Update on Implementation Agreement

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 the renewal of Moma’s Implementation Agreement (“IA”).

The IA governs the terms under which Kenmare conducts its mineral processing and export activities. Mining operations at Moma are conducted under a separate regulatory framework, which is not impacted in any way by the IA process. The IA granted certain rights and benefits for a period of 20 years to 21 December 2024, subject to extension upon request.

Kenmare has been engaging constructively with the Government of Mozambique regarding the extension and, in connection with the extension, has agreed in principle to certain modifications to the applicable investment regime. However, the timetable for the extension is now likely to extend beyond 21 December 2024.

In the meanwhile, the Agency for the Promotion of Investment and Exports, a unit of the Ministry of Industry and Commerce, has indicated that the Company’s existing rights and benefits remain in full force and effect pending conclusion of the process and that Kenmare can continue to process minerals and export final products in the same manner as it currently does.

Further updates will be provided in due course.

Statement from Tom Hickey, Managing Director:

“Kenmare has had a presence in Mozambique for almost 40 years and the Moma Mine has been in production for 17 years. We are pleased that the Government has provided confirmation of our ability to continue to operate under our existing terms during this interim period and that the process can be concluded in an orderly manner. Kenmare has always taken a long-term view on our operations and relationships in Mozambique and is very proud of the meaningful contribution we have made to our host country.”