Kenmare Resources (KMR) Investor presentation summary

Operational highlights

• Over 20 years of production at the Moma mine in Mozambique, with more than 100 years of mineral resources remaining at current rates.

• Supplies 6% of global titanium feedstocks, with significant capital investment exceeding $875 million.

• Mature, low-cost mining operation with three wet concentrator plants and dedicated port facilities.

• Over 90% of electricity needs met by hydro power, with high rates of water reuse and waste recycling.

• Consistent operating cash flow and ongoing cost improvements in 2026 to support liquidity.

Market and product performance

• Titanium minerals and zircon are essential for paints, plastics, paper, and ceramics, with demand driven by global GDP and urbanization.

• Ilmenite prices remained weak in H1 2026 due to oversupply, especially in China, while zircon prices recovered on reduced supply.

• Strong order book and robust demand for ZrTi concentrate product, with shipments up 14% year-on-year.

• Finished product output was impacted by lower ore grades and paused dry mining, but production is expected to strengthen in H2.

Financial overview

• H1 2026 revenue and EBITDA declined due to lower ilmenite prices and reduced production volumes.

• Cash and cash equivalents stood at $31.0 million at mid-year, with net debt at $175.8 million.

• Dividends paused to support long-term financial stability, with over $300 million distributed to shareholders since 2019.