REG-Wet Concentrator Plant A project update and 2025 guidance update

Kenmare ResourcesAnnouncement

18/11/2025 07:00

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This announcement contains inside information.

Kenmare Resources plc
(“Kenmare” or “the Company” or “the Group”)

18 November 2025

Wet Concentrator Plant A project update and 2025 guidance update

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, provides an
update on its Wet Concentrator Plant (“WCP”) A upgrade project and its
2025 production guidance.

Statement from Ben Baxter, Chief Operations Officer:

“Commissioning of WCP A is advancing, following the upgrade work undertaken
in September to install two new high-capacity dredges and a new feed
preparation module. WCP A has achieved nameplate capacity for periods of time
and optimisation work is now required to ensure consistency, which we expect
to largely deliver by the end of 2025. The upgrade elements of the project
will then be substantially complete, bar minor process improvements.

While overall progress is positive, some elements of the commissioning process
have taken longer than anticipated, which has impacted production. In light of
weaker product market conditions and our ability to meet our shipment
commitments through a combination of production and existing inventory, we
have prioritised value over volume and chosen not to offset lower production
at WCP A with additional dry mining. Accordingly, we now update our 2025
production guidance to be in the range of 870,000 to 905,000 tonnes of
ilmenite, plus co-products, for the year.

This change in production is not anticipated to affect sales in 2025. Q4 is
typically a strong period for shipments and our shipping capacity for the
remainder of the quarter is expected to be fully utilised.”

Overview of WCP A upgrade project

Kenmare is upgrading its largest mining plant, WCP A, ahead of its transition
to the Nataka ore zone. Nataka is the largest ore zone in Moma’s portfolio,
representing approximately 70% of its Mineral Resources, and the transition to
Nataka is essential to securing Kenmare’s production for decades to come.
WCP A will mine in Nataka for the remainder of its economic life, which is
expected to exceed 20 years.

The capital cost estimate of the WCP A upgrade, transition to Nataka, and
associated infrastructure, remains unchanged at $341 million, with unallocated
contingency remaining within that figure.

Commissioning of WCP A

In September 2025, WCP A paused production to allow for the disconnection of
the existing feed preparation module and the two existing dredges. A new feed
preparation module and two new high-capacity dredges were connected in their
place, supported by a Tailings Storage Facility (“TSF”). As previously
announced, the commissioning process began on 2 October 2025 and since then
Kenmare has been working to ramp-up the plant to its nameplate capacity of
3,500 tonnes per hour.

The substantial components of the upgrade of WCP A are largely complete,
operating to their design, and have demonstrated the capability to produce at
nameplate capacity. The new feed preparation module, including the desliming
circuit and new surge bin, are performing well and supporting improved
recoveries. After some initial challenges relating to automation systems
(which have been fully resolved), both new dredges are online and consistently
providing sufficient feed to the concentrator plant. The new TSF has also been
successfully commissioned and is performing in line with expectations.

The on-plant tailings management component of the upgrade is, however,
currently restricting overall throughput and utilisation and requires further
optimisation of mass and water balances to consistently achieve nameplate
capacity. Improvements are currently underway and we remain confident that
these issues will be successfully resolved, although some elements of the work
may carry over into 2026.

WCP A will complete its mine path in Namalope and begin its transition to
Nataka from late Q2 2026, which is expected to take approximately 18 months.

2025 guidance update
        
The commissioning challenges with the new dredges and the tailings management
system have meant that WCP A’s production rates have been lower than
expected through the commissioning period. This has impacted Kenmare’s
ability to meet its ilmenite production guidance, without increasing
production through dry mining, which would incur additional costs. In light of
weaker product market conditions and the Company’s ability to meet its
shipment commitments from existing inventory, Kenmare has decided not to take
this action.

Primarily due to these impacts, Kenmare now expects 2025 ilmenite production
to be 870,000 to 905,000 tonnes and rutile production to be 8,500 to 9,500
tonnes. Original guidance for production of primary zircon and concentrates is
unchanged. Primary zircon and concentrates production have benefitted from the
processing of intermediate stockpiles.

Due to strong levels of finished product stock, shipments in 2025 and 2026 are
not expected to be impacted by lower 2025 production. The Company continues to
expect to ship over one million tonnes of finished products in 2025, enabling
a modest reduction in finished product inventory by year-end.

Total cash operating cost guidance remains at $228 to $252 million, although
cash costs per tonne of finished product are now expected to be $235 to $245
per tonne, due to the lower anticipated production volumes.

Guidance for development capital expenditure on the WCP A project for 2025 is
now expected to be $170-175 million, compared to $165 million previously, with
a corresponding reduction in 2026 development capital guidance. This relates
to slight changes to expenditure phasing and project scheduling in December
2025 and January 2026, with the total capital cost remaining at $341m.
Approximately 85% of the total project capital is expected to have been
incurred and successfully deployed by the end of 2025, substantially
de-risking the project.

Guidance for improvement and sustaining capital of $50 million in 2025 is
unchanged.

A summary of the updated production and operating cost guidance versus the
original guidance is as follows:

                                           Unit    Updated 2025 guidance  Original 2025 guidance  
 Production                                                                                       
 Ilmenite                                  tonnes  870,000-905,000        930,000-1,050,000       
 Primary zircon                            tonnes  Unchanged              47,500-54,000           
 Rutile                                    tonnes  8,500-9,500            9,000-10,000            
 Concentrates (1)                          tonnes  Unchanged              63,000-69,000           
 Costs                                                                                            
 Total cash operating costs                $m      Unchanged              228-252                 
 Cash costs per tonne of finished product  $/t     235-245                206-228                 
1. Concentrates include secondary zircon, mineral sands concentrate and ZrTi.
Kenmare will announce its Q4 2025 Production Report, including its guidance
for 2026, on Wednesday 21 January 2026.

For further information, please contact:

Kenmare Resources plc
Katharine Sutton
Investor Relations
ir@kenmareresources.com
Tel: +353 1 671 0411
Mob: + 353 87 663 0875

Murray (PR advisor)
Paul O’Kane
pokane@murraygroup.ie
Tel: +353 1 498 0300
Mob: +353 86 609 0221

About Kenmare Resources

Kenmare Resources plc is one of the world's largest producers of titanium
minerals. Listed on the London Stock Exchange and the Euronext Dublin, Kenmare
operates the Moma Titanium Minerals Mine in Mozambique. Moma's production
accounts for approximately 6% of global titanium feedstocks and the Company
supplies to customers operating in more than 15 countries. Kenmare produces
raw materials that are ultimately consumed in everyday quality-of life items
such as paints, plastics and ceramic tiles.

All monetary amounts refer to United States dollars unless otherwise
indicated.

Forward Looking Statements

This announcement contains some forward-looking statements that represent
Kenmare's expectations for its business, based on current expectations about
future events, which by their nature involve risks and uncertainties. Kenmare
believes that its expectations and assumptions with respect to these
forward-looking statements are reasonable. However, because they involve risk
and uncertainty, which are in some cases beyond Kenmare's control, actual
results or performance may differ materially from those expressed or implied
by such forward-looking information