Iluka Resources Limited · ASX:ILU
Iluka Resources — H1 2026 Earnings Presentation
34 slides from Iluka Resources's earnings presentation, Aug 19, 2026
Slide 1: Iluka Resources (ASX:ILU) 2026 Half Year Results
1 Iluka Resources (ASX:ILU) 2026 Half Year Results 19 August 2026 Eneabba, Western Australia
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 – delivering strategic developments
Key features – delivering strategic developments 3 Eneabba rare earths refinery Balranald 1. Construction 60% complete 1. Project commissioned • Progress on schedule • Two mining rigs operational • Capital estimate reaffirmed, $1.7-1.8 billion • Non-magnetic and magnetic concentrate produced on 2. F
Slide 4: Key features – financial and operational results
Key features – financial and operational results 4 Financial Production and sales Mineral sands revenue Zircon sales prices and volumes Zircon/rutile/synthetic rutile Zircon sand 36kt $433 million driving revenue (Z/R/SR) production 106kt Zircon-in-concentrate (ZIC) 44kt Rutile 26kt Underlying Group
Slide 5: Safety and environment
Safety and environment 5 Winner of the 2026 National As at 30 June 2026 148ha of land rehabilitated Mine Reclamation Award for (136ha H1 2025) Old Hickory, Virginia, US 1.8 SPIFR Includes 116ha rehabilitated at closed Serious Potential Incident Following on from Virginia State sites and 32ha progres
Slide 6: Results overview
Results overview 6 Units 1H 2026 1H 2025 % Change Z/R/SR production kt 106 280 (62) Z/R/SR sales kt 228 249 (9) $433m Mineral sands revenue $m 433 558 (22) Mineral sands revenue Underlying mineral sands EBITDA $m 41 218 (81) Underlying mineral sands EBITDA margin % 9 39 (76) Share of profit in assoc
Slide 7: Cash flow and balance sheet: Mineral Sands
Cash flow and balance sheet: Mineral Sands 7 A$m Cash flow six months to 30 June 2026 - ( 50 ) • Mineral sands business in a net debt position of $273 million ( 100 ) – $247 million operating cash flow generated ( 150 ) 53 – $94 million investment in mineral sands capital ( 200 ) 247 ( 250 ) (4) 10
Slide 8: Inventory position
Inventory position 8 Inventory drawdown reflecting operational settings and zircon market improvement Z/R/SR kt Z/R/SR finished goods and HMC inventory HMC kt 450 1,600 • Heavy mineral concentrate (HMC) inventory ~490kt 400 1,400 • Majority of remaining HMC inventory is ilmenite-rich, Inventory volu
Slide 9: Cash flow and balance sheet: Rare Earths
Cash flow and balance sheet: Rare Earths 9 A$m Cash flow six months to 30 June 2026 - ( 100 ) • Capital expenditure of $265 million ( 200 ) • No Iluka equity contribution in half ( 300 ) ( 400 ) ( 500 ) ( 600 ) ( 584 ) ( 700 ) ( 800 ) ( 900 ) ( 265 ) ( 28 ) ( 877 ) ( 1,000 ) Net debt at Capex Capita
Slide 10: Deterra Royalties Key Features
Deterra Royalties 10 Key Features Mining Area C royalty receipts (A$m)1 228 239 239 236 Features 20 2 13 121 118 • Iluka holds a 20% interest in Deterra Royalties 119 116 • Deterra stake provides Iluka an additional source of long- term financial strength 118 104 116 96 • $13 million dividends recei
Slide 11: Mineral sands markets
Mineral sands markets
Slide 12: H1 2026 zircon market
H1 2026 zircon market 12 Zircon price growth over H1 2026 with market supply constrained Sales Prices Sales by industry (kt) (excl ZIC) Market commentary Refractory & Other 2% 110kt US$1,514/t Foundry 10% • Demand conditions variable by region but some signs of improvement zircon sand zircon premium
Slide 13: H1 2026 high grade titanium feedstock market
H1 2026 high grade titanium feedstock market 13 Impact of changes in the industry, including anti-dumping duties and consolidation, continuing to play out. Tightness in sulfuric acid market a potential tailwind for high grade feedstocks Sales Prices Sales by region2 (kt) Market commentary Asia (ex C
Slide 14: Eneabba rare earths refinery
Eneabba rare earths refinery Equipment delivered, Eneabba – July 2026
Slide 15: Eneabba rare earths refinery
Eneabba rare earths refinery 15 Building Australia’s first fully-integrated refinery for the production of separated light and heavy rare earth oxides Purification and washing thickeners Concentrator plant Eneabba stockpile Downstream SX Product finishing: precipitation, filtering Roaster kiln (crac
Slide 16: Eneabba rare earths refinery
Eneabba rare earths refinery 16 Construction 60%, major equipment deliveries to site tracking ahead of installation schedule, progress on schedule, total capital estimate remains $1.7-1.8 billion • Civmec awarded the contract for structural, mechanical, piping, electrical and instrumentation Refiner
Slide 17: Roaster kiln installation
Roaster kiln installation 17 Eneabba, Western Australia – August 2026
Slide 18: Refinery capital expenditure update
Refinery capital expenditure update 18 Increasing confidence in project capital cost estimate • Total estimated capital cost reaffirmed, $1.7-1.8 billion • As at 31 July 2026: - $1.1 billion capital expenditure spent - $0.6-0.7 billion committed and remaining expenditure • ~70% of committed and rema
Slide 19: Rare earths offtake agreement
Rare earths offtake agreement 19 First rare earths offtake secured with global automotive company. Validates Iluka’s strategy to be part of the establishment of a new secure, credible supply chain for rare earths with prices independent of government backing. Preserves production volume for future c
Slide 20: Rare earths market
Rare earths market 20 Industry developments and government policy interventions continue to reshape the rare earths market Supply security NdPr price floor Industry and government developments Policy-driven Chinese supply restrictions highlight supply Government-backed and policy-supported price Rap
Slide 21: Rare earth concentrate supply
Rare earth concentrate supply 21 Term extension or Rare earth expansion option or Deposit style Years of supply Operational7 DFS status concentrate supply Right of First Refusal (ROFR) Subject to rate of depletion Mineral sands (Total stockpile = 1.2mt ore @ Eneabba stockpile1 monazite Flexible 81.6
Slide 22: Production from illustrative concentrate blend options
Production from illustrative concentrate blend options 22 Iluka sourced, Iluka and third party sourced, operational operational feedstocks and non-operational feedstocks2 Rare earth oxide production estimate based on annual 1 2 3 rate of concentrate input for Light rare earth focus Heavy rare earth
Slide 23: Eneabba refinery configuration and final product suite
Eneabba refinery configuration and final product suite 23 Rare earth concentrate Cracking, leaching Capacity = 55ktpa and purification Circuit SX capacities Light rare earths Heavy rare earths Stage 1 separation determine feed blend and final product volumes. Light rare earth circuit capacity of 17k
Slide 24: Balranald
Balranald Balranald, New South Wales
Slide 25: Balranald
Balranald 25 Commissioned; two mining rigs operational; non-magnetic and magnetic concentrate produced on specification; ramp up continuing with focus on ore extraction and recoveries • Commissioning of internally developed, underground mining technology completed over H1 2026 • Key aspects of techn
Slide 26: H2 2026 outlook and priorities
H2 2026 outlook and priorities 26 Eneabba Balranald Financial Zircon market High grade titanium feedstock market Equipment and piping Ramp up of ore extraction rates Continue to maintain cost focus Prices expected to be 73kt of annual take or pay installation and connection to and recoveries and lib
Slide 27: Supplementary Information
Supplementary Information
Slide 28: Outlook for 2026
Outlook for 2026 28 Updated key parameters (A$m) 2024 2025 20261 Cash costs of production (Z/R/SR) 344 589 380 Capital expenditure (mineral sands) 272 419 115 Project studies capital expenditure 25 - Wimmera and rare earth metallisation 1. Indicative only. This slide should be read in conjunction wi
Slide 29: Supplementary information – Production, sales, revenue and costs
Supplementary information – Production, sales, revenue and costs 29 H1 2026 H1 2025 % change Production Zircon kt 36.2 71.8 (50) ZIC kt 43.7 59.9 (27) Rutile kt 25.7 35.6 (28) Synthetic rutile kt - 113.1 n/a Total Z/R/SR production kt 105.6 280.4 (62) Ilmenite – saleable and upgradeable kt 53.9 190.
Slide 30: Supplementary information – Income statement
Supplementary information – Income statement 30 A$ million H1 2026 H1 2025 % change Z/R/SR revenue 386.8 521.6 (26) Ilmenite and other revenue 45.9 36.1 27 Mineral sands revenue 432.7 557.7 (22) Cash costs of production (130.5) (319.1) (59) By-product costs (5.1) (10.9) (53) Inventory movement - cas
Slide 31: Supplementary information – Reconciliation of non-IFRS information
Supplementary information – Reconciliation of non-IFRS information 31 Non-Operating $m Mineral Sands Rare Earths Idle Total Operations Group (Corp & Other) Mineral sands revenue 415.7 - 17.0 432.7 - 432.7 Freight revenue 23.2 - - 23.2 - 23.2 Expenses (358.2) - (14.6) (372.8) (15.7) (388.5) Share of
Slide 32: Supplementary information – Weighted average received prices
Supplementary information – Weighted average received prices 32 FY 25 Q4 25 Q1 26 Q2 26 H1 26 US$/tonne FOB Zircon premium and standard 1,643 1,502 1,491 1,527 1,514 Zircon1 1,422 1,230 1,357 1,321 1,333 (all products, including zircon in concentrate) Rutile2 1,216 1,110 1,252 1,256 1,254 (excluding
Slide 33: Supplementary information – REO assemblages
Supplementary information - REO assemblages 33 REO assemblages1 Iluka Northern Iluka Iluka Lindian VHM REO Wimmera Minerals Eneabba2 Balranald4 Kangankunde6 Goschen7 WIM1003 Wolverine5 La 21.8% 16.6% 20.8% 0.7% 28.8% 14.4% Ce 45.0% 34.9% 45.5% 1.9% 50.3% 36.6% Pr 4.6% 4.1% 4.9% 0.3% 4.9% 4.2% Nd 16.
Slide 34: For more information contact
34 For more information contact Luke Woodgate, General Manager, Investor Relations and Corporate Affairs investor.relations@iluka.com