10 December 2014

The Board of Kenmare notes the recent decline in the Company's share price, which appears in part prompted by concerns regarding the ability of the Company to meet the 31 January 2015 budget requirement under the debt amendment announced on 1 August 2014.

As outlined in Kenmare's Interim Management Statement on 17 October, the Company has been working closely with lenders and their advisors. Constructive discussions are continuing with a view to reaching agreement on amendment to the terms of the debt that would both address any potential default relating to the 31 January budget requirement and provide a basis for a more sustainable debt structure.

The Company will provide further updates in due course.

For further information, please contact:

Kenmare Resources plc
Michael Carvill, Managing Director
Tel: +353 1 671 0411
Mob: + 353 87 674 0110

Tony McCluskey, Financial Director
Tel: +353 1 671 0411
Mob: + 353 87 674 0346

Jeremy Dibb, Corporate Development and Investor Relations Manager
Tel: +353 1 671 0411
Mob: + 353 87 943 0367

Murray Consultants
Joe Heron
Tel: +353 1 498 0300
Mob: +353 87 690 9735

Buchanan
Bobby Morse / Louise Mason / Gordon Poole
Tel: +44 207 466 5000

The Directors of Kenmare accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. The distribution of this announcement in jurisdictions outside Ireland or the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

A person interested in 1% or more of any class of relevant securities of Kenmare or Iluka may have disclosure obligations under Rule 8.3 of the Irish Takeover Rules, effective from 26 June 2014, the date of the commencement of the offer period for Kenmare under the Irish Takeover Rules.​

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