Kenmare Resources Plc · LSE:KMR
Kenmare Resources — Shareholder Meeting (May 2025)
27 slides from Kenmare Resources's shareholder meeting presentation, May 15, 2025
Slide 1: 2025 AGM presentation
m KENMARE RESOURCES PLC Zs TRANSFORMING RESOURCES. 2025 AGM presentation »
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: Possible offer for Kenmare
Possible offer for Kenmare > Oryx Global Partners and Michael Carvill have made a non-binding offer for the Company Possible all cash offer for Kenmare > Following press speculation, Kenmare confirmed that it had received a non-binding proposal from Oryx Global Partners Limited and Michael Carvill (
Slide 4: Market leadership built on a robust strategy
Market leadership built on a robust strategy >» Strategic priorities and recent performance LOW-COST PRODUCTION ALLOCATE CAPITAL EFFICIENTLY Kenmare Resources — 2025 AGM presentation * Strong safety performance —- 5m hours worked without a Lost Time Injury to early May 2025 * >§$23m invested into co
Slide 5: >» KENMARE
>» KENMARE
Slide 6: Sustainability goals advanced in 2024
Sustainability goals advanced in 2024 >» Four strategic sustainability focus areas * Lowest ever All Injury Frequency Rate achieved in 2024 of 0.93 per 200k hours worked * Malaria prevention programme continues to deliver strong results - 2024 incidence rate well below three-year rolling average * C
Slide 7: Strong production of all products in 2024
Strong production of all products in 2024 >» 2024 production review HMC production 1,446,600t % 2023: 1,448,300t Primary zircon 50,500t -1% 2023: 51,100t Concentrates 46,100t 1% 2023: 45,700t IImenite 1,008,900t 2% 2023: 986,300t Rutile 9,800t 17% 2023: 8,400t Shipments 1,088,600t 4% 2023: 1,045,200
Slide 8: Resilient demand for Kenmare's products
Resilient demand for Kenmare’s products > Average price received for Kenmare’s products remained historically high in 2024 a Average price received for Kenmare’s products ($/t) 2016 2017 2018 2019 2020 2021 2022 2023 2024 > Demand for Kenmare’s ilmenite products supported by record Chinese pigment p
Slide 9: Sustained cash flow generation
Sustained cash flow generation > 2024 financial highlights + 2024 full year dividend Average price ($/t) Revenue (FOB) a ao 498 7 | pay eis 421 Sy ee 6}=—6—|—|6CUSC32.0/sh_ | FA | | (2023: USc56.0/h) | 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 EBITDA ($m) Profit after tax ($m) Net debt at 31
Slide 10: $295m shareholder returns since 2019
$295m shareholder returns since 2019 > Cumulative dividends of $182m and share buy-backs of $113m since dividend policy established hareholder returns ($m) 120 70% 100 60% 80 50% 40% 60 30% 40 20% 20 10% 0 0% 2019 2020 2021 2022 2023 2024 M™EDividends Ml—Share buy-backs ——% Profit after tax » Propos
Slide 11: >» KENMARE
>» KENMARE Wet Concentrator Plant A —_ = 2 = * . %¢5 yf - Ai... ‘ we e~ e i Ne * iis, x a Y/
Slide 12: 2025 production guidance
2025 production guidance! >» 2025 ilmenite production expected to be in line with 2024 [Production || 2025 Guidance 2024 Actual IImenite 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 Concentrates* tonnes 63,000-69,000 43,000 pote Total
Slide 13: Project execution advancing
Project execution advancing >» -Dredges due tobe transported — -The new module in construction — - to Moma in mid-May in Moma’s staging pond Three key elements of project continue to progress > Fabrication of two new dredges advancing with project contractor- all work expected to complete in Q2, bef
Slide 14: 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 * 2024 EBITDA margin of 40% * >100 years of Mineral Resources at current production r
Slide 15: >» KENMARE
>» KENMARE
Slide 16: To consider the Financial Statements, Directors' Report and Auditor's Report
Resolution 1 > To consider the Financial Statements, the Directors’ Report and the Independent Auditor’s Report thereon for the year ended 31 December 2024. Kenmare Resources — 2025 AGM presentation 16
Slide 17: To consider the Remuneration Committee Report and Annual Report on Remuneration
Resolution 2 > To consider the Remuneration Committee Report and the Annual Report on Remuneration as set on pages 148 to 160 of the Annual Report for the year ended 31 December 2024. Kenmare Resources — 2025 AGM presentation 7
Slide 18: To declare a final dividend of USc17.0 per Ordinary Share
Resolution 3 > To declare a final dividend of USc17.0 per Ordinary Share for the year ended 31 December 2024. Kenmare Resources — 2025 AGM presentation 18
Slide 19: To re-elect the following Directors
Resolution 4 Kenmare Resources — 2025 AGM presentation To re-elect the following Directors: a) b) c) d) e) f) g) h) Issa Al Balushi Mette Dobel Elaine Dorward-King Clever Fonseca Tom Hickey Graham Martin Deirdre Somers and Andrew Webb 19
Slide 20: To authorise the Directors to fix the remuneration of the auditor
Resolution 5 To authorise the Directors to fix the remuneration of the auditor. Kenmare Resources — 2025 AGM presentation 20
Slide 21: Special Resolution - To renew the authority to convene an EGM by 14 days notice
Resolution 6 Special Resolution - To renew the authority to convene an EGM by 14 days notice. Kenmare Resources — 2025 AGM presentation 21
Slide 22: Ordinary Resolution - To authorise the Directors to allot relevant securities
Resolution 7 Ordinary Resolution - To authorise the Directors to allot relevant securities. Kenmare Resources — 2025 AGM presentation 22
Slide 23: Special Resolution - To disapply statutory pre-emption rights
Resolution 8 Special Resolution - To disapply statutory pre-emption rights. Kenmare Resources — 2025 AGM presentation 23
Slide 24: Special Resolution - To authorise market purchases
Resolution 9 Special Resolution - To authorise market purchases. Kenmare Resources — 2025 AGM presentation 24
Slide 25: Special Resolution - To authorise re-issue of treasury shares
Resolution 10 Special Resolution - To authorise re-issue of treasury shares. Kenmare Resources — 2025 AGM presentation 25
Slide 26: Special Resolution - To amend the Articles of Association
Resolution 11 Special Resolution - To amend the Articles of Association. Kenmare Resources — 2025 AGM presentation 26
Slide 27: A white x on a black background Description automatically generated
A white x on a black background Description automatically generated