Kenmare Resources plc
(“Kenmare” or the “Company” or the “Group”)
7 May 2026
Report on Payments to Governments
Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the
Introduction
This report details payments to Governments made by Kenmare Resources plc (the “Company”) and its subsidiary undertakings (the “Group”) for the financial year ended 31 December 2025.
This report has been prepared in accordance with the requirements of Part 2A of the Transparency (Directive 2004/109/EC) Regulations, 2007 (as amended) (“Part 2A”), Part 26 of the Companies Act 2014 (“Part 26”) and rule DTR 4.3A of the
About Kenmare Resources plc
Kenmare Resources plc is an Irish incorporated company with a premium listing on the London Stock Exchange and a secondary listing on Euronext Dublin. Kenmare operates the Moma Titanium Minerals Mine (“Moma” or the “Moma Mine”), which is located on the northern coast of
The Group consists of the parent company (Kenmare Resources plc) and its subsidiary undertakings. The mining operations at the
The parent company, Kenmare Resources plc, conducts no direct exploration or mining activities. The Group’s corporate costs are recorded by the parent company.
Scope of report
Disclosure of payments to Governments is required in respect of payments arising from the exploration, discovery, development and extraction of minerals; the payments included within this report therefore relate to the Group’s mining and processing activities at the
Groups are required to prepare a consolidated report disclosing payments made by the parent company and its subsidiary undertakings. Accordingly, this report reflects payments made by the Group companies conducting mining and processing activities, namely KMML and KMPL. The Group owns 100% of these entities and the amounts reflect 100% of the payments made by these subsidiary undertakings.
For a broader discussion of the Group’s contribution to its host communities, please see Kenmare’s 2025 Sustainability statement within its 2025 Annual Report, available on the Company’s website at www.kenmareresources.com/investors/reports-presentations-webcasts/
Payments
The payments disclosed in this report are on a cash basis.
The payments made to Governments are required to be analysed into the following categories:
- Production entitlements – this category includes the host Government’s share of production, which is usually outlined in a production sharing agreement. In 2025, the Group did not make relevant payments in this category.
- Taxes – this category includes taxes paid to Governments on income, profits or production arising from the Group’s exploration, discovery, development and extraction of minerals. Taxes levied on consumption such as value added taxes, personal income taxes and sales taxes are excluded. In the period KMML paid corporation tax rate of 35% of the taxable profits of its
Mozambique branch. Taxable profits of the branch are calculated by reference to the cash costs of producing Heavy Mineral Concentrate (“HMC”) net of allowable tax deductions and increased by a defined margin.
KMML’s
The margin applied to the cash costs of mining is stipulated in the Mineral Licensing Contract dated 21 January 2002. The contract is between KMML and the Ministry of Mineral Resources and Energy (MIREME) of the Republic of Mozambique, acting for and on behalf of the Government of the
Under the terms of the Implementation Agreement between KMPL and the Government of Mozambique, KMPL was exempted from corporation tax.
- Royalties – this category includes payments to a Government for the rights to extract minerals or other materials. Typically, amounts are levied based on production levels or revenues. KMML paid a mining royalty of 3% based on HMC sold to KMPL. The royalty is calculated by multiplying the cash costs of producing HMC, plus the margin as detailed above, by 3%. KMPL paid a revenue royalty of 1% on revenue recognised.
- Dividends – this category includes dividend payments other than dividends paid to a Government as an ordinary shareholder of the Company or one of its subsidiary undertakings. In 2025, the Group did not make relevant payments in this category.
- Bonuses – this category includes bonuses paid to a Government for and in consideration of signature, discovery, production, awards, grants and transfers of extraction rights and production bonuses. In 2025, the Group did not make relevant payments in this category.
- Fees – this category includes licence fees, rental fees, entry fees and other considerations for mining licences or concessions.
- Infrastructure improvements – this category includes payments to Governments for infrastructure other than in circumstances where the infrastructure is expected to be primarily dedicated to operational activities throughout its useful life. Payments that form part of the Group’s social investment activities (which are primarily organised and administered by the Kenmare Moma Development Association) are excluded. Such payments would include contributions in respect of local schools, healthcare or community facilities, or improvements to the general environment of local communities.
Government
“Government” means any national, regional or local authority of a country, and includes a department, agency or undertaking that is a subsidiary undertaking where the authority is the parent undertaking.
All payments referred to this report are made to the Government of Mozambique or its agencies; in particular, they are made to Autoridade Tributária Unidade dos Grandes Contribuintes – Nampula, a department of the Mozambican tax authority.
Analysis by project/entity
An analysis of payments by project is required where payments are attributable to specific projects. Projects are defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a Government. Where agreements are substantially interconnected in operating and geographical terms, with substantially similar terms, those agreements should be treated as a single project. Payments may be disclosed at an entity level where payments are made in respect of obligations imposed at that entity level rather than at a project level. Payments below are disclosed at the entity level for KMML and KMPL, which between them operate the
Materiality
Under Part 2A and Part 26, a payment need not be disclosed if it is a single payment of less than the equivalent of €100,000 or a series of related payments in a single year whose total is less than the equivalent of €100,000. Under DTR 4.3A, a payment need not be disclosed if it is a single payment of less than the equivalent of £86,000 or a series of related payments in a single year whose total is less than the equivalent of £86,000.
Currency and rounding
All monetary amounts in this report refer to
Payments to Governments – 2025
| Production entitlements | Taxes | Royalties | Dividends | Bonuses | Fees | Infrastructure improvements | Total | |
| $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |
| Country summary | ||||||||
| Government of Mozambique | – | 7,051 | 8,930 | – | – | 1,154 | – | 17,135 |
| Total | – | 7,051 | 8,930 | – | – | 1,154 | – | 17,135 |
| Entity report | ||||||||
| KMML | – | 7,051 | 5,603 | – | – | 921 | – | 13,575 |
| KMPL | – | – | 3,327 | – | – | 233 | – | 3,560 |
| Total | – | 7,051 | 8,930 | – | – | 1,154 | – | 17,135 |
This report for Kenmare Resources plc (registered number 37550) was approved by the Directors of the Company on 6 May 2026 and signed on their behalf by
Tom Hickey Andrew Webb
Director Director
For further information, please contact:
Kenmare Resources plc
Investor Relations
ir@kenmareresources.com
Tel: +353 1 671 0411
Mob: +353 87 663 0875 / +353 87 708 2525
Murray Group (PR advisor)
Paul O’Kane
pokane@murraygroup.ie
Tel: +353 86 609 0221
About Kenmare Resources
Kenmare Resources plc is one of the world’s largest producers of titanium minerals. Listed on the London Stock Exchange and the Euronext Dublin, Kenmare operates the
All monetary amounts refer to
