Report on Payments to Governments

This announcement replaces the Report on Payments to Governments released on 14 May 2025 at 07:00. The figure in the table relating to total payments to the Government of Mozambique was incorrect and has been amended to 20,323 ($’000). All other details remain unchanged.

Kenmare Resources plc

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

Report on Payments to Governments

Introduction

Scope of report

For a broader discussion of the Group’s payments to governments and its contribution to its host communities, please see the Group’s 2024 Sustainability statement within our 2024 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:

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. KMML is subject to a 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 2024 the margin was 50.5%.

KMPL has the benefit of operating within an Industrial Free Zone (“IFZ”) and as an IFZ company, it is 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 is subject to 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 is subject to a revenue royalty of 1% on revenue recognised.

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 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

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

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 – 2024

This report for Kenmare Resources plc (registered number 37550) was approved by the Directors of the Company on 13 May 2025 and signed on their behalf by

Tom Hickey Andrew Webb

Director Director