# Adele Stratton

Chief Financial Officer and Head of Development

## Career chronology

- **2018: Iluka Resources Limited** — Chief Financial Officer and Head of Development. [2025 Annual Report](<https://www.iluka.com/media/yhwn2hzi/iluka-ar25-final-single-pages-18226.pdf>) (p.38; executive biography)

## Education and qualifications

### Issuer-reported qualifications [stratton_education]

Qualifications reported in 2025 report · issuer reported · low materiality

BA (Hons), FCA and GAICD, as reported by Iluka. Independent awarding-body or professional-register records were not reviewed.

**Attribution:** Responsibility not applicable. Issuer-reported; not independently verified.

**Relevance:** Credentials relate to professional background, not evidence of performance.

[2025 Annual Report](<https://www.iluka.com/media/yhwn2hzi/iluka-ar25-final-single-pages-18226.pdf>) (p.38; executive biography)

## Business failures and setbacks

### Eneabba budget increased while construction continues [stratton_eneabba]

2022–September 2026 · documented · medium materiality

Iluka’s 2022 final investment estimate of A$1.0–1.2 billion rose to A$1.7–1.8 billion by 2024. The company reported 65% construction completion and A$1.237 billion accrued at 30 September 2026; first refinery output is not yet demonstrated.

**Attribution:** Role overlaps event; causation unproven. The current finance, projects or rare-earths role overlaps the project period, but no source assigns this person individual responsibility for the increase.

**Relevance:** Directly relevant to current development responsibilities without attributing the outcome to one person.

[Iluka confirms cost blowout at Australian rare earths refinery](<https://www.miningweekly.com/article/iluka-confirms-cost-blowout-at-australian-rare-earths-refinery-2024-02-21>) (Capital estimate and company explanation); [Quarterly Review to 30 September 2026](<https://financialfilings.com/filings/iluka-resources-limited/interim-quarterly-report/2026/74808923/>) (p.4, Eneabba project update)

### FY2025 impairment and loss [stratton_results]

FY2025 · issuer reported · medium materiality

Iluka reported a FY2025 net loss after tax of A$288 million, including A$351 million asset impairment and A$216 million inventory write-downs amid subdued mineral-sands markets. Underlying NPAT was A$78 million.

**Attribution:** Role overlaps event; causation unproven. Stratton was CFO; the company describes market conditions and accounting effects, not individual causation.

**Relevance:** Financial and capital-allocation context.

[2025 Annual Report](<https://www.iluka.com/media/yhwn2hzi/iluka-ar25-final-single-pages-18226.pdf>) (p.10, underlying NPAT and impairment)

## Suitability for the current role

### Relevant experience and role fit [stratton_fit]

Career through 2026 · analyst inference · medium materiality

Joined Iluka in 2011; CFO from 2018 and development responsibilities from 2020; previous KPMG assurance in the UK and Australia and Rio Tinto Iron Ore finance roles. Analyst inference: this disclosed background is relevant to the current role; the company biographies do not establish independent attribution of delivery or performance.

**Attribution:** Responsibility not applicable. Role-fit inference from disclosed career, not a performance finding.

**Relevance:** Relevant professional experience and documented limitations.

[2025 Annual Report](<https://www.iluka.com/media/yhwn2hzi/iluka-ar25-final-single-pages-18226.pdf>) (p.38; executive biography)

## Evidence gaps

- Education and professional credentials are issuer-reported and not independently verified.

- Full prior-employer dates and individual contribution to company outcomes are not established.

- Targeted public search is not an exhaustive court, sanctions, regulator or credential check.

- Iluka’s 2019 and 2020 annual reports date the CFO appointment to August 2018, while its undated executive page says September 2018; the exact appointment date is unresolved.