Kenmare Resources (KMR) Investor Presentation summary

Business overview and market position

• Operates the Moma Titanium Minerals Mine in Mozambique, supplying 7% of global titanium feedstocks and maintaining over 100 years of mineral resources at current production rates.

• Recognized for low environmental impact, strong community relations, and a 97% Mozambican workforce.

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

• Holds a first quartile industry cost position, supporting resilience through commodity cycles.

• Maintains a strong order book into 2025, with sales visibility and robust market fundamentals.

Financial performance and shareholder returns

• Achieved an EBITDA margin above 40% in H1 2024, with net cash of $58.9m at 30 June 2024.

• Paid $280m in shareholder returns since 2019, with a H1 2024 dividend of USc15/share, representing 64% of H1 profit after tax.

• Net assets have grown, providing ample resources to fund capex and dividends while maintaining a conservative balance sheet.

• Full year dividend expected at the upper end of the 20-40% profit after tax payout range.

• Arranged a $200m revolving credit facility to support capex during major upgrade projects.

Operations, projects, and production outlook

• Operates three wet concentrator plants (WCPs) with dedicated port facilities and low environmental impact.

• 2024 ilmenite production guidance is 950,000–1,050,000 tonnes, with 701,500 tonnes produced in the first nine months.

• Commissioning a new selective mining operation (SMO) in late Q4 2024 to maintain production during WCP A upgrades.

• WCP A transition to Nataka secures long-term production, with $341m capex funded by cash flow and debt.

• WCP B upgrade deferred to prioritize WCP A, with future production expected to reach 1.2 Mtpa post-upgrade.