Kenmare Resources (KMR) Investor presentation summary

Strategic position and operational overview

• Operates the Moma Titanium Minerals Mine in Mozambique, with a 20-year production track record and over 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 expenditure, with the Wet Concentrator Plant (WCP) A upgrade project well advanced at a $341m cost.

• Recognized for responsible operations, with a strong focus on sustainability and community investment exceeding $25m since 2004.

• Consistent low-cost producer, with a resilient long-term production profile and diversified customer base.

Financial performance and capital 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.

• Up to $300m impairment charge recognized, reflecting weaker pricing and lower asset values.

• Net debt/EBITDA covenant increased to 3.0x for 2025 to maintain compliance during high capex.

• Over $300m distributed to shareholders since 2019, with a dividend policy in place since 2018.

• Cost reduction initiatives underway, targeting 2026 cash operating costs of $215–225m and capital expenditure of $30m.

Production, projects, and operational efficiency

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

• Selective Mining Operation (SMO) contributed 50kt HMC in 2025; SMO 2 commissioning expected in Q3 2026.

• WCP A upgrade and transition to Nataka ore zone secures future production, unlocking majority of 9bn tonnes of resources.

• Over 80% of WCP A project capital spent by end 2025; remaining $70m to be invested through 2032.

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