Report on Payments to Governments

Core Viewpoint - Kenmare Resources plc has published its Report on Payments to Governments for the financial year ended 31 December 2024, detailing payments made to the Government of Mozambique related to its mining operations at the Moma Titanium Minerals Mine [2][3]. Company Overview - Kenmare Resources plc is a leading global producer of titanium minerals and zircon, operating the Moma Titanium Minerals Mine in northern Mozambique, which accounts for approximately 6% of global titanium feedstocks [5][22]. - The company is incorporated in Ireland and has a premium listing on the London Stock Exchange, with a secondary listing on Euronext Dublin [5]. Regulatory Compliance - The report complies with the Transparency Regulations, Companies Act 2014, and UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules, ensuring transparency in payments made to governments [4]. Payment Analysis - The report categorizes payments made to the Government of Mozambique, including taxes, royalties, and fees, with a total payment of $20,323,000 for the year 2024 [21]. - Specific payments include$9,921,000 in taxes, $10,087,000 in royalties, and$315,000 in fees [21]. Operational Structure - The mining operations at the Moma Mine are conducted by Kenmare Moma Mining (Mauritius) Limited and processing by Kenmare Moma Processing (Mauritius) Limited, both wholly-owned subsidiaries of Kenmare [6][9]. - The Group's corporate costs are recorded by the parent company, which does not engage in direct exploration or mining activities [7]. Financial Metrics - For the fiscal year ending 31 December 2024, the margin applied to cash costs of mining was 50.5%, as stipulated in the Mineral Licensing Contract with the Government of Mozambique [12]. - KMML is subject to a mining royalty of 3% based on HMC sold to KMPL, while KMPL pays a revenue royalty of 1% on recognized revenue [13][16]. Community Contributions - The report highlights the Group's contributions to local communities, although specific payments for infrastructure improvements are excluded from the report [10][17].