Kenmare Resources plc
("Kenmare" or "the Company" or "the Group")
11 September 2025
Wet Concentrator Plant A Project 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.
Statement from Ben Baxter, Chief Operations Officer:
"We're pleased to announce that work has started to connect the two new dredges and the new feed preparation unit to WCP A. This upgrade work will enable WCP A to mine successfully in the large Nataka ore zone, which is the key to Moma's future production.
Our projects team and experienced contractors have planned this work meticulously and we are focused on executing it safely, on time and on budget. WCP A has paused production to allow this work to take place, which is estimated to take three to four weeks, and this is included within our 2025 guidance. We remain on track to achieve our 2025 production and cost guidance and we look forward to providing a further update as the project progresses."
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.
Mining conditions in Nataka are different to Namalope, where WCP A is mining currently. The ore contains higher levels of slimes (ultra fine, clay-like particles), which can impact feed and recovery rates if not properly managed. Kenmare is upgrading WCP A with two new high-capacity dredges and a new feed preparation module, including an upfront desliming circuit, to effectively manage slimes and increase mining rates, with the objective of delivering consistently stronger Heavy Mineral Concentrate production to its processing operations.
The capital cost estimate of the WCP A upgrade project and transition to Nataka remains at $341 million, including a new Tailings Storage Facility and infrastructure in Nataka. Kenmare continues to expect approximately 80% of the capital to be incurred and successfully deployed by the end of 2025, substantially de-risking the project.
Kenmare regularly updates its Projects image library with photographs of the WCP A upgrade project. View the latest photographs here: www.kenmareresources.com/media/image-library/projects
Watch a video, including interviews with members of the Kenmare team, about the transport of the new dredges from the Netherlands to Mozambique, here: www.kenmareresources.com/media/videos/
Sequence of work
The two new dredges arrived at Moma in July 2025 and were transported to the (dry) staging pond using Self-Propelled Modular Transporters on a dedicated road. The new feed preparation module was assembled in the staging pond, before the pond was flooded during August.
The new dredges and feed preparation module were successfully floated and one of WCP A's existing dredges mined through the wall separating the staging pond and WCP A's mining pond in early September.
WCP A has paused production for an estimated three to four weeks to allow the existing dredges and feed preparation module to be detached from the rest of the plant and for the new dredges and new feed preparation module to be connected in their place. This production pause is included in Kenmare's 2025 production guidance and the Company remains on track to achieve its 2025 production and cost guidance. During the production pause, commissioning of individual components, such as the new feed preparation module, is expected to continue and Kenmare plans to deliver the required process upgrades to prepare for the mining and processing of ore thereafter.
View an animation of the planned upgrade sequence here: www.kenmareresources.com/media/videos/
Ramp up and transition to Nataka
Once the production pause ends, WCP A will undergo a brief ramp up period and it is expected to be operating at its nameplate capacity of 3,500 tonnes per hour by the end of 2025. WCP A will complete its mine path in Namalope in Q2 2026 and will begin its transition to Nataka from late Q2 2026, which is expected to take approximately 18 months.
Kenmare will provide further updates on the WCP A upgrade project in due course.
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.
