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

Kenmare ResourcesAnnouncement

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This announcement contains inside information.

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

17 December 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 the WCP A upgrade project continues to advance, following
the work undertaken in September to install two new high-capacity dredges and
a new feed preparation module. However, as the volume of ore going through the
plant has progressively increased during the past month, some issues have
emerged, primarily relating to slimes management.

Remedial measures are already having a positive impact and we expect
performance to improve further for the remainder of December. However, the
plant is now expected to achieve nameplate capacity on a sustainable basis in
Q1 2026. The updated schedule is not expected to impact the capital cost
estimate of the project, which remains at $341 million.

We have chosen to focus on resolving these issues and ramping up WCP A
operations, rather than prioritising additional short-term production, given
our relatively high levels of product inventory. Consequently, 2025 ilmenite
production is now expected to be not less than 830,000 tonnes.”

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 will secure 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.

Update on commissioning of WCP A

Commissioning of the WCP A project has continued to advance. Excavated ore
volumes from the new dredges over the past month have exceeded the 2025
monthly average prior to the plant shutdown, which included both dredge and
dry mining. However, as volumes have increased, some issues have progressively
emerged, primarily relating to slimes management.

Slimes are ultra fine particles that impact on feed rates and recoveries. The
upfront desliming circuit within the new feed preparation module removes
slimes from the ore, prior to their transfer to the densification paddock, and
this is working effectively. Once the slimes are sufficiently dense, they are
pumped to the new Tailings Storage Facility (“TSF”), and clean water is
returned from the densification paddock to the mining pond.

Currently, the water returning to the mining pond contains excess slimes,
indicating that slimes pumping capacity between the densification paddock and
the TSF requires optimisation. Additional pumping capacity has been installed
and supplementary clean water is being added to the mining pond to increase
recoveries. The Company expects performance of the slimes management system to
continue to improve during December and further work will also be undertaken
over the coming weeks to support the plant in consistently achieving design
capacity.

The two new high-capacity dredges have demonstrated their ability to deliver
excavated ore volumes at nameplate capacity; however further work is required
to address intermittent interruptions. Kenmare previously believed that all
commissioning issues with the dredges had been resolved, but as the ramp up
has progressed, it has become clear that additional adjustments to the
automation systems are required and these are in progress.

As a result of these recent challenges, Kenmare now expects WCP A to achieve
its nameplate capacity of 3,500 tonnes per hour on a consistent basis during
Q1 2026.

In relation to the on-plant tailings management system, which was mentioned in
the previous announcement, significant work has already been undertaken to
improve mass and water balances and further optimisation work is underway.

2025 guidance update

The Company is prioritising bringing WCP A to nameplate capacity, rather than
deploying resources and incurring higher operating costs to produce additional
ilmenite, in line with its value over volume approach.

During the year-to-date, Moma has produced over 800,000 tonnes of ilmenite and
Kenmare now expects 2025 ilmenite production to be not less than 830,000
tonnes. This reflects the production impacts associated with the commissioning
of WCP A and normal production expectations from the Company’s other mining
operations. Production guidance for Kenmare’s other products remains as
stated in the Company’s announcement on 18 November 2025.

Shipments are now expected to be approximately 980,000 tonnes of finished
products in 2025, as two shipments appear likely to complete loading in early
2026, meaning they will benefit H1 2026 performance.

Total cash operating cost guidance remains at $228 to $252 million.

As previously announced, Kenmare will release 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