Iluka Resources (ILU) Q3 2026 TU earnings summary

Executive summary

• Q3 2026 Z/R/SR production was 76.1kt and sales were 115.2kt; zircon sand contracted in Q3 achieved US$1,768/t, while the reported average was US$1,685/t.

• Balranald ramp-up continued, Eneabba refinery construction reached 65% completion, and heavy rare earth metallisation produced Dy and Tb metal on specification.

Financial highlights

• Q3 mineral sands revenue was $219m; YTD revenue was $651m, down 6.9% YoY.

• Mineral Sands net debt was $249m at 30 September 2026, down from $273m at 30 June 2026.

• Eneabba refinery accrued capital expenditure reached $1,237m at 30 September; project capital estimate remained $1.7–1.8bn.

Outlook and guidance

• Q4 zircon sand sales expected at ~35kt, including ~30kt contracted; Q4 reported price expected at US$1,825/t FOB, including Q3-priced shipments delayed in transit.

• Q4 zircon sand contracts include an average US$80/t FOB price increase; ~30kt of ZIC sales are also expected.

• Full-year synthetic rutile contracted volumes are 110kt; 52kt sold YTD, with the remaining 58kt scheduled for Q4 under take-or-pay contracts.

• Balranald Q4 ramp-up priorities are improved consistency of recovered grade; enhancements are planned for the second mining rig in November.

• Wimmera DFS is scheduled for Board consideration in H1 2027; Typhoon feasibility study is due Q1 2027, with Mining Lease Application submission targeted for Q4 2026.