Kenmare Resources (KMR) Investor presentation summary

Company overview and strategic position

• Operates one of the world's largest titanium mineral deposits in Mozambique, with over 100 years of mineral resources at current production rates.

• Supplies 6% of global titanium feedstocks, with products essential for paints, plastics, paper, and titanium metal.

• Significant capital investment in the Moma mine, with a net book value exceeding $875 million.

• Recognized for responsible operations, including FTSE4Good index inclusion and strong community contributions.

• Major shareholders include African Acquisition S.à.r.l. (17.1%), M&G Plc (14.0%), and JO Hambro Capital Management (9.0%).

Operational performance and project updates

• Three Wet Concentrator Plants (WCPs) and a Selective Mining Operation are in production, with WCP A undergoing a major upgrade.

• WCP A upgrade and transition to the Nataka ore zone is nearly complete, unlocking the majority of the mine's 9 billion tonnes of resources.

• Over 80% of the $341 million WCP A project capital expenditure incurred by end-2025, with remaining spend focused on infrastructure.

• 2025 production was impacted by WCP A upgrade, with HMC down 15% and ilmenite down 17% year-on-year.

• Shipments in 2026 are expected to exceed 1.1 million tonnes, a 15% increase over 2025.

Market conditions and outlook

• 2025 saw weak market conditions due to global oversupply, with average product prices declining.

• Demand for zircon products exceeded supply, with prices stabilizing in late 2025.

• Q1 2026 remained soft, but supply curtailments and disruptions are reducing oversupply; stronger order book for Q2.

• Chinese chloride pigment and titanium metal markets remain resilient, supporting demand for feedstocks.

• Operating costs are expected to be lower in 2026, with a retrenchment of ~15% of the workforce and reduced capital expenditure.