• Mineral sands revenue of $976m, down 13.5% from 2024
• Underlying mineral sands EBITDA of $300m, down 37% from 2024
• Commenced mining at Balranald, a milestone high-grade critical minerals project
• Progressed construction of Eneabba rare earths refinery, a strategic national asset

In 2025, Iluka Resources faced challenging market conditions in its mineral sands business, with subdued demand and associated developments in the pigment industry. This led to a 13.5% decline in mineral sands revenue to $976 million and a 37% drop in underlying mineral sands EBITDA to $300 million. The company responded with decisive action, including the suspension of production at its Cataby mine and SR2 synthetic rutile kiln. Despite these headwinds, Iluka made significant progress on its strategic initiatives. The commencement of mining at the Balranald project in New South Wales marked an important milestone, as the company has conceptualized, developed, and is now commissioning a novel mining technology to extract critical minerals from unconsolidated sediments at depth. Balranald is an exceptionally high-grade ore body, rich in natural rutile, premium zircon, and valuable light and heavy rare earth credits. In the rare earths business, Iluka continued to advance the construction of its Eneabba refinery in Western Australia, which is on track to be commissioned in 2027. The Eneabba facility is a strategic national asset that will position Iluka and Australia as a material producer of both light and heavy magnet rare earth oxides, reducing reliance on China. The company also made progress on feedstock development, including the definitive feasibility study for the Wimmera project and a concentrate supply agreement with Lindian Resources for the Kangankunde deposit in Malawi.

In 2026, Iluka's priorities include the successful commissioning and ramp-up of the Balranald project, optimizing the company's position in the mineral sands market to secure sales and support the re-start of the Cataby mine and SR2 kiln, executing the Eneabba refinery project, evaluating the Typhoon satellite deposit to extend the life of the Jacinth-Ambrosia operation, and progressing the definitive feasibility study for the Wimmera project.