• Iluka to receive 146kt rare earths concentrate from VHM over 18 years
• Iluka to provide $40 million convertible note to support VHM
• Agreement includes right of first refusal for additional rare earths from VHM
• Eneabba refinery to process the concentrate, expected to be operational in mid-2027
• Deal strengthens Iluka's rare earths business and supply chain

Iluka Resources Limited has announced a long-term supply agreement with VHM Limited for the supply of rare earth concentrate from the Goschen project in western Victoria. The agreement involves VHM supplying Iluka with 146kt of rare earths concentrate containing 86kt of rare earth oxides over 18 years. This supply will serve as complementary feedstock for Iluka's Eneabba rare earths refinery, which is more than 50% complete and set to start commissioning in mid-2027. Iluka will also provide VHM with a $40 million secured convertible note in two tranches to support the development of the Goschen project. The concentrate price will be linked to Iluka's sales of rare earth products from the Eneabba refinery. Additionally, Iluka has secured a right of first refusal for any additional rare earths produced from Goschen and VHM's other projects.

Iluka expects to receive 146kt rare earths concentrate from VHM over 18 years.

Iluka looks forward to VHM bringing Goschen into production, reinforcing the longevity and flexibility of its rare earths business.