Iluka Resources (ILU) Investor presentation summary

Construction and commissioning

• Construction 65% complete at 30 September 2026; capital expenditure $1,237m against a total capital estimate of $1.7–1.8bn. All major equipment delivered and engineering 100% complete.

• SMPEI works advancing, with pipe racks, large tanks and main SX circuit buildings progressing; commissioning of completed packages underway and switchrooms energized.

• Construction completion and a two-year ramp-up are planned; commissioning priorities include operator training, stable processes and mineral commissioning with Eneabba feedstock.

Refinery design and capacity

• Designed for flexible feed sources and rare earth oxide output; the process uses conventional sulfuric cracking, leaching and nitrate-based separation.

• Nameplate concentrate capacity is 55ktpa; total rare earth oxide capacity is 23,000tpa, including 5,500tpa NdPr oxide and 750tpa DyTb oxide.

• Light rare earth circuit capacity is 17ktpa, with short-term capacities fixed; additional separation capacity, including for yttrium oxide, could be considered post-commissioning.

• Design features include progressive neutralisation for purification, seven main separation stages and permanent, lined waste storage in an ex-mine void.

Feedstock and production options

• Supply sources include the Eneabba stockpile, Balranald and third-party projects including Lindian Resources’ Kangankunde, VHM’s Goschen and Northern Minerals’ Browns Range.

• Illustrative blends range from a light rare earth focus using Eneabba and Balranald to a heavy rare earth focus incorporating Wimmera, Northern Minerals and VHM feedstocks.

• Illustrative outputs span 3,600–4,300tpa NdPr, ~180–1,000tpa DyTb and 350–5,000tpa HRE plus yttrium contained in carbonate, depending on feed blend.