Kenmare Resources (KMR) investor relations material

Production and shipments

• HMC production was 334.1kt (+12% YoY); excavated ore rose 22%, partly offset by 12% lower grades, primarily at WCP A near the end of its Namalope mine path.

• Ilmenite output was 233.6kt (+12% YoY, +59% QoQ); primary zircon reached 13.0kt (+6%), rutile 2.2kt (+22%) and concentrates 44.5kt (+109%).

• 2026 ilmenite guidance reduced from ~800kt to 710–750kt due to WCP A commissioning; shipments expected at ~1.05Mt versus prior guidance above 1.1Mt.

• Q3 shipments were 242.9kt (+7% YoY); delayed vessels and product-loading protocols constrained loading time. Cash operating costs expected toward the upper end of the $215–225m guidance range.

WCP A upgrade and operational projects

• WCP A averaged 3,100tph capacity and 49% utilisation in Q3, versus ~2,760tph and 42% in H1; consistent nameplate capacity of 3,500tph is expected in H1 2027.

• Interim winch-brake software improved resilience; a permanent first-dredge solution is expected by year-end, with pump-system, mining-rate and throughput improvements continuing.

• Downstream debottlenecking, reliability and tailings measures were implemented; further improvement is expected in Q4.

• SMO 2 equipment is on site, with commissioning expected in Q4 2026; estimated cost is $10.9m, of which $7.6m was incurred. SMO 3 is planned for H1 2027 at $2.1m.

Markets and growth opportunities

• Ilmenite markets remained soft amid oversupply and elevated titanium feedstock availability in China; Q3 average received price rose QoQ on product mix, but a weaker Q4 price is expected on soft markets and lower-value mix.

• Zircon prices strengthened in Q3 as reduced production and tighter availability outside China constrained supply; further improvement is expected in Q4.

• PFS identified potential to produce up to 4kt of monazite concentrate annually at low capital outlay, alongside additional ilmenite, zircon and rutile production; DFS and offtake discussions are commencing.

• DFS is expected to take up to one year; first production is expected about two years after a decision to proceed.