Slide 1: Iluka Resources 2025 Full Year Results
1 Iluka Resources (ASX:ILU) 2025 Full Year Results 18 February 2026 Balranald, New South Wales
Slide 2: Disclaimer
Disclaimer 2 This presentation has been prepared by Iluka Resources Limited (Iluka). By accessing this presentation you acknowledge that you have read and understood the following statement. This presentation includes forward-looking statements reflecting Iluka’s current expectations. These statemen
Slide 3: Key features – FY 2025
Key features – FY 2025 3 Strategic Operational Financial Eneabba rare earths Balranald Zircon/Rutile/Synthetic ZIC production and Operational and Mineral Sands refinery construction commissioning Rutile production of sales of 111kt marketing discipline Underlying EBITDA advancing on schedule 448kt i
Slide 4: Safety and environment
Safety and environment 4 Full year 2025 272ha of land rehabilitated Winner of the 2025 Virginia (FY 2025) Department of Energy Mineral 3.4 TRIFR Mine Reclamation Award Total Recordable Injury Frequency Rate 85ha of progressive rehabilitation (3.8 in 2024) completed at operating mines and 187ha of re
Slide 5: Results overview
Results overview 5 Units Full year 2025 Full year 2024 % Change Z/R/SR Production kt 559 496 12.7 Z/R/SR Sales kt 475 475 (0.1) Mineral sands revenue $m 976 1,129 (13.5) Underlying mineral sands EBITDA $m 300 477 (37.2) $976m Underlying mineral sands EBITDA margin % 31 42 Mineral sands revenue Share
Slide 6: Cash flow and balance sheet: Mineral Sands
Cash flow and balance sheet: Mineral Sands 6 $m 200 61 100 90 ( 15 ) ( 10 ) Cash flow 12 months to 31 December 2025 - ( 94 ) • Mineral sands business in a net debt position of $473 million ( 100 ) following $419 million of investment in mineral sands capital expenditure ( 200 ) – $361 million of exe
Slide 7: Cash uses: Mineral Sands
Cash uses: Mineral Sands 7 Mineral sands cash requirements significantly lower in 2026 $1,400 $1,277 Cash uses: Mineral Sands $1,200 • Expected cash requirements for 2026 are ~$665 million, significantly lower than 2025 expenditure • Cash costs of production lower due to idling at Cataby and SR2 $1,
Slide 8: Inventory position
Inventory position 8 Z/R/SR kt HMC kt 450 1,600 400 1,400 • Heavy mineral concentrate (HMC) inventory of ~535kt and 350 finished goods inventory of ~379kt of Z/R/SR 1,200 Iluka’s 300 inventory • With production suspended at Cataby and SR2, Iluka will be 1,000 servicing synthetic rutile sales from in
Slide 9: Cash flow and balance sheet: Rare Earths
Cash flow and balance sheet: Rare Earths 9 $m - ( 100 ) ( 200 ) Cash flow 12 months to 31 December 2025 ( 205 ) ( 300 ) • Capital expenditure of $443 million ( 400 ) • Iluka equity contribution of $94 million ( 500 ) 94 ( 600 ) ( 584 ) Balance sheet: Rare Earths ( 700 ) ( 443 ) ( 29 ) • Development
Slide 10: Deterra Royalties Key Features
Deterra Royalties 10 Key Features Production run rate with Mining Area C royalty receipts (A$m)1 Mining Area C sales volume (Mdmt) South Flank = 145 mwmt2 265 239 239 228 20 46 13 140 121 92 2 126 119 116 128 1 118 116 104 68 89 57 47 118 116 68 28 41 93 96 104 28 44 48 26 2018 2019 2020 2021 2022 2
Slide 11: Markets
Markets
Slide 12: Markets – zircon
Markets – zircon 12 Maintaining disciplined approach amid continued macroeconomic uncertainty and actions of other producers Price Zircon (premium and standard) 157kt 111kt (US$/T) net realised FOB price Zircon sand sales Zircon-in-concentrate sales $2,500 (FY 2024: 165kt) (FY 2024: 61kt) $2,000 $1,
Slide 13: Markets – high-grade titanium feedstocks
Markets – high-grade titanium feedstocks 13 Potential catalysts in 2026 include demand and supply side developments Sales Price Synthetic rutile sales and net realised FOB price4 (kt) (US$/T) 136kt 71kt SR Sales SR Price $1,400 160 Synthetic rutile sales Rutile1 sales (FY 2024: 200kt) (FY 2024: 45kt
Slide 14: Projects
Projects Balranald, New South Wales
Slide 15: Eneabba rare earths refinery
Eneabba rare earths refinery 15 Construction progressing on budget and schedule; commissioning in 2027 • Engineering >95% complete • Concrete installation advanced through Q4 2025, with over 21,000m3 poured in 2025 • Progressive completion of plant areas has enabled the installation of mechanical eq
Slide 16: Eneabba refinery capital expenditure update
Eneabba refinery capital expenditure update 16 Continued confidence in project capital cost estimate of $1.7-$1.8 billion As at 31 December 2025 • Total capital expenditure spent of $865 million1 • Spent and committed expenditure of $1.1 billion, representing over 60% of the total capital cost • Rem
Slide 17: Eneabba rare earths refinery
Eneabba rare earths refinery 17 Purification and Roaster kiln (cracking) Magnesia recovery and washing thickeners Reagent preparation and leach softening clarifiers unloading and storage Pipe racks Upstream SX Pregnant liquor (SX building 1) tanks Downstream SX and evaporators (SX building 2) Contro
Slide 18: Balranald
Balranald 18 Balranald project commissioning; exceptionally high-grade ore body; rich in rutile and premium zircon, complemented by valuable light and heavy rare earth credits; utilises novel mining technology developed by Iluka over 15 years • Final capital expenditure estimate $625 million – $361
Slide 19: Wimmera
Wimmera 19 A series of large, fine-grained deposits in Western Victoria, providing a potential multi-decade source of both rare earths and zircon – including the highly valuable heavy rare earths, dysprosium and terbium • Iluka has successfully tested the flowsheet developed for the Wimmera project
Slide 20: Supplementary Information
Supplementary Information Balranald, New South Wales
Slide 21: Outlook for 2026
Outlook for 2026 21 Key Parameters 2024 2025 20262 Production Zircon sand kt 158 160 130 Zircon in concentrate kt 69 111 50 Rutile3 kt 58 79 85 Synthetic Rutile kt 211 210 - Total Z/R/SR kt 496 559 265 Cash costs of production (Z/R/SR) $m 644 589 420 Unit cash costs of production $/t Z/R/SR 1,298 1,
Slide 22: Outlook for 2026
Outlook for 2026 22 Key Parameters 2024 2025 20262 Other cash costs ($m) By-product costs 16 10 10 Restructure, idle costs and other non-production 35 32 85 Major projects, exploration and innovation 40 37 30 Corporate and other 49 34 40 Marketing and selling costs 33 30 20 Royalty costs 35 34 n/a N
Slide 23: Supplementary information – Production, sales, revenue and costs
Supplementary information – Production, sales, revenue and costs 23 FY 2025 FY 2024 % change Production Zircon kt 159.2 158.0 0.8 ZIC kt 111.1 69.2 60.5 Rutile kt 78.9 57.8 36.5 Synthetic rutile kt 209.9 211.2 (0.6) Total Z/R/SR production kt 559.1 496.2 12.7 Ilmenite – saleable and upgradeable kt 3
Slide 24: Supplementary information – Income statement
Supplementary information – Income statement 24 A$ million FY 2025 FY 2024 % change Z/R/SR revenue 908.3 1,043.4 (12.9) Ilmenite and other revenue 67.3 85.1 (20.9) Mineral sands revenue 975.6 1,128.5 (13.5) Cash costs of production (589.1) (644.0) (8.5) By-product costs (9.7) (16.4) (40.9) Inventory
Slide 25: Supplementary information – Reconciliation of non-IFRS information
Supplementary information – Reconciliation of non-IFRS information 25 Non-operating $m Mineral Sands Rare Earths US/MB Total operating Group (Including corporate) Mineral sands revenue 966.4 - 9.2 975.6 - 975.6 Freight revenue 39.8 - - 39.8 - 39.8 Expenses (604.4) 0.3 (19.0) (623.1) (42.9) (666.0) S
Slide 26: Supplementary information – Weighted average received prices
Supplementary information – Weighted average received prices 26 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 US$/tonne FOB Zircon premium and standard 1,882 1,698 1,692 1,615 1,502 1,643 Zircon 1,721 1,557 1,442 1,464 1,230 1,422 (all products, including zircon in concentrate)1 Rutile 1,694 1,549 1,496 1,375
Slide 27: For more information contact
27 For more information contact Luke Woodgate, General Manager, Investor Relations and Corporate Affairs investor.relations@iluka.com Jacinth-Ambrosia, South Australia