• Safety improvements with lower injury rates
• Strong cash flow from mineral sands business
• Balranald mine operational; Eneabba refinery on track

Iluka Resources Ltd reported a 22% decline in mineral sands revenue to $433 million for the first half of 2026, compared to $558 million in the previous year. The company experienced safety improvements with a lower Total Recordable Injury Frequency Rate at 3.3. The mineral sands business generated strong cash flow, supported by improved zircon pricing and operational discipline, leading to a substantial reduction in net debt. The Balranald mine is operational with both mining rigs producing on specification, while the Eneabba rare earths refinery is 60% complete and on schedule for commissioning in 2027. The company also executed its first offtake agreement and strengthened its long-term feedstock position.

Iluka is focused on execution for the second half of 2026, with key projects advancing and a recovering zircon market.