Kenmare Resources Plc · LSE:KMR
Kenmare Resources — H1 2026 Earnings Presentation
34 slides from Kenmare Resources's earnings presentation, Aug 19, 2026
Slide 1: H1 2026 Results
Transforming resources into opportunity for all H1 2026 Results 19 August 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
Moma’s Electrical Supervisor Agenda Introduction Tom Hickey, Managing Director Financial review James McCullough, Chief Financial Officer Operations and capital projects update Ben Baxter, Chief Operations Officer Market update Cillian Murphy, Group General Manager – Sales & Marketing Summary & outl
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 • >$25m invested into community initiatives since 2004 97% OPERATE RESPONSIBLY RESPONSIBLY • Lowest ever All Injury Frequency MOZAMBICAN Rate achieved in H1 2026 WORKFORCE • Consistent low-cost industry
Slide 6: Implementation Agreement negotiations ongoing
Implementation Agreement negotiations ongoing Overview of Implementation Agreement (IA) and renewal process Background to IA The IA governs the terms under which Kenmare conducts its processing and export activities, including royalties, an Industrial Free Zone and related fiscal matters - it does
Slide 7: Financial review
Wet Concentrator Plant A Financial review James McCullough, Chief Financial Officer
Slide 8: Financial performance reflects tough conditions
Financial performance reflects tough conditions H1 2026 financial overview Average price received Mineral product revenue Shipments Cash and cash ($/t) ($m) equivalents 412 425 389 243 250 323 326 350 216 242 165 168 160 136 555,600t $31.0m (H1 2025: 488,900t) (31 Dec 2025: $48.6m) H1 H2 H1 H2 H1 H2
Slide 9: Adjusting product mix to maximise revenue
Adjusting product mix to maximise revenue H1 2026 Income Statement review Revenue by product (%) – H1 2026 vs H1 2025 Rutile Concentrates Concentrates H1 2025 1% 6% 17% H1 2026 Adjusted1 Zircon $m $m 12% Mineral product revenue 134.5 159.6 H1 2026 H1 2025 Freight revenue 14.6 8.0 Zircon 17% Total re
Slide 10: Lower total cash operating costs, higher unit costs
Lower total cash operating costs, higher unit costs H1 2026 cash operating cost reconciliation Unit H1 2026 H1 2025 Total cash operating costs decreased by 12% YoY due to: Cost of sales (excluding freight) $m 157.9 136.8 Lower labour costs as a result of Administration expenses $m 2.2 5.7 retren
Slide 11: Free cash flow positive before development capex
Free cash flow positive before development capex Movement in net debt Cashflow pre 25 +23.7 -9.4 development 20 capital spend 15 -7.0 10 6.1 -23.1 5 -1.2 -17.0 0 -5 • Mineral stock -10 inventory (+$17m) -15 • Payables (+$6m) -20 Operating cashflow Working capital Net finance costs Sustaining capital
Slide 12: Net current asset position supporting liquidity
Net current asset position supporting liquidity Balance sheet review 31-June-2026 31-Dec-2025 PPE additions of $23m in H1 2026 relating to the WCP A $ million $ million upgrade project and SMO 2 Property, plant and equipment 864.2 876.7 Finished product inventory drawdown of ~128kt in H1 2026, s
Slide 13: Operations and capital projects update
Onboard WCP A Operations and capital projects update Ben Baxter, Chief Operations Officer
Slide 14: Sustainability goals advanced in H1 2026
Sustainability goals advanced in H1 2026 Four strategic sustainability focus areas • Zero Lost Time Injuries in H1, with more than 4m Safe and engaged workforce hours of safe work achieved • Lowest ever All Injury Frequency Rate of 0.54 to 30 June 2026 • Phase 1 of district hospital now >95% complet
Slide 15: Strong demand for new ZrTi product
Strong demand for new ZrTi product H1 2026 operations review HMC Ilmenite Mining Reduced HMC production in H1 due to: 442,200t 273,100t Lower ore grades, primarily at WCP A as it reaches the end of its Namalope mine path -34% -39% H1 2025: 670,600t H1 2025: 449,900t Lower excavated ore volumes
Slide 16: Steady improvements realised in early H2
Steady improvements realised in early H2 Status update on the WCP A upgrade project All major construction and installation work is now complete New dredges at WCP A The rate of capital expenditure has decreased substantially, as planned In H1 Kenmare spent ~$23 million on WCP A – H2 spend expec
Slide 17: Increasing SMO production in H2 2026
Increasing SMO production in H2 2026 Selective Mining Operations (SMOs) provide capital-light production SMO 1 adding valuable HMC contribution SMO 1’s concentrator Designed to enable mining of peripheral areas of Moma orebody SMO 1 commissioned in H1 2025 for a capital cost of <$6m Capacity o
Slide 18: Market update
Moma’s jetty Market update Cillian Murphy, Group General Manager – Sales & Marketing
Slide 19: Ilmenite remains weak but zircon recovering in Q2
Ilmenite remains weak but zircon recovering in Q2 H1 2026 markets products review Kenmare’s average price received ($/t) 600 1,800 Average and ilmenite price 500 1,500 Zircon price 400 1,200 300 900 200 600 100 300 0 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 2022 2023 2024 2025 2026 Ilmenite price ($/t) Average
Slide 20: Chinese oversupply pressures feedstock markets
Chinese oversupply pressures feedstock markets China’s growing market share increasingly influences the wider feedstock market China increases market share to almost 60% vs 40% in 2019 Chinese domestic ilmenite production (Mt)1 Chinese domestic ilmenite production remained near record levels in 5.
Slide 21: Growing demand for chloride feedstocks
Growing demand for chloride feedstocks Growth in chloride pigment and titanium metal production supports demand for ilmenite suitable for beneficiation Chinese xxx pigment production (‘000 tonnes) Titanium metal-related demand2 3,000 30% 1,000 800 ‘000 TiO2 Units 2,000 20% 600 400 1,000 10% 200 0 0%
Slide 22: Demand for Kenmare's product remains robust in H2
Demand for Kenmare’s product remains robust in H2 Order book and zircon pricing support H2 outlook Titanium feedstocks Ilmenite Positive demand trends continue into Q3 2026 Oversupply in the global market is expected to continue to weigh on ilmenite pricing Zircon and concentrates End market d
Slide 23: Summary and outlook
Summary and outlook Tom Hickey, Managing Director Wet Concentrator Plant C
Slide 24: On track to deliver >1.1Mt shipments in 2026
On track to deliver >1.1Mt shipments in 2026 Kenmare’s 2026 guidance1 2026 Guidance H1 2026 Actual 2025 Actual Shipments tonnes In excess of 1,100,000 555,6002 947,900 Production Ilmenite tonnes Approximately 800,000 273,100 842,300 Primary zircon tonnes In excess of 41,000 18,600 50,000 Rutile tonn
Slide 25: 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 26: Appendices
Community water project Appendices
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 World GDP vs vs TiO TiO22 pigment pigment consumption consumption11 TiO2 pigment imparts whiteness and opaci
Slide 28: 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 29: 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 30: Zero Lost Time Injuries in H1 2026
Zero Lost Time Injuries in H1 2026 "Trabalho Seguro“ (“Safe Work”) initiative promoting increased safety awareness Rolling 12-month LTIFR and AIFR 0.10 1.6 1.4 0.08 1.2 0.06 1.0 LTIFR AIFR 0.8 0.04 0.6 0.02 0.4 0.2 0.00 0.0 Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 LTIFR AIFR Lowest ever All Injury Frequency Ra
Slide 31: Weaker ilmenite pricing but zircon recovering
Weaker ilmenite pricing but zircon recovering H1 2026 product pricing and shipping review Mineral product revenue bridge ($m) Product stockpiles drawn down in H1, as planned 250 Total shipments of 556kt in H1 2026 (including 81kt of ZrTi), 200 35 up 14% YoY 150 160 Shipments benefitted from the
Slide 32: ~12% decrease in total cash operating costs in H1
~12% decrease in total cash operating costs in H1 Total cash operating costs breakdown 140.0 130.0 124.4 120.0 (1.4) (5.7) (1.0) 109.6 4.0 Other indirect 110.0 (5.2) (1.5) 8.2 costs 100.0 11.3 Production 17.6 Taxes 90.0 Other direct 20.6 80.0 costs 20.9 Production 70.0 Overheads 27.1 60.0 Repairs &
Slide 33: RCF amendments for increased financial flexibility
RCF amendments for increased financial flexibility Overview of changes to Kenmare’s Revolving Credit Facility (RCF) $30m upsizing of RCF Kenmare’s RCF has increased from $200m to $230m to provide additional financial flexibility during a period of weak markets The upsized RCF gives Kenmare the c
Slide 34: Contact us
Contact us Katharine Sutton / David Weeks Investor Relations +353 1 671 0411 ir@kenmareresources.com Follow us Wet Concentrator Plant A