Rare earths offtake agreement

• Signed a binding, multi-year agreement for rare earths supply
• Agreement commences in 2028, initial term of four years
• Represents 10% of Iluka's planned production, 1,200t of magnet rare earth oxides
• Minimum revenue over contract period is US$155 million
• Assuming industry forecast pricing, revenue would be US$172 million

Iluka Resources Limited has concluded a binding, multi-year agreement for the supply of magnet rare earth oxides (neodymium, praseodymium, dysprosium and terbium) to a global automotive company. The offtake agreement is take-or-pay, commences in 2028 for an initial term of four years, and represents approximately 10% of Iluka's planned production over that period, being 1,200t of magnet rare earth oxides (Nd, Pr, Dy and Tb). The agreement sets pricing at the higher of minimum and market-linked prices for each product to balance the dual risks of downside price volatility and security of supply. Iluka's minimum revenue over the contract period is US$155 million. Assuming industry forecast pricing, Iluka's revenue over the contract period would be US$172 million. Details regarding the identity of the customer and prices are commercial in confidence.

Minimum revenue over contract period is US$155 million; assuming industry forecast pricing, revenue would be US$172 million.

Iluka's rare earths business has marked a significant milestone with the agreement, demonstrating recognition of Iluka's position as a credible supplier.