Media Speculation

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, notes recent media reports in Mozambique regarding the renewal of key rights and concessions under Moma’s Implementation Agreement (“IA”).

Kenmare confirms that it remains in discussions with the Government of Mozambique and the final terms for the renewal have not yet been concluded.

Operations at Moma continue as usual and have not been affected by the discussions.

Further updates will be provided in due course.

Background on Implementation Agreement

The IA is an agreement made in 2002 between Kenmare and the Government of Mozambique that sets out the terms under which Kenmare conducts its mineral processing and export activities. Amongst other things, it provides Kenmare with certain rights and concessions for an initial period until December 2024, with a right of extension for a further 20-year period.

Kenmare has been pursuing the extension process with the Government of Mozambique since late 2022 and been engaging with the Government on potential amendments to the applicable terms. Although the original expiry date was 21 December 2024, the Ministry of Industry and Commerce provided confirmation that Kenmare’s existing rights and benefits remain in full force and effect pending conclusion of the extension process.