneconomies >» Large popu
Slide 30: Supply deficit for titanium feedstocks
Supply deficit for titanium feedstocks ym Forecast supply/demand market balance 10,000 2 = 8,000 = Ss - 6,000 4,000 2010 201 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 | Existing Supply ll Increased Moma Supply @™™ Potential New Supply Total Feedstock Demand Source: Company Str
Slide 31: Positive outlook for all products
Positive outlook for all products ym Q4 2019 markets update IImenite Zircon Kenmare Resources — Site Visit 2020 IImenite » Higher average price achieved for ilmenite in 2019 than 2018, with H2 received prices up >10% on H12019 > Despite lower global pigment production in 2019, strong ilmenite market
Slide 32: Outlook for 2020
»). KENMARE ee Outlook for 2020 Michael Carvill, Managing Director
Slide 33: 2020 guidance
2020 guidance Provided on 9 January 2020 2020 Guidance 2019 Actual IImenite tonnes 800,000-900,000 892,900 Primary zircon tonnes 44,500-50,100 46,900 Rutile tonnes 7,700-8,700 8,300 Concentrates" tonnes 34,700-39,000 40,200 }Costs ees Total cash operating costs USS m 153-172 N/R? Cash costs per tonn
Slide 34: Targeting strong free cash flow from 2021
Targeting strong free cash flow from 2021 ym Limited anticipated capital expenditure from 2021 to 2023, prior to the move of WCP A Development Sustaining Ilmenite Cash operating capital capital production costs per tonne <USS$5m per = US$20-25m US$125-135 1.2 Mtpa 7 annum per annum per tonne Minimal
Slide 35: New debt facilities
New debt facilities ym First disbursement of US$67.4m made on 18 December 2019 New facilities agreed in December 2019 Term Loan Revolving Credit Facility > New facilities provided by a syndicate of existing lenders and newlenders USS110m USS40m » Proceeds of the initial drawdown were used to repay i
Slide 36: Delivering shareholder returns
Delivering shareholder returns Maiden dividend (interim) paid in October 2019 H1 2019 profit after tax Dividend policy > Commitment to deliver shareholder value USS21 Im > Policy to pay aminimum 20% of profit after tax Subject to: Total dividend distribution >» Market conditions, debt and capital re
Slide 37: Conclusion: Building on our strategy
Conclusion: Building on our strategy > Strategy 2019 Focus 2020 Focus Growth: targeting 1.2 Mtpa ilmenite production from 2021, representing a 35% increase compared to 2019 > Low capital intensity growth to fully » — WCPB delivering 20% increase in utilise existing installed facilities throughput fo
Slide 38: Appendices
p) KENMARE Appendices
Slide 39: Simplified mining flowsheet
Simplified mining flowsheet > Kenmare will have three mining ponds in operation once WCP C begins production Mining PondA Mining Pond B Mining Pond C (y Suppiementar)) . Dredge 3 Supplemental 1) (— » Dredge 1 Dredge 2 Dry redge Dry Mining Dredge 4 Mining LT Ore Ore Ore Ore [ ore | Wet Wet Wet Concen
Slide 40: Simplified processing flowsheet
Simplified processing flowsheet > Kenmare produces four product streams HMC stockpile Mineral Separation Plant Product warehouse r HMC stockpile ~ (— ~\ HMC stockpile’ HMC stockpile J \ XX Wet Dry Non: Wet circuit >) zircon zircon a magnetic circuit circuit concentrate > Mineral Wet High Intensity S
Slide 41: Kenmare: >30 years in Mozambique
Kenmare: >30 years in Mozambique ym Mining-friendly jurisdiction with a developed natural resources industry Moma is in north-eastern Mozambique Mozambique: Quick facts! Capital Maputo Government type Presidential Democratic Republic Nominal GDP US$34.9 billion Net FDIs / GDP 10.0% GDP growth 66% Po
Slide 42: Why 1.2 million tonnes per annum (Mtpa)?
Why 1.2 million tonnes per annum (Mtpa)? > Fully utilising our existing assets > Current mining and concentrating capacity is sufficient for production up to 1 Mtpa of ilmenite (plus associated co-products) > The Mineral SeparationPlant and export facility have a capacity of 1.2 Mtpa of ilmenite pro
Slide 43: WCP C: Timeline to build our third mining plant
WCP C: Timeline to build our third mining plant ym Development progressing within US$45m budget Development of Starter pond Disassembled dredge and other WCP C project earthworks equipment arrives at site Before end of commences underway Late May 2019 Late November 2019 WCP C is floated February 202
Slide 44: WCP B move: Progressing within budget
WCP B move: Progressing within budget > Total capital cost of US$106m (Definitive Feasibility Study budget, June 2019) Road construction and transportation of WCP B and dredge Contingency Indirect costs General and electrical infrastructure HMC stockpile facility at Pilivili Overland pipeline and HM
Slide 45: Pilivili Environmental Permit
Pilivili Environmental Permit ym Approval for Pilivili ESHIA' received in May 2019 and road ESHIA in November 2019 Responsible approach > VV VV Comprehensive study commissioned to develop a socially and environmentally acceptable mining operation in Pilivili by independent consultant Community consu
Slide 46: Background on ALE/Mammoet
Background on ALE/Mammoet ym Experienced, specialist contractor Self-Propelled Modular Transporters (SPMTs) SPMTs will be used to transport WCP B > ALE will use SPMTs to transport WCP B along the 23km purpose-built road > 68SPMTs will be linked together and controlled by a single operator by remote
Slide 47: Follow Kenmare on social media
Follow Kenmare on social media ym Facebook, Twitter and Linkedin Kenmare has gone social > Kenmare has profiles on Facebook, Twitter and LinkedIn, which feature regular updates on our corporate social responsibility initiatives, operational and development milestones, news flow and more > Click the
Slide 48: Contact Us
> KENMARE Contact Us Jeremy Dibb / Katharine Sutton +353 16710411 Follow Us Ov i