No intention to make an offer - Kenmare Resources

THIS IS AN ANNOUNCEMENT UNDER RULE 2.8 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES 2022 (THE "IRISH TAKEOVER RULES")

No intention to make an offer statement for Kenmare Resources plc.

Oryx Global Partners Limited and Michael Carvill (together, the "Consortium") confirmed today that it does not intend to make an offer for Kenmare Resources plc. Accordingly, the Consortium will be bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules. The Consortium reserves the right within the next 6 months to set aside this announcement where so permitted under Rule 2.8 (including 2.8(c)(ii)).

Following a comprehensive due diligence process and after accounting for its findings, the Consortium was unable to reach alignment with Kenmare on its updated valuation and as a result the Consortium has ceased engagement.

Oryx Global Partners remains committed to its strategy of investing in high-quality assets that support the global energy transition and secure critical mineral supply chains and will continue with its measured and disciplined approach to investment selection.

The Consortium wishes Kenmare and its stakeholders every success in delivering the Wet Concentrator Plant A upgrade project and extension of the Implementation Agreement.

Oryx Global Partners is a specialist investment firm dedicated to facilitating the energy transition and securing supply chains through strategic investments in the minerals value chain.

The Oryx team, composed of financial, technical, and operational experts with extensive resources and investment management experience, utilises a proven investment process to identify high-quality investments and deliver significant operational value-add.

Oryx is committed to delivering attractive returns to its investors and a net positive impact through its operations. Their responsible and sustainable approach enables Oryx to create lasting value through industry that benefits both its investors and broader stakeholders.