Slide 1: H1 2022 Results Presentation
KENMARE RESOURCES PLC se aft orem as G sk GLOBAL DEMAND FOR ~~ WS —--QUAUTY-ORDEE SS MINERALS ee HI 2022 Results Presentation 17 August 2022
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
Slide 3: Introduction
Kenmare Resources — H1 2022 Results Presentation Introduction Michael Carvill, Managing Directo Financial review. Tony McCluskey, Finance Director —. =P, Ben Baxter, Chief Operations Officer oe =: ¢« Market update: Michael Carvill, Managing Director Michael Carvill, Managing Director
Slide 4: The world's largest ilmenite supplier
The world's largest ilmenite supplier Overview: Kenmare Resources Moma Mine in Mozambique > 15 years of production with >30 years in Mozambique > >100 years of Mineral Resources at current production rate >» Low environmental impact: >90% of electricity from renewable source (hydropower) and progres
Slide 5: Creating sustainable competitive advantage
Creating sustainable competitive advantage > Strategic priorities and H1 2022 performance Safe and engaged workforce 0.0 0 ; Tingconmunie LOST TIME NUR ° Trusted business FREQUENCY RATE - RECORD LOW * >100 years of Mineral Resources g | provides significant growth 42 9 t LOW COST potential RECORD AV
Slide 6: Positioned to deliver long-term value
Positioned to deliver long-term value > Macroeconomic outlook and the impact on Kenmare's product markets Global uncertainty > Short-term global outlook is unpredictable >» Heightened inflation is leading to intervention by Central Banks and Governments, adding to risk of recession Kenmare’s fundame
Slide 7: Strong earnings and compelling interim dividend
Strong earnings and compelling interim dividend >» Shipments (Mt) Sales price (FOB!) (S/t) jum f I 07 ' BEG t 05 1 05 6927542821 1 [ [ [ : t 1 t t f I H 1;2 1° 2°51/2 «1 1:°20°1°,2~=1~=2 «71 H t 1 t t (31:12.2021: $83m) Began mitigating disruptions in May | $66m In operation | 2019 2020 2021 2022 20
Slide 8: Tony McCluskey, Finance Director
>» KENMARE Tony McCluskey, Finance Director
Slide 9: EBITDA margin increased to 58%
EBITDA margin increased to 58% > H1 2022 income statement Rutil Concentrates Concentrates * e 6% — Primary zircon aT 3% H12022, © H12021 primary al ya $ million $ million zircon 18% Revenue (FOB) 182.1 1678 Freight costs 15.2 10.4 HI 2022 Revenue (CIF) 197.3 178.2 . IImenite IImenite Cost of sales &
Slide 10: Average and ilmenite price
$500/t $2,000/t Average and ilmenite price ➢ $400/t $1,600/t Zircon price ($/t) $300/t $1,200/t ($/t) ➢ $200/t $800/t $100/t $400/t ➢ $0/t $0/t H1 H2 H1 H2 H1 H2 H1 H2 H1 ➢ 2018 2019 2020 2021 2022 Ilmenite price ($/t) Average price ($/t) Zircon price ($/t) ➢ ➢ ➢
Slide 11: 7% decrease in net ilmenite unit cost
7% decrease in net ilmenite unit cost > H1 2022 cash operating costs reconciliation’ > 16% ($13.9m) increase in total cash Unit H12022 412021 operating costs, due primarily to: Cost of sales $m 952 1003 > Increased labour costs ($4m) Other operating costs excluding freight $m ng 88 - Increased elect
Slide 12: Increased operating cash flow and reduced capex
Increased operating cash flow and reduced capex > Net debt/cash flows H1 2022 cash bridge ($m) $40m $20m $0m -$20m -$40m -$60m -$80m -$100m Operating Working capital Interest & cash flow changes financing fees Net Debt: Dec-21 Property, Dividends Net Debt: Jun-22 Plant & Equipment Strong operating c
Slide 13: Net debt reduced by $17.3m
Net debt reduced by $17.3m >» Balance sheet review 30-Jun-2022 31-Dec-2021 $million $million Property, plant & equipment 936.9 956.7 Inventories 91.2 60.2 Trade & other receivables 678 74.7 Cash 30.7 691 Total assets 1126.5 1,160.7 Equity & reserves 968.9 930.6 Bank loans 93.2 1481 Leases 17 2.2 Cre
Slide 14: Interim dividend per share up 51%
Interim dividend per share up 51% > Shareholder returns “Dividends (USc/share) H1 2022 profit after tax H1 2022 dividend/share “° $62.5m USc10.98 Interim 30 @ Final 20 H1 2022 dividend! Dividend/share increase 10 0 0 55 23 $10.4m +5] % 2019 2020 2021 2022 > Kenmare is targeting a dividend payout rat
Slide 15: Ben Baxter, Chief Operations Officer
Ben Baxter, Chief Operations Officer ee Ca WCP B mining ee at Pilivili ate a
Slide 16: Strongest safety performance continuing in 2022
Strongest safety performance continuing in 2022 >» Lowest ever Lost Time Injury Frequency Rate (LTIFR) to 30 June 2022 e Kenmare's industry-leading LTIFR = 4 foo} o Ny Hours worked (millions) tS fo} 2017 2018 2019 2020 2021 H1 2022 Ml Hours worked —=LTIFR Continuing focus on safety performance > LTI
Slide 17: Sustainability goals continue to be advanced
Sustainability goals continue to be advanced > H1 2022 sustainability update Safe and engaged workforce Healthy natural environment Trusted business Kenmare Resources — H1 2022 Results Presentation Thriving communities . Wellness programme being rolled out to all Moma employees >200 leaders develope
Slide 18: Stronger production since late May
Stronger production since late May >» H1 2022 production review Production > > > > > HMC production was impacted by two tropical storms in Q1 and increased slimes! during H1 Slimes levels were stabilised by May 2022, leading to stronger HMC production from late May to mid-August Cost-benefit analysi
Slide 19: Nataka PFS in progress
Nataka PFS in progress > Overview of current status of Nataka PFS Nataka is the largest ore zone in Moma’s portfolio ~ Wet Concentrator Plant A ' > Nataka contains 79% of Moma’s total 6.3 bnt Mineral Resources > WCP Ais expected to begin mining Nataka in 2025 and WCP C in 2030 > WCP Awillbe relocate
Slide 20: RUPS delivering benefits
RUPS delivering benefits > Pisin Rotary Uninterruptible Power Supply project in operation Estimated cost Emissions reduction of RUPS target by 2024 $20m 2% RUPS successful at mitigating supply disruptions » The RUPS is improving power stability for the Mineral Separation Plant (MSP) and is expected
Slide 21: Titanium feedstocks
KENMARE Michael Carvill, Managing Director RESOURCES PLC —_ Titanium feedstocks
Slide 22: Strong market conditions prevailed in H1 2022
Strong market conditions prevailed in H1 2022 > H1 2022 titanium feedstocks market overview ~ Record average price received ($/t FOB) ' = ‘Global slag production! 500 2,500 @ 400 8 2,000 = 300 903 236 238 258 268 275 782 % v800 s 18 203 = @ 200 5 1,000 * re [| [J ° i 0 0) A d © © © © J oP oP S sy XN
Slide 23: Global inventories at lowest point in >10 years
Global inventories at lowest point in >10 years > Supply/demand market balance E- Forecast TiO, supply/demand market balance’ : “Excess industry inventories (Mt TiO, units) 10 1.6 14 [ay 2D = 2 12 S 8 Ss £ g 10 = c > 5 08 Q S F 6 = 0.6 04 0.2 4 0.0 Nn Nn Nn Nn Nn Nn Nn Nn Nn Nn N N sSsssesgssggsssss
Slide 24: Pricing momentum has continued in Q3 2022
Pricing momentum has continued in Q3 2022 > F Titanium feedstocks Market outlook for titanium feedstocks and zircon Titanium feedstocks > Following a strong H1, pricing momentum has continued into Q3 and Kenmare’s order book for H2 2022 is largely committed > However, long-term demand for ilmenite i
Slide 25: Michael Carvill, Managing Director
~ KENMARE Michael Carvill, Managing Director — Jetty at sunrise
Slide 26: Targeting a first quartile margin position
Targeting a first quartile margin position Kenmare is well-positioned to deliver strong free cash flow " Industry revenue to cash cost curves Revenue to Cash Cost Ratio nN 1 KMR 2018 —_—————"-_ 2 < io) 0% 25% 50% 75% —2013 2018 —=2023 > Kenmareis targeting a first quartile position on the industry r
Slide 27: Building on our strategy
Building on our strategy >» Strategic performance and targets OPERATE RESPONSIBLY DELIVER LONG LIFE, LOW COST PRODUCTION ALLOCATE CAPITAL EFFICIENTLY Kenmare Resources — H1 2022 Results Presentation H1 2022 performance Lowest ever LTIFR of 0.00 RUPS in operation Record average received price achieve
Slide 28: Appendices
Appendices y KENMARE Mining at WCPA
Slide 29: Mineral sands: essential to modern life
Mineral sands: essential to modern life > Two core product streams: titanium feedstocks and zircon Titanium feedstocks (ilmenite and rutile) Titanium feedstocks Zircon industry > TiO, pigment imparts whiteness and opacity in the industry revenues p.a. revenues p.a. manufacture of paints, plastics an
Slide 30: A globally significant titanium minerals deposit
A globally significant titanium minerals deposit >» Overview: Moma Titanium Minerals Mine Tier 1 resource base erational process outli » >100 years of Mineral Resources at production rate of ~1.2 Mtpa Wet Heavy mineral edge + ining Syeetge > ely ig concentrator concentrate » Moma is comprised of mul
Slide 31: Slimes management measures taking effect
Slimes management measures taking effect > Dredging harder mining, higher cost supplementary mining). Wet Concentrator Plant Increased slimes (recirculation, lower recoveries & HMC quality) Tailings (settling capacity to clarify process water) Kenmare Resources — H1 2022 Results Presentation 31
Slide 32: Financial robustness
Financial robustness > Flexible debt and trade facilities in place 30-Jun-2022 31-Dec-2021 $ million $ million Interest rate Term Term Loan 94.3 110.0 LIBOR +5.4% March 2025 Revolving Credit Facility - 40.0 LIBOR +5%! December 2023 Total debt 94.32 150.0 Cash 307 691 Facilities summary » Term Loan r
Slide 33: 2022 production guidance
2022 production guidance > 2022 guidance provided on 13 January 2022 2022 Guidance] __H12022 Actual 2021 Actual IImenite tonnes 1,125,000-1,225,000 499,700 1,119,400 Primary zircon tonnes 54,400-63,200 26,500 56,300 Rutile tonnes 9,500-11,500 4,000 8,900 Concentrates! tonnes 40,300-46,800 20,500 43,
Slide 34: Production (kt)
800kt $200/t 700kt $175/t 600kt $150/t 500kt $125/t Cost per tonne ($/t) Production (kt) 400kt $100/t 300kt $75/t 200kt $50/t 100kt $25/t 0kt $0/t H1 H2 H1 H2 H1 H2 H1 H2 H1 2018 2019 2020 2021 2022 Production (kt) Cost per tonne ($/t) Ilmenite Cost per tonne ($/t) ➢ ➢
Slide 35: Total cash operating costs
Total cash operating costs > Total cash operating costs breakdown S | H12022 Logistics & Logistics & Travel US$101.2m on Travel 6% Distributi is on en Distribution Costs 3% 3% 16% increase due primarily to: > Increased labour and payroll costs ($3.9m), including pay rates, headcount and FX adverse m
Slide 36: Follow Kenmare on social media
Follow Kenmare on social media > Facebook, Twitter and LinkedIn ACCOUN!> > 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 name of the soci
Slide 37: Contact Us
» KENMARE Contact Us Jeremy Dibb / Katharine Sutton +353 16710411 ir@kenmareresources.com Follow Us £2 ¥ jin)