Iluka Resources (ILU) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 zircon/rutile/synthetic rutile production totaled 124kt, with 40kt zircon sand and 58kt synthetic rutile; SR2 operated at full capacity ahead of planned idling in December 2025.

• Zircon sales reached 44kt in Q3, with a weighted average price of US$1,615/t, matching guidance; year-to-date zircon sales up 5% year-over-year.

• Synthetic rutile sales were 10kt in Q3; sales guidance withdrawn due to market uncertainty.

• Suspension of SR2 and Cataby mine from December 2025 for 6–12 months expected to reduce net cash costs by $150 million in 2026.

• Commissioning at Balranald project on track for Q4 2025; Eneabba rare earths refinery construction accelerated.

Financial highlights

• Q3 2025 Z/R/SR revenue was $212 million, down from $280 million in Q3 2024; year-to-date Z/R/SR revenue at $648 million, down 16.1% year-over-year.

• Mineral sands revenue for Q3 2025 was $232 million, down from $298 million in Q3 2024.

• Unit cash production costs for Z/R/SR produced increased 7.9% year-over-year to $1,271/t.

• Net debt as of 30 September 2025: $256 million for mineral sands, $447 million non-recourse for rare earths.

Outlook and guidance

• Synthetic rutile sales guidance withdrawn due to market uncertainty and subdued demand.

• Sufficient inventory to meet customer requirements in 2026 despite production suspensions.

• Balranald project commissioning expected in Q4 2025; Eneabba refinery to be commissioned in 2027.