REG-Report on Payments to Governments

Kenmare ResourcesAnnouncement

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

7 May 2026

Report on Payments to Governments

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, announces the publication
of its Report on Payments to Governments.

Introduction

This report details payments to Governments made by Kenmare Resources plc (the
“Company”) and its subsidiary undertakings (the “Group”) for the
financial year ended 31 December 2025.

This report has been prepared in accordance with the requirements of Part 2A
of the Transparency (Directive 2004/109/EC) Regulations, 2007 (as amended)
(“Part 2A”), Part 26 of the Companies Act 2014 (“Part 26”) and rule
DTR 4.3A of the UK Financial Conduct Authority’s Disclosure Guidance and
Transparency Rules (“DTR 4.3A”). Part 2A and Part 26 enact in Ireland
domestic rules in line with Directive 2013/34/EU (the “EU Accounting
Directive (2013)”) and apply to large Irish incorporated companies, like the
Company, that are involved in the exploration, discovery, development, and
extraction of minerals. DTR 4.3A imposes equivalent requirements on issuers,
like the Company, admitted to trading on the London Stock Exchange that are
similarly involved in the exploration, development and extraction of minerals.

About Kenmare Resources plc

Kenmare Resources plc is an Irish incorporated company with a premium listing
on the London Stock Exchange and a secondary listing on Euronext Dublin.
Kenmare operates the Moma Titanium Minerals Mine (“Moma” or the “Moma
Mine”), which is located on the northern coast of Mozambique. Moma is one of
the world’s largest producers of titanium minerals, accounting for
production of approximately 6% of global titanium feedstocks and supplying to
customers operating in over 15 countries. The Group’s products are key raw
materials, ultimately consumed in everyday quality-of-life products such as
paints, plastics, and paper.

The Group consists of the parent company (Kenmare Resources plc) and its
subsidiary undertakings. The mining operations at the Moma Mine are carried
out by the Mozambique branch of Kenmare Moma Mining (Mauritius) Limited
(“KMML”) and downstream processing is undertaken by the Mozambique branch
of Kenmare Moma Processing (Mauritius) Limited (“KMPL”), both of which are
wholly-owned subsidiary undertakings of the Company. KMML and KMPL account for
100% of the Group’s turnover and 99% of the Group’s total assets.
Therefore, all revenues and operating costs of the Group’s mining and
processing operations are recorded by KMML and KMPL within the same tax
jurisdiction, namely Mozambique.

The parent company, Kenmare Resources plc, conducts no direct exploration or
mining activities. The Group’s corporate costs are recorded by the parent
company.

Scope of report

Disclosure of payments to Governments is required in respect of payments
arising from the exploration, discovery, development and extraction of
minerals; the payments included within this report therefore relate to the
Group’s mining and processing activities at the Moma Mine in Mozambique.

Groups are required to prepare a consolidated report disclosing payments made
by the parent company and its subsidiary undertakings. Accordingly, this
report reflects payments made by the Group companies conducting mining and
processing activities, namely KMML and KMPL. The Group owns 100% of these
entities and the amounts reflect 100% of the payments made by these subsidiary
undertakings.

For a broader discussion of the Group’s contribution to its host
communities, please see Kenmare’s 2025 Sustainability statement within its
2025 Annual Report, available on the Company’s website
at www.kenmareresources.com/investors/reports-presentations-webcasts/

Payments

The payments disclosed in this report are on a cash basis.

The payments made to Governments are required to be analysed into the
following categories:
* Production entitlements - this category includes the host Government’s
share of production, which is usually outlined in a production sharing
agreement. In 2025, the Group did not make relevant payments in this category.


* Taxes - this category includes taxes paid to Governments on income, profits
or production arising from the Group’s exploration, discovery, development
and extraction of minerals. Taxes levied on consumption such as value added
taxes, personal income taxes and sales taxes are excluded. In the period KMML
paid corporation tax rate of 35% of the taxable profits of its Mozambique
branch. Taxable profits of the branch are calculated by reference to the cash
costs of producing Heavy Mineral Concentrate (“HMC”) net of allowable tax
deductions and increased by a defined margin.
KMML’s Mozambique branch produces one product from its mining activities,
namely HMC. HMC is sold to KMPL, which processes it into finished products
(ilmenite, zircon, rutile and concentrates), which are exported worldwide to
third party customers. The cash costs of mining include the costs of mine face
preparation, dredging and dry mining operations, Wet Concentrator Plant
operations, rehabilitation and support services.

The margin applied to the cash costs of mining is stipulated in the Mineral
Licensing Contract dated 21 January 2002. The contract is between KMML and the
Ministry of Mineral Resources and Energy (MIREME) of the Republic of
Mozambique, acting for and on behalf of the Government of the Republic of
Mozambique, which details the terms and conditions for the exploration,
development and production of heavy minerals in the areas of Moma, Congolone
and Quinga. The margin is determined by dividing the prices for sale of
finished products to third party customers earned by KMPL in the year by the
prices earned in the prior year, adjusted for inflation and applying this
factor to the prior year margin. For the fiscal year ending 31 December 2025
the margin was 45.7%.

Under the terms of the Implementation Agreement between KMPL and the
Government of Mozambique, KMPL was exempted from corporation tax.
* Royalties – this category includes payments to a Government for the rights
to extract minerals or other materials. Typically, amounts are levied based on
production levels or revenues. KMML paid a mining royalty of 3% based on HMC
sold to KMPL. The royalty is calculated by multiplying the cash costs of
producing HMC, plus the margin as detailed above, by 3%. KMPL paid a revenue
royalty of 1% on revenue recognised.
 * Dividends - this category includes dividend payments other than dividends
paid to a Government as an ordinary shareholder of the Company or one of its
subsidiary undertakings. In 2025, the Group did not make relevant payments in
this category.


* Bonuses - this category includes bonuses paid to a Government for and in
consideration of signature, discovery, production, awards, grants and
transfers of extraction rights and production bonuses. In 2025, the Group did
not make relevant payments in this category.


* Fees – this category includes licence fees, rental fees, entry fees and
other considerations for mining licences or concessions.


* Infrastructure improvements - this category includes payments to Governments
for infrastructure other than in circumstances where the infrastructure is
expected to be primarily dedicated to operational activities throughout its
useful life. Payments that form part of the Group’s social investment
activities (which are primarily organised and administered by the Kenmare Moma
Development Association) are excluded. Such payments would include
contributions in respect of local schools, healthcare or community facilities,
or improvements to the general environment of local communities.
Government

“Government” means any national, regional or local authority of a country,
and includes a department, agency or undertaking that is a subsidiary
undertaking where the authority is the parent undertaking.

All payments referred to this report are made to the Government of Mozambique
or its agencies; in particular, they are made to Autoridade Tributária
Unidade dos Grandes Contribuintes - Nampula, a department of the Mozambican
tax authority.

Analysis by project/entity

An analysis of payments by project is required where payments are attributable
to specific projects. Projects are defined as operational activities which are
governed by a single contract, licence, lease, concession or similar legal
agreement, and form the basis for payment liabilities with a Government. Where
agreements are substantially interconnected in operating and geographical
terms, with substantially similar terms, those agreements should be treated as
a single project. Payments may be disclosed at an entity level where payments
are made in respect of obligations imposed at that entity level rather than at
a project level. Payments below are disclosed at the entity level for KMML and
KMPL, which between them operate the Moma Mine, which is treated as one
project for purposes of this Report.

Materiality

Under Part 2A and Part 26, a payment need not be disclosed if it is a single
payment of less than the equivalent of €100,000 or a series of related
payments in a single year whose total is less than the equivalent of
€100,000. Under DTR 4.3A, a payment need not be disclosed if it is a single
payment of less than the equivalent of £86,000 or a series of related
payments in a single year whose total is less than the equivalent of
£86,000.

Currency and rounding

All monetary amounts in this report refer to United States dollars unless
otherwise indicated. The amounts shown in this report have been rounded to the
nearest $1,000.

Payments to Governments – 2025

                           Production entitlements  Taxes    Royalties  Dividends  Bonuses  Fees     Infrastructure improvements  Total    
                           $’000                    $’000    $’000      $’000      $’000    $’000    $’000                        $’000    
 Country summary                                                                                                                           
 Government of Mozambique  -                        7,051    8,930      -          -        1,154    -                            17,135   
 Total                     -                        7,051    8,930      -          -        1,154    -                            17,135   
                                                                                                                                           
 Entity report                                                                                                                             
 KMML                      -                        7,051    5,603      -          -        921      -                            13,575   
 KMPL                      -                        -        3,327      -          -        233      -                            3,560    
 Total                     -                        7,051    8,930      -          -        1,154    -                            17,135   

This report for Kenmare Resources plc (registered number 37550) was approved
by the Directors of the Company on 6 May 2026 and signed on their behalf by

Tom
Hickey                                Andrew
Webb
Director                                        Director



For further information, please contact:

Kenmare Resources plc
Katharine Sutton / David Weeks
Investor Relations
ir@kenmareresources.com
Tel: +353 1 671 0411
Mob: +353 87 663 0875 / +353 87 708 2525

Murray Group (PR advisor)
Paul O’Kane
pokane@murraygroup.ie
Tel: +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