Key Performance Indicators
Kenmare uses various financial and non-financial performance measures to help evaluate the ongoing performance of its business.
Linked to the Group’s strategic objectives, the following measures are considered by management to be some of the most important in evaluating Kenmare’s overall performance year-on-year.
Lost Time Injury Frequency Rate (LTIFR)
0.07
(per 200k hours)
Links to strategies
-
Operate responsibly
Links to risks
- 15 Social license to operate
- 8 Health, Safety and Environment
Description
Measures the number of injuries per 200,000 hours worked at the Mine, which results in time lost from work.
Performance
Three Lost Time Injuries (LTIs) were recorded in the 12 months to 31 December 2025, compared to two in 2024, resulting in a rolling 12-month Lost Time Injury Frequency Rate (LTIFR) of 0.07 per 200,000 hours worked (31 December 2024: 0.06). In 2025, Kenmare achieved its lowest ever All Injury Frequency Rate of 0.75 per 200,000 hours worked. The WCP A upgrade project has had no injuries since commencement, achieving over two million LTI free hours.
GHG Emissions
54,570
tonnes CO
2e Links to strategies
-
Operate responsibly
Links to risks
- 15 Social license to operate
- 4 Weather conditions
- 6 Loss of production due to power supply and transmission interruption
Description
Measures total Scope 1 and 2 Greenhouse Gas (GHG) emissions. Kenmare acknowledges the human contribution to climate change and aims to reduce emissions from its already low carbon intensity operations.
Performance
Kenmare’s Scope 1 GHG emissions decreased by 8% in 2025, primarily due to lower Mineral Separation Plant (MSP) diesel usage due to lower levels of production. Kenmare successfully piloted biodiesel in its operations in 2025 and is actively seeking domestic sources of the fuel to support future decarbonisation efforts.
Gender Diversity
18.0
Links to strategies
-
Operate responsibly
Links to risks
- 15 Social license to operate
Description
Measures the percentage of female employees at the Moma Mine. Kenmare recognises the benefits to its business of supporting diversity, equity, and inclusion for long-term sustainable success.
Performance
Kenmare is working to increase the number of women in its workforce. At year-end 2025, 18% of Mine employees were women, compared with 17.4% in 2024.
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Production of Finished Products
1,004,000
tonnes
Links to strategies
-
Deliver long-life, low-cost production
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 16 Changing competitive landscape
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Orebody knowledge
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 9 IT security risk
- 10 Development project risk
- 14 Liquidity
Description
Provides a measure of production from the Mine and is defined as finished products produced by the mineral separation process (in tonnes).
Performance
Heavy Mineral Concentrate (HMC) production in 2025 was 1,233,300 tonnes, down 15% yearon-year (YoY), due primarily to lower excavated ore volumes relating to the Wet Concentrator Plant (WCP) A upgrade work. Production of finished products was 1,004,000 tonnes, down 10% YoY (2024: 1,115,300 tonnes), due to reduced HMC availability. This was partially offset by the drawdown of intermediate stockpiles to deliver increased primary zircon production and the introduction of a new concentrate by-product called ZrTi.
Shipments
947,900
tonnes
Links to strategies
-
Deliver long-life, low-cost production
Links to risks
- 16 Changing competitive landscape
- 4 Weather conditions
- 5 Orebody knowledge
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 11 Industry cyclicality
- 12 Customer and/or market concentration
- 14 Liquidity
Description
Provides a measure of finished product volumes shipped to customers during the period (in tonnes).
Performance
Shipment volumes in 2025 were 947,900 tonnes, a 13% decrease compared to 2024, due primarily to poor weather conditions in H1 and the Peg transhipment vessel going into its five-yearly dry dock for maintenance work between June and September, limiting shipping capacity
Cash Costs
$242.7m
Links to strategies
-
Deliver long-life, low-cost production
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 16 Changing competitive landscape
- 7 Asset damage or loss
- 13 Unanticipated cost inflation
- 14 Liquidity
Description
Eliminates freights costs and non-cash costs to identify the actual cash outlay for production and, as production levels increase or decrease, highlights operational performance by providing a comparable cash cost per tonne of finished product produced over time.
Performance
Total cash operating costs remained relatively flat in 2025, compared to 2024. Cash operating costs per tonne increased by 11%, due to the 10% decrease in production of finished products
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Adjusted EBITDA
$58m
Links to strategies
-
Deliver long-life, low-cost production
-
Allocate capital efficiently
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 16 Changing competitive landscape
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Orebody knowledge
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 9 IT security risk
- 10 Development project risk
- 11 Industry cyclicality
- 12 Customer and/or market concentration
- 13 Unanticipated cost inflation
- 14 Liquidity
Description
Eliminates the effects of financing, tax and depreciation to allow assessment of the earnings and performance of the Group.
Performance
Adjusted EBITDA decreased by 63% compared with 2024. This was the result of a 20% reduction in mineral product revenue, due to a 13% decrease in shipment volumes and a 6% decrease in average price received. A lower value product mix also impacted revenue, with co-products revenue down 15% YoY. Total cash operating costs remained relatively flat in 2025, compared with 2024.
Adjusted Profit After Tax
($23.7m)
Links to strategies
-
Deliver long-life, low-cost production
-
Allocate capital efficiently
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 16 Changing competitive landscape
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Orebody knowledge
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 9 IT security risk
- 10 Development project risk
- 11 Industry cyclicality
- 12 Customer and/or market concentration
- 13 Unanticipated cost inflation
- 14 Liquidity
Description
Measures how well Kenmare is managing costs, increasing productivity and generating the most profit from its assets. It is also the basis on which the Group’s dividend payout ratio is assessed.
Performance
The adjusted loss after tax in 2025 was $23.7 million, compared to profit after tax of $64.9 million in 2024.
Total Capital Expenditure
$215m
Links to strategies
-
Deliver long-life, low-cost production
-
Allocate capital efficiently
Links to risks
- 3 Geotechnical risk
- 5 Orebody knowledge
- 7 Asset damage or loss
- 10 Development project risk
- 13 Unanticipated cost inflation
- 14 Liquidity
Description
Provides the amount spent by the Group on additions to property, plant and equipment in the period.
Performance
Peak capital expenditure was incurred on the WCP A project in 2025, with $168 million spent on upgrade work ahead of WCP A’s transition to the Nataka ore zone. $47 million related to various other capital items, including the dry dock of the Peg transshipment vessel and the Selective Mining Operation
Net Debt/(Cash)
$158.8m
Links to strategies
-
Deliver long-life, low-cost production
-
Allocate capital efficiently
Links to risks
- 16 Changing competitive landscape
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 11 Industry cyclicality
- 13 Unanticipated cost inflation
- 14 Liquidity
Description
Total cash and cash equivalents less bank loans and lease liabilities are a measure of the Group’s financial leverage and an indication of how Kenmare is managing its balance sheet and capital structure.
Performance
Kenmare finished the year with net debt of $158.8 million (2024: $25.0 million). This comprised $48.6 million of cash and cash equivalents (2024: $56.7 million), debt of $206.4 million (2024: $80.4 million), and lease liabilities of $1.0 million (2024: $1.3 million). The increase in net debt reflects the peak capital expenditure on the WCP A project in 2025
Shareholder Returns
$8.9m
Links to strategies
-
Allocate capital efficiently
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 16 Changing competitive landscape
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Orebody knowledge
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 10 Development project risk
- 11 Industry cyclicality
- 12 Customer and/or market concentration
- 13 Unanticipated cost inflation
- 14 Liquidity
Description
Shareholder returns comprise dividends and share buy-backs.
Performance
Shareholder returns in respect of 2025 were $8.9 million and were comprised of an interim dividend of USc10 per share. The Board made the difficult but responsible decision to pause the final dividend in light of weak market conditions and elevated net debt. This is in line with the Company’s commitment to maintaining balance sheet flexibility and ensuring Kenmare’s long-term financial stability
Return on Capital Employed
0%
Links to strategies
-
Allocate capital efficiently
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 16 Changing competitive landscape
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Orebody knowledge
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 10 Development project risk
- 11 Industry cyclicality
- 13 Unanticipated cost inflation
- 14 Liquidity
Description
Return on Capital Employed (ROCE) is defined as operating profit expressed as a percentage of the average capital employed. ROCE is a measure of the profits generated in the year in comparison to the capital investment that has been made in the Company.
Performance
The Group’s ROCE decreased by 100% in 2025 compared to 2024, primarily driven by lower earnings in the year.
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Risk key
- Strategic risks
- Operational risks
- Financial risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 15 Social license to operate
- 16 Changing competitive landscape
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Orebody knowledge
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 8 Health, Safety and Environment
- 9 IT security risk
- 10 Development project risk
- 11 Industry cyclicality
- 12 Customer and/or market concentration
- 13 Unanticipated cost inflation
- 14 Liquidity
Links to strategic priorities
-
Operate responsibly
-
Deliver long-life, low-cost production
-
Allocate capital efficiently