Reserves and resources

Kenmare’s large mineral resource base at Moma is sufficient to support production at current rates for more than 100 years and provides significant opportunities for further mine expansions in the future to meet increasing demand for these products.

The total proved and probable ore reserves under the Namalope, Pilivili, and Nataka mining concession are estimated as at 31 December 2019 at 1,584 million tonnes, grading 3.3% THM (Total Heavy Mineral). This includes 2.7% ilmenite, 0.18% zircon and 0.060% rutile, representing 43 million tonnes of ilmenite, 2.9 million tonnes of zircon, 0.95 million tonnes of rutile and 0.17 million tonnes of monazite.

The total ore resource (excluding reserves) held by Kenmare under a combination of exploration licences and mining concessions is estimated as at 31 December 2019 at 6.4 billion tonnes, grading 2.9% THM. This includes 2.4% ilmenite, 0.16% zircon and 0.052% rutile, representing 150 million tonnes of ilmenite, 10 million tonnes of zircon and 3 million tonnes of rutile.

*THM is comprised of ilmenite (typically 82%), rutile (typically 2.0%) and zircon (typically 5.5%), totalling approximately 90%. Tonnes and grades have been rounded and hence small differences may appear in totals. Mt represents million tonnes.

Notes:

Resources are additional to reserves. Estimates for Namalope, Nataka and Pilivili reserves and the Namalope, Nataka, Congolone and Pilivili resources comply with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code”) 2012 edition. Table 1 documentation for these reserves and resources can be found below. Estimates for all other resources were prepared and first disclosed under the 2004 edition of the JORC Code. They have not been updated to comply with the JORC Code 2012 edition on the basis that the information has not materially changed since they were last reported.

The competent person for the Namalope, Nataka and Pilivili reserves and resources and Congolone resources is Mr Mouhamed Drame (MAusIMM). Mr. M. Drame is an employee of Kenmare and does not hold any shares in the Company. The competent person for the other resources is Dr. Alastair Brown (FIMMM). Dr. A. Brown is an independent consultant who is a shareholder in, and former employee of, Kenmare. Mr. M Drame and Dr. A. Brown have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as competent persons as defined in the JORC Code 2012 edition. Mr. M. Drame and Dr. A. Brown consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.