Kenmare Resources (KMR) TP ICAP Midcap Conference presentation summary

Operational overview

• Operating the Moma Titanium Minerals Mine in Mozambique, with nearly 20 years of production and a resource life exceeding 100 years at current rates.

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

• Three Wet Concentrator Plants (WCPs) and a Selective Mining Operation are in place, with WCP A undergoing a major upgrade and transition to the Nataka ore zone.

• Over 90% of electricity is hydro-generated, and more than 200,000 tree saplings were planted in 2025.

• Progressive rehabilitation and high water reuse rates minimize environmental impact.

Market and strategic positioning

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

• Zircon demand is rising in emerging markets, and rare earth elements support the energy transition.

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

• Dividends paused to ensure long-term financial stability and fund capital projects.

Financial and production performance

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

• Finished product shipments fell 13% to 947,900 tonnes, but concentrate production rose 124% due to new product ZrTi.

• 2025 revenue was $418 million, with adjusted EBITDA at $129 million and net debt rising to $158.8 million.

• Final dividend for 2025 was paused.