Iluka Resources (ILU) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 Z/R/SR production reached 131kt, with 35kt zircon sand, 18kt ZIC, and 55kt synthetic rutile; SR2 kiln operated at full capacity.

• Z/R/SR sales totaled 116kt, with zircon sand sales up 116% from Q4 2024; shipment timing affected synthetic rutile sales.

• Weighted average zircon sand price was US$1,698/t, a modest decrease from Q4 2024.

• Construction at Balranald and Eneabba projects progressing on schedule; Balranald commissioning expected H2 2025.

Financial highlights

• Mineral sands revenue for Q1 2025 was $260 million, down 3% from Q4 2024 and 10% from Q1 2024.

• Z/R/SR revenue was $242 million, a 2% decrease from Q4 2024 and 11% lower year-over-year.

• Ilmenite and other revenue contributed $18 million, down 14.5% sequentially.

Outlook and guidance

• ~46kt of zircon sand and 32kt of ZIC contracted for Q2 2025; zircon prices expected to remain stable.

• Balranald project on track for H2 2025 commissioning; Eneabba rare earths refinery scheduled for 2027.