Kenmare Resources (KMR) investor relations material

Executive summary

• Achieved over 7 million hours worked without a lost time injury and record safety performance in H1 2025, despite a challenging environment.

• Maintained 2025 production and cost guidance, with H1 production up slightly year-over-year and a strong order book for H2.

• Recognized a $100.3 million non-cash impairment due to weaker markets and lower long-term pricing assumptions.

• Significant progress on the WCP A upgrade, with 60% of project costs incurred, commissioning on track for Q3, and full capacity expected by year-end.

• Declared an interim dividend of USc10 per share, with over $300 million returned to shareholders since 2019.

Financial highlights

• Mineral product revenue increased 3% year-over-year to $159.6 million, driven by higher shipments and favorable product mix.

• Adjusted EBITDA was $47.2 million with a 30% margin, despite higher costs and one-off items.

• Net debt rose to $85.1 million at period-end, mainly due to peak CapEx and dividend payments.

• Cash operating cost per tonne increased 14% year-over-year to $248.

• Adjusted profit after tax was $6.1 million, down 71% year-over-year.

Outlook and guidance

• 2025 production guidance reaffirmed: ilmenite 930,000–1,050,000 tonnes, primary zircon 47,500–54,000 tonnes, rutile 9,000–10,000 tonnes.

• Total cash operating costs expected at $228–252 million, broadly in line with 2024.

• CapEx profile to decline in H2 and 2026, with WCP A project budget unchanged at $341 million.

• H2 2025 sales volumes expected to be stronger due to improved weather and increased shipping capacity.

• Net debt anticipated to rise through H2 2025, then decline as CapEx winds down and free cash flow increases.