Slide 1: 2025 Preliminary Results
Transforming resources into opportunity for all 2025 Preliminary Results 25 March 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: Agenda
Agenda Introduction Tom Hickey, Managing Director Financial review James McCullough, Chief Financial Officer Operations update Ben Baxter, Chief Operations Officer Capital projects update Ben Baxter, Chief Operations Officer Market update Cillian Murphy, Group General Manager – Sales & Marketing Sum
Slide 4: Established producer, long mine life
Established producer, long mine life 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 contribution
Slide 5: Market leadership built on a robust strategy
Market leadership built on a robust strategy Strategic priorities and recent performance OPERATE • >$25m invested into community initiatives since 2004 97% OPERATE RESPONSIBLY RESPONSIBLY • Lowest ever All Injury Frequency MOZAMBICAN Rate achieved in 2025 WORKFORCE • Consistent low-cost industry DEL
Slide 6: Implementation Agreement negotiations ongoing
Implementation Agreement negotiations ongoing Overview of Implementation Agreement (IA) and renewal process Background to IA The IA governs the terms under which Kenmare conducts its processing and export activities, including royalties, an Industrial Free Zone and related fiscal matters - it does
Slide 7: Financial review
Moma’s Mineral Separation Plant Financial review James McCullough, Chief Financial Officer
Slide 8: Financial performance reflects a challenging year
Financial performance reflects a challenging year 2025 financial highlights Average price received Mineral product revenue Total 2025 capital Impairment charge ($/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 9: Profitability impacted by lower production
Profitability impacted by lower production 2025 Income Statement review Revenue by product (%) – 2025 vs 2024 Zircon, 19% Zircon, Rutile, 2% 18% Rutile, 2% 2025 Concentrates Concentrates 2025 Adjusted1 2024 7% 5% $m $m $m Mineral product revenue 312.12 312.12 392.1 2025 2024 Freight revenue 16.5 16.
Slide 10: Prices continued to weaken in 2025
Prices continued to weaken in 2025 2025 product pricing and shipping review Product price movements ($/t) Lower shipments and high finished product stocks 500 2,000 Total shipments of 948kt in 2025, down 13% YoY, including Ilmenite and average price ZrTi shipped in 2025 (24kt) 400 1,600 Primary zi
Slide 11: Stable costs in 2025
Stable costs in 2025 2025 cash operating cost reconciliation Unit 2025 2024 Total cash operating costs decreased by 0.4% YoY Cost of sales (excluding freight) $m 293.7 296.7 Lower production led to lower fuel costs Administration expenses $m 17.4 6.2 This was offset by increased labour costs d
Slide 12: Increased net debt reflects peak capex in 2025
Increased net debt reflects peak capex in 2025 Movement in net debt • Development ($156m) • Sustaining and $50m studies ($49m) 58 $0m -25 -$50m • Receivables • Final 2024 ($45m) ($15m) • Payables ($7m) • Interim 2025 -$100m ($9m) 52 -$150m -24 -14 -159 -205 -$200m Opening Operating Capex W/C Change
Slide 13: Net current asset position supporting liquidity
Net current asset position supporting liquidity Balance sheet review PPE additions of $215m1 in 2025 and an impairment charge 31-Dec-2025 31-Dec-2024 of $301m, plus $57m depreciation, led to a net book value $ million $ million reduction in PPE of $142m in 2025 Property, plant and equipment 876.7
Slide 14: Challenging markets lead to paused dividend
Challenging markets lead to paused dividend Kenmare has suspended its 2025 final dividend in light of current weak product markets Background on dividend policy Kenmare established its dividend policy in 2018 to return 20-40% of underlying profit after tax to shareholders as dividends Since 2019
Slide 15: Operations update
Operations update Ben Baxter, Chief Operations Officer New classroom built by KMAD for Pilivili village school WCP A dredge operator
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), underpinned by Trabalho Seguro (“Safe Work”) initiative • Lowest ever All Injury Freque
Slide 17: 2025 production impacted by WCP A upgrade work
2025 production impacted by WCP A upgrade work 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 to
Slide 18: Value over volume prioritised in Q1 2026
Value over volume prioritised in Q1 2026 Q1 2026 operations status update Destocking underway Q1 shipments are consistent with run-rate for 2026 guidance Destocking underway, as planned, in order to unlock value of finished product stockpiles Some customers struggling to co-ordinate shipments
Slide 19: Capital projects update
Capital projects update Ben Baxter, Chief Operations Officer The two new dredges at WCP A
Slide 20: Focused on consistent delivery at WCP A
Focused on consistent delivery at WCP A Status update on the WCP A upgrade project New high-capacity dredges New feed preparation unit Tailings Storage Facility All major construction and installation work associated with the upgrade of WCP A is now complete While overall progress on the commiss
Slide 21: WCP A project materially de-risked
WCP A project materially de-risked WCP A project capital expenditure schedule >80% project capital expenditure incurred by year-end 2025 WCP A project capital expenditure profile ($m) Capital cost estimate for WCP A upgrade and 100 transition to Nataka remains at $341m Unallocated contingency re
Slide 22: Market update
Change photo Market update Cillian Murphy, Group General Manager – Sales & Marketing New classroom built by KMAD for Pilivili village school WCP A dredge operator
Slide 23: Oversupply drove weak market conditions in 2025
Oversupply drove weak market conditions in 2025 Average price received for Kenmare’s products continued to decline Average price received for products ($/t) Titanium feedstocks’ prices weakened but zircon began to stabilise 500 Demand for Kenmare’s products was stable in 2025 although 400 product
Slide 24: Structural shifts from the West to China
Structural shifts from the West to China Changes in the supply dynamics of the titanium feedstocks market Chinese production increased in 2025 Chinese titanium concentrates imports (Mt)1 Chinese domestic ilmenite production increased in 2025 2.0 Concentrates supply into China also expanded, prim
Slide 25: Kenmare remains well-positioned in its market
Kenmare remains well-positioned in its market 2026 market outlook Challenging market conditions persist Chinese chloride pigment production (Mt)1 The titanium feedstock market continues to be soft in Q1 2026 800 Significant decrease in Kenmare’s average ilmenite price received in Q1 to date vs H
Slide 26: Summary and outlook
WCP A Mine Operations Specialist Change photo Summary and outlook Tom Hickey, Managing Director New classroom built by KMAD for Pilivili village school WCP A dredge operator
Slide 27: 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 28: 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 expenditure guidance $215-225m $30m1 $30m1 (2025: ~$243m) (2025: ~$156m1) (2025: ~$49
Slide 29: 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 30: Appendices
Appendices Community plant nursery
Slide 31: 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 World GDP vs vs TiO TiO22 pigment pigment consumption consumption11 TiO2 pigment imparts whiteness and opaci
Slide 32: A globally significant titanium minerals mine
A globally significant titanium minerals mine 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 operation, plus req
Slide 33: 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 34: 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 35: 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 SMO 1 supported production in 2025, providing 50kt HMC Targeted run rate of 300 tonnes per hour (tph) consistently achieved
Slide 36: Actively managing Moma's cost base
Actively managing Moma’s cost base Moma’s variable and fixed costs 2025 cash operating cost breakdown ($m) ~35% of cost base is directly linked to production Indicative fixed vs. variable split volumes (i.e. variable cost) 300 Variable cost base is primarily driven by: Variable Fixed Direct cons
Slide 37: Lower cash operating costs year-on-year
Lower cash operating costs year-on-year Total cash operating costs breakdown Logistics & Travel 5% 244 6 0 243 Other 14% -5 -2 Labour 28% 2025: Production Overheads $243m 18% Repairs & Maintenance Fuel Power 18% 7% 10% 2024 Operating Energy Labour Repairs & All other 2025 Operating Costs Maintanance
Slide 38: Contact us
Contact us Katharine Sutton / David Weeks Investor Relations +353 1 671 0411 ir@kenmareresources.com Follow us New classroom built by KMAD for Pilivili village school