Kenmare Resources plc (“Kenmare” or the “Company” or the “Group”) 25 March 2026 2025 PRELIMINARY RESULTS Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine (the "Mine" or "Moma") in northern Mozambique, today announces its preliminary results for the 12 months to 31 December 2025. Statement from Tom Hickey, Managing Director: “While global uncertainty has increased in early 2026, Kenmare remains focus ...

Core Viewpoint - Kenmare Resources plc has provided a trading update for the full year 2025 and Q4 2025, highlighting production achievements, operational challenges, and guidance for 2026, focusing on value over volume in production strategy. Production and Operational Summary - The company achieved revised production guidance for ilmenite and rutile in 2025, exceeding original guidance for primary zircon and concentrates [3][13] - Heavy Mineral Concentrate (HMC) production in 2025 was 1,233,300 tonnes, down 15% year-on-year due to lower excavated ore volumes related to the upgrade of the Wet Concentrator Plant (WCP) A [6][10] - Ilmenite production was 842,300 tonnes in 2025, down 17% year-on-year, while primary zircon production was 50,000 tonnes, down only 1% year-on-year [14] - The company plans to produce over 1.1 million tonnes in 2026, representing a more than 15% increase compared to 2025, while targeting a minimum ilmenite production of 800,000 tonnes [4][39] Financial Overview - Kenmare reported a net debt of $158.8 million at the end of 2025, significantly up from $25.0 million in 2024, primarily due to capital expenditure on the WCP A upgrade project [27][28] - An impairment charge of up to $300 million is expected for 2025, reflecting lower revenue assumptions and market conditions [5][32] - Total cash operating costs for 2026 are expected to be between $215 million and $225 million, lower than in 2025, as the company aims to minimize operating costs [12][42] Market Conditions - Demand for Kenmare's products remained stable in 2025, but pricing declined due to market oversupply, particularly in the titanium feedstocks and zircon markets [22][26] - The zircon market showed signs of stability towards the end of Q4 2025, despite a general decline in prices throughout the year [25][26] - The company has a strong order book for Q1 2026, although continued market softness is expected to impact demand and pricing [26] Capital Projects and Future Guidance - The upgrade of WCP A is nearing completion, with a total capital cost estimate of $341 million, and expected capital expenditure for 2026 is approximately $30 million [20][43] - The company is focusing on a value-over-volume approach for 2026, which includes a significant drawdown of finished product inventories [4][40] - Kenmare is committed to maintaining a strong balance sheet and deferring discretionary capital costs where possible to navigate the current market challenges [43]

Core Viewpoint - Kenmare Resources plc provided a trading update for Q3 2025, highlighting production challenges due to upgrades at the Wet Concentrator Plant A and a decline in global market conditions affecting demand and pricing for titanium minerals and zircon [4][6][27]. Production Overview - The Moma Mine produced 298,400 tonnes of Heavy Mineral Concentrate (HMC) in Q3 2025, a 16% decrease year-on-year, primarily due to a 19% decrease in excavated ore volumes [9][14]. - Ilmenite production was 209,000 tonnes, down 19% year-on-year, while primary zircon production was 12,300 tonnes, down 16% year-on-year [15]. - Total shipments of finished products were 227,400 tonnes, a 25% decrease year-on-year, attributed to reduced shipping capacity [16]. Operations Update - The upgrade project for Wet Concentrator Plant A is on track, with commissioning of new dredges and feed preparation modules beginning in October 2025 [5][21]. - The capital cost for the WCP A upgrade project remains at $341 million, with expectations to achieve nameplate capacity by the end of 2025 [23]. Market Conditions - Global demand for mineral sands products softened, leading to a decline in prices for Kenmare's products [27][29]. - One customer has indicated it will not take contracted volumes in H2 2025, affecting Kenmare's sales strategy [17][29]. - The zircon market remained subdued, but demand for Kenmare's high-grade zircon was stable in China and Europe [32]. Corporate Update - Discussions with the Government of Mozambique regarding the extension of Moma's Implementation Agreement are ongoing, with the company focused on securing its contractual entitlements [24][25]. - The company is pursuing payment for approximately $9.3 million in unpaid invoices due to a customer's financial distress [29].