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2026-11-06
◂ Monitor ILU ASX

ILUKA RESOURCES LIMITED

Producer · Others · Rare Earths · Iron Ore · AU Rating locked: sign in to view v8 · ilu-20261024t200334-full
Last 2026-11-06
A$5.93
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$2.6B
EV
A$4B
Cash
—
Debt
A$1.2B
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

13 assets

Core asset

Australian mineral sands integrated operating portfolio

AU

Producer100% ownedOthers

Valuation unit aggregates Jacinth-Ambrosia, Balranald, Cataby, Narngulu and synthetic rutile. Shared processing/inventory prevent defensible standalone cash flow attribution.

Producer · Producer
Production annualised (attributable)
—
Production (last FY, 100%)
—
AISC (latest quarter)
NM
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
NM
Head grade
—

Core asset

Jacinth-Ambrosia

AU

Producer100% ownedOthers

Part of integrated Australian mineral sands operations; shares processing and inventories with other group operations.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
NM
Reserve life
NM
Head grade
—
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred106M t oreDeposit-dependent HM grade; Ambrosia M 1.8%, I 1.2%, Inf 1.8%; Jacinth M 1.9%, I 3.6%, Inf 3.7%.Others2025-12-31
Ore ReserveProved23M t ore2.3% HMOthers2025-12-31

Core asset

Balranald

AU

Ramping Producer100% ownedOthersRare Earths

Part of integrated Australian mineral sands operations; shares processing and inventories with other group operations.

Producer · Ramping producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
NM
Reserve life
NM
Head grade
—
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred54M t ore31.2% HMOthers2025-12-31

Material

Cataby and ROM inventory

AU

Care And Maintenance100% ownedOthers

Part of integrated Australian mineral sands operations; shares processing and inventories with other group operations.

Care and maintenance · Care and maintenance
Nameplate capacity
—
Restart capex
—
Contained metal (attributable)
NM
Last production year
—
Target restart
—
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred233M t ore4.0% HMOthers2025-12-31
Ore ReserveProved and Probable44M t ore5.6% HMOthers2025-12-31

Material

Narngulu mineral separation plant

AU

Producer100% ownedOthers

Part of integrated Australian mineral sands operations; shares processing and inventories with other group operations.

Processing plant / refinery · Operating
Product and spec
—
Nameplate capacity
—
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
—
Offtake contracted
NM

Material

Capel synthetic rutile kilns

AU

Care And Maintenance100% ownedOthers

Part of integrated Australian mineral sands operations; shares processing and inventories with other group operations.

Processing plant / refinery · Care and maintenance
Product and spec
—
Nameplate capacity
—
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
—
Offtake contracted
NM

Core asset

Eneabba refinery and feedstock stockpile

AU

Construction100% ownedRare EarthsOthers

Wholly owned SPV; EFA project loan non-recourse to mineral sands subject to specified cost-overrun guarantee. Commissioning guided 2027; not producing separated REOs.

Processing plant / refinery · Construction
Product and spec
NdPr and Dy/Tb oxides; others oxide/carbonate
Nameplate capacity
55.0k t concentrate/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
A$31,818/(t concentrate/yr)d
Feed source
Iluka stockpile; Balranald; conditional Wimmera/NTU/Lindian/VHM
Offtake contracted
NM
Published study economicsIssuer or study metrics
NPVA$228M8.2% discount
IRR20%Published return
Initial capexA$1.8BPublished capital estimate
Operating cost175,000,000AUD/year refining cost only, excludes concentrate purchase and state royalties

Historical ten-year rare earth prices; NPV Scenario C 228m, equity IRR 20%; initial capex midpoint is analyst-derived from reaffirmed 1.7-1.8bn range; refining operating cost excludes feed charges/state royalties; not AISC.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Ore ReserveProved and Probable1.2M t ore81.6% HM; 17.5% monazite+xenotime within HMOthers · Rare Earths2025-12-31
Economic studies1
StudyStageStatusDateSummary
Eneabba FEED and funding economic scenarios December 2024FeedReaffirmed2024-12-06Scenario C financing case nine years stockpile plus Balranald; scenarios A/B ~35 years with conditional Wimmera/third parties. NPV at 1 January 2025, post-tax nominal, 8.25%, excludes ~320m sunk capex, before financing. June/July 2026 reaffirmed 1.7-1.8bn capex.

Material

Wimmera portfolio including WIM100 and Goschen South

AU

DFS Unfunded Developer100% ownedRare EarthsOthers

Current issuer economic interest; valued within disclosed group cash-generating unit unless separately stated.

Developer · DFS unfunded developer
Study
—
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
—
Capital intensity
NM
LoM AISC
NM
Mine life
—
Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured246M t ore5.2% HMOthers · Rare Earths2025-12-31
Mineral ResourceIndicated238M t ore4.1% HMOthers · Rare Earths2025-12-31
Mineral ResourceInferred56M t ore3.7% HMOthers · Rare Earths2025-12-31
Ore ReserveProbable183M t ore5.4% HM; 2.6% monazite+xenotime within HMOthers · Rare Earths2025-12-31

Other

Tutunup and Southwest development options

AU

Resource Stage100% ownedOthers

Current issuer economic interest; valued within disclosed group cash-generating unit unless separately stated.

Resource / scoping · Resource stage
Contained metal (attributable)
NM
Resource grade
—
% Measured + Indicated
—
Resource tonnes
—
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Ore ReserveProbable14M t ore9.9% HMOthers2025-12-31

Other

Other Eucla, Perth and Murray Basin mineral sands resources

AU

Resource Stage100% ownedOthers

Grouped early-stage deposits outside current core operations: Atacama, Sonoran, Tripitaka, Typhoon, remaining Eneabba/Perth and Murray deposits; no standalone economic value assigned beyond current CGU. Typhoon near Jacinth-Ambrosia is a conditional mine-move option: environmental steps and end-2026 decision remain; management expects capital in H2 2027 but has not quantified it. No incremental option value assigned.

Resource / scoping · Resource stage
Contained metal (attributable)
NM
Resource grade
—
% Measured + Indicated
—
Resource tonnes
—
Our value per attrib. contained unit
Locked
Mining method
—

Material

Legacy US and Murray Basin idle obligations

AU

Care And Maintenance100% ownedOthers

Idle segment carries rehabilitation obligations and purchased-inventory sales. June segment net assets 85.9m are excluded rather than treated as cash; related liabilities already netted.

Care and maintenance · Care and maintenance
Nameplate capacity
—
Restart capex
—
Contained metal (attributable)
NM
Last production year
—
Target restart
—

Material

20% Deterra Royalties equity investment

AU

Producer20% ownedIron OreLithium

20% listed equity interest, not 20% ownership of Mining Area C or Thacker Pass mines. Value is already attributable carrying value, no double multiplication.

Equity investment · Held
Investee
Deterra Royalties Limited
Holding
20%
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
—

Other

Northern Minerals listed shares

AU

Resource Stage100% ownedRare Earths

125 million NTU ordinary shares held, 3.1m carrying value June; ownership percentage of investee not disclosed in selected latest filing. Project ownership below is security ownership, not Browns Range mine ownership.

Equity investment · Held
Investee
Northern Minerals Limited
Holding
—
Shares held
125.00m
Market value
—
% of holder's market cap
—
Cost basis
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)