Kenmare Resources Plc · LSE:KMR
Kenmare Resources — Corporate Update (January 2025)
33 slides from Kenmare Resources's corporate update, Jan 30, 2025
Slide 1: 2025 Site visit presentation
TRANSFORMING RESOURCES INTO OPPORTUNITY FOR ALL 2025 Site visit presentation 30-31 January 2025
Slide 2: Disclaimer
Disclaimer This Presentation (the “Presentation”) has been This Presentation does not constitute or form part attainable or will be realised. In particular, certain prepared and issued by Kenmare Resources plc of, and should not be construed as, an offer, statements in this Presentation relating to
Slide 3: Agenda
Agenda Introduction Tom Hickey, Managing Director Sustainability Regina Macuacua, Deputy Country Manager Operations update Higino Jamisse, Moma Mine General Manager & Ben Baxter, Chief Operations Officer Capital projects update Ben Baxter, Chief Operations Officer Outlook Tom Hickey, Managing Direct
Slide 4: The world's largest ilmenite supplier
The world’s largest ilmenite supplier Overview: Kenmare Resources plc The Moma Titanium Minerals Mine in Mozambique Track record of 18 years of production with >35 years in Mozambique >100 years of Mineral Resources at current production rate Trusted corporate citizen Low environmental impact
Slide 5: Market leadership built on a robust strategy
Market leadership built on a robust strategy Strategic priorities and recent performance 97% • Strong safety performance – 3m OPERATE hours worked without a Lost Time Injury to January 2025 RESPONSIBLY • >$20m invested into community MOZAMBICAN WORKFORCE initiatives since 2004 DELIVER LONG LIFE, • C
Slide 6: High-quality products a key differentiator
High-quality products a key differentiator Kenmare has a market-leading position IP2 IP1 IP3 Direct chloride pigment Beneficiation China Beneficiation ex - China Chloride Slag Synthetic Rutile Sulphate pigment ex China Sulphate pigment China 44 46 48 50 52 54 56 58 60 62 64 TiO2 content Kenmare’s
Slide 7: Long-term product fundamentals remain strong
Long-term product fundamentals remain strong Overview of titanium feedstocks industry and outlook Record H1 2024average productprice pricesreceived ($/t FOB) (FOB $/t) Supply/demand balance (‘000 TiO2 units) 600 1,800 10,000 Average & ilmenite price Zircon price 400 1,200 8,000 200 600 6,000 0 0 4,0
Slide 8: Shareholder distributions of $280m since 2019
Shareholder distributions of $280m since 2019 Overview of dividends and share buy-backs Dividends (USc/share) Interim Final 54 56 33 39 43 10 25 8 6 8 11 18 15 3 2 7 2019 2020 2021 2022 2023 2024 11 dividends paid and two share buy-backs completed since dividend policy established in 2018 H1 202
Slide 9: Sustainability
Sustainability Regina Macuacua, Deputy Country Manager A new school block built by KMAD
Slide 10: Sustainability goals advanced in 2024
Sustainability goals advanced in 2024 Four strategic sustainability focus areas • Lowest ever All Injury Frequency Rate achieved in 2024 of 0.93 per 200k hours worked Safe and engaged workforce • Malaria prevention programme continues to deliver strong results - 2024 incidence rate well below three-
Slide 11: 97% Mozambican workforce
97% Mozambican workforce Overview of workforce localisation and diversity Localisation of Kenmare’s workforce 100 Providing employment % employees 80 At the end of 2024, Kenmare had 1,734 direct employees at Moma 60 40 Of these, 97% are Mozambican and over 50% are from Nampula 20 province 0 85
Slide 12: KMAD: 2024 highlights
KMAD: 2024 highlights Kenmare Moma Development Association: A not-for-profit organisation established in 2004 Construction of district Two new school blocks 28 new small businesses hospital underway constructed supported 57.9% Three community water >600 farmers participating in Intensive primary sch
Slide 13: Operations update
Operations update Higino Jamisse, Moma Mine General Manager & Ben Baxter, Chief Operations Officer WCP B mining in Pilivili
Slide 14: Three million LTI-free hours worked to January 2025
Three million LTI-free hours worked to January 2025 "Trabalho Seguro“ (“Safe Job”) initiative promoting increased safety awareness Lost Time Injuries and rolling 12-month LTIFR 5 0.2 4 Lost Time Injuries 3 0.09 0.09 0.1 2 0.06 0.06 1 0 0.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 LTIs LTIFR Return to strong
Slide 15: 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 requireme
Slide 16: Strong production of all products in 2024
Strong production of all products in 2024 2024 production review Mining Heavy Mineral Concentrate (HMC) production was broadly in line HMC production Ilmenite with 2023, although with stronger production in H2 vs H1 1,446,600t 1,008,900t 2024 represents a new annual record for excavated ore volu
Slide 17: 2025 production guidance
2025 production guidance1 2025 ilmenite production expected to be in line with 2024 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 63,000-69,0002 43,000 Costs Total cash
Slide 18: Capital projects update
Capital projects update Ben Baxter, Chief Operations Officer Staging pond for WCP A upgrade
Slide 19: Securing future production at Moma
Securing future production at Moma No significant relocation costs post WCP A transition to Nataka WCP A upgrade and transition to Nataka Mineral Resource by ore zone (THM1) Moving WCP A to Nataka unlocks the majority of Kenmare’s 9.0bnt Mineral Resources, securing production at Moma for decades t
Slide 20: WCP A comfortably funded with existing facilities
WCP A comfortably funded with existing facilities Overview of capital costs for WCP A’s transition to Nataka Capital cost breakdown Tailings Storage Facility $36m WCP A upgrades WCP A capex of $341m $100m Capital cost for the project remains in line with Contingency previous estimates at $341m $52
Slide 21: Project execution advancing
Project execution advancing Current status of WCP A project First of two dredges launched The new module in construction into the dock in the Netherlands in Moma’s staging pond Three key elements of project continue to progress Fabrication of two new dredges advancing with project contractor– all
Slide 22: New SMO benefits production from 2025
New SMO benefits production from 2025 Introduction of Selective Mining Operation (SMO) The SMO’s concentrator module 50kt/annum additional HMC production from SMO Commissioning of a new small-scale, dredge-mining and concentrating operation or Selective Mining Operation (SMO) began in late January
Slide 23: Outlook
Outlook Tom Hickey, Managing Director Mineral Separation Plant
Slide 24: Moving forward with confidence
Moving forward with confidence Investing in future production to maintain low-cost profile Resilient long-term production profile Consistent low-cost industry position • One of the world’s largest titanium minerals deposits • EBITDA margin of >40% in H1 2024 • >100 years of Mineral Resources at curr
Slide 25: Questions?
Questions? Safety briefing at the Mineral Separation Plant
Slide 26: Appendices
Appendices Measuring tree height as part of survival rates analysis following slimes additioning
Slide 27: Mineral sands: essential to modern life
Mineral sands: essential to modern life Demand for Kenmare’s products is driven by global GDP growth and urbanisation in emerging markets Titanium feedstocks (ilmenite and rutile) World GDP vs TiO2 pigment consumption1 TiO2 pigment imparts whiteness and opacity in the 8 600 Global GDP Index manufa
Slide 28: >40% EBITDA margin in H1 2024
>40% EBITDA margin in H1 2024 H1 2024 financial highlights Other highlights Average price (US$/t) Total revenue ($m) H1 2024 dividend 486 331 366 429 412 425 323 278 243 216 USc15.0/sh 282 178 197 (H1 2023: Usc17.5/sh) 165 1 2 1 2 1 2 1 1 2 1 2 1 2 1 2021 2022 2023 2024 2021 2022 2023 2024 EBITDA ($
Slide 29: Capital projects support 1st quartile margin position
Capital projects support 1st quartile margin position First quartile position attained in 2021 Mineral sands industry revenue to cash cost curves 8 7 6 5 4 3 2 1 2021 2018 2013 1st Q 2nd Q 4th Q 0 0% 25% 50% 75% 100% 2013 2018 2021 The latest TZMI industry cost analysis puts Kenmare in the first q
Slide 30: Simplified mining flowsheet
Simplified mining flowsheet Kenmare has three mining ponds in production Mining Pond A Mining Pond B Mining Pond C Supplemental Dredge 1 Dredge 2 Dredge 3 Dredge 4 Dry Mining 1 Ore Ore Ore Ore Supplemental Dry Mining 2 Wet Wet Wet Concentrator Concentrator Ore Concentrator Ore Plant A Plant B Plant
Slide 31: Simplified processing flowsheet
Simplified processing flowsheet Kenmare processes HMC into four products: ilmenite, rutile, zircon and mineral sands concentrate HMC stockpile Mineral Separation Plant Product warehouse Wet Dry Non- zircon zircon WCP A Wet circuit Zircon magnetic circuit circuit HMC stockpile concentrate Mineral Wet
Slide 32: 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 – 2025 Site visit presentation
Slide 33: Contact us
Contact us Jeremy Dibb / Supervisor at WCP B Katharine Sutton Investor Relations +353 1 671 0411 ir@kenmareresources.com Photo in paint swoosh to be updated Follow us Dredge Operator at WCP B