Kenmare Resources (KMR) Investor presentation summary

Strategic position and market overview

• Operates the Moma Titanium Minerals Mine in Mozambique, with over 20 years of production and more than 100 years of mineral resources at current rates.

• Supplies 6% of global titanium feedstocks, with titanium listed as a critical mineral in major markets.

• Over $1.5bn invested in capital projects, including a $341m upgrade to Wet Concentrator Plant (WCP) A.

• Maintains a consistent low-cost industry position and has distributed over $300m to shareholders since 2019.

• Faces ongoing market weakness due to oversupply, especially from increased Chinese production and subdued end-market demand.

Financial performance and cost management

• Year-end 2025 cash and cash equivalents at $48.6m, with net debt rising to $158.8m due to peak capex on WCP A upgrade.

• Impairment charge up to $300m expected, reflecting weaker pricing and lower asset recoverable values.

• 2026 cash operating cost guidance set at $215-225m, with cost per tonne targeted at $240-250.

• Retrenchment of ~15% of workforce and production curtailments planned to reduce costs.

• Capital intensity to materially reduce in 2026, with $30m capex for WCP A and $30m sustaining capital planned.

Operations and production

• 2025 production impacted by WCP A upgrade: ilmenite down 17% YoY, rutile down 12%, shipments down 13%.

• Selective Mining Operation (SMO 1) delivered 50kt HMC in 2025; SMO 2 to be commissioned in Q3 2026.

• Focus on value over volume, maximizing shipments and drawing down stockpiles to normal levels.

• 2026 shipment guidance set at over 1.1Mt, a >15% increase versus 2025, with production flexed to meet demand.