Half-Yearly Financial Report for the six months to 30 June 2025 and interim dividend

About this update from Kenmare Resources Plc

[{"type":"image","alt":"Kenmare Resources","displaySize":"","headline":null,"caption":"Kenmare Resources","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":60,"url":"https://media.zenfs.com/en/globenewswire.com/c25c14c81f1c04f90f1df264bd104ec5"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/pARgxMVX.p7yC4tfpCmgGQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTg0O2NmPXdlYnA-/https://media.zenfs.com/en/globenewswire.com/c25c14c81f1c04f90f1df264bd104ec5","width":300,"height":60}},"lazy":false},{"type":"text","content":" Kenmare Resources plc (“Kenmare” or “the Company” or “the Group”)","length":65,"tagName":"p"},{"type":"text","content":"20 August 2025","length":14,"tagName":"p"},{"type":"text","content":" Half-Yearly Financial Report for the six months to 30 June 2025 and interim dividend ","length":84,"tagName":"p"},{"type":"text","content":"Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine (the "Mine" or "Moma") in northern Mozambique, today publishes its Half-Yearly Financial Report for the six-month period ended 30 June 2025 (“H1 2025”) and announces its interim dividend for 2025.","length":374,"tagName":"p"},{"type":"text","content":" Statement from Tom Hickey, Managing Director: ","length":45,"tagName":"p"},{"type":"text","content":" “Kenmare generated $159.6 million of mineral product revenue in H1, with adjusted EBITDA 1 of $47.2 million, representing a margin of 30%. The Board has recommended a 2025 interim dividend of USc10 per share, and we remain well capitalised to fund our development project and future shareholder returns. ","length":302,"tagName":"p"},{"type":"text","content":" As we progress further into Q3, Kenmare remains on track to achieve its 2025 production and cost guidance. Shipments are expected to be stronger in H2 and we are progressing an opportunity to supplement shipping capacity further by renting a third transshipment vessel for the coming months. Work on the Wet Concentrator Plant A upgrade project is advancing well, with no change to its $341 million budget. ","length":406,"tagName":"p"},{"type":"text","content":" Demand for Kenmare’s products remains encouraging and ilmenite prices in H1 2025 were only marginally below those of H2 2024. As announced in our Q2 and H1 Production Report, we have taken the decision to lower our longer-term pricing assumptions, which has led us to recognise a non-cash impairment of just over $100 million on our assets. This is a non-cash charge, with no anticipated impact on our operations, projects or financing facilities, or the Company’s ability to pay dividends. ","length":490,"tagName":"p"},{"type":"text","content":" The Company has been in negotiations with the Government of Mozambique for almost three years regarding the renewal of Moma’s Implementation Agreement and we are concerned at the continued extension of this process. While we remain hopeful of a successful conclusion to negotiations, we reserve the right to safeguard Kenmare’s contractual entitlements, up to and including arbitration, if an agreement cannot be reached.” ","length":422,"tagName":"p"},{"type":"text","content":" Notes ","length":5,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Adjusted EBITDA is EBITDA excluding the impairment loss. ","length":56,"tagName":"p","attribs":{}}]}],"tagName":"ol","bulletedList":false,"length":56},{"type":"text","content":" H1 2025 overview ","length":16,"tagName":"p"},{"type":"text","content":" Financials and markets ","length":22,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Mineral product revenue of $159.6 million in H1 2025, up 3% year-on-year (“YoY”), due to stronger shipments and increased average price received, as a result of a higher value product mix","length":187,"tagName":"p"}]},{"val":[{"type":"text","content":"Impairment loss of $100.3 million primarily due to lower projected future revenue assumptions associated with an uncertain pricing outlook","length":138,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted EBITDA (excluding the impairment loss) of $47.2 million, down 25% YoY due to higher operating costs, with a margin for the period of 30%","length":145,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted profit after tax of $6.1 million, down 71% YoY","length":55,"tagName":"p"}]},{"val":[{"type":"text","content":"Interim dividend of USc10 per share – the impairment loss will not impact on consideration of the full year dividend","length":116,"tagName":"p"}]},{"val":[{"type":"text","content":"Cash operating cost of $248 per tonne of finished product, up 14% YoY, due to a 6% increase in direct operating costs at Moma, accruals relating to the Implementation Agreement (“IA”) and non-recurring costs","length":207,"tagName":"p"}]},{"val":[{"type":"text","content":"Cash operating cost per tonne of ilmenite (net of co-products) of $211, up 5% YoY, due to higher cash operating costs partially offset by significantly stronger co-product revenues YoY","length":184,"tagName":"p"}]},{"val":[{"type":"text","content":"At the end of H1 2025, net debt was $85.1 million (31 December 2024: $25.0 million) including cash and cash equivalents of $46.5 million – with $70 million of undrawn Revolving Credit Facility (“RCF”), Kenmare retains significant financial flexibility to fund its capital requirements and make shareholder returns","length":328,"tagName":"p"}]},{"val":[{"type":"text","content":"Demand for Kenmare’s ilmenite remains strong, supported by a stable global pigment market and consistent growth in the titanium metal market","length":140,"tagName":"p"}]},{"val":[{"type":"text","content":"Kenmare continues to experience solid demand for its high-quality zircon, although the wider zircon market remains subdued","length":122,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1622,"olType":false},{"type":"readMore"},{"type":"text","content":" Corporate and operations ","length":24,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Managing Director Tom Hickey met with the President of Mozambique in June and discussions with the Government are continuing regarding the extension of Moma’s IA - Kenmare remains focused on bringing these discussions to a satisfactory conclusion in the short term","length":284,"tagName":"p"}]},{"val":[{"type":"text","content":"Zero Lost Time Injuries (“LTIs”) incurred in H1 2025, delivering an exceptional Lost Time Injury Frequency Rate (“LTIFR”) of 0.03 per 200,000 hours worked for the 12 months to 30 June 2025, although one LTI was recorded in mid-July","length":231,"tagName":"p"}]},{"val":[{"type":"text","content":"Strong progress made on various sustainability objectives in H1 2025, including socio-economic impact, reduction in greenhouse gas emissions, and waste management","length":162,"tagName":"p"}]},{"val":[{"type":"text","content":"Kenmare is on track to achieve 2025 production and cost guidance, including 930,000-1,050,000 tonnes of ilmenite production, with higher anticipated excavated ore volumes expected to increase production in H2","length":208,"tagName":"p"}]},{"val":[{"type":"text","content":"Heavy Mineral Concentrate (“HMC”) production in H1 was 670,600 tonnes, up 2% YoY, due to higher ore grades offsetting lower excavated ore volumes","length":145,"tagName":"p"}]},{"val":[{"type":"text","content":"Total finished product production of 500,800 tonnes in H1, up 2% YoY, due to increased HMC processed","length":100,"tagName":"p"}]},{"val":[{"type":"text","content":"Total shipments of 488,900 tonnes in H1, up 2% YoY, benefitting from a strong performance by Kenmare’s marine operations in Q1 2025 but offset by a weaker Q2","length":157,"tagName":"p"}]},{"val":[{"type":"text","content":"Kenmare is progressing an opportunity to supplement shipping capacity by renting a third transshipment vessel for the coming months","length":131,"tagName":"p"}]},{"val":[{"type":"text","content":"Execution of the Wet Concentrator Plant (“WCP”) A upgrade project continues to advance, with commissioning on track to begin in Q3 2025","length":135,"tagName":"p"}]},{"val":[{"type":"text","content":"Approximately $208 million of WCP A expenditure has been incurred to end H1 (60% of the project total) and a further $70 million is expected to be incurred by year-end (bringing the amount incurred to 80% of project total)","length":222,"tagName":"p"}]},{"val":[{"type":"text","content":"2025 development capital guidance has increased from $150 million to $165 million to reflect updated expenditure phasing - total project budget remains at $341 million ","length":167,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1942,"olType":false},{"type":"text","content":"Additional information in relation to Alternative Performance Measures (“APMs”) is disclosed in the Glossary.","length":109,"tagName":"p"},{"type":"text","content":"This announcement contains inside information.","length":46,"tagName":"p"},{"type":"text","content":" Analyst and investor conference call and webcast ","length":48,"tagName":"p"},{"type":"text","content":"Kenmare will host a conference call and webcast for analysts, institutional investors, and media today at 9:00am UK time. Participant dial-in numbers for the conference call are as follows:","length":189,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:24.99%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"UK","length":2,"tagName":"p","attribs":{}}]},{"style":"width:25.01%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"+44 20 3481 4247","length":16,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:24.99%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"Ireland","length":7,"tagName":"p","attribs":{}}]},{"style":"width:25.01%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"+353 1 582 2023","length":15,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:24.99%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"USA","length":3,"tagName":"p","attribs":{}}]},{"style":"width:25.01%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"+1 (646) 307 1963","length":17,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:24.99%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"Conference ID","length":13,"tagName":"p","attribs":{}}]},{"style":"width:25.01%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"386 34 35","length":9,"tagName":"p","attribs":{}}]}]}],"length":82},{"type":"text","content":"The webcast will be available at www.kenmareresources.com/investors/financial-results and playback of the webcast will be available at: www.kenmareresources.com/investors/reports-and-presentations .","length":197,"tagName":"p"},{"type":"text","content":" Private investor webinar ","length":24,"tagName":"p"},{"type":"text","content":"There will also be a separate webinar for private investors on Tuesday, 26 August 2025, at 12:30pm UK time. To access the webinar, please register in advance by clicking here .","length":175,"tagName":"p"},{"type":"text","content":"The Half-Yearly Financial Report for the period ended 30 June 2025 is also available at https://www.kenmareresources.com/investors/reports-presentations-webcasts/ ","length":162,"tagName":"p"},{"type":"text","content":"This announcement contains inside information as defined in article 7(1) of the Market Abuse Regulation.","length":104,"tagName":"p"},{"type":"text","content":"For further information, please contact:","length":40,"tagName":"p"},{"type":"text","content":" Kenmare Resources plc Katharine Sutton Investor Relations [email protected] Tel: +353 1 671 0411 Mob: + 353 87 663 0875","length":125,"tagName":"p"},{"type":"text","content":" Murray (PR advisor) Paul O’Kane [email protected] Tel: +353 1 498 0300 Mob: +353 86 609 0221","length":96,"tagName":"p"},{"type":"text","content":" About Kenmare Resources ","length":23,"tagName":"p"},{"type":"text","content":"Kenmare Resources plc is one of the world's largest producers of titanium minerals. Listed on the London Stock Exchange and the Euronext Dublin, Kenmare operates the Moma Titanium Minerals Mine in Mozambique. Moma's production accounts for approximately 6% of global titanium feedstocks and the Company supplies to customers operating in more than 15 countries. Kenmare produces raw materials that are ultimately consumed in everyday quality-of life items such as paints, plastics and ceramic tiles.","length":507,"tagName":"p"},{"type":"text","content":" All monetary amounts refer to United States dollars unless otherwise indicated. ","length":79,"tagName":"p"},{"type":"text","content":" Market Abuse Regulations ","length":24,"tagName":"p"},{"type":"text","content":"The information contained within this announcement would have, prior to its release, constituted inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 and for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via a regulatory information service, this inside information will be considered to be in the public domain. The person responsible for arranging for the release of this information on behalf of Kenmare is Chelita Healy.","length":623,"tagName":"p"},{"type":"text","content":" Forward Looking Statements ","length":26,"tagName":"p"},{"type":"text","content":"This announcement contains some forward-looking statements that represent Kenmare's expectations for its business, based on current expectations about future events, which by their nature involve risks and uncertainties. Kenmare believes that its expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve risk and uncertainty, which are in some cases beyond Kenmare's control, actual results or performance may differ materially from those expressed or implied by such forward-looking information.","length":571,"tagName":"p"},{"type":"text","content":" INTERIM MANAGEMENT REPORT ","length":25,"tagName":"p"},{"type":"text","content":" Sustainability ","length":14,"tagName":"p"},{"type":"text","content":"No LTIs were recorded during H1 2025 and the Moma team passed the milestone of seven million hours worked (over 10 months) without an LTI in early July. The Company’s rolling 12-month LTIFR to 30 June 2025 improved to 0.03 per 200,000 hours worked (30 June 2024: 0.09). Unfortunately, an LTI occurred in mid-July 2025. Management remains focused on fostering a strong safety culture.","length":383,"tagName":"p"},{"type":"text","content":"Kenmare continued to deliver improvement across various other key sustainability metrics in H1 2025, as part of the Company’s strategic objective to operate responsibly. Multiple opportunities have been identified in the Company’s supply chain to establish community-based micro-businesses, which advance Kenmare’s local procurement objectives. Kenmare has also increased the recycling of waste and commissioned an organic composter, which is successfully diverting waste from landfill. The Company commenced a biodiesel pilot in April 2025, which is testing the ability of Moma’s fleet and Mineral Separation Plant to use this fuel. If successful, this project would further reduce Kenmare’s carbon emissions.","length":710,"tagName":"p"},{"type":"text","content":" Implementation Agreement ","length":24,"tagName":"p"},{"type":"text","content":"The IA governs the terms under which Kenmare conducts its mineral processing and export activities. It provides Kenmare with certain key rights and concessions for an initial period of 20 years, with a clear right of extension, at Kenmare’s request, for a further 20-year period. Kenmare has been pursuing the extension process with the Government of Mozambique since September 2022 and been engaging with the Government on potential amendments to the applicable terms. Although the original expiry date of certain key rights and concessions under the IA was 21 December 2024, the Ministry of Industry and Commerce provided confirmation that Kenmare’s existing rights and benefits remain in full force and effect pending conclusion of the extension process. Mining operations at Moma are conducted under a separate regulatory framework, which is not impacted in any way by the IA process.","length":898,"tagName":"p"},{"type":"text","content":"In its 2024 Preliminary Results announcement on 26 March 2025, Kenmare announced that it had proposed certain modifications to the applicable investment regime to obtain the agreement of the Government of Mozambique, notwithstanding its clear right to such an extension. The Company’s most recent proposal at that time provided for, inter alia, an increase in the turnover tax applicable to Kenmare Moma Processing (Mauritius) Limited (“KMPL”) from 1% to 2.5%; the application of withholding tax on payments to non-Mozambican suppliers providing services out of country (including inter-company services provided to KMPL by Kenmare Resources plc); and, further capital investments and contributions to community development projects by KMAD during the 20-year extension period. This proposal was subsequently revised to include a phased increase in royalty rate from 2.5% in 2025 to 3.5% over the course of the 20-year agreement, with withholding tax also applied per the previous proposal. Kenmare has accrued for expenses relating to the proposed new 2.5% turnover tax (processing royalty) in its H1 2025 operating costs, with withholding tax assumed from the date at which the renewed IA is signed.","length":1201,"tagName":"p"},{"type":"text","content":"Kenmare’s Managing Director Tom Hickey met with the President of Mozambique, His Excellency Daniel Chapo, in mid-June. During the meeting, Tom was pleased to discuss with the President Kenmare’s significant investments into Moma, its meaningful contribution to the local and national economy and its ambitious future plans for the business and the region. Tom also highlighted the importance of a near-term conclusion of this agreement, while reserving the right to safeguard Kenmare’s contractual entitlements, up to and including arbitration, if an agreement cannot be reached or if the Government seeks to impose amended terms unilaterally.","length":643,"tagName":"p"},{"type":"text","content":"The Company continues to engage with the Government of Mozambique with the objective of concluding a near-term agreement but is becoming concerned by the lack of clear process or timeline for the conclusion of negotiations.","length":223,"tagName":"p"},{"type":"text","content":" Group results ","length":13,"tagName":"p"},{"type":"text","content":"Operational and financial results for H1 2025 were as follows:","length":62,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:28.32%;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 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","length":8,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:28.32%;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"Production (tonnes)","length":19,"tagName":"p","attribs":{}}]},{"style":"width:7.22%;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:7.23%;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:7.23%;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 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1pt;text-align:center;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"58.9","length":4,"tagName":"p","attribs":{}}]},{"style":"width:7.23%;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"N/A","length":3,"tagName":"p","attribs":{}}]}]}],"length":1166},{"type":"text","content":" Notes ","length":5,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Concentrates include secondary zircon and mineral sands concentrate. No ZrTi, the new concentrates product, was shipped during H1 2025 or H1 2024.","length":146,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total operating costs consist of cost of sales and administration costs as reported in the income statement. Depreciation and amortisation are included in the operating costs.","length":175,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total cash operating costs consist of total operating costs less freight and non-cash costs, including inventory movements.","length":123,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Additional information in relation to APMs is disclosed in the Glossary.","length":72,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted figures exclude the impairment loss.","length":45,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Kenmare’s net debt position at period-end was $85.1 million. This comprises $46.5 million of cash, minus $128.5 million of debt, $1.1 million of leases, and $2.0 million of transaction costs.","length":191,"tagName":"p","attribs":{}}]}],"tagName":"ol","bulletedList":false,"length":752},{"type":"text","content":" Operations ","length":10,"tagName":"p"},{"type":"text","content":"Kenmare is on track to achieve its 2025 production and cost guidance. The Company expects production to increase in H2 2025, supported by higher excavated ore volumes from the installation of two new higher-capacity dredges as part of the WCP A upgrade. This, together with production from the Selective Mining Operation (“SMO”), is anticipated to offset the three to four weeks of downtime for WCP A while the upgrade work is undertaken.","length":438,"tagName":"p"},{"type":"text","content":"HMC production in H1 was 670,600 tonnes, up 2% YoY, due to a 9% increase in ore grades partially offset by a 6% decrease in excavated ore tonnes. Ore grades benefitted from WCP B mining a high-grade portion of the Pilivili ore zone in Q2. Excavated ore volumes were negatively impacted by adverse weather conditions in Q1, which reduced operating time, and more challenging mining conditions at all mining plants in Q2. HMC production strengthened as the period progressed (up 15% in Q2 2025 versus Q1 2025), supported by improving ore grades and increased production from the SMO, which began commissioning in Q1.","length":614,"tagName":"p"},{"type":"text","content":"HMC production was broadly in line with HMC processed in H1 2025 and both were up 2% YoY, delivering a 2% increase in production of finished products to 500,800 tonnes.","length":168,"tagName":"p"},{"type":"text","content":"Production of Kenmare’s primary product, ilmenite, was 449,400 tonnes, up 1% YoY, due to increased HMC processed, but negatively impacted by lower recoveries in Q2.","length":164,"tagName":"p"},{"type":"text","content":"Primary zircon production was 27,200 tonnes in H1 2025, up 28% YoY, and rutile production was 4,800 tonnes, up 20% YoY. This was due to increased HMC processed and enhanced by drawdown of intermediate stockpiles in Q1 and stronger recoveries.","length":242,"tagName":"p"},{"type":"text","content":"Concentrates production was 19,400 tonnes, down 9% YoY, due to maintenance work undertaken in the secondary zircon circuits in Q1 and lower grade feedstock. Concentrates production excludes Kenmare’s new concentrates product, ZrTi, as there was none shipped during the half (ZrTi is a tailings product and only recognised as production upon shipment).","length":351,"tagName":"p"},{"type":"text","content":"Total shipments in H1 2025 were 488,900 tonnes, up 2% YoY, supported by a strong performance by Kenmare’s marine operations in Q1 (307,100 tonnes). Shipments in Q2 were negatively impacted by poor weather conditions and maintenance to both transshipment vessels. This led to some shipments being delayed, including a high-value zircon and rutile shipment, which was shipped in early Q3. One of the Company’s two transshipment vessels, the Peg, left for its five-yearly dry dock in early June and is scheduled to return to Moma in early September. Shipments in H1 2025 comprised 455,100 tonnes of ilmenite, 14,700 tonnes of primary zircon and 19,200 tonnes of concentrates.","length":682,"tagName":"p"},{"type":"text","content":"Although Moma is operating at 50% of shipping capacity currently due to the temporary absence of the Peg transshipment vessel, shipments in early Q3 have been stronger than expected due to the positive performance of the Bronagh J transshipment vessel. Kenmare is also progressing an opportunity to rent a third transshipment vessel, which would have the objective of supplementing shipment capacity over the coming months to enable a drawdown of finished product stock.","length":470,"tagName":"p"},{"type":"text","content":"Closing stock of HMC at the end of H1 2025 was 16,900 tonnes, including a 3,000-tonne stock adjustment, compared to 14,100 tonnes at the end of 2024. This was due to HMC production exceeding HMC processed during the period. Closing stock of finished products at the end of H1 2025 was 300,100 tonnes, compared to 287,200 tonnes at the end of 2024, reflecting production exceeding shipments. The value of the finished product stock on a sales basis is significantly higher than it was at year-end 2024 due to strong zircon production in H1 and limited zircon shipments. This will be realised as Kenmare completes shipments in H2 and beyond.","length":639,"tagName":"p"},{"type":"text","content":" Capital projects ","length":16,"tagName":"p"},{"type":"text","content":" WCP A upgrade ","length":13,"tagName":"p"},{"type":"text","content":"WCP A is Kenmare’s largest mining plant and the Company is undertaking a project to upgrade it in advance of its transition to Nataka. As the largest ore zone in Moma’s portfolio, Nataka contains approximately 70% of Moma’s nine billion tonnes of Mineral Resources, and mining this area will secure production from Moma for decades to come.","length":340,"tagName":"p"},{"type":"text","content":"Work on WCP A continued to progress well through H1 2025, with $95 million of capital incurred. Total project capital expenditure in 2025 is now expected to be approximately $165 million (previous guidance $150 million) due to updated expenditure phasing and project scheduling. The total capital cost estimate for the project remains at $341 million, with unallocated contingency still available within this figure.","length":416,"tagName":"p"},{"type":"text","content":"By the end of H1, approximately $208 million had been spent in total and all of the core capital, which represents 80% of the total project budget, was committed. By the end of 2025, all of the core capital is expected to have been successfully incurred and deployed, and the project is anticipated to be largely de-risked. The tail capital of $63 million, which represents 20% of the total project budget, is expected to be incurred between 2026 and 2032. Approximately $11 million of tail capital has been deferred until 2031-2032 with this largely pertaining to infrastructure items that will not be required until that time (in the previous schedule, which concluded in 2028, $20 million was due to be incurred in 2028).","length":724,"tagName":"p"},{"type":"text","content":"The updated anticipated capital phasing for the project is as follows:","length":70,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:87.2px;border-right:solid black 1pt;border-bottom:solid black 1pt;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"3","style":"width:208.27px;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" Core 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","length":3,"tagName":"p","attribs":{}}]}]}],"length":140},{"type":"text","content":"As announced in July, the two new high-capacity dredges were landed safely on the beach near the Moma Mine. The dredges were then transported by platform vehicles called Self-Propelled Modular Transporters (SPMTs) to the currently dry staging pond. With the safe arrival of the two dredges, all the components of the WCP A upgrade project are now on site.","length":355,"tagName":"p"},{"type":"text","content":"Construction of the new feed preparation module, which includes an upfront desliming circuit, is continuing to advance in the staging pond. Currently, WCP A, is mining an area alongside the staging pond. Once the work on the new feed preparation module is complete, the staging pond will be flooded and an existing dredge will mine through the wall separating the staging pond and WCP A’s current mining pond. WCP A’s existing dredges will then be detached from the plant and the new dredges will float out of the staging pond to be attached to WCP A. The existing feed preparation module, which forms part of WCP A, will also be detached from the remainder of the plant and the new feed preparation module will be connected in its place. This upgrade work is expected to take three to four weeks and to be completed by the end of September 2025.","length":846,"tagName":"p"},{"type":"text","content":"Work on the new Tailings Storage Facility (“TSF”) is also progressing well and commissioning is expected to begin in Q3 2025.","length":125,"tagName":"p"},{"type":"text","content":"The upgraded WCP A is expected to be fully commissioned and operating at its nameplate capacity by the end of 2025. It will complete its mine path in Namalope in late Q2 2026 and then begin its 18-month transition to Nataka, mining lower grade ore, until the end of 2027. From early 2028, WCP A will begin mining its initial 20-year mine path in Nataka.","length":353,"tagName":"p"},{"type":"text","content":"Photographs of the WCP A upgrade work and the dredge beach landings can be viewed at www.kenmareresources.com/media/image-library/#projects . A video of the landing of the second dredge and an animation of the WCP A upgrade sequence can be viewed at www.kenmareresources.com/media/videos/ .","length":288,"tagName":"p"},{"type":"text","content":" Selective Mining Operation ","length":26,"tagName":"p"},{"type":"text","content":"In early H1 2025, Kenmare began commissioning a small-scale, low-cost dredge mining and concentrating operation, or SMO, that will enable mining in peripheral areas of Moma’s Mineral Resources. It has a targeted run rate of 300 tonnes per hour, delivering approximately 50,000 tonnes of HMC production per annum. Due to its simple modular nature, it has a capital cost of less than $6 million.","length":393,"tagName":"p"},{"type":"text","content":"Production from the SMO was 12,000 tonnes of HMC in H1, its first half year of operation. Optimisation work, including the use of dry mining to provide consistent feed to the SMO, was undertaken in Q2. The concentrator is now performing in line with production expectations and is expected to deliver approximately 50,000 tonnes of HMC this year. Building on the success of the SMO to date, an order has been placed for a second unit, SMO 2, with capacity of 1,000 tonnes per hour. Commissioning of SMO 2 is expected to begin in H1 2026 and Kenmare anticipates that it will be fed exclusively by dry mining. The expanded unit, with additional capacity and upgraded design features for reliability, is expected to cost approximately $15 million, which will be incurred in 2025 and 2026. This represents a highly capital efficient alternative to the previously planned WCP B upgrade project.","length":889,"tagName":"p"},{"type":"text","content":" Corporate update ","length":16,"tagName":"p"},{"type":"text","content":" New Chief Financial Officer ","length":27,"tagName":"p"},{"type":"text","content":"James McCullough joined Kenmare as Chief Financial Officer on 1 May 2025. James brings extensive mining, strategic and financial experience to Kenmare, having served for 14 years with Rio Tinto Plc, most recently as General Manager - Group Strategy. James succeeds Tom Hickey, who was previously Finance Director before being appointed as Managing Director in August 2024.","length":392,"tagName":"p"},{"type":"text","content":" Termination of offer discussions ","length":32,"tagName":"p"},{"type":"text","content":"On 19 June 2025, Kenmare announced that it had terminated offer discussions with Oryx Global Partners Limited and Michael Carvill (together, “the Consortium”). During the Company’s most recent engagement with the Consortium, it was made clear by the Consortium that it would only be willing to proceed with an offer at pricing substantially below the initial proposal of 530p per Kenmare share. The revised pricing was subject,  inter alia , to a request for an additional period of due diligence to conclude financing and other arrangements.","length":545,"tagName":"p"},{"type":"text","content":"Kenmare’s Board, together with its advisers, considered the revised pricing and unanimously rejected it on the basis that it significantly undervalued Kenmare’s business and its prospects. Kenmare’s Board will continue to review all opportunities to create significant long-term value for all stakeholders, including shareholders.","length":330,"tagName":"p"},{"type":"text","content":" Market update ","length":13,"tagName":"p"},{"type":"text","content":"Kenmare experienced strong demand for its products during H1 2025, exceeding the Company’s ability to supply. Although individual prices for Kenmare’s products softened YoY, with ilmenite prices down 4% YoY and 2% on H2 2024, Kenmare’s average received price was $326 per tonne, up 1% YoY, benefitting from a higher value product mix.","length":334,"tagName":"p"},{"type":"text","content":"Ilmenite demand remained healthy throughout H1, supported by demand from the global titanium dioxide pigment and titanium metal markets. Pigment production in China remained close to record high levels, while sentiment among Western pigment producers improved following the introduction of anti-dumping duties on Chinese pigment exports. The chloride pigment market in China, which is a key market for Kenmare’s ilmenite, achieved record production in H1 2025. Titanium metal production also remained strong, providing additional support for ilmenite demand.","length":558,"tagName":"p"},{"type":"text","content":"The growth of supply from Chinese concentrates producers operating in African countries and elsewhere in the world slowed during H1 2025, relative to the sharp increase in production seen in H2 2024. This has eased some pressure on the market, although oversupply persists, particularly affecting lower-grade ilmenite and rutile products. Kenmare’s high-quality ilmenite, suitable for further beneficiation, remains in strong demand. The Company signed two new long-term contracts in early 2025, with first deliveries completed in Q1.","length":534,"tagName":"p"},{"type":"text","content":"The zircon market remained subdued in H1, with limited improvement in end-market demand. Demand was also negatively impacted by the substitution of zircon for lower cost but lower quality material. Additional supply of zircon in concentrates has also contributed to a weaker market environment. Despite this, demand for Kenmare’s high-grade zircon remains robust, supported by long-term offtake agreements.","length":406,"tagName":"p"},{"type":"text","content":"Kenmare enters H2 2025 with a strong order book and good visibility across key markets. Pricing is expected to be modestly lower in H2 than H1, as the oversupply persists. Current market dynamics, including the oversupply position outlined above, have led Kenmare and external commentators to take a more cautious view on the likely pace of pricing recovery and market growth in the medium term, and to lower long-term pricing assumptions. Nonetheless, the Company remains well-positioned, as strong demand is expected for Kenmare’s full product suite. The Company also benefits from the high-quality nature of its products and its established customer base.","length":658,"tagName":"p"},{"type":"text","content":" Financial review ","length":16,"tagName":"p"},{"type":"text","content":"Kenmare generated mineral product revenue of $159.6 million in H1 2025, up 3% YoY. This was due to a 2% increase in shipments and a 1% increase in average price received, which benefitted from a higher value product mix. Lower projected future revenue assumptions associated with an uncertain pricing outlook, combined with the anticipated higher costs of Kenmare’s proposed IA renewal terms, resulted in an impairment loss of $100.3 million. This led to negative EBITDA of $53.1 million and a loss after tax of $94.2 million. On an adjusted basis (excluding the impairment charge), EBITDA was $47.2 million, delivering an EBITDA margin of 30%, and profit after tax of $6.1 million.","length":682,"tagName":"p"},{"type":"text","content":"Kenmare’s capital expenditure of $115.0 million (H1 2024: $49.1 million) during the period was mainly directed to the WCP A upgrade project ($95 million), which is proceeding to plan and remains within its $341 budget. H2 2025 development capital expenditure is expected to be approximately $70 million, resulting in expected full year expenditure of $165 million. This represents a $15 million increase versus previous guidance ($150 million) due to project scheduling and phasing of payments. Capital expenditure for the WCP A upgrade project in 2026 is lower than previous guidance as a result ($30 million versus previous guidance of $52 million). Sustaining and improvement capital was $20 million during H1 and this is expected to be approximately $50 million for the full year, including expenditure on SMO 2. This represents an increase of $5 million versus prior guidance ($45 million).","length":895,"tagName":"p"},{"type":"text","content":"Kenmare also made dividend payments of $15.3 million during the period (H1 2024: $34.7 million). These cash outflows were funded by a combination of existing cash, net cash from operations of $71.2 million (H1 2024: $125.4 million), and debt drawdown of $50.0 million.","length":268,"tagName":"p"},{"type":"text","content":"Kenmare’s balance sheet remained strong and flexible at the end of H1, with net current assets of $199.8 million (31 December 2024: $241.0 million) and $70.0 million (31 December 2024: $120 million) of undrawn RCF available. Net debt was $85.1 million. The Company is pleased to announce a 2025 interim dividend of USc10 per share (H1 2024: USc15) and remains committed to continued shareholder returns through its full capital investment cycle.","length":445,"tagName":"p"},{"type":"text","content":" Revenue ","length":7,"tagName":"p"},{"type":"text","content":"Mineral product revenue was $159.6 million in H1 2025, up 3% YoY (H1 2024: $154.5 million). This was driven by a 1% increase in the average received price to $326 per tonne (H1 2024: $323 per tonne) as a result of a higher value product mix, as detailed below, and a 2% increase in shipment volumes.","length":299,"tagName":"p"},{"type":"text","content":"Freight revenue in H1 2025 was $8.0 million, down 25% YoY (H1 2024: $10.6 million), reflecting lower freight costs and CIF shipments in the period.","length":147,"tagName":"p"},{"type":"text","content":"Ilmenite revenue was $130.2 million in H1 2025, down 5% YoY (H1 2024: $136.5 million), due to a 4% decrease in the average ilmenite price received to $286 per tonne (H1 2024: $298 per tonne) and a 1% decrease in ilmenite shipments.","length":231,"tagName":"p"},{"type":"text","content":"Primary zircon revenue was $19.4 million, up 63% YoY (H1 2024: $11.9 million), due to a 66% increase in primary zircon shipments, partially offset by a 3% decrease in the average zircon price received to $1,319 per tonne (H1 2024: $1,355 per tonne). A primary zircon and rutile shipment deferred from Q2 2025 was completed in Q3.","length":329,"tagName":"p"},{"type":"text","content":" Operating costs ","length":15,"tagName":"p"},{"type":"text","content":"Total cash operating costs 1 were $124.4 million, up 16% YoY (H1 2024: $107.2 million). Direct cash operating costs at Moma were up 6%, mainly driven by higher labour costs and production overheads. The balance of the cost increase arose from higher head office costs, including costs arising during the possible offer process; the accrual of anticipated additional royalty payments under Kenmare’s proposed IA renewal; and the effect of storm damage insurance proceeds, reducing H1 2024 costs.","length":493,"tagName":"p"},{"type":"text","content":"Total cash operating costs per tonne were $248 (H1 2024: $218), up 14% YoY, with the 2% increase in production of finished products partially offsetting some of the higher operating costs. Cash operating cost per tonne of ilmenite was $211, up 5% YoY (H1 2024: $201), supported by significantly stronger co-product revenues in H1 2025 than in H1 2024 (up 63% YoY) and a 1% increase in ilmenite production YoY.","length":409,"tagName":"p"},{"type":"text","content":"Total operating costs in H1 2025 were $150.5 million, up 14% YoY (H1 2024: $132.3 million), for the same reasons as cash operating costs, while higher shipment volumes also contributed.","length":185,"tagName":"p"},{"type":"text","content":"Total cash operating costs are on track to be within 2025 guidance ($228 million to $252 million). While guidance did not include the anticipated impact of higher royalty and withholding tax payments under the most recently proposed IA renewal terms, expected to be an additional $8 million to $10 million per annum, Kenmare still expects its total cash operating costs to be within the guided range.","length":400,"tagName":"p"},{"type":"text","content":" Notes ","length":5,"tagName":"p"},{"type":"text","content":"1. Cash operating costs include an accrual for anticipated cash costs associated with increased royalty rates under a renewed Implementation Agreement; this cost will be accrued until the renewal is concluded.","length":209,"tagName":"p","attribs":{}},{"type":"text","content":" Finance income and costs ","length":24,"tagName":"p"},{"type":"text","content":"Kenmare recognised finance income of $1.2 million in H1 2025 (H1 2024: $2.4 million), consisting of interest on bank deposits. Finance costs were $6.6 million (H1 2024: $7.5 million), including loan interest of $4.1 million (H1 2024: $2.2 million), and amortisation of a transaction fee of $0.4 million (H1 2024: $3.5 million).","length":327,"tagName":"p"},{"type":"text","content":"Factoring and other trade facility fees were $0.9 million in the period (H1 2024: $0.5 million) as $75.3 million (H1 2024 $32.6 million) of invoices were factored in H1.","length":169,"tagName":"p"},{"type":"text","content":"The unwinding of the mine closure provision amounted to $0.3 million (H1 2024: $0.4 million). Commitment fees under the debt facilities were $0.8 million (H1 2024: $0.8 million) and lease interest was $0.05 million (H1 2024: $0.06 million).","length":240,"tagName":"p"},{"type":"text","content":" Tax ","length":3,"tagName":"p"},{"type":"text","content":"The tax expense for H1 2025 amounted to $5.6 million (H1 2024: $6.8 million). Kenmare’s subsidiary, Kenmare Moma Mining (Mauritius) Limited (“KMML”), had taxable profits of $13.8 million (H1 2024: $10.1 million), resulting in an income tax expense of $4.7 million (H1 2024: $3.5 million). KMML had a further $0.4 million charge reflecting an adjustment to its 2024 tax return. During the period, Kenmare Resources plc had taxable profits of $1.7 million (H1 2022: $42.4 million) and an income tax expense of $0.5 million (H1 2024: $3.6 million).","length":550,"tagName":"p"},{"type":"text","content":" Cash flows ","length":10,"tagName":"p"},{"type":"text","content":"Net cash from operations in H1 2025 was $71.2 million (H1 2024: $125.4 million), comprising operating cashflow of $48.1 million (H1 2024: $63.8 million) and a working capital inflow of $23.1 million (H1 2024 inflow: $61.6 million). The working capital inflow reflects the unwinding of year-end trade receivables of $52.2 million (H1 2024: $87.3 million), net of payments to suppliers, and inventory build-up of $22.7 million (H1 2024: $16.2 million).","length":450,"tagName":"p"},{"type":"text","content":"Investing activities of $115.0 million in H1 2025 (H1 2024: $49.1 million) represented additions to property, plant and equipment. Along with cashflow generated, $50.0 million of debt was drawn down in H1 2025 (H1 2024: $48.8 million repaid) to fund this investment and to pay the final 2024 dividend of $15.3 million (2024: $34.7 million). Finance fees of $0.4 million (H1 2024: $2.6 million) and lease repayments of $0.1 million (H1 2024: $0.05 million) were also made and treasury shares of $0.5 million (H1 2024: $0.9 million) were purchased in the period.","length":570,"tagName":"p"},{"type":"text","content":"Consequently, Kenmare finished H1 2025 with $46.5 million (H1 2024: $60.3 million) of cash and cash equivalents, down $10.2 million compared to year-end 2024 ($56.7 million).","length":174,"tagName":"p"},{"type":"text","content":" Balance sheet ","length":13,"tagName":"p"},{"type":"text","content":"In H1 2025 there were additions to property, plant and equipment of $115.0 million (H1 2024: $49.1 million). Additions consisted of $95.0 million in relation to the upgrade of WCP A, and $20.0 million of sustaining and improvement capital.","length":244,"tagName":"p"},{"type":"text","content":"Depreciation of $30.1 million was in line with the prior period (H1 2024: $30.5 million).","length":89,"tagName":"p"},{"type":"text","content":"The Group conducted an impairment review of property, plant and equipment at the period-end. Lower revenue assumptions associated with the uncertain pricing outlook outlined in the Market Update above have resulted in a lower estimated recoverable value attributable to Kenmare’s mining and processing assets as at 30 June 2025. Accordingly, as this value is less than the carrying value of property, plant and equipment, an impairment loss of $100.3 million has been recognised. The key assumptions of this review are set out in Note 8 of the financial statements. This impairment loss, which also reflects the latest proposed amendments to the IA and updated sustaining and SMO-related capital costs in the forecast cashflows, is a non-cash charge and does not impact Kenmare’s continuing operations, development programmes, ability to pay creditors, or debt covenant compliance. There is no impairment to the Company’s investment in subsidiary undertakings on the balance sheet (i.e. on a non-consolidated basis), and therefore there is no impact to Kenmare’s distributable reserves or ability to pay dividends. If the assumptions used in the Group cashflow forecast were to change in the future this could lead to this impairment being reversed.","length":1249,"tagName":"p"},{"type":"text","content":"Inventory at period-end amounted to $124.0 million (31 December 2024: $112.8 million). This consisted of intermediate and finished products of $83.6 million (31 December 2024: $70.8 million), which increased due to higher production and costs in the period, and consumables and spares of $40.5 million (31 December 2024: $42.0 million).","length":336,"tagName":"p"},{"type":"text","content":"Trade and other receivables amounted to $68.0 million (31 December 2024: $119.5 million). This was comprised of $34.6 million of trade receivables from the sale of finished products (31 December 2024: $91.5 million), $27.1 million of supplier prepayments and other miscellaneous debtors (31 December 2024: $21.6 million), and $6.3 million of VAT receivable (31 December 2024: $6.4 million). Trade receivables relate to shipments made before period-end and credit terms specific to the relevant customer. Use of factoring facilities reduced debtors at 30 June by $19.2 million. There have been no credit impairments or bad debts during the period. The expected credit loss was reduced by $0.7 million (H1 2024: decreased $1.2 million).","length":759,"tagName":"p"},{"type":"text","content":"Cash and cash equivalents decreased by $10.2 million in H1 2025 and at 30 June 2025 amounted to $46.5 million (31 December 2024: $56.7 million).","length":149,"tagName":"p"},{"type":"text","content":"Lease liabilities amounted to $1.1 million (31 December 2024: $1.3 million) at period-end.","length":90,"tagName":"p"},{"type":"text","content":"Tax liabilities amounted to $0.9 million (31 December 2024: $1.3 million tax asset) and trade and other payables amounted to $36.0 million (31 December 2024: $47.8 million).","length":173,"tagName":"p"},{"type":"text","content":" Debt facilities ","length":15,"tagName":"p"},{"type":"text","content":"On 4 March 2024, the Group entered into a $200 million RCF with its existing lenders: Absa Bank, Nedbank, Rand Merchant Bank and Standard Bank. The facility supports Kenmare’s planned capital programme. At the period end, total debt amounted to $128.5 million (31 December 2024: $78.0 million).","length":294,"tagName":"p"},{"type":"text","content":" Financial outlook ","length":17,"tagName":"p"},{"type":"text","content":"Kenmare’s purpose is “Transforming resources into opportunity for all”, underlining how the Company uses its extensive resources, including high quality, long life Mineral Resources and a strong and experienced team, to create value for all stakeholders. Kenmare is focused on maintaining a robust and flexible balance sheet to deliver its purpose, particularly to fund its capital investment requirements and shareholder returns.","length":430,"tagName":"p"},{"type":"text","content":"Total investment in the WCP A upgrade project to the end of H1 was $208 million, representing over 60% of total anticipated project spend. Expenditure in 2025 is weighted to H1, with development capital spending in H2 expected to be approximately $70 million ($95.0 million in H1). Sustaining and improvement capital is expected to total approximately $50 million in 2025, slightly higher than previous guidance of $45 million.","length":427,"tagName":"p"},{"type":"text","content":"Kenmare expects stronger sales volumes in H2 due to seasonally better weather and the return of the Peg transshipment vessel, increasing shipping capacity. The Company is progressing an opportunity to supplement shipping capacity further with the potential addition of a third transshipment vessel over the coming months, which may enable a modest drawdown of finished product stocks.","length":384,"tagName":"p"},{"type":"text","content":"The Company plans to continue to use factoring and similar trade finance arrangements in H2 to enhance financial flexibility. These, plus current cash balances and the undrawn portion of RCF ($70 million), are expected to provide ample liquidity to cover anticipated spending on development capital, sustaining and improvement capital, and dividend payments (approximately $9 million) in H2. Net debt is expected to increase through H2 2025 and remain steady in H1 2026 as the rate of capital expenditure slows, before beginning to fall in H2 2026 as free cashflow generation increases.","length":586,"tagName":"p"},{"type":"text","content":" Interim dividend ","length":16,"tagName":"p"},{"type":"text","content":"The Board has approved an interim 2025 dividend of USc10 per share (H1 2024: USc15). The financial statements do not reflect this interim dividend.","length":147,"tagName":"p"},{"type":"text","content":"The Company will pay the interim dividend on 14 October 2025 to shareholders of record at the close of business on 19 September 2025. Irish Dividend Withholding Tax (“DWT”) of 25% must be deducted from dividends paid by the Company, unless a shareholder is entitled to an exemption and has submitted a properly completed exemption form to the Company’s Registrar. For assistance claiming an exemption from DWT or a refund for DWT, please contact Kenmare’s Investor Relations team.","length":480,"tagName":"p"},{"type":"text","content":"The dividend timetable is as follows:","length":37,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:50%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"Announcement of interim dividend","length":32,"tagName":"p","attribs":{}}]},{"style":"width:50%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"20 August 2025","length":14,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:50%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"Ex-Dividend Date","length":16,"tagName":"p","attribs":{}}]},{"style":"width:50%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"18 September 2025","length":17,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:50%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"Record Date","length":11,"tagName":"p","attribs":{}}]},{"style":"width:50%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"19 September 2025","length":17,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:50%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"Currency election cut-off date","length":30,"tagName":"p","attribs":{}}]},{"style":"width:50%;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"23 September 2025 at 12:00 noon (IST)","length":37,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:254.87px;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"Payment Date","length":12,"tagName":"p","attribs":{}}]},{"style":"width:321.6px;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"14 October 2025","length":15,"tagName":"p","attribs":{}}]}]}],"length":201},{"type":"text","content":"Kenmare’s International Securities Identification Number (ISIN) is IE00BDC5DG00 and its Tradable Instrument Display Mnemonic (TIDM) is KMR on the London Stock Exchange and Euronext Dublin.","length":188,"tagName":"p"},{"type":"text","content":" Principal risks and uncertainties ","length":33,"tagName":"p"},{"type":"text","content":"There are a number of potential risks and uncertainties that could have a material impact on Kenmare’s performance over the remainder of the 2025 financial year and which could cause actual results to differ materially from expected and historic results.","length":254,"tagName":"p"},{"type":"text","content":"These principal risks and uncertainties are disclosed in Kenmare’s Annual Report for the year ended 31 December 2024. A detailed explanation of these principal risks and uncertainties and how Kenmare seeks to mitigate these risks, can be found on pages 102 to 111 of the 2024 Annual Report under the following headings: permitting; licensing and Government agreement risk; country risk; geotechnical risk; weather conditions; uncertainty over physical characteristics of orebody; loss of production due to power supply and transmission interruption; asset damage or loss; health, safety and environment; material misstatement in the Ore Reserves & Mineral Resource Table; IT security risk; development project risk; industry cyclicality; customer and/or market concentration; foreign currency risk; and unanticipated cost inflation.","length":836,"tagName":"p"},{"type":"text","content":"Emerging risks to global trade caused by increasing tariffs are not expected to apply to Kenmare’s products and are therefore not expected to have a direct impact on Kenmare. However, the impact of tariffs on global economic activity, and on the relative competitiveness of Kenmare’s customer base, may continue to impact demand for Kenmare’s products.","length":352,"tagName":"p"},{"type":"text","content":"A failure to reach an agreement with Government on the IA and/or the imposition of a unilateral change of terms by the Government on the Company would be likely to lead Kenmare to resort to arbitration in order to enforce its contractual rights. This could impact on Kenmare’s ability to undertake its operations or meet its financial obligations in the normal course.","length":368,"tagName":"p"},{"type":"text","content":"The Group’s climate risks disclosure is set out on pages 50 to 61 of the 2024 Annual Report. These have not changed in the first half of the year and outline the Group’s objectives in relation to climate risk. Kenmare has continued with these objectives in H1 2025 and will provide an update in the 2025 Annual Report.","length":318,"tagName":"p"},{"type":"text","content":" Related party transactions ","length":26,"tagName":"p"},{"type":"text","content":"There have been no material changes in the related party transactions affecting the financial position or the performance of the Group in the period since publication of the 2024 Annual Report, other than those disclosed in Note 21 to the condensed consolidated financial statements.","length":283,"tagName":"p"},{"type":"text","content":" Going concern ","length":13,"tagName":"p"},{"type":"text","content":"As stated in Note 1 to the condensed consolidated financial statements, based on the Group’s forecasts and projections, the Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed consolidated financial statements.","length":428,"tagName":"p"},{"type":"text","content":" Events after the Statement of Financial Position Date ","length":53,"tagName":"p"},{"type":"text","content":" Interim dividend ","length":16,"tagName":"p"},{"type":"text","content":"An interim dividend for the period ended 30 June 2024 of USc10 per share was approved by the Board on 19 August 2025. The dividend payable has not been included as a liability in these financial statements. The interim dividend...

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