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Statement of accounting policies Kenmare Resources plc (the Company) is domiciled in the Republic of Ireland. The Company\u2019s registered address is Styne House, Hatch Street Upper, Dublin 2. The Company has an Equity Shares (Commercial Companies) listing on the Main Market of the London Stock Exchange and a secondary listing on Euronext Dublin. These consolidated financial statements comprise the Company and its subsidiaries (the Group). The principal activity of the Group is the operation and further development of the Moma Titanium Minerals Mine in Mozambique. The material accounting policies adopted by the Group are set out below. Adoption of new and revised standards Standards adopted in the current financial year The following new and revised standards, all of which are effective for accounting periods beginning on or after 1 January 2025, have been adopted in the current financial year. IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 effective 1 January 2025 None of the new and revised standards and interpretations listed above have a material effect on the Group\u2019s financial statements. Standards to be adopted in future accounting periods At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements were in issue but not yet effective. The Group will apply the relevant standards from their effective dates. The standards are mandatory for future accounting periods but are not yet effective and have not been early-adopted by the Group. Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures \u2013 effective 1 January 2026 Annual Improvements to IFRS Accounting Standards \u2013 effective 1 January 2026 Amendments to: \u2212 IFRS 1 First-time Adoption of International Financial Reporting Standards; \u2212 IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; \u2212 IFRS 9 Financial Instruments; \u2212 IFRS 10 Consolidated Financial Statements; and \u2212 IAS 7 Statement of Cash flows. IFRS 18 Presentation and Disclosure in Financial Statements \u2013 effective 1 January 2027 IFRS 19 Subsidiaries without Public Accountability: Disclosures \u2013 effective 1 January 2027 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures) \u2013 effective date to be confirmed. The Directors do not expect that the adoption of the Standards and Interpretations listed above will have a material impact on the financial statements of the Group in future periods with the exception of IFRS 18, which will have a presentational impact. Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee (IFRIC) as adopted by the EU and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation. Going concern The Group forecast has been prepared by management with best estimates of production, pricing and cost assumptions over the period. Key assumptions upon which the Group forecast is based include a mine plan covering production using the Namalope, Nataka, Pilivili and Mualadi Ore Reserves and Mineral Resources. Specific Mineral Resource material is included only where there is a high degree of confidence in its economic extraction. Production levels for the purpose of the forecast are, approximately, 1.0 million tonnes of ilmenite plus co-products, zircon, concentrates and rutile, and by-product ZrTi over the next 12 months. Assumptions for product sales prices are based on contract prices as stipulated in marketing agreements with customers or, where contract prices are based on market prices or production is not presently contracted, prices are forecast taking into account independent expertise on mineral sands products and management expectations. Operating costs are based on approved budget costs for 2026, taking into account the current running costs of the Mine and escalated by 2% per annum thereafter. Capital costs are based on the capital plans and include escalation at 2% per annum. The 2026 operating costs and forecast capital costs take into account the current inflationary environment. The 2% inflation rate used from 2027 to escalate these costs over the life of mine is an estimated long-term inflation rate. Implementation Agreement The Implementation Agreement (IA) grants certain rights and concessions to Kenmare Moma Processing (Mauritius) Limited (KMPL) in connection with its processing and export activities. Certain of those rights and concessions expired in December 2024. Since the expiry date, KMPL has been able to continue operating substantially on the basis of those legacy rights and concessions while negotiating their renewal with the Government of Mozambique (the Government). However, in July 2025, the Government unilaterally adopted an Internal Resolution granting KMPL a 20-year extension of its terms of authorisation but on different terms to those it is entitled to under the IA. The Mozambique Tax Authority began to implement some but not all of the Internal Resolution terms in early 2026. If applied in full, the Internal Resolution terms could be materially detrimental to Kenmare\u2019s economic interests or liquidity through the imposition of additional royalties, indirect taxes (VAT, Customs Duties) and direct taxes (Corporation Tax, Withholding Tax), among others. Kenmare is in active negotiations with the Government to conclude the IA renewal process on mutually agreed terms; the outcome and timing of renewal of the rights and concessions remain uncertain. Revolving Credit Facility (RCF) The Group has been in discussions with its Lender syndicate (Absa Bank, Nedbank, Rand Merchant Bank and Standard Bank) regarding amendments to its RCF, including adjustments to its financial covenant levels, in light of the prevailing weak market conditions and outlook. There is a risk that these amendments are not agreed on a timely basis, or at all. Failure to secure the terms may lead to a breach of financial covenants in the future; any such breach would constitute an Event of Default. The Group\u2019s financial forecasts and projections for the next twelve months indicate that the Group would be able to meet its obligations as they fall due on the assumption that suitable amendments or waivers are secured under the Senior Facility Agreement (SFA) and, in relation to the IA, that the relevant rights and concessions are renewed on agreed terms, or that KMPL is able to continue to operate substantially on the basis of the legacy terms. This assessment is sensitive to typical downside risks such as further deterioration in product prices, potential disruption to the Group\u2019s production or shipping activity due to operational, geopolitical or other factors impacting Kenmare or its customers, and the crystallisation of other risks such as those described in the Principal Risks and Uncertainties in the Annual Report, particularly if such downside risks were to materialise in combination. The Directors recognise that the combination of the circumstances described above represents a material uncertainty that may cast significant doubt as to the Group\u2019s ability to continue as a going concern and that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The Directors have a reasonable expectation that, subject to resolution of the uncertainties set out above, the Group will be able to continue in operation. Accordingly, the financial statements have been prepared on a going concern basis. Basis of accounting The financial statements are presented in US Dollars rounded to the nearest thousand. They have been prepared under the historical cost convention except for certain trade receivables and share-based payments, which are recorded at fair value. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, its subsidiaries and its subsidiaries\u2019 branches. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control listed above. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. When the Company loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between: (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest; and (ii) the previous carrying amount of the assets, less liabilities of the subsidiary. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets and liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required by applicable IFRS). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments or, when applicable, the costs on initial recognition of an investment in an associate or a joint venture. Determination of ore reserve estimates The Group estimates its Ore Reserves and Mineral Resources based on information compiled by a Competent Person as defined in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition (the JORC Code). Ore Reserves and Mineral Resources determined in this way are used in the calculation of depreciation, amortisation and impairment charges, the assessment of life of mine and for forecasting the timing of the payment of close-down costs, restoration costs and clean-up costs. In assessing the life of a mine for accounting purposes, Mineral Resources are taken into account only where there is a high degree of confidence of economic extraction. There are numerous uncertainties inherent in estimating Ore Reserves and Mineral Resources and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of final products, production costs or recovery rates may change the economic status of Ore Reserves and Mineral Resources and may, ultimately, result in the Ore Reserves being revised.
Accounting for climate change
The Board and management have set a medium-term decarbonisation target of a 30% reduction by 2030, versus a 2021 baseline. Kenmare has an
ambition to achieve Net Zero for its operational (Scope 1 and 2) emissions by 2040, also from a 2021 baseline.
The Rotary Uninterruptible Power Supply (RUPS) and operational efficiency measures exceeded the 12% emissions reduction target by year-end
2024. Since the first iteration of this Climate Transition Plan in 2024, investigations into various decarbonisation levers have been conducted,
and will continue to be conducted. These investigations have demonstrated the challenge of finding projects that are viable from an economic,
technical and market perspective. Kenmare envisages that achieving its medium-term target of a 30% reduction by 2030 is currently unlikely to
be feasible for this reason, but the Company nevertheless remains committed to pursuing this ambition.
To decarbonise operations, Kenmare is focusing on:
Increasing energy efficiency across all operations
Transitioning from fossil fuel to clean-electric powered mining methods
Electrifying fossil fuel-powered equipment
Integrating alternative low carbon fuels
Increasing availability of renewable energy sources
Management have considered the impact of Kenmare\u2019s Climate Transition Plan (2025 to 2030) on amounts reported within the financial
statements. Considerations in respect of climate-related matters have been made on a number of key estimates and judgements, including:
The estimate of future cash flows used in determining the recoverable amount of the Moma Titanium Minerals Mine cash-generating unit;
The mine closure provision and mine rehabilitation provision; and
The useful lives of property, plant and equipment.
Estimated future cash flow forecasts
Following the upgrade of Wet Concentrator Plant (WCP) A in 2026, Kenmare will substantially reduce its use of diesel-intensive dry mining using
Heavy Mobile Equipment (HME). This is expected to provide an emissions reduction of 5,000 tonnes of CO
2
e per annum. This will be offset by the
impact of increased dry mining to feed the Selective Mining Operations (SMOs). The SMOs will be used to mine smaller areas of mineralisation
within the orebody that are inaccessible to the larger WCPs. The total capital costs required for the move of WCP A to Nataka is estimated at
$341 million (including the two new dredges costing $65 million) and these costs, along with the associated operating costs at Nataka, have been
included in the cash flow forecast.
Kenmare continues to investigate process-based energy efficiency and is actively looking into opportunities for electrification of equipment that
currently depends on diesel, including dryers and HME.
Kenmare has planned to partially replace diesel-generated heat in the MSP with electrically generated heat. In 2025, a feasibility study was
conducted for the partial electrification of dryers that proved uneconomic; however, the project remains under active consideration.
In 2025, a Drimax Moisture Management project was started. Drimax is a chemical additive that aids dewatering in mineral processing, lowering
the moisture content of the minerals being processed. This results in lower levels of diesel-powered heat required to dry the product and
increasing product throughput in the drying and separation process. In 2025, a pilot was conducted on the HiAl (high aluminium) processing
circuit in the MSP with encouraging results. Further investigations will be carried out in 2026. Capital costs of $0.38 million are included in the
cashflow forecast for this project for the period 2027 to 2030. This is estimated to deliver 4,000 tonnes of CO
2
e reductions.
For HME, preliminary analysis suggests that electric front-end loaders (FELs) and haul trucks would be cost competitive with their diesel
counterparts over the total life of ownership. One electric haul truck is being procured for piloting in 2026. The current Climate Transition Plan
envisages 50% of light duty vehicles (LDVs), 60% of haul trucks and 50% of FELs being electrified by 2030. These percentages assume the
phased decommissioning and replacement of diesel equipment is by electric equipment. Capital costs of $10 million are included in the cashflow
forecast for these projects for the period 2027 to 2030.
In 2024, Kenmare began a pilot to test the integration of biodiesel into its operations, testing the impacts in HME, LDVs and the MSP. While
biodiesel represents a readily available technology to support decarbonisation operations internationally, the Government of Mozambique (the
Government) introduced a regulation in 2023 prioritising the domestic sourcing of biofuels. To date, no domestic projects have been developed.
Kenmare is investigating a project to develop biodiesel in Mozambique in partnership with a major oil and gas company and feasibility studies
started in late 2024. Domestically produced biodiesel represents a potentially exciting opportunity to decarbonise operations and align with the
Government\u2019s goals of integrating biofuels into fossil fuel consumption and creating socio-economic opportunities through investment in the
agricultural sector. However, due to the level of risk and uncertainty, Kenmare is not including the potential costs or gains from this option in its
plans or cash flow forecasts at present.
Kenmare uses hydro-electric power supplied by Mozambique\u2019s national electricity company, Electricidade de Mo\u00e7ambique (EdM), from the
Cahora Bassa Dam power station. Between 2005 and 2007, Kenmare invested in building 170km of power lines from Nampula to Moma to connect
to Mozambique\u2019s hydro-electric power grid. This provides over 90% of Kenmare\u2019s electricity requirements.
In the future, it is expected that the availability of this power may become limited and EdM may not be able to meet all Kenmare\u2019s electricity needs.
In addition, as the overall electrical load at Moma grows, the electrical losses in the transmission line from Nampula to Moma will also increase,
which will result in higher unit costs of electricity at Moma. It is, therefore, necessary for Kenmare to procure and/or invest in green electricity
sourced from wind, solar photovoltaic and battery storage. Kenmare is actively investigating partnerships with independent power producers for
solar and battery energy storage systems located near the Mine, with expected spend of $0.2 million in 2026. The aim is to provide additional
clean power that is competitively priced. The integration of renewable power sources is also expected to improve the quality and stability of power
received from the EdM network.
Should these initiatives proceed, the investment will create opportunities for the electrification of equipment including excavators, articulated
dump trucks and LDVs.
The majority of the Group\u2019s capital investment in the near-term is the upgrade of WCP A in advance of the move to Nataka. Due to their modest
nature, a change in the other costs associated with the Climate Transition Plan between 2025 and 2030, totalling $11.7 million, is not currently
anticipated to impact the forecast cash flows or the recoverable value of the Mine.
Mine closure and rehabilitation provision
The Group estimates the mine closure and rehabilitation provision based on current restoration standards, techniques and climate conditions.
Closure plans and cost estimates are supported by detailed studies, which are provided by external estimates. Detailed closure cost studies are
refreshed at least every five years, and these studies are evolving to incorporate greater consideration of forecast climate conditions at closure.
Estimated useful lives of existing assets
The Group considered whether its climate ambitions required changes to the useful lives of existing assets. The upgrade of WCP A ahead of its
move to Nataka included the addition of two higher-capacity dredges, removing the need for supplementary dry mining. This will result in a higher
electricity requirement but will replace HME that currently runs on diesel. The useful lives of heavy mobile equipment have not been adjusted to
reflect this, as fleet management will result in these vehicles ceasing to operate at the end of their expected useful lives and being replaced by
electric vehicles.
Should pathways for eliminating fossil fuel power-generating assets be identified, depending on technological development within the industry,
the Group\u2019s property, plant and equipment profile may change and accelerated depreciation of assets may be required.. However, at present the
requirement for fossil fuel-powered assets means that early retirement of existing assets is not expected.
Management continues to monitor future uncertainty around climate change risks and develop the Group\u2019s assessment of the impact that climate
change has on the amounts recognised in the financial statements. It is, therefore, likely that the future carrying amounts of assets or liabilities
may change as the Group\u2019s judgements and estimates evolve as the Group responds to its climate change ambitions.
Revenue recognition
Revenue represents the value of goods and services supplied to third parties during the year. Revenue is measured at the fair value of
consideration received or receivable and excludes any discounts and applicable sales tax. Revenue is recognised when the Group satisfies a
performance obligation by transferring a promised good or service to a customer.
The Group has a mixture of long-term contracts and spot contracts with customers for the sale of mineral products: ilmenite, zircon, rutile and
concentrates. Sales contracts are evaluated to determine the performance obligations, the transaction price and the point at which there is
transfer of control. Sales are made on either a free on board (FOB), cost, insurance and freight (CIF), or a cost and freight (CFR) basis. Control of
mineral products passes from the Group to customers on delivery and delivery is deemed to take place when the mineral product is loaded on the
ocean-going vessel chartered by either the customer or the Group. The transactional price is the amount of consideration due in exchange for
transferring the promised goods or services to the customer, and is allocated against the performance obligations and recognised in accordance
with whether control is recognised over a defined period or at a specific point in time.
The customer is responsible for the cost of shipping and handling for all FOB Incoterms. The Group is responsible for shipping the mineral
product to a destination port specified by the customer for all CIF and CFR Incoterms. The Group has determined that the shipping service
represents a separate performance obligation, and revenue in relation to such services is deferred and recognised separately from the sale of the
mineral products over time as the shipping service is provided. Shipment revenue is recognised at the contracted price to the Group. All shipping
and handling costs incurred by the Group are recognised as a cost of sale.
Taxation
The tax expense represents the sum of the current tax and deferred tax.
Current tax payable is based on the best estimate of the tax amount expected to be paid and reflects uncertainty related to income taxes, if any.
Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expenses that
are taxable or deductible in other financial years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current
tax is calculated using the tax rates that have been enacted, or substantively enacted, at the reporting date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the statement of
financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
Deferred tax liabilities are not recognised for taxable temporary differences arising on investments in subsidiary undertakings, if the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all, or part, of the asset to be recovered. Deferred tax is measured at the tax rates that are expected to apply in the period when the liability is settled or the asset is released and reflects uncertainty related to income taxes, if any. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case, the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and tax liabilities on a net basis. Property, plant and equipment The cost of property, plant and equipment comprises any costs directly attributable to bringing an asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated closure costs associated with the asset. This includes the cost of moving plant and associated infrastructure to the orebodies under the Group\u2019s mining concessions, which form part of the Group\u2019s life of mine plan. Construction in progress expenditures for the construction and commissioning of property, plant and equipment are deferred until the facilities are operational, at which point the costs are transferred to property, plant and equipment and depreciated at the applicable rates. Subsequent expenditure on an item of property, plant and equipment, including enhancement expenditure, is recognised as part of the cost of an asset if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. Property, plant and equipment are depreciated over their useful life on a straight-line basis, or over the remaining life of the Mine if shorter, or on a unit of production basis. The major categories of property, plant and equipment are depreciated as follows: Plant and equipment Unit of production basis Development expenditure Unit of production basis Other assets Vessels 5 to 25 years Buildings and airstrip 20 years Mobile equipment 3 to 5 years Fixtures and equipment 3 to 10 years Unit of production depreciation is calculated using the quantity of HMC extracted from the Mine for processing in the period as a percentage of the total quantity of HMC planned to be extracted in current and future periods based on the Ore Reserves. The Ore Reserves are updated on an annual basis for the results of drilling programmes carried out, mining activity during the year, and other relevant considerations. The unit of production depreciation rate is adjusted following this update and applied prospectively. Capital spares consist of critical plant spares with estimated useful lives greater than one year and are included in property, plant and equipment. Capital spares are stated at cost. Residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Changes to the estimated residual values or useful lives are accounted for prospectively. Development expenditure Project development costs include expenditure on the development of an orebody, including pre-feasibility and feasibility studies on mining the orebody, the transport of mining plants to the orebody, additional infrastructure required to mine the orebody and community resettlement costs. Project development costs include finance costs and lender and advisor fees incurred during the period before such mine is capable of operating at production levels in the manner intended by management, and are deferred and included in property, plant and equipment. In addition, expenses including depreciation during commissioning of the Mine in the period before it is capable of operating in the manner intended by management are deferred. These costs include an allocation of costs, including share-based payments, as determined by management and incurred by Group companies. Interest on borrowings relating to the Mine construction and development projects are capitalised until the point when the activities that enable the Mine to operate in its intended manner are complete. Once the Mine is operating in the manner intended by management, the related costs are depreciated over the life of the estimated Ore Reserves of such mine on a unit of production basis, or over its useful life if shorter. Where the project is terminated or an impairment of value has occurred, related costs are written off immediately. Exploration and evaluation expenditure Exploration and evaluation expenditure activity involves the search for Mineral Resources, the determination of technical feasibility and the assessment of commercial viability of an identified Mineral Resource. Exploration and evaluation expenditure is charged to the statement of comprehensive income as incurred, except where the existence of a commercially viable mineral deposit has been established and it is expected that the deposit will be mined. Capitalised exploration and evaluation expenditure considered to be tangible is recognised as a component of property, plant and equipment at cost less impairment charges. Until such time as an asset is available for use, it is not depreciated. All capitalised exploration and evaluation expenditure is monitored for indications of impairment as part of development expenditure. To the extent that capitalised expenditure is not expected to be recovered, it is charged to the statement of comprehensive income. Impairment of non-current assets At each reporting date, the Group reviews the carrying amounts of its non-current assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As the fair value for the Mine is difficult to determine, the Group uses its value in use in estimating the recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of the asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. Where an impairment loss, subsequently, reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior financial years. A reversal of an impairment loss is recognised as income immediately. Inventories Mineral product inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials, direct labour costs and overheads, including depreciation, incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs necessary to make the sale. Quantities are assessed primarily through surveys and assays. ZrTi is a by-product of ilmenite production. The Group applies the net realisable value method for the recognition of ZrTi as a by-product. On production, ZrTi is recognised in mineral product inventory at a estimated net realisable value thereby reducing the cost of production of the main product ilmenite. On sale of ZrTi, the FOB sales value and net realisable cost (net of associated costs) are recognised in cost of sales. Consumable spares are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and comprises the purchase price and related costs incurred in bringing the inventories to their present location and condition. Consumable spares identified as obsolete are recognised as an expense immediately. Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to, or deducted, from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Financial assets The financial assets of the Group consist of cash and cash equivalents and trade and other receivables. Classification of financial assets Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Cash and cash equivalents are initially measured at fair value and are, subsequently, measured at amortised cost. They are held by the Group to collect deposit interest and to meet the liquidity requirements of the Group. The Group also has a trade facility for customers to which it sells to under letter of credit terms. Under this facility, the bank confirms the letter of credit from the issuing bank and, therefore, assumes the credit risk. The bank can also discount these letters of credit, thereby, providing early payment of receivables to the Group. Derecognition of the trade receivables occurs when the customer\u2019s invoices are discounted and the Group receives cash from the bank. These facilities assist the Group in managing its liquidity for funding of operations. Trade receivables that are not factored are initially measured at fair value and, subsequently, measured at amortised cost as they are held by the Group in order to collect receipts under the credit terms of the sales contracts, i.e. solely payment of principal and interest (SPPI). Trade receivables where it is not known at initial recognition if they will be discounted are classified as fair value through other comprehensive income (FVOCI). This is because their cash flows are generated through a combination of collection and sales (by discounting). Interest income is recognised using the effective interest method for debt instruments measured, subsequently, at amortised cost. For financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. Interest income is recognised in profit or loss and is included in the finance income line item. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables that are not measured at fair value through profit or loss. The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected credit losses for financial assets, which requires expected lifetime losses to be recognised from initial recognition of the receivable. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the trade receivable. When determining whether the credit risk of a trade receivable has increased the Group considers credit risk ratings where available, the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the customers, general economic conditions and an assessment of both the current as well as the forecast conditions at the reporting date. Sales to certain customers are undertaken on a letter of credit basis to reduce the credit risk of the relevant customers. The Group considers a trade receivable to be in default when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed in liquidation or has entered into bankruptcy proceedings. The Group considers a trade receivable to be credit impaired when there is evidence that the customer is in significant financial difficulty and the debt is more than 90 days past due. Foreign exchange gains and losses The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. For financial assets measured at amortised cost, exchange differences are recognised in profit or loss. Financial liabilities and equity The financial liabilities of the Group consist of bank borrowings, leases and trade payables. The equity of the Group consists of share capital issued by the Company and own shares. Classification of issued debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Issued equity An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs. The only equity instrument of the Company is ordinary shares. Own shares Ordinary shares acquired by the Company or purchased by The Kenmare Resources plc Employee Benefit Trust are deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments. Financial liabilities The financial liabilities of the Group are, initially, measured at fair value and, subsequently, measured at amortised cost using the effective interest method. Financial liabilities measured subsequently at amortised cost The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating the interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability. Foreign exchange gains and losses For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in profit or loss. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid is recognised in profit or loss. When the Group exchanges, with an existing Lender, one debt instrument for another with substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between the carrying amount of the liability before the modification and the present value of the cash flows after modification is recognised in profit or loss as the modification gain or loss within other gains and losses. Derivative financial instruments The Group entered into forward contracts during the year to purchase South African Rand with US Dollar. No other derivative financial instruments were entered into during the financial year. Dividends Dividends are recognised as a liability in the Company\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation, and when a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Contingent liabilities are recognised when the Group has a possible obligation, the existence of which will only be confirmed by uncertain future events that are not wholly within the control of the Group. Mine closure provision The Mine closure provision represents the Directors\u2019 best estimate of the Group\u2019s liability for close-down, dismantling and restoration of the mining and processing site, excluding reclamation of areas disturbed by mining activities, which is covered under the Mine rehabilitation provision. A corresponding amount equal to the provision is recognised as part of property, plant and equipment and depreciated over its estimated useful life. The costs are estimated on the basis of a formal closure plan and are subject to regular review. The Mine closure provision is determined as the net present value of such estimated costs discounted at a risk-free rate. The Group uses long-term rates as provided by the US Treasury. This is deemed the best estimate to reflect the current market assessment of the time value of money on a risk-free basis. Risks specific to the liability are included in the cost estimate. Changes in the expected costs or estimated timing of costs are recorded by an adjustment to the provision and a corresponding adjustment to property, plant and equipment. The unwinding of the discount on the Mine closure provision is recognised as a finance cost. Mine rehabilitation provision The Mine rehabilitation provision represents the Directors\u2019 best estimate of the liability for reclaiming areas disturbed by mining activities. Reclamation costs are recognised in each period in the statement of comprehensive income based on the area disturbed in such period. Segmental reporting Information on the operations of the Moma Titanium Minerals Mine in Mozambique is reported to the Executive Committee for the purposes of resource allocation and assessment of segment performance. The Executive Committee report to the Board on the performance of the Group. The principal categories for disaggregating revenue are by product type and by country of the customer\u2019s location. The product types are ilmenite, zircon, rutile and concentrates. Concentrates include secondary zircon, mineral sands concentrate.
Critical accounting judgements and key sources of estimation uncertainty
Critical judgements in applying the Group\u2019s accounting policies
In the process of applying the Group\u2019s accounting policies, the Directors have made the following judgements that have the most significant effect
on the amounts recognised in the financial statements (apart from those involving estimations, which are dealt with below).
Consolidation of structured entities
The Group has established the Kenmare Employee Benefit Trust, which facilitates the operation of The Kenmare Resources plc Restricted Share
Plan (KRSP). While the Group does not hold any of the equity of the trust, the Directors have concluded that the Group controls its activities and,
therefore, the financial statements of the trust are included in the Group\u2019s Consolidated Financial Statements.
Key sources of estimation uncertainty
The preparation of financial statements requires the Directors to make estimates and assumptions that affect the amounts reported for assets
and liabilities as at the reporting date. The nature of estimation means the actual outcomes could differ from those estimates. The main areas
subject to estimation uncertainty are detailed below.
Property, plant and equipment
The recovery of property, plant and equipment is dependent upon the successful operation of the Mine. The realisation of cash flow forecast
assumptions would result in the recovery of such amounts. During the financial year, the Group carried out an impairment review of property, plant
and equipment. In performing the impairment review, there is a significant level of estimation required in determining the key assumptions which
have a significant impact on the impairment model and the discount rate used. The assumptions are set out below:
The discount rate is based on the Group\u2019s weighted average cost of capital. This rate is a best estimate of the current market assessment of
the time value of money and the risks specific to the Mine, taking into consideration country risk, currency risk and price risk. The Group\u2019s
estimation of the country risk premium included in the discount rate has remained unchanged from the prior year. The Group does not
consider it appropriate to apply the full current country risk premium for Mozambique to the calculation of the Group\u2019s weighted average
cost of capital as it believes the specific circumstances that have impacted on the risk premium in recent years are not relevant to the
specific circumstances of the Moma Mine. Hence, country risk premium, applicable to the calculation of the cost of equity, has been adjusted
accordingly.
The IA governs the terms under which Kenmare conducts its mineral processing and export activities. Mining operations are conducted under
a separate regulatory framework, which is not impacted in any way by the IA process. The IA granted certain rights and benefits for a period
of 20 years to 21 December 2024, subject to extension upon request. Kenmare has been engaging constructively with the Government of
Mozambique regarding the extension and, in connection with the extension, has proposed certain modifications to the applicable investment
regime, which have been included in the Group forecast. The Group forecast assumes that the Company\u2019s existing rights and benefits remain
in full force and effect pending conclusion of the extension. Kenmare continues to process minerals and export final products in the same
manner as it did prior to 21 December 2024.
The initial term of the Group\u2019s Mining Licence over the orebody will expire in 2029. Under the terms of the Mineral Licensing Contract (MLC)
the Group can apply for an extension of 15 years to 2044. Under the terms of the MLC, the Group can apply for subsequent extensions post-
2044 provided the life of the mine allows and subject to the same conditions as the first renewal. Since the Group signed its MLC in 2002 with
the Government of Mozambique under Mining Law 2/86, mining law has been amended on several occasions. However, the various amended
mining legislation contained grandfathering provisions, which confirm the ongoing validity of the mining contracts that were entered into with
the Government of Mozambique, before the entry into force of the amended legislation. The grandfathering provisions provide for an opt in
or opt out regime for companies that signed contracts under an earlier legal regime. The Group has not exercised the right to move to either
Mining Law 14/2002 or Mining Law 20/2014 and, as a result, the Group continues to be regulated by the legislation in force at the time of the
signature of the MLC.
The mine plan is based on the Namalope, Nataka, Pilivili and Mualadi proved and probable Ore Reserves and Mineral Resources. Specific
Mineral Resource material is included only where there is a high degree of confidence in its economic extraction. Average annual production of
finished products is, approximately, 1.1 million tonnes to 1.2 over the next two years with 1.3 million tonnes from 2028 onwards. Certain minimum
stocks of final and intermediate products are assumed to be maintained at period ends.
Product sales prices are based on contract prices as stipulated in marketing agreements with customers; or where contracts are based on
market prices or production is not currently contracted, prices are forecast by the Group, taking into account independent titanium mineral
sands expertise (TZMI and TiPMC) and management expectations, including general inflation of 2% per annum.
Operating costs are based on approved budget costs for 2026, taking into account the current running costs of the Mine and estimated
forecast inflation for 2026. From 2026 onwards, operating costs are escalated by 2% per annum as management expects inflation to normalise
and average 2% over the life of mine period.
The Board and management have set a medium-term decarbonisation target of 30% reduction by 2030 from a 2021 baseline. Kenmare has
an ambition to achieve Net Zero for its operational (Scope 1 and 2) emissions by 2040, also from a 2021 baseline, and will continue to work to
achieve a higher decarbonisation rate. Management has included the costs of implementing the Climate Transition Plan (2025 to 2030) into
the cash flow forecasts. No savings associated with the Company\u2019s ambition to become Net Zero have been factored into the forecast.
Capital costs are based on a life of mine capital plan, including inflation at 2% per annum from 2026. As a result of the review, the Group recognised an impairment loss of $301.3 million (2024:nil) in the financial year. Provisions Mine closure and Mine rehabilitation provision The Mine closure provision represents the Directors\u2019 best estimate of the Group\u2019s liability for close-down, dismantling and restoration of the mining and processing site, excluding the reclamation of areas disturbed by mining activities, which is covered under the Mine rehabilitation provision. The costs are estimated on the basis of a formal closure plan and are subject to regular independent review. The Mine closure provision is estimated based on the net present value at the risk-free rate of estimated future Mine closure costs. Mine closure costs are a normal consequence of mining, and the majority of such costs are incurred at the end of the life of mine. The Mine rehabilitation provision represents the Directors\u2019 best estimate of the Group\u2019s liability for reclaiming areas disturbed by mining activities. Reclamation costs are recognised in each period based on the area disturbed in the period and an estimated cost of rehabilitation per hectare, which is reviewed regularly against actual rehabilitation cost per hectare. Actual rehabilitation expenditure is incurred, approximately, 12 months after the area has been disturbed. There is significant estimation uncertainty in the calculation of the mine closure and mine rehabilitation provision and cost estimates can vary in response to many factors, including: Changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders; Additional remediation requirements identified during the rehabilitation; The emergence of new restoration techniques; Change in the expected closure date; Change in the discount rate; and The effects of inflation. The quantitative inputs and sensitivity information relating to the mine closure and mine rehabilitation provision are detailed in Note 21. Units of production depreciation Units of production depreciation is calculated using the quantity of HMC extracted from the Mine for processing in the period as a percentage of the total quantity of HMC planned to be extracted in current and future periods based on the Ore Reserve as detailed in the unaudited Ore Reserves and Mineral Resources table on page 33. The Group estimates its Ore Reserves and Mineral Resources based on information compiled by a Competent Person as defined in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition. There are numerous uncertainties inherent in estimating Ore Reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of final products, production costs or recovery rates may change the economic status of reserves and may, ultimately, result in the reserves being revised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "
Kenmare Resources plc (the Company) is domiciled in the Republic of Ireland. The Company\u2019s registered address is Styne House, Hatch Street
Upper, Dublin 2. The Company has an Equity Shares (Commercial Companies) listing on the Main Market of the London Stock Exchange and
a secondary listing on Euronext Dublin. These consolidated financial statements comprise the Company and its subsidiaries (the Group). The
principal activity of the Group is the operation and further development of the Moma Titanium Minerals Mine in Mozambique.
The material accounting policies adopted by the Group are set out below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Kenmare Resources plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "Kenmare Resources plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1": { "value": "Republic of Ireland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "Republic of Ireland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Styne House, Hatch Street Upper, Dublin 2", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "The principal activity of the Group is the operation and further development of the Moma Titanium Minerals Mine in Mozambique.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "value": "Mozambique", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "
Adoption of new and revised standards
Standards adopted in the current financial year
The following new and revised standards, all of which are effective for accounting periods beginning on or after 1 January 2025, have been
adopted in the current financial year.
IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 effective 1 January 2025
None of the new and revised standards and interpretations listed above have a material effect on the Group\u2019s financial statements.
Standards to be adopted in future accounting periods
At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these
financial statements were in issue but not yet effective. The Group will apply the relevant standards from their effective dates. The standards are
mandatory for future accounting periods but are not yet effective and have not been early-adopted by the Group.
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures \u2013 effective 1 January 2026
Annual Improvements to IFRS Accounting Standards \u2013 effective 1 January 2026
Amendments to:
\u2212
IFRS 1 First-time Adoption of International Financial Reporting Standards;
\u2212
IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
\u2212
IFRS 9 Financial Instruments;
\u2212
IFRS 10 Consolidated Financial Statements; and
\u2212
IAS 7 Statement of Cash flows.
IFRS 18 Presentation and Disclosure in Financial Statements \u2013 effective 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures \u2013 effective 1 January 2027
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 Consolidated Financial
Statements and IAS 28 Investments in Associates and Joint Ventures) \u2013 effective date to be confirmed.
The Directors do not expect that the adoption of the Standards and Interpretations listed above will have a material impact on the financial
statements of the Group in future periods with the exception of IFRS 18, which will have a presentational impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "Adoption of new and revised standards Standards adopted in the current financial year The following new and revised standards, all of which are effective for accounting periods beginning on or after 1 January 2025, have been adopted in the current financial year. IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 effective 1 January 2025 None of the new and revised standards and interpretations listed above have a material effect on the Group\u2019s financial statements. Standards to be adopted in future accounting periods At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements were in issue but not yet effective. The Group will apply the relevant standards from their effective dates. The standards are mandatory for future accounting periods but are not yet effective and have not been early-adopted by the Group. Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures \u2013 effective 1 January 2026 Annual Improvements to IFRS Accounting Standards \u2013 effective 1 January 2026 Amendments to: \u2212 IFRS 1 First-time Adoption of International Financial Reporting Standards; \u2212 IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; \u2212 IFRS 9 Financial Instruments; \u2212 IFRS 10 Consolidated Financial Statements; and \u2212 IAS 7 Statement of Cash flows. IFRS 18 Presentation and Disclosure in Financial Statements \u2013 effective 1 January 2027 IFRS 19 Subsidiaries without Public Accountability: Disclosures \u2013 effective 1 January 2027 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures) \u2013 effective date to be confirmed. The Directors do not expect that the adoption of the Standards and Interpretations listed above will have a material impact on the financial statements of the Group in future periods with the exception of IFRS 18, which will have a presentational impact. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "Adoption of new and revised standards Standards adopted in the current financial year The following new and revised standards, all of which are effective for accounting periods beginning on or after 1 January 2025, have been adopted in the current financial year. IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 effective 1 January 2025 None of the new and revised standards and interpretations listed above have a material effect on the Group\u2019s financial statements. Standards to be adopted in future accounting periods At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements were in issue but not yet effective. The Group will apply the relevant standards from their effective dates. The standards are mandatory for future accounting periods but are not yet effective and have not been early-adopted by the Group. Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures \u2013 effective 1 January 2026 Annual Improvements to IFRS Accounting Standards \u2013 effective 1 January 2026 Amendments to: \u2212 IFRS 1 First-time Adoption of International Financial Reporting Standards; \u2212 IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; \u2212 IFRS 9 Financial Instruments; \u2212 IFRS 10 Consolidated Financial Statements; and \u2212 IAS 7 Statement of Cash flows. IFRS 18 Presentation and Disclosure in Financial Statements \u2013 effective 1 January 2027 IFRS 19 Subsidiaries without Public Accountability: Disclosures \u2013 effective 1 January 2027 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures) \u2013 effective date to be confirmed. The Directors do not expect that the adoption of the Standards and Interpretations listed above will have a material impact on the financial statements of the Group in future periods with the exception of IFRS 18, which will have a presentational impact. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "
Basis of preparation
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) issued by the
International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee (IFRIC) as adopted by the EU
and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee (IFRIC) as adopted by the EU and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "
Going concern
The Group forecast has been prepared by management with best estimates of production, pricing and cost assumptions over the period.
Key assumptions upon which the Group forecast is based include a mine plan covering production using the Namalope, Nataka, Pilivili and
Mualadi Ore Reserves and Mineral Resources. Specific Mineral Resource material is included only where there is a high degree of confidence
in its economic extraction. Production levels for the purpose of the forecast are, approximately, 1.0 million tonnes of ilmenite plus co-products,
zircon, concentrates and rutile, and by-product ZrTi over the next 12 months. Assumptions for product sales prices are based on contract prices
as stipulated in marketing agreements with customers or, where contract prices are based on market prices or production is not presently
contracted, prices are forecast taking into account independent expertise on mineral sands products and management expectations. Operating
costs are based on approved budget costs for 2026, taking into account the current running costs of the Mine and escalated by 2% per annum
thereafter. Capital costs are based on the capital plans and include escalation at 2% per annum. The 2026 operating costs and forecast capital
costs take into account the current inflationary environment. The 2% inflation rate used from 2027 to escalate these costs over the life of mine is
an estimated long-term inflation rate.
Implementation Agreement
The Implementation Agreement (IA) grants certain rights and concessions to Kenmare Moma Processing (Mauritius) Limited (KMPL) in
connection with its processing and export activities. Certain of those rights and concessions expired in December 2024. Since the expiry date,
KMPL has been able to continue operating substantially on the basis of those legacy rights and concessions while negotiating their renewal with
the Government of Mozambique (the Government).
However, in July 2025, the Government unilaterally adopted an Internal Resolution granting KMPL a 20-year extension of its terms of
authorisation but on different terms to those it is entitled to under the IA. The Mozambique Tax Authority began to implement some but not all of
the Internal Resolution terms in early 2026. If applied in full, the Internal Resolution terms could be materially detrimental to Kenmare\u2019s economic
interests or liquidity through the imposition of additional royalties, indirect taxes (VAT, Customs Duties) and direct taxes (Corporation Tax,
Withholding Tax), among others.
Kenmare is in active negotiations with the Government to conclude the IA renewal process on mutually agreed terms; the outcome and timing of
renewal of the rights and concessions remain uncertain.
Revolving Credit Facility (RCF)
The Group has been in discussions with its Lender syndicate (Absa Bank, Nedbank, Rand Merchant Bank and Standard Bank) regarding
amendments to its RCF, including adjustments to its financial covenant levels, in light of the prevailing weak market conditions and outlook. There
is a risk that these amendments are not agreed on a timely basis, or at all. Failure to secure the terms may lead to a breach of financial covenants
in the future; any such breach would constitute an Event of Default.
The Group\u2019s financial forecasts and projections for the next twelve months indicate that the Group would be able to meet its obligations as they
fall due on the assumption that suitable amendments or waivers are secured under the Senior Facility Agreement (SFA) and, in relation to the IA,
that the relevant rights and concessions are renewed on agreed terms, or that KMPL is able to continue to operate substantially on the basis of
the legacy terms. This assessment is sensitive to typical downside risks such as further deterioration in product prices, potential disruption to the
Group\u2019s production or shipping activity due to operational, geopolitical or other factors impacting Kenmare or its customers, and the crystallisation
of other risks such as those described in the Principal Risks and Uncertainties in the Annual Report, particularly if such downside risks were to
materialise in combination.
The Directors recognise that the combination of the circumstances described above represents a material uncertainty that may cast significant
doubt as to the Group\u2019s ability to continue as a going concern and that it may be unable to realise its assets and discharge its liabilities in the
normal course of business. The Directors have a reasonable expectation that, subject to resolution of the uncertainties set out above, the Group
will be able to continue in operation. Accordingly, the financial statements have been prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "
Basis of accounting
The financial statements are presented in US Dollars rounded to the nearest thousand. They have been prepared under the historical cost
convention except for certain trade receivables and share-based payments, which are recorded at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company, its subsidiaries and its subsidiaries\u2019 branches.
Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries
are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the
elements of control listed above.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are
eliminated on consolidation.
When the Company loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between:
(i) the aggregate of the fair value of the consideration received and the fair value of any retained interest; and (ii) the previous carrying amount
of the assets, less liabilities of the subsidiary. All amounts previously recognised in other comprehensive income in relation to that subsidiary
are accounted for as if the Group had directly disposed of the related assets and liabilities of the subsidiary (i.e. reclassified to profit or loss or
transferred to another category of equity as required by applicable IFRS). The fair value of any investment retained in the former subsidiary at the
date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments or, when
applicable, the costs on initial recognition of an investment in an associate or a joint venture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "
Determination of ore reserve estimates
The Group estimates its Ore Reserves and Mineral Resources based on information compiled by a Competent Person as defined in accordance
with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition (the JORC Code). Ore Reserves
and Mineral Resources determined in this way are used in the calculation of depreciation, amortisation and impairment charges, the assessment
of life of mine and for forecasting the timing of the payment of close-down costs, restoration costs and clean-up costs. In assessing the life of a
mine for accounting purposes, Mineral Resources are taken into account only where there is a high degree of confidence of economic extraction.
There are numerous uncertainties inherent in estimating Ore Reserves and Mineral Resources and assumptions that are valid at the time of
estimation may change significantly when new information becomes available. Changes in the forecast prices of final products, production costs
or recovery rates may change the economic status of Ore Reserves and Mineral Resources and may, ultimately, result in the Ore Reserves being
revised.
", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForDeterminationOfOreReserveEstimates", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "Accounting for climate change The Board and management have set a medium-term decarbonisation target of a 30% reduction by 2030, versus a 2021 baseline. Kenmare has an ambition to achieve Net Zero for its operational (Scope 1 and 2) emissions by 2040, also from a 2021 baseline. The Rotary Uninterruptible Power Supply (RUPS) and operational efficiency measures exceeded the 12% emissions reduction target by year-end 2024. Since the first iteration of this Climate Transition Plan in 2024, investigations into various decarbonisation levers have been conducted, and will continue to be conducted. These investigations have demonstrated the challenge of finding projects that are viable from an economic, technical and market perspective. Kenmare envisages that achieving its medium-term target of a 30% reduction by 2030 is currently unlikely to be feasible for this reason, but the Company nevertheless remains committed to pursuing this ambition. To decarbonise operations, Kenmare is focusing on: Increasing energy efficiency across all operations Transitioning from fossil fuel to clean-electric powered mining methods Electrifying fossil fuel-powered equipment Integrating alternative low carbon fuels Increasing availability of renewable energy sources Management have considered the impact of Kenmare\u2019s Climate Transition Plan (2025 to 2030) on amounts reported within the financial statements. Considerations in respect of climate-related matters have been made on a number of key estimates and judgements, including: The estimate of future cash flows used in determining the recoverable amount of the Moma Titanium Minerals Mine cash-generating unit; The mine closure provision and mine rehabilitation provision; and The useful lives of property, plant and equipment. Estimated future cash flow forecasts Following the upgrade of Wet Concentrator Plant (WCP) A in 2026, Kenmare will substantially reduce its use of diesel-intensive dry mining using Heavy Mobile Equipment (HME). This is expected to provide an emissions reduction of 5,000 tonnes of CO2e per annum. This will be offset by the impact of increased dry mining to feed the Selective Mining Operations (SMOs). The SMOs will be used to mine smaller areas of mineralisation within the orebody that are inaccessible to the larger WCPs. The total capital costs required for the move of WCP A to Nataka is estimated at $341 million (including the two new dredges costing $65 million) and these costs, along with the associated operating costs at Nataka, have been included in the cash flow forecast. Kenmare continues to investigate process-based energy efficiency and is actively looking into opportunities for electrification of equipment that currently depends on diesel, including dryers and HME. Kenmare has planned to partially replace diesel-generated heat in the MSP with electrically generated heat. In 2025, a feasibility study was conducted for the partial electrification of dryers that proved uneconomic; however, the project remains under active consideration. In 2025, a Drimax Moisture Management project was started. Drimax is a chemical additive that aids dewatering in mineral processing, lowering the moisture content of the minerals being processed. This results in lower levels of diesel-powered heat required to dry the product and increasing product throughput in the drying and separation process. In 2025, a pilot was conducted on the HiAl (high aluminium) processing circuit in the MSP with encouraging results. Further investigations will be carried out in 2026. Capital costs of $0.38 million are included in the cashflow forecast for this project for the period 2027 to 2030. This is estimated to deliver 4,000 tonnes of CO 2e reductions. For HME, preliminary analysis suggests that electric front-end loaders (FELs) and haul trucks would be cost competitive with their diesel counterparts over the total life of ownership. One electric haul truck is being procured for piloting in 2026. The current Climate Transition Plan envisages 50% of light duty vehicles (LDVs), 60% of haul trucks and 50% of FELs being electrified by 2030. These percentages assume the phased decommissioning and replacement of diesel equipment is by electric equipment. Capital costs of $10 million are included in the cashflow forecast for these projects for the period 2027 to 2030. In 2024, Kenmare began a pilot to test the integration of biodiesel into its operations, testing the impacts in HME, LDVs and the MSP. While biodiesel represents a readily available technology to support decarbonisation operations internationally, the Government of Mozambique (the Government) introduced a regulation in 2023 prioritising the domestic sourcing of biofuels. To date, no domestic projects have been developed. Kenmare is investigating a project to develop biodiesel in Mozambique in partnership with a major oil and gas company and feasibility studies started in late 2024. Domestically produced biodiesel represents a potentially exciting opportunity to decarbonise operations and align with the Government\u2019s goals of integrating biofuels into fossil fuel consumption and creating socio-economic opportunities through investment in the agricultural sector. However, due to the level of risk and uncertainty, Kenmare is not including the potential costs or gains from this option in its plans or cash flow forecasts at present. Kenmare uses hydro-electric power supplied by Mozambique\u2019s national electricity company, Electricidade de Mo\u00e7ambique (EdM), from the Cahora Bassa Dam power station. Between 2005 and 2007, Kenmare invested in building 170km of power lines from Nampula to Moma to connect to Mozambique\u2019s hydro-electric power grid. This provides over 90% of Kenmare\u2019s electricity requirements. In the future, it is expected that the availability of this power may become limited and EdM may not be able to meet all Kenmare\u2019s electricity needs. In addition, as the overall electrical load at Moma grows, the electrical losses in the transmission line from Nampula to Moma will also increase, which will result in higher unit costs of electricity at Moma. It is, therefore, necessary for Kenmare to procure and/or invest in green electricity sourced from wind, solar photovoltaic and battery storage. Kenmare is actively investigating partnerships with independent power producers for solar and battery energy storage systems located near the Mine, with expected spend of $0.2 million in 2026. The aim is to provide additional clean power that is competitively priced. The integration of renewable power sources is also expected to improve the quality and stability of power received from the EdM network. Should these initiatives proceed, the investment will create opportunities for the electrification of equipment including excavators, articulated dump trucks and LDVs. The majority of the Group\u2019s capital investment in the near-term is the upgrade of WCP A in advance of the move to Nataka. Due to their modest nature, a change in the other costs associated with the Climate Transition Plan between 2025 and 2030, totalling $11.7 million, is not currently anticipated to impact the forecast cash flows or the recoverable value of the Mine. Mine closure and rehabilitation provision The Group estimates the mine closure and rehabilitation provision based on current restoration standards, techniques and climate conditions. Closure plans and cost estimates are supported by detailed studies, which are provided by external estimates. Detailed closure cost studies are refreshed at least every five years, and these studies are evolving to incorporate greater consideration of forecast climate conditions at closure. Estimated useful lives of existing assets The Group considered whether its climate ambitions required changes to the useful lives of existing assets. The upgrade of WCP A ahead of its move to Nataka included the addition of two higher-capacity dredges, removing the need for supplementary dry mining. This will result in a higher electricity requirement but will replace HME that currently runs on diesel. The useful lives of heavy mobile equipment have not been adjusted to reflect this, as fleet management will result in these vehicles ceasing to operate at the end of their expected useful lives and being replaced by electric vehicles. Should pathways for eliminating fossil fuel power-generating assets be identified, depending on technological development within the industry, the Group\u2019s property, plant and equipment profile may change and accelerated depreciation of assets may be required.. However, at present the requirement for fossil fuel-powered assets means that early retirement of existing assets is not expected. Management continues to monitor future uncertainty around climate change risks and develop the Group\u2019s assessment of the impact that climate change has on the amounts recognised in the financial statements. It is, therefore, likely that the future carrying amounts of assets or liabilities may change as the Group\u2019s judgements and estimates evolve as the Group responds to its climate change ambitions. ", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForAccountingForClimateChange", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "Revenue recognition Revenue represents the value of goods and services supplied to third parties during the year. Revenue is measured at the fair value of consideration received or receivable and excludes any discounts and applicable sales tax. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to a customer. The Group has a mixture of long-term contracts and spot contracts with customers for the sale of mineral products: ilmenite, zircon, rutile and concentrates. Sales contracts are evaluated to determine the performance obligations, the transaction price and the point at which there is transfer of control. Sales are made on either a free on board (FOB), cost, insurance and freight (CIF), or a cost and freight (CFR) basis. Control of mineral products passes from the Group to customers on delivery and delivery is deemed to take place when the mineral product is loaded on the ocean-going vessel chartered by either the customer or the Group. The transactional price is the amount of consideration due in exchange for transferring the promised goods or services to the customer, and is allocated against the performance obligations and recognised in accordance with whether control is recognised over a defined period or at a specific point in time. The customer is responsible for the cost of shipping and handling for all FOB Incoterms. The Group is responsible for shipping the mineral product to a destination port specified by the customer for all CIF and CFR Incoterms. The Group has determined that the shipping service represents a separate performance obligation, and revenue in relation to such services is deferred and recognised separately from the sale of the mineral products over time as the shipping service is provided. Shipment revenue is recognised at the contracted price to the Group. All shipping and handling costs incurred by the Group are recognised as a cost of sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "Taxation The tax expense represents the sum of the current tax and deferred tax. Current tax payable is based on the best estimate of the tax amount expected to be paid and reflects uncertainty related to income taxes, if any. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expenses that are taxable or deductible in other financial years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using the tax rates that have been enacted, or substantively enacted, at the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
Deferred tax liabilities are not recognised for taxable temporary differences arising on investments in subsidiary undertakings, if the Group is able
to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all, or part, of the asset to be recovered.
Deferred tax is measured at the tax rates that are expected to apply in the period when the liability is settled or the asset is released and reflects
uncertainty related to income taxes, if any. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates
to items charged or credited directly to equity, in which case, the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and tax liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are not recognised for taxable temporary differences arising on investments in subsidiary undertakings, if the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all, or part, of the asset to be recovered. Deferred tax is measured at the tax rates that are expected to apply in the period when the liability is settled or the asset is released and reflects uncertainty related to income taxes, if any. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case, the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and
when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and tax liabilities on
a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "Property, plant and equipment The cost of property, plant and equipment comprises any costs directly attributable to bringing an asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated closure costs associated with the asset. This includes the cost of moving plant and associated infrastructure to the orebodies under the Group\u2019s mining concessions, which form part of the Group\u2019s life of mine plan. Construction in progress expenditures for the construction and commissioning of property, plant and equipment are deferred until the facilities are operational, at which point the costs are transferred to property, plant and equipment and depreciated at the applicable rates. Subsequent expenditure on an item of property, plant and equipment, including enhancement expenditure, is recognised as part of the cost of an asset if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. Property, plant and equipment are depreciated over their useful life on a straight-line basis, or over the remaining life of the Mine if shorter, or on a unit of production basis. The major categories of property, plant and equipment are depreciated as follows: Plant and equipment Unit of production basis Development expenditure Unit of production basis Other assets Vessels 5 to 25 years Buildings and airstrip 20 years Mobile equipment 3 to 5 years Fixtures and equipment 3 to 10 years Unit of production depreciation is calculated using the quantity of HMC extracted from the Mine for processing in the period as a percentage of the total quantity of HMC planned to be extracted in current and future periods based on the Ore Reserves. The Ore Reserves are updated on an annual basis for the results of drilling programmes carried out, mining activity during the year, and other relevant considerations. The unit of production depreciation rate is adjusted following this update and applied prospectively. Capital spares consist of critical plant spares with estimated useful lives greater than one year and are included in property, plant and equipment. Capital spares are stated at cost. Residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Changes to the estimated residual values or useful lives are accounted for prospectively. Development expenditure Project development costs include expenditure on the development of an orebody, including pre-feasibility and feasibility studies on mining the orebody, the transport of mining plants to the orebody, additional infrastructure required to mine the orebody and community resettlement costs. Project development costs include finance costs and lender and advisor fees incurred during the period before such mine is capable of operating at production levels in the manner intended by management, and are deferred and included in property, plant and equipment. In addition, expenses including depreciation during commissioning of the Mine in the period before it is capable of operating in the manner intended by management are deferred. These costs include an allocation of costs, including share-based payments, as determined by management and incurred by Group companies. Interest on borrowings relating to the Mine construction and development projects are capitalised until the point when the activities that enable the Mine to operate in its intended manner are complete. Once the Mine is operating in the manner intended by management, the related costs are depreciated over the life of the estimated Ore Reserves of such mine on a unit of production basis, or over its useful life if shorter. Where the project is terminated or an impairment of value has occurred, related costs are written off immediately.
Exploration and evaluation expenditure
Exploration and evaluation expenditure activity involves the search for Mineral Resources, the determination of technical feasibility and the
assessment of commercial viability of an identified Mineral Resource. Exploration and evaluation expenditure is charged to the statement of
comprehensive income as incurred, except where the existence of a commercially viable mineral deposit has been established and it is expected
that the deposit will be mined. Capitalised exploration and evaluation expenditure considered to be tangible is recognised as a component of
property, plant and equipment at cost less impairment charges. Until such time as an asset is available for use, it is not depreciated. All capitalised
exploration and evaluation expenditure is monitored for indications of impairment as part of development expenditure. To the extent that
capitalised expenditure is not expected to be recovered, it is charged to the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "
Property, plant and equipment are depreciated over their useful life on a straight-line basis, or over the remaining life of the Mine if shorter, or on a
unit of production basis. The major categories of property, plant and equipment are depreciated as follows:
Plant and equipment Unit of production basis
Development expenditure Unit of production basis
Other assets
Vessels 5 to 25 years
Buildings and airstrip 20 years
Mobile equipment 3 to 5 years
Fixtures and equipment 3 to 10 years
Unit of production depreciation is calculated using the quantity of HMC extracted from the Mine for processing in the period as a percentage of
the total quantity of HMC planned to be extracted in current and future periods based on the Ore Reserves. The Ore Reserves are updated on
an annual basis for the results of drilling programmes carried out, mining activity during the year, and other relevant considerations. The unit of
production depreciation rate is adjusted following this update and applied prospectively.
Capital spares consist of critical plant spares with estimated useful lives greater than one year and are included in property, plant and equipment.
Capital spares are stated at cost.
Residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Changes to the estimated residual values or
useful lives are accounted for prospectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "
Impairment of non-current assets
At each reporting date, the Group reviews the carrying amounts of its non-current assets to determine whether there is any indication that those
assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the
extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates
the recoverable amount of the cash-generating unit to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As the fair value for
the Mine is difficult to determine, the Group uses its value in use in estimating the recoverable amount. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of the asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset
(or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Where an impairment loss, subsequently, reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate
of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had
no impairment loss been recognised for the asset (or cash-generating unit) in prior financial years. A reversal of an impairment loss is recognised
as income immediately.
", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForNonCurrentAssets", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "Impairment of non-current assets At each reporting date, the Group reviews the carrying amounts of its non-current assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As the fair value for the Mine is difficult to determine, the Group uses its value in use in estimating the recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of the asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. Where an impairment loss, subsequently, reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior financial years. A reversal of an impairment loss is recognised as income immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "
Inventories
Mineral product inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials, direct labour costs and
overheads, including depreciation, incurred in bringing the inventories to their present location and condition. Cost is calculated using the
weighted average method. Net realisable value represents the estimated selling price less all estimated costs necessary to make the sale.
Quantities are assessed primarily through surveys and assays.
ZrTi is a by-product of ilmenite production. The Group applies the net realisable value method for the recognition of ZrTi as a by-product. On
production, ZrTi is recognised in mineral product inventory at a estimated net realisable value thereby reducing the cost of production of the main
product ilmenite. On sale of ZrTi, the FOB sales value and net realisable cost (net of associated costs) are recognised in cost of sales.
Consumable spares are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and comprises
the purchase price and related costs incurred in bringing the inventories to their present location and condition. Consumable spares identified as
obsolete are recognised as an expense immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to, or deducted, from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Financial assets The financial assets of the Group consist of cash and cash equivalents and trade and other receivables. Classification of financial assets Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Cash and cash equivalents are initially measured at fair value and are, subsequently, measured at amortised cost. They are held by the Group to collect deposit interest and to meet the liquidity requirements of the Group. The Group also has a trade facility for customers to which it sells to under letter of credit terms. Under this facility, the bank confirms the letter of credit from the issuing bank and, therefore, assumes the credit risk. The bank can also discount these letters of credit, thereby, providing early payment of receivables to the Group. Derecognition of the trade receivables occurs when the customer\u2019s invoices are discounted and the Group receives cash from the bank.
These facilities assist the Group in managing its liquidity for funding of operations. Trade receivables that are not factored are initially measured
at fair value and, subsequently, measured at amortised cost as they are held by the Group in order to collect receipts under the credit terms of
the sales contracts, i.e. solely payment of principal and interest (SPPI). Trade receivables where it is not known at initial recognition if they will be
discounted are classified as fair value through other comprehensive income (FVOCI). This is because their cash flows are generated through a
combination of collection and sales (by discounting).
Interest income is recognised using the effective interest method for debt instruments measured, subsequently, at amortised cost. For financial
assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. Interest income is
recognised in profit or loss and is included in the finance income line item.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on trade receivables that are not measured at fair value through profit or loss.
The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected credit losses for financial assets, which
requires expected lifetime losses to be recognised from initial recognition of the receivable. The amount of expected credit losses is updated at
each reporting date to reflect changes in credit risk since initial recognition of the trade receivable.
When determining whether the credit risk of a trade receivable has increased the Group considers credit risk ratings where available, the Group\u2019s
historical credit loss experience, adjusted for factors that are specific to the customers, general economic conditions and an assessment of both
the current as well as the forecast conditions at the reporting date. Sales to certain customers are undertaken on a letter of credit basis to reduce
the credit risk of the relevant customers.
The Group considers a trade receivable to be in default when there is information indicating that the debtor is in severe financial difficulty and
there is no realistic prospect of recovery, e.g. when the debtor has been placed in liquidation or has entered into bankruptcy proceedings. The
Group considers a trade receivable to be credit impaired when there is evidence that the customer is in significant financial difficulty and the debt
is more than 90 days past due.
Foreign exchange gains and losses
The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the
spot rate at the end of each reporting period. For financial assets measured at amortised cost, exchange differences are recognised in profit
or loss.
Financial liabilities and equity The financial liabilities of the Group consist of bank borrowings, leases and trade payables. The equity of the Group consists of share capital issued by the Company and own shares. Classification of issued debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Issued equity An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs. The only equity instrument of the Company is ordinary shares. Own shares Ordinary shares acquired by the Company or purchased by The Kenmare Resources plc Employee Benefit Trust are deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments. Financial liabilities The financial liabilities of the Group are, initially, measured at fair value and, subsequently, measured at amortised cost using the effective interest method. Financial liabilities measured subsequently at amortised cost The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating the interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.
Foreign exchange gains and losses
For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the
foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are
recognised in profit or loss.
Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid is recognised in profit or loss. When the Group exchanges, with an existing Lender, one debt instrument for another with substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between the carrying amount of the liability before the modification and the present value of the cash flows after modification is recognised in profit or loss as the modification gain or loss within other gains and losses. Derivative financial instruments The Group entered into forward contracts during the year to purchase South African Rand with US Dollar. No other derivative financial instruments were entered into during the financial year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "
Financial assets
The financial assets of the Group consist of cash and cash equivalents and trade and other receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "
Classification of financial assets
Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible to
a known amount of cash and are subject to an insignificant risk of change in value. Cash and cash equivalents are initially measured at fair value
and are, subsequently, measured at amortised cost. They are held by the Group to collect deposit interest and to meet the liquidity requirements
of the Group.
The Group also has a trade facility for customers to which it sells to under letter of credit terms. Under this facility, the bank confirms the letter
of credit from the issuing bank and, therefore, assumes the credit risk. The bank can also discount these letters of credit, thereby, providing early
payment of receivables to the Group. Derecognition of the trade receivables occurs when the customer\u2019s invoices are discounted and the Group
receives cash from the bank.
These facilities assist the Group in managing its liquidity for funding of operations. Trade receivables that are not factored are initially measured at fair value and, subsequently, measured at amortised cost as they are held by the Group in order to collect receipts under the credit terms of the sales contracts, i.e. solely payment of principal and interest (SPPI). Trade receivables where it is not known at initial recognition if they will be discounted are classified as fair value through other comprehensive income (FVOCI). This is because their cash flows are generated through a combination of collection and sales (by discounting). Interest income is recognised using the effective interest method for debt instruments measured, subsequently, at amortised cost. For financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. Interest income is recognised in profit or loss and is included in the finance income line item. ", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForClassificationOfFinancialAssets", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "Classification of financial assets Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Cash and cash equivalents are initially measured at fair value and are, subsequently, measured at amortised cost. They are held by the Group to collect deposit interest and to meet the liquidity requirements of the Group. The Group also has a trade facility for customers to which it sells to under letter of credit terms. Under this facility, the bank confirms the letter of credit from the issuing bank and, therefore, assumes the credit risk. The bank can also discount these letters of credit, thereby, providing early payment of receivables to the Group. Derecognition of the trade receivables occurs when the customer\u2019s invoices are discounted and the Group receives cash from the bank. These facilities assist the Group in managing its liquidity for funding of operations. Trade receivables that are not factored are initially measured at fair value and, subsequently, measured at amortised cost as they are held by the Group in order to collect receipts under the credit terms of the sales contracts, i.e. solely payment of principal and interest (SPPI). Trade receivables where it is not known at initial recognition if they will be discounted are classified as fair value through other comprehensive income (FVOCI). This is because their cash flows are generated through a combination of collection and sales (by discounting). Interest income is recognised using the effective interest method for debt instruments measured, subsequently, at amortised cost. For financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. Interest income is recognised in profit or loss and is included in the finance income line item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables that are not measured at fair value through profit or loss. The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected credit losses for financial assets, which requires expected lifetime losses to be recognised from initial recognition of the receivable. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the trade receivable. When determining whether the credit risk of a trade receivable has increased the Group considers credit risk ratings where available, the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the customers, general economic conditions and an assessment of both the current as well as the forecast conditions at the reporting date. Sales to certain customers are undertaken on a letter of credit basis to reduce the credit risk of the relevant customers. The Group considers a trade receivable to be in default when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed in liquidation or has entered into bankruptcy proceedings. The Group considers a trade receivable to be credit impaired when there is evidence that the customer is in significant financial difficulty and the debt is more than 90 days past due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "Foreign exchange gains and losses The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. For financial assets measured at amortised cost, exchange differences are recognised in profit or loss. Foreign exchange gains and losses For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in profit or loss.", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForForeignExchangeGainsAndLosses", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "
Financial liabilities and equity
The financial liabilities of the Group consist of bank borrowings, leases and trade payables. The equity of the Group consists of share capital
issued by the Company and own shares.
", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForFinancialLiabilitiesAndEquity", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "
Classification of issued debt or equity
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual
arrangements and the definitions of a financial liability and an equity instrument.
", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForClassificationOfIssuedDebtOrEquity", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "
Issued equity
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity
instruments issued by the Company are recognised at the proceeds received, net of direct issue costs. The only equity instrument of the
Company is ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "
Own shares
Ordinary shares acquired by the Company or purchased by The Kenmare Resources plc Employee Benefit Trust are deducted from equity. No
gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "
Financial liabilities
The financial liabilities of the Group are, initially, measured at fair value and, subsequently, measured at amortised cost using the effective interest
method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "
Financial liabilities measured subsequently at amortised cost
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating the interest expense over the
relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees, transaction costs
and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost
of a financial liability.
", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForFinancialLiabilitiesMeasuredSubsequentlyAtAmortisedCost", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "
Derecognition of financial liabilities
The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference
between the carrying amount of the financial liability derecognised and the consideration paid is recognised in profit or loss.
When the Group exchanges, with an existing Lender, one debt instrument for another with substantially different terms, such exchange is
accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts
for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition
of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms,
including any fees paid net of any fees received and discounted using the original effective rate is at least 10% different from the discounted
present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between the carrying
amount of the liability before the modification and the present value of the cash flows after modification is recognised in profit or loss as the
modification gain or loss within other gains and losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "
Derivative financial instruments
The Group entered into forward contracts during the year to purchase South African Rand with US Dollar. No other derivative financial
instruments were entered into during the financial year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "
Dividends
Dividends are recognised as a liability in the Company\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s
shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group
will be required to settle that obligation, and when a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration to settle the present obligation at the reporting date, taking
into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the
present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is
recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Contingent liabilities are recognised when the Group has a possible obligation, the existence of which will only be confirmed by uncertain future
events that are not wholly within the control of the Group.
Mine closure provision
The Mine closure provision represents the Directors\u2019 best estimate of the Group\u2019s liability for close-down, dismantling and restoration of the
mining and processing site, excluding reclamation of areas disturbed by mining activities, which is covered under the Mine rehabilitation provision.
A corresponding amount equal to the provision is recognised as part of property, plant and equipment and depreciated over its estimated useful
life. The costs are estimated on the basis of a formal closure plan and are subject to regular review. The Mine closure provision is determined as
the net present value of such estimated costs discounted at a risk-free rate. The Group uses long-term rates as provided by the US Treasury. This
is deemed the best estimate to reflect the current market assessment of the time value of money on a risk-free basis. Risks specific to the liability
are included in the cost estimate. Changes in the expected costs or estimated timing of costs are recorded by an adjustment to the provision and
a corresponding adjustment to property, plant and equipment. The unwinding of the discount on the Mine closure provision is recognised as a
finance cost.
Mine rehabilitation provision
The Mine rehabilitation provision represents the Directors\u2019 best estimate of the liability for reclaiming areas disturbed by mining activities.
Reclamation costs are recognised in each period in the statement of comprehensive income based on the area disturbed in such period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "Mine closure provision The Mine closure provision represents the Directors\u2019 best estimate of the Group\u2019s liability for close-down, dismantling and restoration of the mining and processing site, excluding reclamation of areas disturbed by mining activities, which is covered under the Mine rehabilitation provision. A corresponding amount equal to the provision is recognised as part of property, plant and equipment and depreciated over its estimated useful life. The costs are estimated on the basis of a formal closure plan and are subject to regular review. The Mine closure provision is determined as the net present value of such estimated costs discounted at a risk-free rate. The Group uses long-term rates as provided by the US Treasury. This is deemed the best estimate to reflect the current market assessment of the time value of money on a risk-free basis. Risks specific to the liability are included in the cost estimate. Changes in the expected costs or estimated timing of costs are recorded by an adjustment to the provision and a corresponding adjustment to property, plant and equipment. The unwinding of the discount on the Mine closure provision is recognised as a finance cost. Mine rehabilitation provision The Mine rehabilitation provision represents the Directors\u2019 best estimate of the liability for reclaiming areas disturbed by mining activities. Reclamation costs are recognised in each period in the statement of comprehensive income based on the area disturbed in such period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "
Segmental reporting
Information on the operations of the Moma Titanium Minerals Mine in Mozambique is reported to the Executive Committee for the purposes of
resource allocation and assessment of segment performance. The Executive Committee report to the Board on the performance of the Group.
The principal categories for disaggregating revenue are by product type and by country of the customer\u2019s location. The product types are
ilmenite, zircon, rutile and concentrates. Concentrates include secondary zircon, mineral sands concentrate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "Critical accounting judgements and key sources of estimation uncertainty Critical judgements in applying the Group\u2019s accounting policies In the process of applying the Group\u2019s accounting policies, the Directors have made the following judgements that have the most significant effect on the amounts recognised in the financial statements (apart from those involving estimations, which are dealt with below). Consolidation of structured entities The Group has established the Kenmare Employee Benefit Trust, which facilitates the operation of The Kenmare Resources plc Restricted Share Plan (KRSP). While the Group does not hold any of the equity of the trust, the Directors have concluded that the Group controls its activities and, therefore, the financial statements of the trust are included in the Group\u2019s Consolidated Financial Statements. Key sources of estimation uncertainty The preparation of financial statements requires the Directors to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date. The nature of estimation means the actual outcomes could differ from those estimates. The main areas subject to estimation uncertainty are detailed below. Property, plant and equipment The recovery of property, plant and equipment is dependent upon the successful operation of the Mine. The realisation of cash flow forecast assumptions would result in the recovery of such amounts. During the financial year, the Group carried out an impairment review of property, plant and equipment. In performing the impairment review, there is a significant level of estimation required in determining the key assumptions which have a significant impact on the impairment model and the discount rate used. The assumptions are set out below: The discount rate is based on the Group\u2019s weighted average cost of capital. This rate is a best estimate of the current market assessment of the time value of money and the risks specific to the Mine, taking into consideration country risk, currency risk and price risk. The Group\u2019s estimation of the country risk premium included in the discount rate has remained unchanged from the prior year. The Group does not consider it appropriate to apply the full current country risk premium for Mozambique to the calculation of the Group\u2019s weighted average cost of capital as it believes the specific circumstances that have impacted on the risk premium in recent years are not relevant to the specific circumstances of the Moma Mine. Hence, country risk premium, applicable to the calculation of the cost of equity, has been adjusted accordingly. The IA governs the terms under which Kenmare conducts its mineral processing and export activities. Mining operations are conducted under a separate regulatory framework, which is not impacted in any way by the IA process. The IA granted certain rights and benefits for a period of 20 years to 21 December 2024, subject to extension upon request. Kenmare has been engaging constructively with the Government of Mozambique regarding the extension and, in connection with the extension, has proposed certain modifications to the applicable investment regime, which have been included in the Group forecast. The Group forecast assumes that the Company\u2019s existing rights and benefits remain in full force and effect pending conclusion of the extension. Kenmare continues to process minerals and export final products in the same manner as it did prior to 21 December 2024. The initial term of the Group\u2019s Mining Licence over the orebody will expire in 2029. Under the terms of the Mineral Licensing Contract (MLC) the Group can apply for an extension of 15 years to 2044. Under the terms of the MLC, the Group can apply for subsequent extensions post- 2044 provided the life of the mine allows and subject to the same conditions as the first renewal. Since the Group signed its MLC in 2002 with the Government of Mozambique under Mining Law 2/86, mining law has been amended on several occasions. However, the various amended mining legislation contained grandfathering provisions, which confirm the ongoing validity of the mining contracts that were entered into with the Government of Mozambique, before the entry into force of the amended legislation. The grandfathering provisions provide for an opt in or opt out regime for companies that signed contracts under an earlier legal regime. The Group has not exercised the right to move to either Mining Law 14/2002 or Mining Law 20/2014 and, as a result, the Group continues to be regulated by the legislation in force at the time of the signature of the MLC. The mine plan is based on the Namalope, Nataka, Pilivili and Mualadi proved and probable Ore Reserves and Mineral Resources. Specific Mineral Resource material is included only where there is a high degree of confidence in its economic extraction. Average annual production of finished products is, approximately, 1.1 million tonnes to 1.2 over the next two years with 1.3 million tonnes from 2028 onwards. Certain minimum stocks of final and intermediate products are assumed to be maintained at period ends. Product sales prices are based on contract prices as stipulated in marketing agreements with customers; or where contracts are based on market prices or production is not currently contracted, prices are forecast by the Group, taking into account independent titanium mineral sands expertise (TZMI and TiPMC) and management expectations, including general inflation of 2% per annum. Operating costs are based on approved budget costs for 2026, taking into account the current running costs of the Mine and estimated forecast inflation for 2026. From 2026 onwards, operating costs are escalated by 2% per annum as management expects inflation to normalise and average 2% over the life of mine period. The Board and management have set a medium-term decarbonisation target of 30% reduction by 2030 from a 2021 baseline. Kenmare has an ambition to achieve Net Zero for its operational (Scope 1 and 2) emissions by 2040, also from a 2021 baseline, and will continue to work to achieve a higher decarbonisation rate. Management has included the costs of implementing the Climate Transition Plan (2025 to 2030) into the cash flow forecasts. No savings associated with the Company\u2019s ambition to become Net Zero have been factored into the forecast. Capital costs are based on a life of mine capital plan, including inflation at 2% per annum from 2026. As a result of the review, the Group recognised an impairment loss of $301.3 million (2024:nil) in the financial year. Provisions Mine closure and Mine rehabilitation provision The Mine closure provision represents the Directors\u2019 best estimate of the Group\u2019s liability for close-down, dismantling and restoration of the mining and processing site, excluding the reclamation of areas disturbed by mining activities, which is covered under the Mine rehabilitation provision. The costs are estimated on the basis of a formal closure plan and are subject to regular independent review. The Mine closure provision is estimated based on the net present value at the risk-free rate of estimated future Mine closure costs. Mine closure costs are a normal consequence of mining, and the majority of such costs are incurred at the end of the life of mine. The Mine rehabilitation provision represents the Directors\u2019 best estimate of the Group\u2019s liability for reclaiming areas disturbed by mining activities. Reclamation costs are recognised in each period based on the area disturbed in the period and an estimated cost of rehabilitation per hectare, which is reviewed regularly against actual rehabilitation cost per hectare. Actual rehabilitation expenditure is incurred, approximately, 12 months after the area has been disturbed. There is significant estimation uncertainty in the calculation of the mine closure and mine rehabilitation provision and cost estimates can vary in response to many factors, including: Changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders; Additional remediation requirements identified during the rehabilitation; The emergence of new restoration techniques; Change in the expected closure date; Change in the discount rate; and The effects of inflation. The quantitative inputs and sensitivity information relating to the mine closure and mine rehabilitation provision are detailed in Note 21. Units of production depreciation Units of production depreciation is calculated using the quantity of HMC extracted from the Mine for processing in the period as a percentage of the total quantity of HMC planned to be extracted in current and future periods based on the Ore Reserve as detailed in the unaudited Ore Reserves and Mineral Resources table on page 33. The Group estimates its Ore Reserves and Mineral Resources based on information compiled by a Competent Person as defined in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition. There are numerous uncertainties inherent in estimating Ore Reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of final products, production costs or recovery rates may change the economic status of reserves and may, ultimately, result in the reserves being revised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
2. Revenue
2025 2024
$\u2019000 $\u2019000
Revenue from contracts with customers
Revenue derived from the sale of mineral products
312,085
392,052
Revenue derived from freight services
16,488
22,695
Total revenue
328,573
414,747
Revenue by mineral product
The principal categories for disaggregating mineral products revenue are by product type and by country of the customer\u2019s location. The mineral
product types are ilmenite, zircon, rutile and concentrates. Concentrates include secondary zircon and mineral sands concentrate.
During the financial year, the Group sold 924,100 tonnes (2024: 1,088,600 tonnes) of finished products to customers at a sales value of
$312.1 million (2024: $392.1 million). The Group earned revenue derived from freight services of $16.5 million (2024: $22.7 million).
During the financial year, the Group sold 23,900 tonnes (2024: 3,100 tonnes) of the by-product ZrTi at a sales value of $5.3 million
(2024: $0.6 million). The mineral product sale of $4.2 million (2024: $0.3 million) has be recognised in cost of sales. The freight revenue of
$1.1 million (2024: $0.2 million) has been recognised in freight revenue.
2025 2024
$\u2019000 $\u2019000
Revenue derived from sales of mineral products by primary product
Ilmenite
226,679
291,622
Primary zircon
58,912
70,952
Concentrates
19,446
21,452
Rutile
7,048
8,026
Total revenue from mineral products
312,085
392,052
Revenue derived from freight services
16,488
22,695
Total revenue
328,573
414,747
Revenue by destination
In the following table, revenue is disaggregated by the primary geographical market. The Group allocates revenue from external customers to
individual countries and discloses revenues in each country where revenues represent 10% or more of the Group\u2019s total revenue. Where total
disclosed revenue disaggregated by country constitutes less than 75% of total Group revenue, additional disclosures are made on a regional basis
until at least 75% of the Group\u2019s disaggregated revenue is disclosed. There were no individual countries within Europe, Asia (excluding China) or
the Rest of the World with revenues representing 10% or more of the Group\u2019s total revenue during the year.
2025 2024
$\u2019000 $\u2019000
Revenue derived from sales of mineral product by destination
China
89,166
146,434
Europe
57,738
83,363
Asia (excluding China)
55,526
67,641
Saudia Arabia
42,436
35,433
USA
35,125
59,181
Rest of the world
32,094
\u2013
Total revenue from mineral products
312,085
392,052
Revenue derived from freight services
16,488
22,695
Total revenue
328,573
414,747
Revenue by major customers
The Group evaluates the concentration of mineral product revenue by major customer. The following table disaggregates mineral product
revenue from the Group\u2019s three largest customers.
2025 2024
$\u2019000 $\u2019000
Revenue from external customers
Largest customer
56,715
58,934
Second largest customer
42,436
44,350
Third largest customer
38,991
43,520
Total
138,142
146,804
All Group revenues from external customers are generated by the Moma Titanium Minerals Mine in Mozambique. Further details on this operating
segment can be found in Note 3. Sales to and from Ireland were $nil (2024: $nil) in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "
3. Segment reporting
Information on the operations of the Moma Titanium Minerals Mine in Mozambique is reported to the Executive Committee for the purposes of
resource allocation and assessment of segment performance. The Executive Committee reports to the Board on the performance of the Group.
Information regarding the Group\u2019s operating segment is reported below:
2025
2024
Corporate Mozambique Total Corporate Mozambique Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Revenue and results
Revenue*
\u2013
328,573
328,573
\u2013
414,747
414,747
Cost of sales
\u2013
(310,209)
(310,209)
\u2013
(319,371)
(319,371)
Gross profit
\u2013
18,364
18,364
\u2013
95,376
95,376
Administrative expenses
(8,978)
(8,435)
(17,413)
(9,137)
2,977
(6,160)
Impairment loss
\u2013
(301,341)
(301,341)
\u2013
\u2013
\u2013
Segment operating (loss)/profit
(8,978)
(291,412)
(300,390)
(9,137)
98,353
89,216
Finance income
218
1,758
1,976
1,349
2,289
3,638
Finance expenses
(44)
(17,138)
(17,182)
(59)
(10,725)
(10,784)
(Loss)/profit before tax
(8,804)
(306,792)
(315,596)
(7,847)
89,917
82,070
Income tax expense
(618)
(8,834)
(9,452)
(7,157)
(10,022)
(17,179)
(Loss)/profit for the financial year
(9,422)
(315,626)
(325,048)
(15,004)
79,895
64,891
Segment assets and liabilities
Segment assets
2,737
1,105,621
1,108,358
9,571
1,299,748
1,309,319
Segment liabilities
3,666
289,919
293,585
4,514
143,721
148,235
Additions to non-current assets
Segment additions to non-current assets
\u2013
214,826
214,826
\u2013
153,805
153,805
Depreciation of property, plant and
equipment and right-of-use assets
308
56,834
57,142
308
67,660
67,968
* Revenue excludes inter-segment revenue of $20.9 million (2024: $22.8 million) earned by the corporate segment relating to marketing and management services fee income.
Inter-segment revenue is not regularly reviewed by the Chief Operating Decision Maker.
Corporate assets consist of the Company\u2019s property, plant and equipment including right-of-use assets, cash and cash equivalents and
prepayments at the reporting date. Corporate liabilities consist of trade and other payables at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "
4. Cost and income analysis
2025 2024
$\u2019000 $\u2019000
Expenses by function
Cost of sales
310,209
319,371
Administrative expenses
17,413
6,160
Impairment loss
301,341
\u2013
Total
628,963
325,531
Expenses by nature can be analysed as follows:
2025 2024
$\u2019000 $\u2019000
Expenses by nature
Staff costs
82,449
77,843
Repairs and maintenance
42,444
40,734
Power and fuel
43,561
48,760
Freight
16,488
22,695
Other production and operating costs
85,628
79,921
Impairment loss
301,341
\u2013
Movement of mineral products inventory
(90)
(12,390)
Depreciation of property, plant and equipment and right-of-use assets
57,142
67,968
Total
628,963
325,531
Mineral products consist of finished products and HMC as detailed in Note 13. Mineral stock movement in the year was an increase of
$0.09 million (2024: $12.4 million). Freight costs of $16.5 million (2024: $22.7 million) arise from sales to customers on a CIF or CFR basis.
An impairment loss of $301.3 million (2024: $nil) was recognised within operating loss in 2025.
During the financial year, the Group sold 23,900 tonnes (2024: 3,100 tonnes) of the by-product ZrTi at a sales value of $4.2 million
(2024: $0.3 million) and a cost of $2.9 million. The revenue and the cost have been recognised in cost of sales.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "4. Cost and income analysis
2025 2024
$\u2019000 $\u2019000
Expenses by function
Cost of sales
310,209
319,371
Administrative expenses
17,413
6,160
Impairment loss
301,341
\u2013
Total
628,963
325,531
Expenses by nature can be analysed as follows:
2025 2024
$\u2019000 $\u2019000
Expenses by nature
Staff costs
82,449
77,843
Repairs and maintenance
42,444
40,734
Power and fuel
43,561
48,760
Freight
16,488
22,695
Other production and operating costs
85,628
79,921
Impairment loss
301,341
\u2013
Movement of mineral products inventory
(90)
(12,390)
Depreciation of property, plant and equipment and right-of-use assets
57,142
67,968
Total
628,963
325,531
Mineral products consist of finished products and HMC as detailed in Note 13. Mineral stock movement in the year was an increase of $0.09 million (2024: $12.4 million). Freight costs of $16.5 million (2024: $22.7 million) arise from sales to customers on a CIF or CFR basis. An impairment loss of $301.3 million (2024: $nil) was recognised within operating loss in 2025. During the financial year, the Group sold 23,900 tonnes (2024: 3,100 tonnes) of the by-product ZrTi at a sales value of $4.2 million (2024: $0.3 million) and a cost of $2.9 million. The revenue and the cost have been recognised in cost of sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "4. Cost and income analysis
2025 2024
$\u2019000 $\u2019000
Expenses by function
Cost of sales
310,209
319,371
Administrative expenses
17,413
6,160
Impairment loss
301,341
\u2013
Total
628,963
325,531
Expenses by nature can be analysed as follows:
2025 2024
$\u2019000 $\u2019000
Expenses by nature
Staff costs
82,449
77,843
Repairs and maintenance
42,444
40,734
Power and fuel
43,561
48,760
Freight
16,488
22,695
Other production and operating costs
85,628
79,921
Impairment loss
301,341
\u2013
Movement of mineral products inventory
(90)
(12,390)
Depreciation of property, plant and equipment and right-of-use assets
57,142
67,968
Total
628,963
325,531
Mineral products consist of finished products and HMC as detailed in Note 13. Mineral stock movement in the year was an increase of $0.09 million (2024: $12.4 million). Freight costs of $16.5 million (2024: $22.7 million) arise from sales to customers on a CIF or CFR basis. An impairment loss of $301.3 million (2024: $nil) was recognised within operating loss in 2025. During the financial year, the Group sold 23,900 tonnes (2024: 3,100 tonnes) of the by-product ZrTi at a sales value of $4.2 million (2024: $0.3 million) and a cost of $2.9 million. The revenue and the cost have been recognised in cost of sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "4. Cost and income analysis
2025 2024
$\u2019000 $\u2019000
Expenses by function
Cost of sales
310,209
319,371
Administrative expenses
17,413
6,160
Impairment loss
301,341
\u2013
Total
628,963
325,531
Expenses by nature can be analysed as follows:
2025 2024
$\u2019000 $\u2019000
Expenses by nature
Staff costs
82,449
77,843
Repairs and maintenance
42,444
40,734
Power and fuel
43,561
48,760
Freight
16,488
22,695
Other production and operating costs
85,628
79,921
Impairment loss
301,341
\u2013
Movement of mineral products inventory
(90)
(12,390)
Depreciation of property, plant and equipment and right-of-use assets
57,142
67,968
Total
628,963
325,531
Mineral products consist of finished products and HMC as detailed in Note 13. Mineral stock movement in the year was an increase of $0.09 million (2024: $12.4 million). Freight costs of $16.5 million (2024: $22.7 million) arise from sales to customers on a CIF or CFR basis. An impairment loss of $301.3 million (2024: $nil) was recognised within operating loss in 2025. During the financial year, the Group sold 23,900 tonnes (2024: 3,100 tonnes) of the by-product ZrTi at a sales value of $4.2 million (2024: $0.3 million) and a cost of $2.9 million. The revenue and the cost have been recognised in cost of sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "
2025 2024
$\u2019000 $\u2019000
Expenses by function
Cost of sales
310,209
319,371
Administrative expenses
17,413
6,160
Impairment loss
301,341
\u2013
Total
628,963
325,531
Expenses by nature can be analysed as follows:
2025 2024
$\u2019000 $\u2019000
Expenses by nature
Staff costs
82,449
77,843
Repairs and maintenance
42,444
40,734
Power and fuel
43,561
48,760
Freight
16,488
22,695
Other production and operating costs
85,628
79,921
Impairment loss
301,341
\u2013
Movement of mineral products inventory
(90)
(12,390)
Depreciation of property, plant and equipment and right-of-use assets
57,142
67,968
Total
628,963
325,531
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
5. Employee benefits
The aggregate payroll costs incurred in respect of employees comprised:
2025 2024
$\u2019000 $\u2019000
Wages and salaries
64,097
61,471
Share-based payments
3,063
3,584
Social insurance costs
3,521
3,523
Retirement benefit costs
345
786
71,026
69,364
Employee benefits capitalised in property, plant and equipment in the year were $1.5 million (2024: $0.9 million).
Included in the payroll cost above are Executive and Non-Executive Director emoluments (inclusive of share-based payments) of $2.2 million
(2024: $4.9 million).
The Company contributes to a Company pension plan or individual pension schemes on behalf of certain employees. Contributions of $0.3 million
(2024: $0.8 million) were charged in the period in which they are payable to the scheme.
The average number of persons employed by the Group (including Executive Directors) in 2025 was 1,741 (2024: 1,761) and is analysed below:
2025 2024
Headcount Headcount
Management and administration
411
415
Operations
1,330
1,346
1,741
1,761
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "5. Employee benefits The aggregate payroll costs incurred in respect of employees comprised:
2025 2024
$\u2019000 $\u2019000
Wages and salaries
64,097
61,471
Share-based payments
3,063
3,584
Social insurance costs
3,521
3,523
Retirement benefit costs
345
786
71,026
69,364
Employee benefits capitalised in property, plant and equipment in the year were $1.5 million (2024: $0.9 million). Included in the payroll cost above are Executive and Non-Executive Director emoluments (inclusive of share-based payments) of $2.2 million (2024: $4.9 million). The Company contributes to a Company pension plan or individual pension schemes on behalf of certain employees. Contributions of $0.3 million (2024: $0.8 million) were charged in the period in which they are payable to the scheme. The average number of persons employed by the Group (including Executive Directors) in 2025 was 1,741 (2024: 1,761) and is analysed below:
2025 2024
Headcount Headcount
Management and administration
411
415
Operations
1,330
1,346
1,741
1,761
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "
6. Share-based payments
Share-based payment expense recognised in the consolidated income statement:
2025 2024
$\u2019000 $\u2019000
Expense arising from the Kenmare Resources plc Restricted Share Plan
3,063
3,584
The Group, under its incentive plan, the KRSP, grants equity-settled share-based payments to employees as part of their remuneration.
The Executive Director\u2019s awards vest, subject to continued employment and to the Remuneration Committee\u2019s assessment against a discretionary
underpin, on the third anniversary of grant date. The vested KRSP awards are subject to a two-year holding period which may extend beyond the
Executive Director\u2019s cessation of employment in accordance with the post-employment holding requirements of the 2020 Remuneration policy.
The discretionary underpin contains six core elements that the Remuneration Committee will consider, including operational performance, share
price performance, environment, social and governance (ESG) performance, major strategic or project decisions, cost competitiveness and the
long-term strategic vision for the Company. The Committee has not set fixed, quantitative underpins in respect of these factors. As such, these
elements, including share price performance, are considered non-market performance conditions and, accordingly, are not reflected in the grant
date fair value. The grant date of awards containing a discretionary underpin is deemed to occur when a shared understanding of the award
is obtained by all parties and this generally occurs upon the Remuneration Committee\u2019s assessment of the Group\u2019s performance in the year of
vesting.
In addition, in the case of the Executive Director, where the annual bonus achieved exceeds 50% of base salary, the Executive Director is granted
restricted shares under the KRSP in respect of the excess outcome above this level. Such restricted shares would not be subject to forfeiture or
the discretionary underpin.
For other Group employees, awards under the KRSP vest, subject to continued employment, on the third anniversary of award.
Number of Number
shares of shares
2025 2024
Awards outstanding at the beginning of the financial year
2,659,027
2,274,376
Awards issued during the financial year
946,916
1,243,820
Awards exercised during the financial year
(389,240)
(696,320)
Awards forfeited during the financial year
(196,293)
(138,743)
Awards cancelled during the financial year
(29,144)
(22,289)
Awards lapsed during the financial year
\u2013
(1,817)
Awards outstanding at the end of the financial year
2,991,266
2,659,027
Awards exercisable at the end of the financial year
524,464
16,795
In 2025, awards in respect of 805,642 shares were granted to employees under the 2025 KRSP award. The estimated fair value of the shares
awarded is $4.2 million. During the year, 141,274 shares were granted in the form of dividend equivalents. The fair value is determined using the
share price on the date of the award.
In 2025, KRSP awards in respect of 389,240 shares (2024: 696,320) were exercised. 389,240 awards (2024: 674,703) were exercised in equity
through shares held by the Kenmare Resources plc Employee Benefit Trust as described in Note 18 resulting in a total cost of exercise of share-
based payments of $1.7 million (2024: $3.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "
7. Auditor\u2019s remuneration
The analysis of the auditor\u2019s remuneration is as follows:
2025 2024
$\u2019000 $\u2019000
Audit fees
Audit of the Company\u2019s financial statements
28
25
Audit of the Company\u2019s subsidiary undertakings
247
205
Total audit fee
275
230
Non-audit fees
Other assurance services
84
80
Taxation compliance services
11
10
Other non-audit services
18
11
Total non-audit fees
113
101
Total fees
388
331
Of the total fee, $193,700 (2024: $155,800) was paid to KPMG Dublin and $194,100 (2024: $175,700) was paid to KPMG Maputo. KPMG Dublin fees
are invoiced in Euros.
The Group also incurred assurance fees relating to CSRD engagements of $217,200 (2024: $nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "
8. Net finance costs
2025 2024
$\u2019000 $\u2019000
Finance costs
Interest on bank borrowings
(12,677)
(3,863)
Transaction costs on debt financing
(708)
(1,398)
Interest on lease liabilities
(106)
(126)
Factoring and other trade facility fees
(1,996)
(2,592)
Commitment and other fees
(1,012)
(2,085)
Unwinding of discount on mine closure provision
(683)
(720)
Total finance costs
(17,182)
(10,784)
Interest earned on bank deposits
1,976
3,638
Total finance income
1,976
3,638
Net finance costs recognised in profit or loss
(15,206)
(7,146)
All interest has been expensed in the financial year. The Group has classified factoring and other trade facility fees in net cash from operating
activities in the Consolidated Statement of Cashflows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "8. Net finance costs
2025 2024
$\u2019000 $\u2019000
Finance costs
Interest on bank borrowings
(12,677)
(3,863)
Transaction costs on debt financing
(708)
(1,398)
Interest on lease liabilities
(106)
(126)
Factoring and other trade facility fees
(1,996)
(2,592)
Commitment and other fees
(1,012)
(2,085)
Unwinding of discount on mine closure provision
(683)
(720)
Total finance costs
(17,182)
(10,784)
Interest earned on bank deposits
1,976
3,638
Total finance income
1,976
3,638
Net finance costs recognised in profit or loss
(15,206)
(7,146)
All interest has been expensed in the financial year. The Group has classified factoring and other trade facility fees in net cash from operating activities in the Consolidated Statement of Cashflows.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "8. Net finance costs
2025 2024
$\u2019000 $\u2019000
Finance costs
Interest on bank borrowings
(12,677)
(3,863)
Transaction costs on debt financing
(708)
(1,398)
Interest on lease liabilities
(106)
(126)
Factoring and other trade facility fees
(1,996)
(2,592)
Commitment and other fees
(1,012)
(2,085)
Unwinding of discount on mine closure provision
(683)
(720)
Total finance costs
(17,182)
(10,784)
Interest earned on bank deposits
1,976
3,638
Total finance income
1,976
3,638
Net finance costs recognised in profit or loss
(15,206)
(7,146)
All interest has been expensed in the financial year. The Group has classified factoring and other trade facility fees in net cash from operating activities in the Consolidated Statement of Cashflows.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "
9. Income tax expense
2025 2024
$\u2019000 $\u2019000
Corporation tax
9,452
17,179
Deferred tax
\u2013
\u2013
Total
9,452
17,179
Reconciliation of effective tax rate
(Loss)/profit before tax
(315,596)
82,070
(Loss)/profit before tax multiplied by the applicable tax rate (12.5%)
(39,450)
10,259
Impairment loss adjustment
37,668
Under provision in respect of prior years
1,131
2,046
Non-taxable income
\u2013
(1,351)
Non-deductible expenses
327
458
Differences in effective tax rates on overseas earnings
9,776
5,767
Total
9,452
17,179
During the year, Kenmare Moma Mining (Mauritius) Limited (KMML) Mozambique Branch had taxable profits of $23.7 million (2024: $27.7 million),
resulting in an income tax expense of $8.3 million (2024: $10.0 million) being recognised. The income tax rate applicable to taxable profits of
KMML Mozambique Branch is 35% (2024: 35%).
KMML Mozambique Branch has elected, and the fiscal regime applicable to mining allows for, the option to deduct, as an allowable deduction,
depreciation of exploration and development expense and capital expenditure over the life of mine. Tax losses may be carried forward for three
years. There are no tax losses carried forward at 31 December 2025.
Kenmare Moma Processing (Mauritius) Limited (KMPL) Mozambique Branch is entitled to Industrial Free Zone (IFZ) status. As an IFZ Branch, it is
exempt from corporation taxes and, hence, its income is non-taxable.
During the year, Kenmare Resources plc had taxable profits of $0.2 million (2024: $53.5 million) as a result of management and marketing service
fee income earned on services provided to subsidiary undertakings, resulting in a corporate tax expense of $0.05 million (2024: $7.1 million). There
was an under provision in the prior year of $1.1 million (2024: $2.0 million) recognised in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "
10. Earnings per share
The calculation of the basic and diluted earnings per share attributable to the ordinary equity holders of the Company is based on the
following data:
2025 2024
$\u2019000 $\u2019000
(Loss)/profit for the financial year attributable to equity holders of the Company
(325,048)
64,891
2025 2024
Number of Number of
shares shares
Weighted average number of issued ordinary shares for the purpose of basic earnings per share
89,228,161
89,228,161
Effect of dilutive potential ordinary shares:
Share awards
2,933,207
2,699,029
Weighted average number of ordinary shares for the purposes of diluted earnings per share
92,161,368
91,927,190
$ per share
$ per share
Basic (loss)/earnings per share
(3.64)
0.73
Diluted (loss)/earnings per share
(3.64)
0.71
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "
11. Property, plant and equipment
Plant and Development Construction Other
equipment expenditure in progress assets Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Cost
At 1 January 2024
1,055,574
273,146
80,085
75,140
1,483,945
Additions during the financial year
1,858
14
151,933
\u2013
153,805
Transfer from construction in progress
3,454
3,363
(14,094)
7,277
\u2013
Disposals
\u2013
\u2013
\u2013
(6,207)
(6,207)
Adjustment to mine closure cost
(3,985)
\u2013
\u2013
\u2013
(3,985)
At 31 December 2024
1,056,901
276,523
217,924
76,210
1,627,558
Additions during the financial year
2,701
25
211,943
157
214,826
Transfer from construction in progress
14,880
1,353
(29,711)
13,478
\u2013
Disposals
(33,917)
\u2013
\u2013
(2,783)
(36,700)
Adjustment to mine closure cost
1,279
\u2013
\u2013
\u2013
1,279
At 31 December 2025
1,041,844
277,901
400,156
87,062
1,806,963
Accumulated depreciation
At 1 January 2024
348,831
156,820
\u2013
42,446
548,097
Charge for the financial year
47,976
9,438
\u2013
10,281
67,695
Disposals
\u2013
\u2013
\u2013
(6,207)
(6,207)
At 31 December 2024
396,807
166,258
\u2013
46,520
609,585
Charge for the financial year
42,669
5,541
\u2013
8,659
56,869
Disposals
(33,917)
\u2013
\u2013
(2,783)
(36,700)
Impairment
248,435
41,712
\u2013
11,194
301,341
At 31 December 2025
653,994
213,511
\u2013
63,590
931,095
Carrying amount
At 31 December 2025
387,850
64,390
400,156
23,472
875,868
At 31 December 2024
660,094
110,265
217,924
29,690
1,017,973
An adjustment to the mine closure cost of $1.3 million (2024: $4.0 million) was made during the year as a result of an update in the mine closure
cost estimate as detailed in Note 21.
At each reporting date, the Group assesses whether there is any indication that property, plant and equipment may be impaired. The Group
considers the relationship between its market capitalisation and its book value, among other factors, when reviewing for indicators for impairment.
As at 31 December 2025, the market capitalisation of the Group was below the book value of net assets, which is considered an indicator of
impairment. The Group carried out an impairment review of property, plant and equipment as at 31 December 2025. As a result of the review, and
given the performance and outlook of the Group, an impairment loss of $301.3 million was recognised in the current financial year. The Directors
consider that the main cause of the impairment is due to lower projected future revenue assumptions associated with an uncertain pricing
outlook. The impairment loss has not been applied against construction in progress as the cost of these assets is the same as their carrying value.
The cash-generating unit for the purpose of impairment testing is the Moma Titanium Minerals Mine. The basis on which the Mine is assessed
is its value in use. The cash flow forecast employed for the value in use computation is from a life of mine financial model. The value in use
methodology uses the next five years\u2019 cashflows and then uses year five as a basis for the remaining 35 years to align with the 40-year life of mine
assumption. The recoverable amount obtained from the financial model represents the present value of the future discounted pre-tax, pre-finance
cash flows discounted at 13% (2024: 13.41%).
Key assumptions include the following:
The discount rate is based on the Group\u2019s weighted average cost of capital. This rate is a best estimate of the current market assessment of
the time value of money and the risks specific to the Mine, taking into consideration country risk, currency risk and price risk.
The Group\u2019s estimation of the country risk premium included in the discount rate has remained unchanged from the prior year. The Group
does not consider it appropriate to apply the full current country risk premium for Mozambique to the calculation of the Group\u2019s weighted
average cost of capital as it believes the specific circumstances that have impacted on the risk premium in recent years are not relevant to
the specific circumstances of the Mine. Hence, country risk premium applicable to the calculation of the cost of equity has been adjusted
accordingly.
Using a discount rate of 13%, the recoverable amount is less than the carrying amount by $301.3 million (2024: $83.0 million greater). The
discount rate is a significant factor in determining the recoverable amount. A 1% change in the discount rate to 14% reduces the recoverable
amount by $77.0 million, assuming all other inputs remain unchanged.
The Implementation Agreement governs the terms under which Kenmare conducts its mineral processing and export activities. Mining
operations are conducted under a separate regulatory framework, which is not impacted in any way by the IA process. The IA granted
certain rights and benefits for a period of 20 years to 21 December 2024, subject to extension upon request. Kenmare has been engaging
constructively with the Government of Mozambique regarding the extension and, in connection with the extension, has proposed certain
modifications to the applicable investment regime, which have been included in the Group forecast. The Group forecast assumes that the
Company\u2019s existing rights and benefits remain in full force and effect pending conclusion of the renewal. Kenmare continues to process
minerals and export final products in the same manner as it did, prior to 21 December 2024.
The initial term of the Group\u2019s Mining Licence over the orebody will expire in 2029. A renewal of the Mineral Licensing Contact (MLC) has
been applied for by the Group in February 2026 for an extension of 15 years to 2044. Under the terms of the MLC, the Group can apply for
subsequent extensions post-2044 provided the life of the Mine allows and subject to the same conditions as the first renewal. Since the
Group signed its MLC in 2002 with the Government of Mozambique under Mining Law 2/86, mining law has been amended on a number
of occasions. However, the various amended mining legislation contain grandfathering provisions that confirm the ongoing validity of the
mining contracts that were entered into with the Government of Mozambique, before the entry into force of the amended legislation. The
grandfathering provisions provide for an opt in or opt out regime for companies that signed contracts under an earlier legal regime; the Group
has not exercised the right to move to either Mining Law 14/2002 or Mining Law 20/2014 and, as a result, the Group continues to be regulated
by the legislation in force at the time of the signature of the MLC.
The mine plan is based on the Namalope, Nataka, Pilivili and Mualadi Proved and Probable Ore Reserves and Mineral Resources. Specific
Mineral Resource material is included only where there is a high degree of confidence in its economic extraction. Average annual production of
finished products is approximately, 1.1 to 1.2 million tonnes over the next two years with 1.3 million tonnes from 2028 onwards. Certain minimum
stocks of final and intermediate products are assumed to be maintained at period ends.
Product sales prices are based on contract prices as stipulated in marketing agreements with customers, or where contracts are based on
market prices or production is not currently contracted, prices are forecast by the Group taking into account independent titanium mineral
sands expertise (TZMI and TiPMC) and management expectations, including general inflation of 2% per annum. Average forecast product
sales prices have decreased over the life of mine from the prior year-end review as a result of revised forecast pricing and market outlook. A
5% reduction in average sales prices over the life of mine reduces the recoverable amount by $159 million, assuming all other inputs remain
unchanged.
Operating costs are based on approved budget costs for 2026, taking into account the current running costs of the Mine and estimated
forecast inflation for 2026. From 2027 onwards, operating costs are escalated by 2% per annum as management expects inflation to normalise
and average 2% over the life of mine period. Average forecast operating costs have decreased from the prior year-end review as result of cost
reduction initiatives implemented and forecast. A 2.5% increase in operating costs over the life of mine reduces the recoverable amount by
$48 million, assuming all other inputs remain unchanged.
Capital costs are based on a life of mine capital plan including inflation at 2% per annum from 2027. Average forecast capital costs have
decreased from the prior year-end review based on updated sustaining and development capital plans required to maintain the existing plant
over the life of mine. A 5% increase in capital costs over the life of mine reduces the recoverable amount by $23 million, assuming all other
inputs remain unchanged.
The Board and management have set a medium-term decarbonisation target of 30% reduction by 2030 from a 2021 baseline. Kenmare has
an ambition to achieve Net Zero for its operational (Scope 1 and 2) emissions by 2040, also from a 2021 baseline, and will continue to work
to achieve a higher decarbonisation rate. Management has included the costs of implementing the Climate Transition Plan (CTP) (2025 to
2030) into the cash flow forecasts. CTP specific costs total $11.7 million over the period 2025 to 2030. A change in these costs (for overruns
or required additional projects to meet targets) are not anticipated to have a material impact on the forecast cashflows. The balance of spend
on the move of WCP A to Nataka is included in the capital forecasts. No savings associated with the Company\u2019s ambition to become Net Zero
have been factored into the forecast.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
12. Right-of-use assets and lease liabilities
Land and
buildings Total
$\u2019000 $\u2019000
Cost
At 1 January 2025
2,450
2,450
Additions
\u2013
\u2013
Disposals
\u2013
\u2013
At 31 December 2025
2,450
2,450
Accumulated depreciation
At 1 January 2025
1,355
1,355
Depreciation expense
273
273
Disposals
\u2013
\u2013
At 31 December 2025
1,629
1,629
Carrying amount
At 31 December 2025
821
821
At 31 December 2024
1,095
1,095
The Group recognised a lease liability of $1.7 million in respect of the rental of its Irish head office. The lease has a term of 10 years commencing
August 2017 and rental payments are fixed to the end of the lease term. This lease obligation is denominated in Euros.
The Group recognised a lease liability of $0.7 million in respect of its Mozambican country office in Maputo. The lease has a term of 10 years
commencing December 2022. This lease obligation is denominated in US Dollars.
At each reporting date, the Company assesses whether there is any indication that right-of-use assets may be impaired. No impairment indicators
were identified as at 31 December 2025 or 31 December 2024.
The Group has recognised a rental expense of $8.4 million (2024: $11.9 million) in relation to short-term leases of machinery and vehicles, which
have not been recognised as a right-of-use asset.
Set out below are the carrying amounts of lease liabilities at each reporting date:
2025 2024
$\u2019000 $\u2019000
Current
307
285
Non-current
664
971
Total
971
1,256
The consolidated income statement includes the following amounts relating to leases:
2025 2024
$\u2019000 $\u2019000
Depreciation expense
273
273
Interest expense on lease liabilities
106
126
Total
379
399
2025 2024
Reconciliation of movements of lease liabilities to cash flows arising from financing activities $\u2019000 $\u2019000
Lease liabilities
Balance at 1 January
1,256
1,520
Cash movements
Lease interest paid
(106)
(126)
Principal paid
(285)
(264)
Non-cash movements
Lease interest accrued
106
126
Balance at 31 December
971
1,256
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
13. Inventories
2025 2024
$\u2019000 $\u2019000
Mineral products
70,885
70,795
Consumable spares
41,607
42,001
112,492
112,796
At 31 December 2025, total final product stock was 344,000 tonnes (2024: 287,200 tonnes). Closing stock of HMC was 29,200 tonnes
(2024: 14,100 tonnes).
Net realisable value is determined with reference to forecast prices of finished products expected to be achieved. There is no guarantee that
these prices will be achieved in the future, particularly in weak product markets. During the financial year, there was a write-down of $14.4 million
(2024: $0.2 million) to mineral products charged to cost of sales to value mineral products at net realisable value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
14. Trade and other receivables
2025 2024
$\u2019000 $\u2019000
Trade receivables
38,126
91,451
VAT receivable
6,336
6,410
Prepayments
26,091
21,633
70,553
119,494
Trade receivables included sales of 108,800 tonnes of finished product (2024: 204,800 tonnes) at an average price of $399/t (2024: $455/t).
Further details on trade receivables can be found in Note 24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "14. Trade and other receivables
2025 2024
$\u2019000 $\u2019000
Trade receivables
38,126
91,451
VAT receivable
6,336
6,410
Prepayments
26,091
21,633
70,553
119,494
Trade receivables included sales of 108,800 tonnes of finished product (2024: 204,800 tonnes) at an average price of $399/t (2024: $455/t). Further details on trade receivables can be found in Note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "
15. Cash and cash equivalents
2025 2024
$\u2019000 $\u2019000
Bank balances
48,624
56,683
Cash and cash equivalents comprise cash balances held for the purposes of meeting short-term cash commitments and investments that are
readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Where investments are categorised as
cash equivalents, the related balances have a maturity of three months or less from the date of investment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "
16. Called-up share capital
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Authorised share capital
181,000,000 ordinary shares of \u20ac0.001 each
181
181
181
181
2025 2024
$\u2019000 $\u2019000
Allotted, called-up and fully paid
Opening balance
89,228,161
(2024: 89,228,161) ordinary shares of \u20ac0.001 each
97
97
Acquired and cancelled
Nil (2024: Nil) ordinary shares of \u20ac0.001 each
Closing balance
\u2013
\u2013
89,228,161
(2024: 89,228,161) ordinary shares of \u20ac0.001 each
97
97
Total called-up share capital
97
97
No ordinary shares were issued during the year (2024: $nil).
17. Share premium
2025 2024
$\u2019000 $\u2019000
Opening balance
545,950
545,950
Shares issued during the year
\u2013
\u2013
Closing balance
545,950
545,950
There were no additions to share premium during the year (2024: $nil). 18. Other reserves
Share-based
Undenominated Own payment
capital shares reserve Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Balance at 1 January 2024
226,285
(2,810)
6,265
229,740
Recognition of share-based payment expense
\u2013
\u2013
3,584
3,584
Exercise of share-based payment awards
\u2013
\u2013
(3,244)
(3,244)
Shares acquired by The Kenmare Resources plc Employee Benefit Trust
\u2013
(3,169)
\u2013
(3,169)
Shares distributed by The Kenmare Resources plc Employee Benefit Trust
\u2013
2,363
\u2013
2,363
Balance at 1 January 2025
226,285
(3,616)
6,605
229,274
Recognition of share-based payment expense
\u2013
\u2013
3,063
3,063
Exercise of share-based payment awards
\u2013
\u2013
(1,673)
(1,673)
Shares acquired by The Kenmare Employee Benefit Trust
\u2013
(540)
\u2013
(540)
Shares distributed by The Kenmare Employee Benefit Trust
\u2013
1,251
\u2013
1,251
Balance at 31 December 2025
226,285
(2,905)
7,995
231,375
Undenominated capital Undenominated capital consists of the capital conversion reserve fund and the capital redemption reserve fund. The capital conversion reserve fund, totalling $0.8 million, arose from the renominalisation of the Company\u2019s share capital from Irish Punts to Euros. The capital redemption reserve represents the nominal value of share capital repurchased. At 31 December 2025, the reserve balance stands at $225.5 million (2024: $225.5 million). Own shares Own shares represent shares acquired by The Kenmare Resources plc Employee Benefit Trust for the purposes of administration of the KRSP.
2025 2024
No. of shares No. of shares
At 1 January
794,715
548,051
Shares acquired by The Kenmare Employee Benefit Trust
134,884
694,843
Shares distributed by The Kenmare Employee Benefit Trust
(350,058)
(448,179)
Closing balance
579,541
794,715
As at 31 December 2025, the value of treasury shares held by The Kenmare Resources plc Employee Benefit Trust was $2.9 million (2024: $3.6 million). During the year, treasury shares were purchased by The Kenmare Resources plc Employee Benefit Trust at an average price of $4.00. The number of treasury shares held by The Kenmare Resources plc Employee Benefit Trust represents 0.006% of the total called-up share capital of the Company. Share-based payment reserve The share-based payment reserve arises on the grant of shares under the Group\u2019s share-based payment schemes as detailed in Note 6.
19. Retained earnings
2025 2024
$\u2019000 $\u2019000
Opening balance
385,763
367,504
(Loss)/profit for the financial year attributable to equity holders of the Parent
(325,048)
64,891
Exercise of share options
807
1,486
Dividends paid
(24,171)
(48,118)
Closing balance
37,351
385,763
Retained earnings comprise the accumulated profit and losses in the current and prior financial years net of dividends, share buy-backs and
related costs, and adjustments relating to the share-based payment reserve.
In May 2025, the Company paid a final 2024 dividend of $15.3 million representing USc17.0 per share. In October 2025, the Company paid a 2025
interim dividend of USc10.00 per ordinary share, totalling $8.9 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "16. Called-up share capital
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Authorised share capital
181,000,000 ordinary shares of \u20ac0.001 each
181
181
181
181
2025 2024
$\u2019000 $\u2019000
Allotted, called-up and fully paid
Opening balance
89,228,161
(2024: 89,228,161) ordinary shares of \u20ac0.001 each
97
97
Acquired and cancelled
Nil (2024: Nil) ordinary shares of \u20ac0.001 each
Closing balance
\u2013
\u2013
89,228,161
(2024: 89,228,161) ordinary shares of \u20ac0.001 each
97
97
Total called-up share capital
97
97
No ordinary shares were issued during the year (2024: $nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "
17. Share premium
2025 2024
$\u2019000 $\u2019000
Opening balance
545,950
545,950
Shares issued during the year
\u2013
\u2013
Closing balance
545,950
545,950
There were no additions to share premium during the year (2024: $nil).
", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfSharePremium", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "
18. Other reserves
Share-based
Undenominated Own payment
capital shares reserve Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Balance at 1 January 2024
226,285
(2,810)
6,265
229,740
Recognition of share-based payment expense
\u2013
\u2013
3,584
3,584
Exercise of share-based payment awards
\u2013
\u2013
(3,244)
(3,244)
Shares acquired by The Kenmare Resources plc Employee Benefit Trust
\u2013
(3,169)
\u2013
(3,169)
Shares distributed by The Kenmare Resources plc Employee Benefit Trust
\u2013
2,363
\u2013
2,363
Balance at 1 January 2025
226,285
(3,616)
6,605
229,274
Recognition of share-based payment expense
\u2013
\u2013
3,063
3,063
Exercise of share-based payment awards
\u2013
\u2013
(1,673)
(1,673)
Shares acquired by The Kenmare Employee Benefit Trust
\u2013
(540)
\u2013
(540)
Shares distributed by The Kenmare Employee Benefit Trust
\u2013
1,251
\u2013
1,251
Balance at 31 December 2025
226,285
(2,905)
7,995
231,375
Undenominated capital
Undenominated capital consists of the capital conversion reserve fund and the capital redemption reserve fund.
The capital conversion reserve fund, totalling $0.8 million, arose from the renominalisation of the Company\u2019s share capital from Irish Punts
to Euros.
The capital redemption reserve represents the nominal value of share capital repurchased. At 31 December 2025, the reserve balance stands at
$225.5 million (2024: $225.5 million).
Own shares
Own shares represent shares acquired by The Kenmare Resources plc Employee Benefit Trust for the purposes of administration of the KRSP.
2025 2024
No. of shares No. of shares
At 1 January
794,715
548,051
Shares acquired by The Kenmare Employee Benefit Trust
134,884
694,843
Shares distributed by The Kenmare Employee Benefit Trust
(350,058)
(448,179)
Closing balance
579,541
794,715
As at 31 December 2025, the value of treasury shares held by The Kenmare Resources plc Employee Benefit Trust was $2.9 million (2024:
$3.6 million). During the year, treasury shares were purchased by The Kenmare Resources plc Employee Benefit Trust at an average price of $4.00.
The number of treasury shares held by The Kenmare Resources plc Employee Benefit Trust represents 0.006% of the total called-up share capital
of the Company.
Share-based payment reserve
The share-based payment reserve arises on the grant of shares under the Group\u2019s share-based payment schemes as detailed in Note 6.
", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfOtherReserves", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "Own shares Own shares represent shares acquired by The Kenmare Resources plc Employee Benefit Trust for the purposes of administration of the KRSP.
2025 2024
No. of shares No. of shares
At 1 January
794,715
548,051
Shares acquired by The Kenmare Employee Benefit Trust
134,884
694,843
Shares distributed by The Kenmare Employee Benefit Trust
(350,058)
(448,179)
Closing balance
579,541
794,715
As at 31 December 2025, the value of treasury shares held by The Kenmare Resources plc Employee Benefit Trust was $2.9 million (2024: $3.6 million). During the year, treasury shares were purchased by The Kenmare Resources plc Employee Benefit Trust at an average price of $4.00. The number of treasury shares held by The Kenmare Resources plc Employee Benefit Trust represents 0.006% of the total called-up share capital of the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "19. Retained earnings
2025 2024
$\u2019000 $\u2019000
Opening balance
385,763
367,504
(Loss)/profit for the financial year attributable to equity holders of the Parent
(325,048)
64,891
Exercise of share options
807
1,486
Dividends paid
(24,171)
(48,118)
Closing balance
37,351
385,763
Retained earnings comprise the accumulated profit and losses in the current and prior financial years net of dividends, share buy-backs and related costs, and adjustments relating to the share-based payment reserve. In May 2025, the Company paid a final 2024 dividend of $15.3 million representing USc17.0 per share. In October 2025, the Company paid a 2025 interim dividend of USc10.00 per ordinary share, totalling $8.9 million. ", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfRetainedEarnings", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "In May 2025, the Company paid a final 2024 dividend of $15.3 million representing USc17.0 per share. In October 2025, the Company paid a 2025 interim dividend of USc10.00 per ordinary share, totalling $8.9 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "
20. Bank loans
2025 2024
$\u2019000 $\u2019000
Borrowings
204,658
77,991
The borrowings are repayable as follows:
Less than one year
5,792
\u2013
Between two and five years
198,866
77,991
Total carrying amount
204,658
77,991
Borrowings
On 4 March 2024, the Group entered into a secured senior debt facility agreement (Senior Facility Agreement) with Absa Bank Limited (acting
through its Corporate and Investment Banking Division) (Absa), Nedbank Limited (acting through its Nedbank Corporate and Investment Banking
division) (Nedbank), Rand Merchant Bank and Standard Bank Group (Standard Bank).
The Senior Facility Agreement provides the Group with a $200 million Revolving Credit Facility (RCF). The finance documentation also provides
for a Mine Closure Guarantee Facility (provided by either the existing lenders or other finance providers) of up to $50 million, with the provider(s)
of such a facility sharing in the common security package.
The RCF has a maturity date of 4 March 2029. Interest is at SOFR plus a margin of 4.85% per annum. The RCF can be repaid or drawn down at any
stage throughout the term of the loan.
The security package consists of: (a) security over the Group\u2019s bank accounts (subject to certain exceptions); (b) pledges of the shares of KMPL
and KMML (the Project Companies); and (c) security over intercompany loans.
The carrying amount of the secured bank accounts of the Group was $44.2 million as at 31 December 2025 (2024: $56.3 million). The shares of
the Project Companies and intercompany loans are not included in the consolidated statement of financial position as they are eliminated on
consolidation. They, therefore, do not have a carrying amount, but, upon enforcement of the pledges on behalf of the Lender group, the shares in
the Project Companies would cease to be owned or controlled by the Group. The secured rights and agreements do not have a nominal amount.
The Group entered into a mine closure guarantee facility with Standard Bank SA effective from 1 July 2025 for an amount of $41.0 million. This
guarantee shares the security package with the RCF on a pro rata and pari passu basis.
2025 2024
Reconciliation of movements of debt to cash flows arising from financing activities $\u2019000 $\u2019000
Bank loans
Balance at 1 January
77,991
47,873
Cash movements
RCF drawdown
120,000
131,370
Loan interest paid \u2013 Term loan
\u2013
(2,694)
Loan interest paid \u2013 RCF
(6,720)
(2,396)
Principal paid \u2013 Term loan
\u2013
(47,142)
Principal paid - RCF
\u2013
(51,370)
Transaction costs paid
\u2013
(2,911)
Non-cash movements
Loan interest accrued \u2013 Term loan
\u2013
1,050
Loan interest accrued \u2013 RCF
12,677
2,813
Transaction costs amortised
710
1,398
Balance at 31 December
204,658
77,991
Loan interest paid excludes lease liability interest as it is accounted for in Note 12.
Covenants
The finance documents contain a number of representations, covenants and events of default on customary terms, the breach of which could
lead to the secured parties under the finance documentation accelerating the outstanding loans and taking other enforcement steps, such as the
enforcement of some, or all, of the security interests, which could lead to, in extremis, the Group losing its interest in the Mine. The most salient
of the relevant terms that could lead to acceleration of the loans and/or enforcement of security relate to the effectiveness of key governmental
licences and agreement (including the Implementation Agreement) and the financial covenants.
All covenants have been complied with during the year. In December 2025, following a request by the Company, the lenders granted a reset of the
net debt to EBITDA covenant for the 31 December 2025 to a level of 3.0x. The key financial covenants are detailed below:
As at
31 December
2025
Covenant
Interest coverage ratio
6.86
Not less than
4.00:1
Net debt to EBITDA
2.72
Not greater than
3.00:1
Liquidity
$48,624,000
Not less than
$25,000,000
The definition of the covenants under the debt facilities are set out below:
Interest coverage ratio is defined as the ratio of EBITDA to net interest cost
Net debt is defined as total financial indebtedness, excluding leases less consolidated cash and cash equivalents
Liquidity is defined as consolidated cash and cash equivalents plus undrawn amounts of the RCF
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "
21. Provisions
2025 2024
$\u2019000 $\u2019000
Mine closure provision
16,237
14,275
Mine rehabilitation provision
7,741
6,958
23,978
21,233
Current
1,412
1,226
Non-current
22,566
20,007
23,978
21,233
Mine Mine
closure rehabilitation
provision provision Total
$\u2019000 $\u2019000 $\u2019000
At 1 January 2024
17,540
5,462
23,002
Increase in provision during the financial year
(3,985)
3,718
(267)
Provision utilised during the financial year
\u2013
(2,222)
(2,222)
Unwinding of the discount
720
\u2013
720
At 1 January 2025
14,275
6,958
21,233
Increase in provision during the financial year
1,279
3,123
4,402
Provision utilised during the financial year
\u2013
(2,340)
(2,340)
Unwinding of the discount
683
\u2013
683
At 31 December 2025
16,237
7,741
23,978
The Mine closure provision represents the Directors\u2019 best estimate of the Project Companies\u2019 liability for close-down, dismantling and restoration of the mining and processing site. A corresponding amount equal to the provision is recognised as part of property, plant and equipment. The costs are estimated on the basis of a formal closure plan, are subject to regular review and are estimated based on the net present value of estimated future costs. Mine closure costs are a normal consequence of mining, and the majority of close-down and restoration expenditure is incurred at the end of the life of the Mine. The unwinding of the discount is recognised as a finance cost and $0.7 million (2024: $0.7 million) has been recognised in the statement of comprehensive income for the financial year. The main assumptions used in the calculation of the estimated future costs include: A discount rate of 4.8% (2024: 4.8%); An inflation rate of 2% (2024: 2%); An estimated life of mine of 40 years (2024: 40 years). It is assumed that all licences and permits required to operate will be renewed or extended during the life of mine; and An estimated closure cost of $44.1 million (2024: $36.8 million) and an estimated post-closure monitoring provision of $3.8 million (2024: $2.6 million). As of December 2025, the mine closure provision has been discounted using a rate of 4.8%. This discount rate is based on the US Treasury 30-year bond yield, which serves as a benchmark for long-term, risk-free rates, with adjustments to reflect the Company\u2019s specific risk profile. The inflation rate applied to estimate future closure costs is based on projected US inflation rates. This approach ensures that cost estimates remain aligned with expected economic conditions over the closure period, providing a realistic assessment of future obligations. The life of mine plan is based on the Namalope, Nataka, Pilivili and Mualadi Ore Reserves and Mineral Resources, as set out in the Ore Reserve and Mineral Resources table. Specific Mineral Resource material is included only where there is a high degree of confidence in its economic extraction. The discount rate is a significant factor in determining the Mine closure provision. A 1% increase in the estimated discount rate results in the Mine closure provision decreasing by $4.8 million (2024: $4.5 million). A 1% decrease in the estimated discount rate results in the Mine closure provision increasing by $6.4 million (2024: $6.7 million). The Mine rehabilitation provision represents the Directors\u2019 best estimate of the Company\u2019s liability for rehabilitating areas disturbed by mining activities. Rehabilitation costs are recognised based on the area disturbed and estimated cost of rehabilitation per hectare, which is reviewed regularly against actual rehabilitation cost per hectare. Actual rehabilitation expenditure is incurred, approximately, 12 months after the area has been disturbed. During the financial year, there was a release of $2.3 million (2024: $2.2 million) to reflect the actual mine rehabilitation costs incurred, and an addition to the provision of $3.1 million (2024: $3.7 million) for areas newly disturbed.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "21. Provisions
2025 2024
$\u2019000 $\u2019000
Mine closure provision
16,237
14,275
Mine rehabilitation provision
7,741
6,958
23,978
21,233
Current
1,412
1,226
Non-current
22,566
20,007
23,978
21,233
Mine Mine
closure rehabilitation
provision provision Total
$\u2019000 $\u2019000 $\u2019000
At 1 January 2024
17,540
5,462
23,002
Increase in provision during the financial year
(3,985)
3,718
(267)
Provision utilised during the financial year
\u2013
(2,222)
(2,222)
Unwinding of the discount
720
\u2013
720
At 1 January 2025
14,275
6,958
21,233
Increase in provision during the financial year
1,279
3,123
4,402
Provision utilised during the financial year
\u2013
(2,340)
(2,340)
Unwinding of the discount
683
\u2013
683
At 31 December 2025
16,237
7,741
23,978
The Mine closure provision represents the Directors\u2019 best estimate of the Project Companies\u2019 liability for close-down, dismantling and restoration
of the mining and processing site. A corresponding amount equal to the provision is recognised as part of property, plant and equipment. The
costs are estimated on the basis of a formal closure plan, are subject to regular review and are estimated based on the net present value of
estimated future costs. Mine closure costs are a normal consequence of mining, and the majority of close-down and restoration expenditure is
incurred at the end of the life of the Mine. The unwinding of the discount is recognised as a finance cost and $0.7 million (2024: $0.7 million) has
been recognised in the statement of comprehensive income for the financial year.
The main assumptions used in the calculation of the estimated future costs include:
A discount rate of 4.8% (2024: 4.8%);
An inflation rate of 2% (2024: 2%);
An estimated life of mine of 40 years (2024: 40 years). It is assumed that all licences and permits required to operate will be renewed or
extended during the life of mine; and
An estimated closure cost of $44.1 million (2024: $36.8 million) and an estimated post-closure monitoring provision of $3.8 million
(2024: $2.6 million).
As of December 2025, the mine closure provision has been discounted using a rate of 4.8%. This discount rate is based on the US Treasury
30-year bond yield, which serves as a benchmark for long-term, risk-free rates, with adjustments to reflect the Company\u2019s specific risk profile.
The inflation rate applied to estimate future closure costs is based on projected US inflation rates. This approach ensures that cost estimates
remain aligned with expected economic conditions over the closure period, providing a realistic assessment of future obligations.
The life of mine plan is based on the Namalope, Nataka, Pilivili and Mualadi Ore Reserves and Mineral Resources, as set out in the Ore Reserve
and Mineral Resources table. Specific Mineral Resource material is included only where there is a high degree of confidence in its economic
extraction.
The discount rate is a significant factor in determining the Mine closure provision. A 1% increase in the estimated discount rate results in the Mine
closure provision decreasing by $4.8 million (2024: $4.5 million). A 1% decrease in the estimated discount rate results in the Mine closure provision
increasing by $6.4 million (2024: $6.7 million).
The Mine rehabilitation provision represents the Directors\u2019 best estimate of the Company\u2019s liability for rehabilitating areas disturbed by mining
activities. Rehabilitation costs are recognised based on the area disturbed and estimated cost of rehabilitation per hectare, which is reviewed
regularly against actual rehabilitation cost per hectare. Actual rehabilitation expenditure is incurred, approximately, 12 months after the area has
been disturbed. During the financial year, there was a release of $2.3 million (2024: $2.2 million) to reflect the actual mine rehabilitation costs
incurred, and an addition to the provision of $3.1 million (2024: $3.7 million) for areas newly disturbed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "
22. Trade and other payables
2025 2024
$\u2019000 $\u2019000
Trade payables
19,400
13,480
Deferred income
2,199
2,415
Accruals
41,393
31,860
62,992
47,755
Included in accruals at the financial year-end is an amount of $0.2 million (2024: $2.5 million) for payroll and social insurance taxes.
Deferred income relates to sales contracts, which contain separate performance obligations for the sale of mineral products and the provision of
freight services. The portion of the revenue representing the obligation to perform the freight service is deferred and recognised over time as the
obligation is fulfilled, along with the associated costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "22. Trade and other payables
2025 2024
$\u2019000 $\u2019000
Trade payables
19,400
13,480
Deferred income
2,199
2,415
Accruals
41,393
31,860
62,992
47,755
Included in accruals at the financial year-end is an amount of $0.2 million (2024: $2.5 million) for payroll and social insurance taxes. Deferred income relates to sales contracts, which contain separate performance obligations for the sale of mineral products and the provision of freight services. The portion of the revenue representing the obligation to perform the freight service is deferred and recognised over time as the obligation is fulfilled, along with the associated costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "
23. Current tax (asset)/liabilities
2025 2024
$\u2019000 $\u2019000
Current tax liabilities/(asset)
986
(1,278)
Refer to Note 9 for further information on the Group\u2019s tax expense.
", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfCurrentTaxAssetsLiabilities", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "23. Current tax (asset)/liabilities
2025 2024
$\u2019000 $\u2019000
Current tax liabilities/(asset)
986
(1,278)
Refer to Note 9 for further information on the Group\u2019s tax expense. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
24. Financial instruments
2025
2024
Carrying Carrying
amount Fair value amount Fair value
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Financial assets at fair value through Other
comprehensive income
Trade receivables
1
8,325
8,325
28,148
28,148
Level 2
Financial assets not measured at fair value
Trade receivables
2
35,397
35,397
65,060
65,060
Level 2
Cash and cash equivalents
48,624
48,624
56,683
56,683
Level 2
92,346
92,346
149,891
149,891
Financial liabilities not measured at fair value
Bank loans
204,659
205,957
77,991
80,417
Level 2
1
Relates to trade receivables, which may be discounted through the Barclay\u2019s bank facility.
2
Relates to trade receivables, which will not be discounted.
The carrying amounts and fair values of financial assets and financial liabilities, including their levels in fair value hierarchy, are detailed above.
The table does not include fair value information for other receivables, prepayments, trade payables and accruals as these are not measured at
fair value.
Trade receivables where it is not known at initial recognition if they will be factored are classified as fair value through other comprehensive
income. Trade receivables which will not be factored and for which balances will be recovered under the sale contract credit terms are initially
measured at fair value and, subsequently, measured at amortised cost.
In the case of factored receivables, the Group derecognises the discounted receivable to which the arrangement applies when payment is
received from the bank as the terms of the arrangement are non-recourse. The payment to the bank by the Group\u2019s customers are considered
non-cash transactions for the purposes of the consolidated statement of cashflows.
The valuation technique used in measuring Level 2 fair values is discounted cash flows, which considers the expected receipts or payments
discounted using adjusted market discount rates, or, where these rates are not available estimated discount rates.
The Group has exposure to credit risk, liquidity risk and market risk arising from financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "24. Financial instruments
2025
2024
Carrying Carrying
amount Fair value amount Fair value
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Financial assets at fair value through Other
comprehensive income
Trade receivables
1
8,325
8,325
28,148
28,148
Level 2
Financial assets not measured at fair value
Trade receivables
2
35,397
35,397
65,060
65,060
Level 2
Cash and cash equivalents
48,624
48,624
56,683
56,683
Level 2
92,346
92,346
149,891
149,891
Financial liabilities not measured at fair value
Bank loans
204,659
205,957
77,991
80,417
Level 2
1 Relates to trade receivables, which may be discounted through the Barclay\u2019s bank facility. 2 Relates to trade receivables, which will not be discounted. The carrying amounts and fair values of financial assets and financial liabilities, including their levels in fair value hierarchy, are detailed above. The table does not include fair value information for other receivables, prepayments, trade payables and accruals as these are not measured at fair value. Trade receivables where it is not known at initial recognition if they will be factored are classified as fair value through other comprehensive income. Trade receivables which will not be factored and for which balances will be recovered under the sale contract credit terms are initially measured at fair value and, subsequently, measured at amortised cost. In the case of factored receivables, the Group derecognises the discounted receivable to which the arrangement applies when payment is received from the bank as the terms of the arrangement are non-recourse. The payment to the bank by the Group\u2019s customers are considered non-cash transactions for the purposes of the consolidated statement of cashflows. The valuation technique used in measuring Level 2 fair values is discounted cash flows, which considers the expected receipts or payments discounted using adjusted market discount rates, or, where these rates are not available estimated discount rates. The Group has exposure to credit risk, liquidity risk and market risk arising from financial instruments. Risk management framework The Board is ultimately responsible for risk management within the Group. It has delegated responsibility for the monitoring of the effectiveness of the Group\u2019s risk management and internal control systems to the Audit and Risk Committee. The Board and Audit and Risk Committee receive reports from Executive management on the key risks to the business and the steps being taken to mitigate such risks. The Audit and Risk Committee is assisted in its role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. Credit risk Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations and arises, principally, from the Group\u2019s trade receivables from customers. The carrying amount of financial assets represents the maximum credit exposure. The Group\u2019s exposure to credit risk is influenced by the individual circumstances of each customer. The Group also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. Before entering into sales contracts with new customers, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality. The credit quality of customers are reviewed regularly during the year and, where appropriate, credit limits or limits to the number of shipments, which can be outstanding at any point, are imposed. The Group\u2019s customers have been transacting with the Group for a significant number of years. Invoices totalling $9.3 million for shipments made to a customer during the year are unpaid at the financial year-end. A loss allowance of $4.7 million has been recognised at the financial year-end in respect of this customer. The Group is pursuing all avenues for recovery, primarily on the basis of its retention of title. The shipments in question were delivered to two separate customer operations, which are subject to individual restructuring and sales processes. In monitoring other customer credit risk, customers are reviewed individually and the Group has not identified any factors that would merit reducing exposure to any particular customer. The Group does not require collateral in respect of trade receivables. The gross exposure to credit risk for trade receivables by geographic region was as follows:
2025 2024
$\u2019000 $\u2019000
Europe
19,104
38,831
USA
9,846
23,551
China
3,045
21,127
Asia (excluding China)
5,969
7,808
Africa
162
134
Total
38,126
91,451
At 31 December 2025, $10.2 million (2024: $53.6 million) is due from the Group\u2019s three largest customers. A summary of the Group\u2019s exposure to credit risk for trade receivables is as follows:
2025 2024
$\u2019000 $\u2019000
External credit ratings at least Baa3 (Moody\u2019s)
8,325
28,148
Other
35,397
65,060
Total gross carrying amount
43,722
93,208
Loss allowance
(5,596)
(1,757)
Total
38,126
91,451
The following table provides ageing information relevant to the exposure to credit risk for trade receivables from individual customers. $9.3 million were considered credit impaired at 31 December 2025 (2024:nil).
More than 30 More than 60 More than 90
days days days
Current past due past due past due Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
2025
34,398
\u2013
\u2013
9,324
43,722
2024
93,208
\u2013
\u2013
\u2013
93,208
Expected credit loss assessment of trade receivables For trade receivables measured at fair value through other comprehensive income and trade receivables measured at amortised cost, the Group allocates to each customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, financial statements and available market information about customers) and applying experienced credit judgement. The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2025.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Customer
50.0%
9,324
4,683
Yes
Other
3.5%
26,073
913
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2024.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Other
2.7%
65,060
1,757
No
The movement in expected credit losses, in respect of trade receivables measured at amortised cost or fair value through other comprehensive income during the year, was as follows:
2025 2024
$\u2019000 $\u2019000
Balance at 1 January
1,757
1,580
Net remeasurement of loss allowance
3,839
177
Balance at 31 December
5,596
1,757
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by international credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3 (Moody\u2019s) long-term rating. For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s) long-term rating. There were no individual deposits in excess of these amounts in 2025. At 31 December 2025 and 2024, cash was deposited with the following banks:
2025
2024
Long-term credit rating
Long-term credit rating
$ million
S&P
Moody\u2019s
$ million
S&P
Moody\u2019s
Barclays Bank plc
43.7
A+ / Stable
A1/ Stable
23.4
A+ / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.1
\u2013
Baa3
10.2
\u2013
Baa3
Standard Bank Mauritius Limited
0.1
\u2013
Ba2
10.0
\u2013
Ba2
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled in cash payments. The Group\u2019s objective when managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due. The Group monitors mine payment forecasts, both operating and capital, which assist it in monitoring cash flow requirements and optimising its cash return on investments. The Group aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash outflows on financial liabilities. The Group monitors the level of expected cash inflows on trade receivables, together with expected cash outflows on trade and other payables. The Group has a trade facility with Barclays Bank for customers, which it sells to under letter of credit terms. Under this facility, Barclays Bank confirms the letter of credit from the issuing bank and, therefore, assumes the credit risk. Barclays Bank may also discount these letters of credit, thereby providing early payment of receivables to the Group. There is no limit under the Barclays Bank facility. During the year, trade receivables of $125.4 million (2024: $152.5 million) were discounted under this facility. At the year-end, there were $8.3 million (2024: $28.1 million) of trade receivables, which can be discounted under this facility. $20.1 million of trade receivables due for payment in 2026 were factored at the year-end (2024: $30.5 million). The cost of this facility for the period, which amounted to $2.0 million (2024: $2.6 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2025 based on the gross contractual undiscounted payments. The bank loans are assumed not be repaid until maturity on 3 March 2029.
Between
Less than two and five More than
Total one year years five years
Financial liabilities $\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
243,691
23,623
220,068
\u2013
Lease liabilities
971
307
563
101
Trade and other payables
62,992
62,992
\u2013
\u2013
307,654
86,922
220,631
101
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2024 based on the gross contractual undiscounted payments:
Between
Less than two and five More than
Total one year years five years
Financial liabilities $\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
112,056
8,060
103,996
\u2013
Lease liabilities
1,629
390
899
340
Trade and other payables
47,755
47,755
\u2013
\u2013
161,440
56,205
104,895
340
As disclosed in Note 20, the Group has bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the loan agreement, the covenants are monitored on a regular basis by Group finance and regularly reported to management and the lenders to ensure compliance with the agreement. In December 2025, following a request by the Company, the lenders granted a reset of the net debt to EBITDA covenant for the 31 December 2025 to a level of 3.0x. All covenants have been complied with during the year. Furthermore, the Group has authorised and committed expenditure on operations-related capital projects amounting to $57.9 million (2024: $246.9 million) as disclosed in Note 26. Risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Details of concentration of revenue are included in Note 2. Market risk Market risk is risk that changes in market prices, foreign exchange rates and interest rates will affect the Group\u2019s income statement. The objective of market risk management is to manage and control market risk exposures while optimising returns. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currency of all Group entities is US Dollars. The presentational currency of the Group is US Dollars. Sales and bank loans are denominated in US Dollars, which significantly reduces the exposure of the Group to foreign currency risk. Payable transactions are denominated in Mozambican Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi. The Group has a forward contracts facility with Absa Bank Mauritius Ltd for the purchase and sale of US Dollars and South African Rand. The limit on the facility is $24 million and the maximum tenor is three months. The Group also has a forward contracts facility with Standard Bank Mauritius Ltd for the purchase of South African Rand. The limit on the facility is, approximately, $12.0 million and the maximum tenor is six months. There were no forward contracts in place at the year-end. Exposure to currency risk The Group\u2019s gross exposure to currency risk as at 31 December 2025 is as follows:
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
17,640
1,688
310
\u2013
\u2013
\u2013
Cash and cash equivalents
344
1,040
516
617
2
\u2013
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
(576)
\u2013
(395)
\u2013
\u2013
\u2013
Trade and other payables
(31,406)
(4,654)
(1,301)
(118)
265
\u2013
Net exposure
(13,998)
(1,926)
(870)
499
267
\u2013
The Group\u2019s exposure to currency risk as at 31 December 2024 is as follows:
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
8,067
1,405
1,349
15
335
\u2013
Cash and cash equivalents
5,152
1,010
945
95
2
28
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(971)
\u2013
\u2013
\u2013
Trade and other payables
(25,429)
(5,059)
(77)
\u2013
(74)
\u2013
Net exposure
(12,210)
(2,644)
1,246
110
263
28
Sensitivity analysis A strengthening or weakening of the Mozambique Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi by 10% against the US Dollar would have affected profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant.
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
Profit or loss $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
31 December 2025
Strengthening
(1,400)
(193)
(87)
50
27
\u2013
Weakening
1,400
193
87
(50)
(27)
\u2013
31 December 2024
Strengthening
(1,221)
(264)
125
11
26
3
Weakening
1,221
264
(125)
(11)
(26)
(3)
Interest rate risk The loan facilities are arranged at variable rates and expose the Group to cash flow interest rate risk. Variable rates are based on one, three or six- month SOFR. The borrowing rate at the financial year-end was 8.86% (2024: 9.63%). The interest rate profile of the Group\u2019s loan balances at the financial year-end was as follows:
2025 2024
$\u2019000 $\u2019000
Variable rate debt
204,658
77,991
Under the assumption that all other variables remain constant, a reasonable possible change of 1% in the SOFR rate results in a $2.0 million (2024: $0.8 million) change in finance costs for the financial year. The above sensitivity analyses are estimates of the impact of market risks assuming the specified change occurs. Actual results in the future may differ materially from these results due to developments in the global financial markets, which may cause fluctuations in interest rates to vary from the assumptions made above and, therefore, should not be considered a projection of likely future events.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "24. Financial instruments
2025
2024
Carrying Carrying
amount Fair value amount Fair value
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Financial assets at fair value through Other
comprehensive income
Trade receivables
1
8,325
8,325
28,148
28,148
Level 2
Financial assets not measured at fair value
Trade receivables
2
35,397
35,397
65,060
65,060
Level 2
Cash and cash equivalents
48,624
48,624
56,683
56,683
Level 2
92,346
92,346
149,891
149,891
Financial liabilities not measured at fair value
Bank loans
204,659
205,957
77,991
80,417
Level 2
1 Relates to trade receivables, which may be discounted through the Barclay\u2019s bank facility. 2 Relates to trade receivables, which will not be discounted. The carrying amounts and fair values of financial assets and financial liabilities, including their levels in fair value hierarchy, are detailed above. The table does not include fair value information for other receivables, prepayments, trade payables and accruals as these are not measured at fair value. Trade receivables where it is not known at initial recognition if they will be factored are classified as fair value through other comprehensive income. Trade receivables which will not be factored and for which balances will be recovered under the sale contract credit terms are initially measured at fair value and, subsequently, measured at amortised cost. In the case of factored receivables, the Group derecognises the discounted receivable to which the arrangement applies when payment is received from the bank as the terms of the arrangement are non-recourse. The payment to the bank by the Group\u2019s customers are considered non-cash transactions for the purposes of the consolidated statement of cashflows. The valuation technique used in measuring Level 2 fair values is discounted cash flows, which considers the expected receipts or payments discounted using adjusted market discount rates, or, where these rates are not available estimated discount rates. The Group has exposure to credit risk, liquidity risk and market risk arising from financial instruments. Risk management framework The Board is ultimately responsible for risk management within the Group. It has delegated responsibility for the monitoring of the effectiveness of the Group\u2019s risk management and internal control systems to the Audit and Risk Committee. The Board and Audit and Risk Committee receive reports from Executive management on the key risks to the business and the steps being taken to mitigate such risks. The Audit and Risk Committee is assisted in its role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. Credit risk Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations and arises, principally, from the Group\u2019s trade receivables from customers. The carrying amount of financial assets represents the maximum credit exposure. The Group\u2019s exposure to credit risk is influenced by the individual circumstances of each customer. The Group also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. Before entering into sales contracts with new customers, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality. The credit quality of customers are reviewed regularly during the year and, where appropriate, credit limits or limits to the number of shipments, which can be outstanding at any point, are imposed. The Group\u2019s customers have been transacting with the Group for a significant number of years. Invoices totalling $9.3 million for shipments made to a customer during the year are unpaid at the financial year-end. A loss allowance of $4.7 million has been recognised at the financial year-end in respect of this customer. The Group is pursuing all avenues for recovery, primarily on the basis of its retention of title. The shipments in question were delivered to two separate customer operations, which are subject to individual restructuring and sales processes. In monitoring other customer credit risk, customers are reviewed individually and the Group has not identified any factors that would merit reducing exposure to any particular customer. The Group does not require collateral in respect of trade receivables. The gross exposure to credit risk for trade receivables by geographic region was as follows:
2025 2024
$\u2019000 $\u2019000
Europe
19,104
38,831
USA
9,846
23,551
China
3,045
21,127
Asia (excluding China)
5,969
7,808
Africa
162
134
Total
38,126
91,451
At 31 December 2025, $10.2 million (2024: $53.6 million) is due from the Group\u2019s three largest customers. A summary of the Group\u2019s exposure to credit risk for trade receivables is as follows:
2025 2024
$\u2019000 $\u2019000
External credit ratings at least Baa3 (Moody\u2019s)
8,325
28,148
Other
35,397
65,060
Total gross carrying amount
43,722
93,208
Loss allowance
(5,596)
(1,757)
Total
38,126
91,451
The following table provides ageing information relevant to the exposure to credit risk for trade receivables from individual customers. $9.3 million were considered credit impaired at 31 December 2025 (2024:nil).
More than 30 More than 60 More than 90
days days days
Current past due past due past due Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
2025
34,398
\u2013
\u2013
9,324
43,722
2024
93,208
\u2013
\u2013
\u2013
93,208
Expected credit loss assessment of trade receivables For trade receivables measured at fair value through other comprehensive income and trade receivables measured at amortised cost, the Group allocates to each customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, financial statements and available market information about customers) and applying experienced credit judgement. The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2025.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Customer
50.0%
9,324
4,683
Yes
Other
3.5%
26,073
913
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2024.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Other
2.7%
65,060
1,757
No
The movement in expected credit losses, in respect of trade receivables measured at amortised cost or fair value through other comprehensive income during the year, was as follows:
2025 2024
$\u2019000 $\u2019000
Balance at 1 January
1,757
1,580
Net remeasurement of loss allowance
3,839
177
Balance at 31 December
5,596
1,757
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by international credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3 (Moody\u2019s) long-term rating. For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s) long-term rating. There were no individual deposits in excess of these amounts in 2025. At 31 December 2025 and 2024, cash was deposited with the following banks:
2025
2024
Long-term credit rating
Long-term credit rating
$ million
S&P
Moody\u2019s
$ million
S&P
Moody\u2019s
Barclays Bank plc
43.7
A+ / Stable
A1/ Stable
23.4
A+ / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.1
\u2013
Baa3
10.2
\u2013
Baa3
Standard Bank Mauritius Limited
0.1
\u2013
Ba2
10.0
\u2013
Ba2
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled in cash payments. The Group\u2019s objective when managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due. The Group monitors mine payment forecasts, both operating and capital, which assist it in monitoring cash flow requirements and optimising its cash return on investments. The Group aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash outflows on financial liabilities. The Group monitors the level of expected cash inflows on trade receivables, together with expected cash outflows on trade and other payables. The Group has a trade facility with Barclays Bank for customers, which it sells to under letter of credit terms. Under this facility, Barclays Bank confirms the letter of credit from the issuing bank and, therefore, assumes the credit risk. Barclays Bank may also discount these letters of credit, thereby providing early payment of receivables to the Group. There is no limit under the Barclays Bank facility. During the year, trade receivables of $125.4 million (2024: $152.5 million) were discounted under this facility. At the year-end, there were $8.3 million (2024: $28.1 million) of trade receivables, which can be discounted under this facility. $20.1 million of trade receivables due for payment in 2026 were factored at the year-end (2024: $30.5 million). The cost of this facility for the period, which amounted to $2.0 million (2024: $2.6 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2025 based on the gross contractual undiscounted payments. The bank loans are assumed not be repaid until maturity on 3 March 2029.
Between
Less than two and five More than
Total one year years five years
Financial liabilities $\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
243,691
23,623
220,068
\u2013
Lease liabilities
971
307
563
101
Trade and other payables
62,992
62,992
\u2013
\u2013
307,654
86,922
220,631
101
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2024 based on the gross contractual undiscounted payments:
Between
Less than two and five More than
Total one year years five years
Financial liabilities $\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
112,056
8,060
103,996
\u2013
Lease liabilities
1,629
390
899
340
Trade and other payables
47,755
47,755
\u2013
\u2013
161,440
56,205
104,895
340
As disclosed in Note 20, the Group has bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the loan agreement, the covenants are monitored on a regular basis by Group finance and regularly reported to management and the lenders to ensure compliance with the agreement. In December 2025, following a request by the Company, the lenders granted a reset of the net debt to EBITDA covenant for the 31 December 2025 to a level of 3.0x. All covenants have been complied with during the year. Furthermore, the Group has authorised and committed expenditure on operations-related capital projects amounting to $57.9 million (2024: $246.9 million) as disclosed in Note 26. Risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Details of concentration of revenue are included in Note 2. Market risk Market risk is risk that changes in market prices, foreign exchange rates and interest rates will affect the Group\u2019s income statement. The objective of market risk management is to manage and control market risk exposures while optimising returns. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currency of all Group entities is US Dollars. The presentational currency of the Group is US Dollars. Sales and bank loans are denominated in US Dollars, which significantly reduces the exposure of the Group to foreign currency risk. Payable transactions are denominated in Mozambican Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi. The Group has a forward contracts facility with Absa Bank Mauritius Ltd for the purchase and sale of US Dollars and South African Rand. The limit on the facility is $24 million and the maximum tenor is three months. The Group also has a forward contracts facility with Standard Bank Mauritius Ltd for the purchase of South African Rand. The limit on the facility is, approximately, $12.0 million and the maximum tenor is six months. There were no forward contracts in place at the year-end. Exposure to currency risk The Group\u2019s gross exposure to currency risk as at 31 December 2025 is as follows:
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
17,640
1,688
310
\u2013
\u2013
\u2013
Cash and cash equivalents
344
1,040
516
617
2
\u2013
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
(576)
\u2013
(395)
\u2013
\u2013
\u2013
Trade and other payables
(31,406)
(4,654)
(1,301)
(118)
265
\u2013
Net exposure
(13,998)
(1,926)
(870)
499
267
\u2013
The Group\u2019s exposure to currency risk as at 31 December 2024 is as follows:
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
8,067
1,405
1,349
15
335
\u2013
Cash and cash equivalents
5,152
1,010
945
95
2
28
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(971)
\u2013
\u2013
\u2013
Trade and other payables
(25,429)
(5,059)
(77)
\u2013
(74)
\u2013
Net exposure
(12,210)
(2,644)
1,246
110
263
28
Sensitivity analysis A strengthening or weakening of the Mozambique Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi by 10% against the US Dollar would have affected profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant.
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
Profit or loss $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
31 December 2025
Strengthening
(1,400)
(193)
(87)
50
27
\u2013
Weakening
1,400
193
87
(50)
(27)
\u2013
31 December 2024
Strengthening
(1,221)
(264)
125
11
26
3
Weakening
1,221
264
(125)
(11)
(26)
(3)
Interest rate risk The loan facilities are arranged at variable rates and expose the Group to cash flow interest rate risk. Variable rates are based on one, three or six- month SOFR. The borrowing rate at the financial year-end was 8.86% (2024: 9.63%). The interest rate profile of the Group\u2019s loan balances at the financial year-end was as follows:
2025 2024
$\u2019000 $\u2019000
Variable rate debt
204,658
77,991
Under the assumption that all other variables remain constant, a reasonable possible change of 1% in the SOFR rate results in a $2.0 million (2024: $0.8 million) change in finance costs for the financial year. The above sensitivity analyses are estimates of the impact of market risks assuming the specified change occurs. Actual results in the future may differ materially from these results due to developments in the global financial markets, which may cause fluctuations in interest rates to vary from the assumptions made above and, therefore, should not be considered a projection of likely future events.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "24. Financial instruments
2025
2024
Carrying Carrying
amount Fair value amount Fair value
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Financial assets at fair value through Other
comprehensive income
Trade receivables
1
8,325
8,325
28,148
28,148
Level 2
Financial assets not measured at fair value
Trade receivables
2
35,397
35,397
65,060
65,060
Level 2
Cash and cash equivalents
48,624
48,624
56,683
56,683
Level 2
92,346
92,346
149,891
149,891
Financial liabilities not measured at fair value
Bank loans
204,659
205,957
77,991
80,417
Level 2
1 Relates to trade receivables, which may be discounted through the Barclay\u2019s bank facility. 2 Relates to trade receivables, which will not be discounted. The carrying amounts and fair values of financial assets and financial liabilities, including their levels in fair value hierarchy, are detailed above. The table does not include fair value information for other receivables, prepayments, trade payables and accruals as these are not measured at fair value. Trade receivables where it is not known at initial recognition if they will be factored are classified as fair value through other comprehensive income. Trade receivables which will not be factored and for which balances will be recovered under the sale contract credit terms are initially measured at fair value and, subsequently, measured at amortised cost. In the case of factored receivables, the Group derecognises the discounted receivable to which the arrangement applies when payment is received from the bank as the terms of the arrangement are non-recourse. The payment to the bank by the Group\u2019s customers are considered non-cash transactions for the purposes of the consolidated statement of cashflows. The valuation technique used in measuring Level 2 fair values is discounted cash flows, which considers the expected receipts or payments discounted using adjusted market discount rates, or, where these rates are not available estimated discount rates. The Group has exposure to credit risk, liquidity risk and market risk arising from financial instruments. Risk management framework The Board is ultimately responsible for risk management within the Group. It has delegated responsibility for the monitoring of the effectiveness of the Group\u2019s risk management and internal control systems to the Audit and Risk Committee. The Board and Audit and Risk Committee receive reports from Executive management on the key risks to the business and the steps being taken to mitigate such risks. The Audit and Risk Committee is assisted in its role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. Credit risk Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations and arises, principally, from the Group\u2019s trade receivables from customers. The carrying amount of financial assets represents the maximum credit exposure. The Group\u2019s exposure to credit risk is influenced by the individual circumstances of each customer. The Group also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. Before entering into sales contracts with new customers, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality. The credit quality of customers are reviewed regularly during the year and, where appropriate, credit limits or limits to the number of shipments, which can be outstanding at any point, are imposed.
The Group\u2019s customers have been transacting with the Group for a significant number of years. Invoices totalling $9.3 million for shipments
made to a customer during the year are unpaid at the financial year-end. A loss allowance of $4.7 million has been recognised at the financial
year-end in respect of this customer. The Group is pursuing all avenues for recovery, primarily on the basis of its retention of title. The shipments
in question were delivered to two separate customer operations, which are subject to individual restructuring and sales processes. In monitoring
other customer credit risk, customers are reviewed individually and the Group has not identified any factors that would merit reducing exposure
to any particular customer. The Group does not require collateral in respect of trade receivables.
The gross exposure to credit risk for trade receivables by geographic region was as follows:
2025 2024
$\u2019000 $\u2019000
Europe
19,104
38,831
USA
9,846
23,551
China
3,045
21,127
Asia (excluding China)
5,969
7,808
Africa
162
134
Total
38,126
91,451
At 31 December 2025, $10.2 million (2024: $53.6 million) is due from the Group\u2019s three largest customers.
A summary of the Group\u2019s exposure to credit risk for trade receivables is as follows:
2025 2024
$\u2019000 $\u2019000
External credit ratings at least Baa3 (Moody\u2019s)
8,325
28,148
Other
35,397
65,060
Total gross carrying amount
43,722
93,208
Loss allowance
(5,596)
(1,757)
Total
38,126
91,451
The following table provides ageing information relevant to the exposure to credit risk for trade receivables from individual customers. $9.3 million
were considered credit impaired at 31 December 2025 (2024:nil).
More than 30 More than 60 More than 90
days days days
Current past due past due past due Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
2025
34,398
\u2013
\u2013
9,324
43,722
2024
93,208
\u2013
\u2013
\u2013
93,208
Expected credit loss assessment of trade receivables
For trade receivables measured at fair value through other comprehensive income and trade receivables measured at amortised cost, the Group
allocates to each customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to
external ratings, financial statements and available market information about customers) and applying experienced credit judgement.
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2025.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Customer
50.0%
9,324
4,683
Yes
Other
3.5%
26,073
913
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2024.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Other
2.7%
65,060
1,757
No
The movement in expected credit losses, in respect of trade receivables measured at amortised cost or fair value through other comprehensive income during the year, was as follows:
2025 2024
$\u2019000 $\u2019000
Balance at 1 January
1,757
1,580
Net remeasurement of loss allowance
3,839
177
Balance at 31 December
5,596
1,757
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by international credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3 (Moody\u2019s) long-term rating. For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s) long-term rating. There were no individual deposits in excess of these amounts in 2025. At 31 December 2025 and 2024, cash was deposited with the following banks:
2025
2024
Long-term credit rating
Long-term credit rating
$ million
S&P
Moody\u2019s
$ million
S&P
Moody\u2019s
Barclays Bank plc
43.7
A+ / Stable
A1/ Stable
23.4
A+ / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.1
\u2013
Baa3
10.2
\u2013
Baa3
Standard Bank Mauritius Limited
0.1
\u2013
Ba2
10.0
\u2013
Ba2
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled in cash payments. The Group\u2019s objective when managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due. The Group monitors mine payment forecasts, both operating and capital, which assist it in monitoring cash flow requirements and optimising its cash return on investments. The Group aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash outflows on financial liabilities. The Group monitors the level of expected cash inflows on trade receivables, together with expected cash outflows on trade and other payables. The Group has a trade facility with Barclays Bank for customers, which it sells to under letter of credit terms. Under this facility, Barclays Bank confirms the letter of credit from the issuing bank and, therefore, assumes the credit risk. Barclays Bank may also discount these letters of credit, thereby providing early payment of receivables to the Group. There is no limit under the Barclays Bank facility. During the year, trade receivables of $125.4 million (2024: $152.5 million) were discounted under this facility. At the year-end, there were $8.3 million (2024: $28.1 million) of trade receivables, which can be discounted under this facility. $20.1 million of trade receivables due for payment in 2026 were factored at the year-end (2024: $30.5 million). The cost of this facility for the period, which amounted to $2.0 million (2024: $2.6 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2025 based on the gross contractual undiscounted payments. The bank loans are assumed not be repaid until maturity on 3 March 2029.
Between
Less than two and five More than
Total one year years five years
Financial liabilities $\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
243,691
23,623
220,068
\u2013
Lease liabilities
971
307
563
101
Trade and other payables
62,992
62,992
\u2013
\u2013
307,654
86,922
220,631
101
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2024 based on the gross contractual undiscounted payments:
Between
Less than two and five More than
Total one year years five years
Financial liabilities $\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
112,056
8,060
103,996
\u2013
Lease liabilities
1,629
390
899
340
Trade and other payables
47,755
47,755
\u2013
\u2013
161,440
56,205
104,895
340
As disclosed in Note 20, the Group has bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the loan agreement, the covenants are monitored on a regular basis by Group finance and regularly reported to management and the lenders to ensure compliance with the agreement. In December 2025, following a request by the Company, the lenders granted a reset of the net debt to EBITDA covenant for the 31 December 2025 to a level of 3.0x. All covenants have been complied with during the year. Furthermore, the Group has authorised and committed expenditure on operations-related capital projects amounting to $57.9 million (2024: $246.9 million) as disclosed in Note 26. Risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Details of concentration of revenue are included in Note 2. Market risk Market risk is risk that changes in market prices, foreign exchange rates and interest rates will affect the Group\u2019s income statement. The objective of market risk management is to manage and control market risk exposures while optimising returns. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currency of all Group entities is US Dollars. The presentational currency of the Group is US Dollars. Sales and bank loans are denominated in US Dollars, which significantly reduces the exposure of the Group to foreign currency risk. Payable transactions are denominated in Mozambican Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi. The Group has a forward contracts facility with Absa Bank Mauritius Ltd for the purchase and sale of US Dollars and South African Rand. The limit on the facility is $24 million and the maximum tenor is three months. The Group also has a forward contracts facility with Standard Bank Mauritius Ltd for the purchase of South African Rand. The limit on the facility is, approximately, $12.0 million and the maximum tenor is six months. There were no forward contracts in place at the year-end. Exposure to currency risk The Group\u2019s gross exposure to currency risk as at 31 December 2025 is as follows:
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
17,640
1,688
310
\u2013
\u2013
\u2013
Cash and cash equivalents
344
1,040
516
617
2
\u2013
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
(576)
\u2013
(395)
\u2013
\u2013
\u2013
Trade and other payables
(31,406)
(4,654)
(1,301)
(118)
265
\u2013
Net exposure
(13,998)
(1,926)
(870)
499
267
\u2013
The Group\u2019s exposure to currency risk as at 31 December 2024 is as follows:
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
8,067
1,405
1,349
15
335
\u2013
Cash and cash equivalents
5,152
1,010
945
95
2
28
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(971)
\u2013
\u2013
\u2013
Trade and other payables
(25,429)
(5,059)
(77)
\u2013
(74)
\u2013
Net exposure
(12,210)
(2,644)
1,246
110
263
28
Sensitivity analysis A strengthening or weakening of the Mozambique Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi by 10% against the US Dollar would have affected profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant.
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
Profit or loss $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
31 December 2025
Strengthening
(1,400)
(193)
(87)
50
27
\u2013
Weakening
1,400
193
87
(50)
(27)
\u2013
31 December 2024
Strengthening
(1,221)
(264)
125
11
26
3
Weakening
1,221
264
(125)
(11)
(26)
(3)
Interest rate risk The loan facilities are arranged at variable rates and expose the Group to cash flow interest rate risk. Variable rates are based on one, three or six- month SOFR. The borrowing rate at the financial year-end was 8.86% (2024: 9.63%). The interest rate profile of the Group\u2019s loan balances at the financial year-end was as follows:
2025 2024
$\u2019000 $\u2019000
Variable rate debt
204,658
77,991
Under the assumption that all other variables remain constant, a reasonable possible change of 1% in the SOFR rate results in a $2.0 million (2024: $0.8 million) change in finance costs for the financial year. The above sensitivity analyses are estimates of the impact of market risks assuming the specified change occurs. Actual results in the future may differ materially from these results due to developments in the global financial markets, which may cause fluctuations in interest rates to vary from the assumptions made above and, therefore, should not be considered a projection of likely future events.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "
Risk management framework
The Board is ultimately responsible for risk management within the Group. It has delegated responsibility for the monitoring of the effectiveness
of the Group\u2019s risk management and internal control systems to the Audit and Risk Committee. The Board and Audit and Risk Committee receive
reports from Executive management on the key risks to the business and the steps being taken to mitigate such risks. The Audit and Risk
Committee is assisted in its role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and
procedures, the results of which are reported to the Audit and Risk Committee.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations
and arises, principally, from the Group\u2019s trade receivables from customers. The carrying amount of financial assets represents the maximum credit
exposure.
The Group\u2019s exposure to credit risk is influenced by the individual circumstances of each customer. The Group also considers the factors that may
influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate.
Before entering into sales contracts with new customers, the Group uses an external credit scoring system to assess the potential customer\u2019s
credit quality. The credit quality of customers are reviewed regularly during the year and, where appropriate, credit limits or limits to the number of
shipments, which can be outstanding at any point, are imposed.
The Group\u2019s customers have been transacting with the Group for a significant number of years. Invoices totalling $9.3 million for shipments made to a customer during the year are unpaid at the financial year-end. A loss allowance of $4.7 million has been recognised at the financial year-end in respect of this customer. The Group is pursuing all avenues for recovery, primarily on the basis of its retention of title. The shipments in question were delivered to two separate customer operations, which are subject to individual restructuring and sales processes. In monitoring other customer credit risk, customers are reviewed individually and the Group has not identified any factors that would merit reducing exposure to any particular customer. The Group does not require collateral in respect of trade receivables. The gross exposure to credit risk for trade receivables by geographic region was as follows:
2025 2024
$\u2019000 $\u2019000
Europe
19,104
38,831
USA
9,846
23,551
China
3,045
21,127
Asia (excluding China)
5,969
7,808
Africa
162
134
Total
38,126
91,451
At 31 December 2025, $10.2 million (2024: $53.6 million) is due from the Group\u2019s three largest customers. A summary of the Group\u2019s exposure to credit risk for trade receivables is as follows:
2025 2024
$\u2019000 $\u2019000
External credit ratings at least Baa3 (Moody\u2019s)
8,325
28,148
Other
35,397
65,060
Total gross carrying amount
43,722
93,208
Loss allowance
(5,596)
(1,757)
Total
38,126
91,451
The following table provides ageing information relevant to the exposure to credit risk for trade receivables from individual customers. $9.3 million were considered credit impaired at 31 December 2025 (2024:nil).
More than 30 More than 60 More than 90
days days days
Current past due past due past due Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
2025
34,398
\u2013
\u2013
9,324
43,722
2024
93,208
\u2013
\u2013
\u2013
93,208
Expected credit loss assessment of trade receivables For trade receivables measured at fair value through other comprehensive income and trade receivables measured at amortised cost, the Group allocates to each customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, financial statements and available market information about customers) and applying experienced credit judgement. The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2025.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Customer
50.0%
9,324
4,683
Yes
Other
3.5%
26,073
913
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2024.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Other
2.7%
65,060
1,757
No
The movement in expected credit losses, in respect of trade receivables measured at amortised cost or fair value through other comprehensive income during the year, was as follows:
2025 2024
$\u2019000 $\u2019000
Balance at 1 January
1,757
1,580
Net remeasurement of loss allowance
3,839
177
Balance at 31 December
5,596
1,757
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by international credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3 (Moody\u2019s) long-term rating. For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s) long-term rating. There were no individual deposits in excess of these amounts in 2025. At 31 December 2025 and 2024, cash was deposited with the following banks:
2025
2024
Long-term credit rating
Long-term credit rating
$ million
S&P
Moody\u2019s
$ million
S&P
Moody\u2019s
Barclays Bank plc
43.7
A+ / Stable
A1/ Stable
23.4
A+ / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.1
\u2013
Baa3
10.2
\u2013
Baa3
Standard Bank Mauritius Limited
0.1
\u2013
Ba2
10.0
\u2013
Ba2
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled in cash payments. The Group\u2019s objective when managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due. The Group monitors mine payment forecasts, both operating and capital, which assist it in monitoring cash flow requirements and optimising its cash return on investments. The Group aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash outflows on financial liabilities. The Group monitors the level of expected cash inflows on trade receivables, together with expected cash outflows on trade and other payables. The Group has a trade facility with Barclays Bank for customers, which it sells to under letter of credit terms. Under this facility, Barclays Bank confirms the letter of credit from the issuing bank and, therefore, assumes the credit risk. Barclays Bank may also discount these letters of credit, thereby providing early payment of receivables to the Group. There is no limit under the Barclays Bank facility. During the year, trade receivables of $125.4 million (2024: $152.5 million) were discounted under this facility. At the year-end, there were $8.3 million (2024: $28.1 million) of trade receivables, which can be discounted under this facility. $20.1 million of trade receivables due for payment in 2026 were factored at the year-end (2024: $30.5 million). The cost of this facility for the period, which amounted to $2.0 million (2024: $2.6 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2025 based on the gross contractual undiscounted payments. The bank loans are assumed not be repaid until maturity on 3 March 2029.
Between
Less than two and five More than
Total one year years five years
Financial liabilities $\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
243,691
23,623
220,068
\u2013
Lease liabilities
971
307
563
101
Trade and other payables
62,992
62,992
\u2013
\u2013
307,654
86,922
220,631
101
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2024 based on the gross contractual undiscounted payments:
Between
Less than two and five More than
Total one year years five years
Financial liabilities $\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
112,056
8,060
103,996
\u2013
Lease liabilities
1,629
390
899
340
Trade and other payables
47,755
47,755
\u2013
\u2013
161,440
56,205
104,895
340
As disclosed in Note 20, the Group has bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the loan agreement, the covenants are monitored on a regular basis by Group finance and regularly reported to management and the lenders to ensure compliance with the agreement. In December 2025, following a request by the Company, the lenders granted a reset of the net debt to EBITDA covenant for the 31 December 2025 to a level of 3.0x. All covenants have been complied with during the year. Furthermore, the Group has authorised and committed expenditure on operations-related capital projects amounting to $57.9 million (2024: $246.9 million) as disclosed in Note 26. Risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Details of concentration of revenue are included in Note 2. Market risk Market risk is risk that changes in market prices, foreign exchange rates and interest rates will affect the Group\u2019s income statement. The objective of market risk management is to manage and control market risk exposures while optimising returns. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currency of all Group entities is US Dollars. The presentational currency of the Group is US Dollars. Sales and bank loans are denominated in US Dollars, which significantly reduces the exposure of the Group to foreign currency risk. Payable transactions are denominated in Mozambican Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi. The Group has a forward contracts facility with Absa Bank Mauritius Ltd for the purchase and sale of US Dollars and South African Rand. The limit on the facility is $24 million and the maximum tenor is three months. The Group also has a forward contracts facility with Standard Bank Mauritius Ltd for the purchase of South African Rand. The limit on the facility is, approximately, $12.0 million and the maximum tenor is six months. There were no forward contracts in place at the year-end. Exposure to currency risk The Group\u2019s gross exposure to currency risk as at 31 December 2025 is as follows:
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
17,640
1,688
310
\u2013
\u2013
\u2013
Cash and cash equivalents
344
1,040
516
617
2
\u2013
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
(576)
\u2013
(395)
\u2013
\u2013
\u2013
Trade and other payables
(31,406)
(4,654)
(1,301)
(118)
265
\u2013
Net exposure
(13,998)
(1,926)
(870)
499
267
\u2013
The Group\u2019s exposure to currency risk as at 31 December 2024 is as follows:
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
8,067
1,405
1,349
15
335
\u2013
Cash and cash equivalents
5,152
1,010
945
95
2
28
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(971)
\u2013
\u2013
\u2013
Trade and other payables
(25,429)
(5,059)
(77)
\u2013
(74)
\u2013
Net exposure
(12,210)
(2,644)
1,246
110
263
28
Sensitivity analysis A strengthening or weakening of the Mozambique Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi by 10% against the US Dollar would have affected profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant.
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
Profit or loss $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
31 December 2025
Strengthening
(1,400)
(193)
(87)
50
27
\u2013
Weakening
1,400
193
87
(50)
(27)
\u2013
31 December 2024
Strengthening
(1,221)
(264)
125
11
26
3
Weakening
1,221
264
(125)
(11)
(26)
(3)
Interest rate risk The loan facilities are arranged at variable rates and expose the Group to cash flow interest rate risk. Variable rates are based on one, three or six- month SOFR. The borrowing rate at the financial year-end was 8.86% (2024: 9.63%). The interest rate profile of the Group\u2019s loan balances at the financial year-end was as follows:
2025 2024
$\u2019000 $\u2019000
Variable rate debt
204,658
77,991
Under the assumption that all other variables remain constant, a reasonable possible change of 1% in the SOFR rate results in a $2.0 million (2024: $0.8 million) change in finance costs for the financial year. The above sensitivity analyses are estimates of the impact of market risks assuming the specified change occurs. Actual results in the future may differ materially from these results due to developments in the global financial markets, which may cause fluctuations in interest rates to vary from the assumptions made above and, therefore, should not be considered a projection of likely future events.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations and arises, principally, from the Group\u2019s trade receivables from customers. The carrying amount of financial assets represents the maximum credit exposure. The Group\u2019s exposure to credit risk is influenced by the individual circumstances of each customer. The Group also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. Before entering into sales contracts with new customers, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality. The credit quality of customers are reviewed regularly during the year and, where appropriate, credit limits or limits to the number of shipments, which can be outstanding at any point, are imposed. The Group\u2019s customers have been transacting with the Group for a significant number of years. Invoices totalling $9.3 million for shipments made to a customer during the year are unpaid at the financial year-end. A loss allowance of $4.7 million has been recognised at the financial year-end in respect of this customer. The Group is pursuing all avenues for recovery, primarily on the basis of its retention of title. The shipments in question were delivered to two separate customer operations, which are subject to individual restructuring and sales processes. In monitoring other customer credit risk, customers are reviewed individually and the Group has not identified any factors that would merit reducing exposure to any particular customer. The Group does not require collateral in respect of trade receivables. The gross exposure to credit risk for trade receivables by geographic region was as follows:
2025 2024
$\u2019000 $\u2019000
Europe
19,104
38,831
USA
9,846
23,551
China
3,045
21,127
Asia (excluding China)
5,969
7,808
Africa
162
134
Total
38,126
91,451
At 31 December 2025, $10.2 million (2024: $53.6 million) is due from the Group\u2019s three largest customers. A summary of the Group\u2019s exposure to credit risk for trade receivables is as follows:
2025 2024
$\u2019000 $\u2019000
External credit ratings at least Baa3 (Moody\u2019s)
8,325
28,148
Other
35,397
65,060
Total gross carrying amount
43,722
93,208
Loss allowance
(5,596)
(1,757)
Total
38,126
91,451
The following table provides ageing information relevant to the exposure to credit risk for trade receivables from individual customers. $9.3 million were considered credit impaired at 31 December 2025 (2024:nil).
More than 30 More than 60 More than 90
days days days
Current past due past due past due Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
2025
34,398
\u2013
\u2013
9,324
43,722
2024
93,208
\u2013
\u2013
\u2013
93,208
Expected credit loss assessment of trade receivables For trade receivables measured at fair value through other comprehensive income and trade receivables measured at amortised cost, the Group allocates to each customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, financial statements and available market information about customers) and applying experienced credit judgement. The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2025.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Customer
50.0%
9,324
4,683
Yes
Other
3.5%
26,073
913
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2024.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Other
2.7%
65,060
1,757
No
The movement in expected credit losses, in respect of trade receivables measured at amortised cost or fair value through other comprehensive
income during the year, was as follows:
2025 2024
$\u2019000 $\u2019000
Balance at 1 January
1,757
1,580
Net remeasurement of loss allowance
3,839
177
Balance at 31 December
5,596
1,757
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by international
credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3 (Moody\u2019s) long-term rating.
For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s) long-term rating. There were no
individual deposits in excess of these amounts in 2025.
At 31 December 2025 and 2024, cash was deposited with the following banks:
2025
2024
Long-term credit rating
Long-term credit rating
$ million
S&P
Moody\u2019s
$ million
S&P
Moody\u2019s
Barclays Bank plc
43.7
A+ / Stable
A1/ Stable
23.4
A+ / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.1
\u2013
Baa3
10.2
\u2013
Baa3
Standard Bank Mauritius Limited
0.1
\u2013
Ba2
10.0
\u2013
Ba2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "Expected credit loss assessment of trade receivables For trade receivables measured at fair value through other comprehensive income and trade receivables measured at amortised cost, the Group allocates to each customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, financial statements and available market information about customers) and applying experienced credit judgement. The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2025.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Customer
50.0%
9,324
4,683
Yes
Other
3.5%
26,073
913
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2024.
Gross carrying Impairment loss
Weight average amount allowance
Equivalent to Moody\u2019s credit rating loss rate $\u2019000
$\u2019000
Credit impaired
Other
2.7%
65,060
1,757
No
The movement in expected credit losses, in respect of trade receivables measured at amortised cost or fair value through other comprehensive income during the year, was as follows:
2025 2024
$\u2019000 $\u2019000
Balance at 1 January
1,757
1,580
Net remeasurement of loss allowance
3,839
177
Balance at 31 December
5,596
1,757
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by international credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3 (Moody\u2019s) long-term rating. For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s) long-term rating. There were no individual deposits in excess of these amounts in 2025. At 31 December 2025 and 2024, cash was deposited with the following banks:
2025
2024
Long-term credit rating
Long-term credit rating
$ million
S&P
Moody\u2019s
$ million
S&P
Moody\u2019s
Barclays Bank plc
43.7
A+ / Stable
A1/ Stable
23.4
A+ / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.1
\u2013
Baa3
10.2
\u2013
Baa3
Standard Bank Mauritius Limited
0.1
\u2013
Ba2
10.0
\u2013
Ba2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled
in cash payments. The Group\u2019s objective when managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they
are due.
The Group monitors mine payment forecasts, both operating and capital, which assist it in monitoring cash flow requirements and optimising
its cash return on investments. The Group aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash
outflows on financial liabilities. The Group monitors the level of expected cash inflows on trade receivables, together with expected cash outflows
on trade and other payables.
The Group has a trade facility with Barclays Bank for customers, which it sells to under letter of credit terms. Under this facility, Barclays Bank
confirms the letter of credit from the issuing bank and, therefore, assumes the credit risk. Barclays Bank may also discount these letters of credit,
thereby providing early payment of receivables to the Group. There is no limit under the Barclays Bank facility. During the year, trade receivables
of $125.4 million (2024: $152.5 million) were discounted under this facility. At the year-end, there were $8.3 million (2024: $28.1 million) of trade
receivables, which can be discounted under this facility. $20.1 million of trade receivables due for payment in 2026 were factored at the year-end
(2024: $30.5 million). The cost of this facility for the period, which amounted to $2.0 million (2024: $2.6 million), is included in finance costs in
the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The table below
summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2025 based on the gross contractual undiscounted payments.
The bank loans are assumed not be repaid until maturity on 3 March 2029.
Between
Less than two and five More than
Total one year years five years
Financial liabilities $\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
243,691
23,623
220,068
\u2013
Lease liabilities
971
307
563
101
Trade and other payables
62,992
62,992
\u2013
\u2013
307,654
86,922
220,631
101
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2024 based on the gross contractual
undiscounted payments:
Between
Less than two and five More than
Total one year years five years
Financial liabilities $\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
112,056
8,060
103,996
\u2013
Lease liabilities
1,629
390
899
340
Trade and other payables
47,755
47,755
\u2013
\u2013
161,440
56,205
104,895
340
As disclosed in Note 20, the Group has bank loans that contain loan covenants. A future breach of covenant may require the Group to repay
the loan earlier than indicated in the above table. Under the loan agreement, the covenants are monitored on a regular basis by Group finance
and regularly reported to management and the lenders to ensure compliance with the agreement. In December 2025, following a request by the
Company, the lenders granted a reset of the net debt to EBITDA covenant for the 31 December 2025 to a level of 3.0x. All covenants have been
complied with during the year.
Furthermore, the Group has authorised and committed expenditure on operations-related capital projects amounting to $57.9 million (2024:
$246.9 million) as disclosed in Note 26.
Risk concentration
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or
have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or
other conditions. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry.
The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and
industries and operate in largely independent markets. Details of concentration of revenue are included in Note 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
Market risk
Market risk is risk that changes in market prices, foreign exchange rates and interest rates will affect the Group\u2019s income statement. The objective
of market risk management is to manage and control market risk exposures while optimising returns.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
Currency risk
The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales,
purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currency of
all Group entities is US Dollars. The presentational currency of the Group is US Dollars. Sales and bank loans are denominated in US Dollars, which
significantly reduces the exposure of the Group to foreign currency risk. Payable transactions are denominated in Mozambican Metical, South
African Rand, Euro, Sterling, Australian Dollar and Renminbi.
The Group has a forward contracts facility with Absa Bank Mauritius Ltd for the purchase and sale of US Dollars and South African Rand. The limit
on the facility is $24 million and the maximum tenor is three months. The Group also has a forward contracts facility with Standard Bank Mauritius
Ltd for the purchase of South African Rand. The limit on the facility is, approximately, $12.0 million and the maximum tenor is six months. There
were no forward contracts in place at the year-end.
Exposure to currency risk
The Group\u2019s gross exposure to currency risk as at 31 December 2025 is as follows:
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
17,640
1,688
310
\u2013
\u2013
\u2013
Cash and cash equivalents
344
1,040
516
617
2
\u2013
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
(576)
\u2013
(395)
\u2013
\u2013
\u2013
Trade and other payables
(31,406)
(4,654)
(1,301)
(118)
265
\u2013
Net exposure
(13,998)
(1,926)
(870)
499
267
\u2013
The Group\u2019s exposure to currency risk as at 31 December 2024 is as follows:
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
8,067
1,405
1,349
15
335
\u2013
Cash and cash equivalents
5,152
1,010
945
95
2
28
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(971)
\u2013
\u2013
\u2013
Trade and other payables
(25,429)
(5,059)
(77)
\u2013
(74)
\u2013
Net exposure
(12,210)
(2,644)
1,246
110
263
28
Sensitivity analysis
A strengthening or weakening of the Mozambique Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi by 10% against the
US Dollar would have affected profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant.
Mozambican South African Australian
Metical Rand Euro Sterling Dollar Renminbi
Profit or loss $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
31 December 2025
Strengthening
(1,400)
(193)
(87)
50
27
\u2013
Weakening
1,400
193
87
(50)
(27)
\u2013
31 December 2024
Strengthening
(1,221)
(264)
125
11
26
3
Weakening
1,221
264
(125)
(11)
(26)
(3)
", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfCurrencyRisk", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "
Interest rate risk
The loan facilities are arranged at variable rates and expose the Group to cash flow interest rate risk. Variable rates are based on one, three or six-
month SOFR. The borrowing rate at the financial year-end was 8.86% (2024: 9.63%). The interest rate profile of the Group\u2019s loan balances at the
financial year-end was as follows:
2025 2024
$\u2019000 $\u2019000
Variable rate debt
204,658
77,991
Under the assumption that all other variables remain constant, a reasonable possible change of 1% in the SOFR rate results in a $2.0 million (2024:
$0.8 million) change in finance costs for the financial year.
The above sensitivity analyses are estimates of the impact of market risks assuming the specified change occurs. Actual results in the future may
differ materially from these results due to developments in the global financial markets, which may cause fluctuations in interest rates to vary from
the assumptions made above and, therefore, should not be considered a projection of likely future events.
", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfInterestRateRisk", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
25. Capital management
The Group\u2019s capital management objective is to ensure that entities in the Group will be able to continue as a going concern while maximising the
return to shareholders through the optimisation of debt and equity balances.
The principal activity of the Group is the operation of the Mine. The Group, therefore, manages its capital to ensure existing operations are
adequately funded and, based on planned mine production levels, that the Mine will continue to achieve positive cash flows allowing returns to
shareholders.
At 31 December 2025, the Group had total debt facilities (RCF) in place of $200 million (2024: $200 million), details of which was set out in Note
20, with its lender syndicate (Absa Bank, Nedbank, Rand Merchant Bank and Standard Bank).
The Board periodically reviews the capital structure of the Group, including the cost of capital and the risks associated with each class of
capital. The Group manages and, if necessary, adjusts its capital structure taking account of the underlying economic conditions. Any material
adjustments to the Group\u2019s capital structure, in terms of the relative proportions of debt and equity, are approved by the Board. The Group is not
subject to any externally imposed capital requirements.
The definition of capital/capital structure of the Group consists of debt (which includes bank borrowings as disclosed in Note 20 and leases as
disclosed in Note 12) and equity attributable to equity holders of the Company, comprising issued capital, reserves, retained profits and other
reserves as disclosed in Notes 16 to 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
26. Capital commitments
2025 2024
` $\u2019000 $\u2019000
Contracts for future expenditure authorised by the Board:
Capital authorised and contracted
57,852
246,850
Capital authorised and not contracted
45,689
79,160
Capital authorised and contracted represents the amount authorised and contracted at 31 December of the relevant financial year to be spent on
mine operations-related approved capital projects.
Capital authorised and not contracted represents the amount not contracted but authorised at 31 December of the relevant financial year to be
spent on mine operations-related approved capital projects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "26. Capital commitments
2025 2024
` $\u2019000 $\u2019000
Contracts for future expenditure authorised by the Board:
Capital authorised and contracted
57,852
246,850
Capital authorised and not contracted
45,689
79,160
Capital authorised and contracted represents the amount authorised and contracted at 31 December of the relevant financial year to be spent on mine operations-related approved capital projects. Capital authorised and not contracted represents the amount not contracted but authorised at 31 December of the relevant financial year to be spent on mine operations-related approved capital projects.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "
27. Related party transactions
Remuneration of key management personnel
The remuneration of the Executive Committee, who are the key management personnel of the Group, is set out below in aggregate for each of the
categories specified in IAS 24 Related Party Disclosures.
2025 2024
$\u2019000 $\u2019000
Short-term employee benefits
4,870
4,773
Post-employment benefits
332
335
Share-based payments
1,646
1,848
Termination benefits
318
1,414
Total benefits
7,167
8,369
Michael Carvill stepped down as a Director of the Company on 14 August 2024. Michael Carvill was retained as a consultant to the Company via
Zephyr Consulting Limited (a company controlled by Michel Carvill) until 30 April 2025 to provide services, in respect of the renewal of the IA,
WCP A\u2019s upgrade and move to Nataka and other corporate matters. Under the agreement entered into in this regard, Zephyr Consulting Limited
was entitled to (a) a fixed monthly fee of \u20ac27,220 and (b) a completion fee of 100% of the payments due to him in the calendar year 2024 if the
IA was renewed on or before 21 December 2024. During 2025, a total of \u20ac108,880 (2024: \u20ac122,490) was paid to Zephyr Consulting Limited for the
fixed monthly fee under this consultancy arrangement. The completion fee did not become payable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "27. Related party transactions Remuneration of key management personnel The remuneration of the Executive Committee, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
2025 2024
$\u2019000 $\u2019000
Short-term employee benefits
4,870
4,773
Post-employment benefits
332
335
Share-based payments
1,646
1,848
Termination benefits
318
1,414
Total benefits
7,167
8,369
Michael Carvill stepped down as a Director of the Company on 14 August 2024. Michael Carvill was retained as a consultant to the Company via Zephyr Consulting Limited (a company controlled by Michel Carvill) until 30 April 2025 to provide services, in respect of the renewal of the IA, WCP A\u2019s upgrade and move to Nataka and other corporate matters. Under the agreement entered into in this regard, Zephyr Consulting Limited was entitled to (a) a fixed monthly fee of \u20ac27,220 and (b) a completion fee of 100% of the payments due to him in the calendar year 2024 if the IA was renewed on or before 21 December 2024. During 2025, a total of \u20ac108,880 (2024: \u20ac122,490) was paid to Zephyr Consulting Limited for the fixed monthly fee under this consultancy arrangement. The completion fee did not become payable.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "28. Kenmare Resources plc Kenmare Resources Public Company Limited is a public limited company. The place of registration is Ireland and the registered office address is Styne House, Hatch Street Upper, Dublin 2. The registered number is 37550.", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfKenmareResourcesPlc", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "
29. Events after the statement of financial position date
There have been no material events after the financial year-end that would require adjustment or disclosure in these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "
30. Approval of financial statements
The financial statements were approved by the Board on 9 April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }