• Total Recordable Injury Frequency Rate at 3.4, down from 3.8 in 2024
• Balranald mining commenced, Eneabba rare earths refinery construction advanced
• Mineral sands EBITDA margin of 31%, reflecting cost initiatives and product mix

Iluka Resources Limited (ASX:ILU) has reported its 2025 full year results, highlighting a range of operational and financial outcomes. Safety performance improved, with the Total Recordable Injury Frequency Rate decreasing to 3.4 from 3.8 in 2024, and the Serious Potential Incident Frequency Rate falling to 0.56 from 3.3. The company commenced mining at its Balranald project in January 2026, with the first mining rig achieving target extraction rates, and a second rig to be brought online in February. Construction of the Eneabba rare earths refinery also advanced on budget, with commissioning expected in 2027. Despite subdued mineral sands demand due to macroeconomic uncertainty and changes in the pigment industry, Iluka maintained operational and market discipline, suspending production at Cataby and SR2 and resetting the company's cost base. This resulted in a mineral sands EBITDA margin of 31%, reflecting the cost initiatives and product mix. The company's NPAT was impacted by accounting adjustments totaling $566 million (pre-tax) relating to impairments and inventory write-downs. Iluka declared a final dividend of 3 cents per share, fully franked, for a total dividend of 5 cents per share for the full year.

Mineral sands cash requirements are expected to be significantly lower in 2026 due to lower costs and lower capital expenditure following the completion of the Balranald project.

Iluka is well positioned to respond to a range of outcomes in the mineral sands industry, supported by its inventory, diversified product mix, and Australian operations. The company is also focused on disciplined execution of its Eneabba rare earths refinery project, which is expected to come online in 2027.