Publication of 2023 Annual Report

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

4 April 2024

Publication of 2023 Annual Report

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 the publication and filing of its Annual Report for the year ended 31 December 2023.

The 2023 Annual Report (in ESEF-compliant and PDF formats) is available for inspection on the Company's website and can be downloaded here. It has also been submitted to Euronext Dublin and the UK National Storage Mechanism and will shortly be available for inspection at the following locations:

https://direct.euronext.com/#/oamfiling

and

https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The 2023 Annual Report is available to view directly by clicking on the link at the end of this announcement.

Paper copies are expected to be posted on 11 April 2024 to shareholders who have requested to receive them.

2023 key highlights

Financial

• Recommended 2023 dividend of $50.0 million or USc56.04 per share, a 3% increase compared to 2022 (USc54.31), comprising an interim dividend of USc17.50 per share (paid in October 2023) and a final dividend of USc38.54 per share (payable in May 2024)
• Mineral product revenue of $437.1 million, a 12% decrease compared to 2022 ($498.3 million), driven by a 10% lower average price received for Kenmare’s products, due to weaker markets and a 3% reduction in shipments
• Total cash operating costs of $228.1 million, up 4% on 2022 ($218.7 million), due to increased heavy mobile equipment rental, higher fuel costs, and costs associated with a severe lightning strike in Q1 2023
• Cash operating costs per tonne of $209, a 15% increase compared to 2022 ($182 per tonne), due to higher total cash operating costs and a 9% decrease in production of finished products
• EBITDA of $220.3 million, representing a strong EBITDA margin of 50% (2022: 60%), despite weaker product pricing driving a 26% decrease on 2022 ($298.0 million)
• Profit after tax of $131.0 million, down 36% on 2022 ($206.0 million)
• Diluted earnings per share of $1.37 per share, a 35% decrease on 2022 ($2.12 per share)
• Net cash of $20.7 million at year-end 2023 (2022: $25.7 million), with cash and cash equivalents of $71.0 million (2022: $108.3 million)
• Share buy-back of 5.9% of Kenmare’s issued share capital for £23.6 million ($30.0 million) completed in September 2023
• Post-period end, new debt facilities agreed for a $200 million Revolving Credit Facility to enhance financial flexibility and support Kenmare’s planned capital programmes

Operational and corporate