- Last 2026-11-06
- A$5.93
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Eneabba Rare Earths Refinery-Investor Site Visit (Pres'n)Latest Operating Presentation
- Quarterly Review to 30 September 2026Latest Four Activities Reports
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Sign in or enter a guest codeAnnouncements
Latest 12 of 7All sources ▸- Iluka 2026 Interim Report (4D)Results
- Iluka 2026 Half Year Results PresentationPresentation
- Quarterly Review to 30 June 2026Operations
- Quarterly Review to 31 March 2026Operations
- 2025 Annual Report (including Appendix 4E)Results
- Quarterly Review to 31 December 2025Operations
- Quarterly Review to 30 September 2025Operations
Event calendar · next 12 months
5 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| 2026-10-13 to 2026-12-31 (issuer window) | Balranald final-product ramp and recovery evidence | Production | Company Guided | High | Determine whether extraction/recovery improvements and HMC shipment deliver saleable zircon/rutile. |
| 2026-10-13 to 2026-12-31 (issuer window) | H2 synthetic rutile contract deliveries | Economic Arrangement | Company Guided | High | Remaining73ktmostlyQ4tests inventorymonetisation and customercredit. |
| 2027-01-01 to 2027-10-13 (issuer window) | Iluka further Eneabba equity contributions | Financing | Company Guided | High | 214mremainingtotalthroughH12028;onlystartwithinthiscalendar,notall214mduein2027. |
| 2027-01-01 to 2027-10-13 (issuer window) | Eneabba mineral commissioning | Construction Or Commissioning | Company Guided | High | Firstfeedandlight/heavyseparationperformance testscaleup;2027windowclippedto12monthcalendar,notpromisedOctobercompletion. |
| 2027-01-01 to 2027-06-30 (issuer window) | Wimmera DFS Board consideration | Study | Company Guided | High | Sourcebackedcosts/returns/fundingwillenableoptiontobevalued. |
Executive roster
As of 2026-10-13Background checks ▸Annual2025 namedleadership/secretaries plus2026interim/transcript; ASXissuerlistreviewedthrough24September withlaterchanges confinedtononexecutivedirectors. No replacement inferred.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Tom O’Leary | Managing Director and Chief Executive Officer | Executive Director · Chief Executive | — | 2025 Annual Report (including Appendix 4E) |
| Adele Stratton | Chief Financial Officer and Head of Development | Finance · Senior Management | — | 2025 Annual Report (including Appendix 4E) |
| Matthew Blackwell | Head of Projects and Sales and Marketing | Commercial · Senior Management | — | 2025 Annual Report (including Appendix 4E) |
| Shane Tilka | Chief Operating Officer, Australian Operations | Operations | — | 2025 Annual Report (including Appendix 4E) |
| Sarah Hodgson | Head of People and Sustainability | Senior Management | — | 2025 Annual Report (including Appendix 4E) |
| Daniel McGrath | Head of Rare Earths | Operations · Technical | — | 2025 Annual Report (including Appendix 4E) |
| Colin Nexhip | Chief Technology Officer | Technical | — | 2025 Annual Report (including Appendix 4E) |
| Ben Martin | Company Secretary | Company Secretary | — | 2025 Annual Report (including Appendix 4E) |
| Nigel Tinley | Company Secretary | Company Secretary | — | 2025 Annual Report (including Appendix 4E) |
| Luke Woodgate | General Manager, Investor Relations and Corporate Affairs | Commercial | — | Half year results transcript |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Australian mineral sands integrated operating portfolio
AU
Valuation unit aggregates Jacinth-Ambrosia, Balranald, Cataby, Narngulu and synthetic rutile. Shared processing/inventory prevent defensible standalone cash flow attribution.
- 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
Part of integrated Australian mineral sands operations; shares processing and inventories with other group operations.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred | 106M t ore | Deposit-dependent HM grade; Ambrosia M 1.8%, I 1.2%, Inf 1.8%; Jacinth M 1.9%, I 3.6%, Inf 3.7%. | Others | 2025-12-31 |
| Ore Reserve | Proved | 23M t ore | 2.3% HM | Others | 2025-12-31 |
Core asset
Balranald
AU
Part of integrated Australian mineral sands operations; shares processing and inventories with other group operations.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred | 54M t ore | 31.2% HM | Others | 2025-12-31 |
Material
Cataby and ROM inventory
AU
Part of integrated Australian mineral sands operations; shares processing and inventories with other group operations.
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- NM
- Last production year
- —
- Target restart
- —
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred | 233M t ore | 4.0% HM | Others | 2025-12-31 |
| Ore Reserve | Proved and Probable | 44M t ore | 5.6% HM | Others | 2025-12-31 |
Material
Narngulu mineral separation plant
AU
Part of integrated Australian mineral sands operations; shares processing and inventories with other group operations.
- Product and spec
- —
- Nameplate capacity
- —
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- —
- Offtake contracted
- NM
Material
Capel synthetic rutile kilns
AU
Part of integrated Australian mineral sands operations; shares processing and inventories with other group operations.
- 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
Wholly owned SPV; EFA project loan non-recourse to mineral sands subject to specified cost-overrun guarantee. Commissioning guided 2027; not producing separated REOs.
- 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
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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Ore Reserve | Proved and Probable | 1.2M t ore | 81.6% HM; 17.5% monazite+xenotime within HM | Others · Rare Earths | 2025-12-31 |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Eneabba FEED and funding economic scenarios December 2024 | Feed | Reaffirmed | 2024-12-06 | Scenario 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
Current issuer economic interest; valued within disclosed group cash-generating unit unless separately stated.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 246M t ore | 5.2% HM | Others · Rare Earths | 2025-12-31 |
| Mineral Resource | Indicated | 238M t ore | 4.1% HM | Others · Rare Earths | 2025-12-31 |
| Mineral Resource | Inferred | 56M t ore | 3.7% HM | Others · Rare Earths | 2025-12-31 |
| Ore Reserve | Probable | 183M t ore | 5.4% HM; 2.6% monazite+xenotime within HM | Others · Rare Earths | 2025-12-31 |
Other
Tutunup and Southwest development options
AU
Current issuer economic interest; valued within disclosed group cash-generating unit unless separately stated.
- Contained metal (attributable)
- NM
- Resource grade
- —
- % Measured + Indicated
- —
- Resource tonnes
- —
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Ore Reserve | Probable | 14M t ore | 9.9% HM | Others | 2025-12-31 |
Other
Other Eucla, Perth and Murray Basin mineral sands resources
AU
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.
- 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
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.
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- NM
- Last production year
- —
- Target restart
- —
Material
20% Deterra Royalties equity investment
AU
20% listed equity interest, not 20% ownership of Mining Area C or Thacker Pass mines. Value is already attributable carrying value, no double multiplication.
- Investee
- Deterra Royalties Limited
- Holding
- 20%
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
Other
Northern Minerals listed shares
AU
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.
- 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)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
June gross debt1,200.7m accounting carrying amount; MOFA310m cash principal and EFA897.5m nominal principal/interest before deferred fees6.8m. MOFA800m maturesMay2029; EFA1.65bn dedicated non-recourse construction facility expires2038. Valuation-date interim cash/debt estimates are separate from these reported balances.
Inventory composition3
June group inventory951.1m =727.0m current +224.1m non-current. HMC490kt and finished Z/R/SR260kt are physical subsets; not additions to balance-sheet inventory. Total cash50.6m; exact restricted portion at June not separately disclosed.
- Total group inventories including stores and non-current material
- A$951.1M carrying
- Ilmenite-rich heavy mineral concentrate on hand
- — carrying · 490,000 t HMC
- Zircon/rutile/synthetic rutile finished goods on hand
- — carrying · 260,000 t mixed finished products
Capital structure
Ownership and dilution
- Ordinary shares
- 431.2M
- Fully diluted
- 435.6M
429,703,905 year-end ordinary shares +1,450,000 employee share-trust issue +41,094 MarchDRP =431,194,999 June; +54,441 SeptemberDRP =431,249,440. Treasury shares remain issued. Fully diluted ceiling adds last-disclosed4,359,837 rights without offsetting784,963 treasury shares; this is conservative and not a claim of exact current vesting. Sensitivity considers further dilution.
Security classes2
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary shares reconciled through September DRP | Ordinary Share | 431.2M | — | — |
| Last disclosed December2025 EIP/LTIP shares/rights cohort; conservative assumption all additional new shares; current grants/lapses and treasury fulfilment not fully disclosed in selected reports | Performance Right | 4.4M | A$0 | — |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|
| Zircon, rutile and synthetic rutile product production | t Z/R/SR products | 149,700 | 123,800 | 154,900 | 47,600 | 58,000 | |
| Zircon, rutile and synthetic rutile product sales | t Z/R/SR products | 132,700 | — | 161,400 | 70,200 | 157,400 | |
| Consolidated net financial debt excluding lease liabilities | AUD | — | — | 1,056,600,000 | — | 1,150,100,000 |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | 2025-06-30 half_year | 2025-12-31 half_year | 2026-06-30 half_year |
|---|---|---|---|---|---|
| Mineral sands operating cash flow before tax and interest | AUD | 114,700,000 | (53,900,000) | 247,200,000 |
Operating metric source table19
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Zircon, rutile and synthetic rutile product production | Company | 2025-06-30 quarter | Quarter | 149,700 t Z/R/SR products | Reported |
| Zircon, rutile and synthetic rutile product sales | Company | 2025-06-30 quarter | Quarter | 132,700 t Z/R/SR products | Reported |
| Zircon, rutile and synthetic rutile product production | Company | 2025-09-30 quarter | Quarter | 123,800 t Z/R/SR products | Reported |
| Zircon, rutile and synthetic rutile product production | Company | 2025-12-31 quarter | Quarter | 154,900 t Z/R/SR products | Reported |
| Zircon, rutile and synthetic rutile product sales | Company | 2025-12-31 quarter | Quarter | 161,400 t Z/R/SR products | Reported |
| Zircon, rutile and synthetic rutile product production | Company | 2026-03-31 quarter | Quarter | 47,600 t Z/R/SR products | Reported |
| Zircon, rutile and synthetic rutile product sales | Company | 2026-03-31 quarter | Quarter | 70,200 t Z/R/SR products | Reported |
| Zircon, rutile and synthetic rutile product production | Company | 2026-06-30 quarter | Quarter | 58,000 t Z/R/SR products | Reported |
| Zircon, rutile and synthetic rutile product sales | Company | 2026-06-30 quarter | Quarter | 157,400 t Z/R/SR products | Reported |
| Mineral sands operating cash flow before tax and interest | Company | 2025-06-30 half_year | Half Year | 114,700,000 AUD | Reported |
| Mineral sands operating cash flow before tax and interest | Company | 2025-12-31 half_year | Half Year | -53,900,000 AUD | Reported |
| Mineral sands operating cash flow before tax and interest | Company | 2026-06-30 half_year | Half Year | 247,200,000 AUD | Reported |
| Consolidated net financial debt excluding lease liabilities | Company | 2025-12-31 point_in_time | Point In Time | 1,056,600,000 AUD | Reported |
| Consolidated net financial debt excluding lease liabilities | Company | 2026-06-30 point_in_time | Point In Time | 1,150,100,000 AUD | Reported |
| Zircon sand produced | Company | 2026-06-30 half_year | Half Year | 36,200 t native product | Reported |
| Zircon-in-concentrate produced | Company | 2026-06-30 half_year | Half Year | 43,700 t native product | Reported |
| Rutile including HyTi produced | Company | 2026-06-30 half_year | Half Year | 25,700 t native product | Reported |
| Synthetic rutile produced | Company | 2026-06-30 half_year | Half Year | 0 t native product | Reported |
| Ilmenite produced | Company | 2026-06-30 half_year | Half Year | 53,900 t native product | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Zircon Production, Sand And Zic Native Products | mineral-sands-cgu | FY2026 | 180,000 | 180,000 t native zircon products | Current |
| Mineral Sands CAPEX | mineral-sands-cgu | FY2026 | 115,000,000 | 115,000,000 AUD | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-24 | Dividend | A$349.2K | 54.4K | — | Completed | — |
| 2026-02-25 | Raising | — | 1.4M | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Latestannual/interim plusoriginalmaterialEFA,Lindian,Northernterms andJune/July2026contracts. Confidentialpayability/individualminimumprices,currentFXforwardmaturity andconditionalfundingdrawsremainexplicitgaps.
Full 1.65bn facility access confirmed June; project-only SPV loan BBSY+3%, no general liquidity; own equity414m total, 200m paid, 214m remaining includes82m working capital; additional150m cost-overrun facility split75/75 and Iluka guarantee for EFA portion.
Strategic Partnership · Active- Counterparties
- Export Finance Australia · Australian Government
- Applies to
- Eneabba refinery and feedstock stockpile · Rare Earths
- Economic direction
- Mixed
- Period
- 2022-04-04 to 2038-12-31
- Key terms
- Loan limit: 1,650,000,000 AUD
Drawn including capitalised interest: 897,500,000 AUD
Undrawn: 752,500,000 AUD
Equity remaining: 214,000,000 AUD
No valuation treatment is available for this arrangement.
Preferential distribution is internal parent cash priority, capped cumulative900m and up to81m annually; shares priority dollar-for-dollar with initialscheduled debt payments. Not an external royalty added twice to project NPV.
Royalty · Active- Counterparties
- Iluka Eneabba Pty Ltd
- Applies to
- Eneabba refinery and feedstock stockpile · Rare Earths
- Economic direction
- Benefit
- Period
- From 2022-07-01; no end date stated
- Key terms
- Annual preferential distribution: 81,000,000 AUD/yr
Cumulative cap: 900,000,000 AUD
No valuation treatment is available for this arrangement.
800m committed unsecured facility;310m drawn and61.3m guarantees atJune, leaving428.7m. ExpiresMay2029. Principal is deducted once in equity bridge; conditional renewal withfee andcapacitytest is explicit in cash calendar.
Other · Active- Counterparties
- Domestic and foreign lenders
- Applies to
- Australian mineral sands integrated operating portfolio · Others
- Economic direction
- Burden
- Period
- 2024-05-01 to 2029-05-31
- Key terms
- Facility: 800,000,000 AUD
Available after guarantees: 428,700,000 AUD
No valuation treatment is available for this arrangement.
1200t magnetoxides in total across2028-31;90%take-or-pay;minimumtotalrevenueUS155m. Individualfloorpricesconfidential;no110USDNdPrpricefloor attributed tothiscontract.
Offtake · Active- Counterparties
- Undisclosed global automotive company
- Applies to
- Eneabba refinery and feedstock stockpile · Rare Earths
- Economic direction
- Mixed
- Period
- 2026-06-23 to 2031-12-31
- Key terms
- Total contract volume: 1,200 t magnet REOs
Take-or-pay: 90 %
Minimum revenue: 155,000,000 USD
No valuation treatment is available for this arrangement.
Goschen146kt concentrate/86kt containedREO over18years. Payability linked realisedprices with suspension below confidentialthreshold2quarters. FID, fullyfunded, approvals, commercialproduction and Iluka financierapproval required. ROFRextraGoschen,Cannie,Nowie; secured step-in, no mineownership.
Offtake · Conditional- Counterparties
- VHM Limited
- Applies to
- Eneabba refinery and feedstock stockpile · Rare Earths
- Economic direction
- Mixed
- Period
- From 2026-07-02; no end date stated
- Key terms
- Concentrate: 146,000 t
Contained REO: 86,000 t
No valuation treatment is available for this arrangement.
Up to40m securedconvertiblenote:10m first withshareholder/otherconditions,30m afterFID andequityspent/financing/diligence.10%interest, first3year/second4yearterm fromissue. Firstconversionprice undisclosedplaceholder, secondpricefuturecapitalraise. No draw/completion proofbycutoff; no currentcash credited.
Other · Conditional- Counterparties
- VHM Limited
- Applies to
- Eneabba refinery and feedstock stockpile · Rare Earths
- Economic direction
- Mixed
- Period
- From 2026-07-02; no end date stated
- Key terms
- Maximum funding: 40,000,000 AUD
Coupon: 10 %
No valuation treatment is available for this arrangement.
90ktdryconcentratecontaining9,600dmtNdPr,6ktpa+/-5%15years; payabilitylinkedrealizedNdPrwithfloor andDyTbthresholds. Suspension2quarterslowprice. Conditionsfirstloandraw/exportimportapprovals,bothplantscommercial. ROFRextension/expansion;80%incrementoptionrequiresloan50%expansioncapex.
Offtake · Conditional- Counterparties
- Rift Valley Resource Developments Limited · Lindian Rare Earths Limited · Lindian Mining Services Limited
- Applies to
- Eneabba refinery and feedstock stockpile · Rare Earths
- Economic direction
- Mixed
- Period
- From 2025-08-06; no end date stated
- Key terms
- Annual concentrate: 6,000 dmt/yr
Total concentrate: 90,000 dmt
NdPr: 9,600 dmt
No valuation treatment is available for this arrangement.
US20m term-sheet facility subjectfullformdocs,diligence,fullyfunded,equityspent,costtimecompletetest. SOFR+11%,4.4%undrawnfee; interestcapitalizesuntilcompletionor30Sep2027; maturityearlier5yrsclose/31Dec2031. Primary source does not verifydrawn balance.
Other · Conditional- Counterparties
- Lindian Resources Limited and subsidiaries
- Applies to
- Eneabba refinery and feedstock stockpile · Rare Earths
- Economic direction
- Mixed
- Period
- 2025-08-06 to 2031-12-31
- Key terms
- Loan limit: 20,000,000 USD
Margin: 11 %
Undrawn fee: 4.4 %
No valuation treatment is available for this arrangement.
AllBrownsRangeconcentrateupto30.5ktcontainedREO withfixedcomponent/upsideprice-sharing; FID,DFS,financialclose,securityandIlukafinancierapprovalconditions. Originalterminationrightifnotcommercial30Jun2028; August2026presentationtargetlate2028/early2029createsneedclarifyamendment, notassumeexpirywaived.
Offtake · Conditional- Counterparties
- Northern Minerals Limited
- Applies to
- Eneabba refinery and feedstock stockpile · Rare Earths
- Economic direction
- Mixed
- Period
- From 2022-10-26; no end date stated
- Key terms
- Contained REO ceiling: 30,500 t
Original termination trigger: 2028-06-30 date
No valuation treatment is available for this arrangement.
OriginalTranche2Aupto230msharesconditionalpositiveFID/fullfunding/diligence/supplyalive; maximum19.9%investmentpathnotactualmineownership. Tranche2Bputcall653.3msharesor19.9%capexpired31Dec2025absentretainedamendment. Convertible15m redeemedin2025for18.5m includinginterest.
Strategic Partnership · Conditional- Counterparties
- Northern Minerals Limited
- Applies to
- Eneabba refinery and feedstock stockpile · Rare Earths
- Economic direction
- Mixed
- Period
- From 2022-10-26; no end date stated
- Key terms
- Tranche2A maximum: 230,000,000 shares
Share price ceiling: 0.06 AUD/share
No valuation treatment is available for this arrangement.
Originalput/call expired31December2025; no currentoptionvalue/ownership assumed withoutextensionproof.
Other · Expired- Counterparties
- Northern Minerals Limited
- Applies to
- Eneabba refinery and feedstock stockpile · Rare Earths
- Economic direction
- Mixed
- Period
- 2022-10-26 to 2025-12-31
- Key terms
- Maximum shares: 653,300,000 shares
No valuation treatment is available for this arrangement.
2026contractedsales110kt,73ktremainingH2mainlyQ4,servedfrominventorywithbothkilnsidle; customeradministrationandcontractrebalancingmeancontractcoverageisnotproductionorunconditionalcash.
Offtake · Active- Counterparties
- Undisclosed synthetic rutile customers
- Applies to
- Capel synthetic rutile kilns · Australian mineral sands integrated operating portfolio · Others
- Economic direction
- Mixed
- Period
- Through 2026-12-31; start date not stated
- Key terms
- 2026 sales contract: 110,000 t synthetic rutile
H2remaining: 73,000 t
No valuation treatment is available for this arrangement.
LastreportedopenUS100mexpectedrevenuecollarsto31Dec2026; weightedAUDcall.685 put.632. Volume remainingOctoberunknown; sensitivityonlyknownnotionalone-timeboundedcashtranslation, notperpetualgrouphedge.
FX Hedge · Active- Counterparties
- Undisclosed financial counterparties
- Applies to
- Australian mineral sands integrated operating portfolio · Others
- Economic direction
- Mixed
- Period
- Through 2026-12-31; start date not stated
- Key terms
- USD notional: 100,000,000 USD
AUD call: 0.68 USD/AUD
AUD put: 0.63 USD/AUD
No valuation treatment is available for this arrangement.
US25mforwardsenteredH1average.6906settlementrate;maturity/remainingopenvolumenotdisclosed. Noassumedcurrent protection; linkedFXdriverqualitativeonly.
FX Hedge · Unknown- Counterparties
- Undisclosed financial counterparties
- Applies to
- Australian mineral sands integrated operating portfolio · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Entered notional: 25,000,000 USD
Settlement rate: 0.69 USD/AUD
No valuation treatment is available for this arrangement.
H1governmentroyalties14m. Mineral sands modeled at14/432.7 ofrevenue. Refinery cost definition in2024slide22 alreadyincludesstate royalties, so no second deduction.
Royalty · Active- Counterparties
- Australian state governments
- Applies to
- Australian mineral sands integrated operating portfolio · Eneabba refinery and feedstock stockpile · Others · Rare Earths
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- H1 royalties expense: 14,000,000 AUD
No valuation treatment is available for this arrangement.
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Management background checks
Iluka’s ten-person selected roster combines long mineral-sands operations, technical, financing, sustainability and secretarial experience. The evidence shows operating and construction progress alongside capital-estimate increases, Sierra Rutile underperformance, a contractor death and an environmental direction. The report is a partial, low-confidence public-source screening and does not infer individual misconduct from employer events.
Decision-relevant facts
Material summary
Tom O’Leary
Managing Director and Chief Executive Officer
Relevant experience and role fit
CEO since September 2016; earlier Wesfarmers Chemicals, Energy & Fertilisers managing director from 2010, after Wesfarmers business development and a decade in London finance law, investment banking and private equity. Analyst inference: this disclosed background is relevant to the current role; the company biographies do not establish independent attribution of delivery or performance.
Responsibility not applicable · Role-fit inference from disclosed career, not a performance finding.
Sierra Rutile acquisition and substantial impairment
Iluka acquired Sierra Rutile in 2016 and wrote down US$290 million in 2019 after operating performance fell short of the original investment case. Deloitte identified integration difficulties and higher Sembehun capital estimates. Iluka completed a demerger in 2022. These are company outcomes, not a proven personal failure.
Role overlaps event; causation unproven · O’Leary was CEO when the acquisition and impairment occurred; no source isolates his causal responsibility.
Contractor fatality at Cataby and Indus conviction
A survey contractor died in 2018 following an allergic reaction at Cataby. In 2020 Indus Mining Services pleaded guilty and was fined A$60,000 for failing to provide a safe working environment; ABC reported that Indus had not communicated the life-threatening severity of the allergy to Iluka. The judgment was against Indus; no individual fault by Iluka management is established.
Role overlaps event; causation unproven · O’Leary was Iluka CEO; source identifies Indus as convicted employer, not O’Leary.
Pre-acquisition Sierra Rutile conduct and discontinued investigation
Iluka said that its post-acquisition review identified conduct before its December 2016 takeover and that it reported the matters to authorities. In 2020 Iluka reported that the UK Serious Fraud Office had discontinued its investigation into Sierra Rutile. Iluka’s 2022 chair described cooperation; this is not a finding of wrongdoing by Iluka’s current CEO.
Role overlaps event; causation unproven · CEO led the group after acquisition; the conduct predates ownership and no personal involvement is alleged.
Eneabba refinery estimate and progress
At the 2022 investment decision the project was estimated to cost A$1.0–1.2 billion. In 2024 the estimate was A$1.7–1.8 billion; Iluka’s September 2026 quarter review said construction was 65% complete, with A$1.237 billion accrued. Commissioning remains prospective, not delivered rare-earth production.
Role overlaps event; causation unproven · CEO tenure overlaps the investment and cost revision; sources do not isolate personal causation.
Evidence gaps · 3
- 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.
Adele Stratton
Chief Financial Officer and Head of Development
Relevant experience and role fit
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.
Responsibility not applicable · Role-fit inference from disclosed career, not a performance finding.
Eneabba budget increased while construction continues
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.
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.
FY2025 impairment and loss
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.
Role overlaps event; causation unproven · Stratton was CFO; the company describes market conditions and accounting effects, not individual causation.
Evidence gaps · 4
- 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.
Matthew Blackwell
Head of Projects and Sales and Marketing
Relevant experience and role fit
Joined Iluka in 2004 as president of US operations; later marketing and major projects leadership. Previously executive vice president of Asia Pacific Resources in Thailand. Analyst inference: this disclosed background is relevant to the current role; the company biographies do not establish independent attribution of delivery or performance.
Responsibility not applicable · Role-fit inference from disclosed career, not a performance finding.
Eneabba budget increased while construction continues
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.
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.
Udon potash development faced community and assessment objections
In 2003 Canadian Mining Journal identified Blackwell as vice president of operations at Asia Pacific Potash and described critics’ concerns over water, salinity, tailings and subsidence. A 2004 health-impact paper reports a 2003 expert committee raised serious EIA concerns. The contemporaneous article records the company’s proposed backfill and monitoring response; in 2005 the company said its EIA had been approved and it had answered the committee’s questions. These accounts do not establish personal misconduct or the ultimate outcome. Asia Pacific’s later SEC filing lists Matthew Blackwell as vice president operations in 2003–04 and states that “Mathew Blackwell” was employed from October 2002 to August 2004; the sources use different spellings but match role and employer. The precise outcome of the 2003 EIA controversy and his personal involvement in community decisions remain unverified.
Role overlaps event; causation unproven · Blackwell held an operations role on the proposed project in 2003; the company response was after he joined Iluka and no personal involvement in contested claims is established.
Evidence gaps · 4
- 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.
- Original Thai regulator and court records, exact day-level Asia Pacific tenure and full community-impact outcomes were not obtained.
Shane Tilka
Chief Operating Officer, Australian Operations
Relevant experience and role fit
Joined Iluka in November 2004 and held US and Australian operations positions, former Sierra Rutile COO and Jacinth-Ambrosia/Midwest general manager; current Australian operations COO. Analyst inference: this disclosed background is relevant to the current role; the company biographies do not establish independent attribution of delivery or performance.
Responsibility not applicable · Role-fit inference from disclosed career, not a performance finding.
Sierra Rutile operating challenges and impairment
Iluka’s 2019 annual report identifies Tilka’s preceding position as Sierra Rutile chief operating officer. The independent demerger expert records post-acquisition operational integration difficulties and the 2019 US$290 million impairment. Exact dates of his Sierra role relative to each event and personal responsibility remain uncertain.
Employer context; no individual link established · Former COO role is documented but exact overlap with individual incidents and impairment is unverified.
South Australian environmental direction and reported incidents
The South Australian regulator lists a 7 October 2025 environmental direction for Iluka (Eucla Basin) over undue environmental damage and a breach of program outcomes on MPL 110, a Jacinth-Ambrosia licence. The register is currently marked closed but gives no closure date or incident detail. Iluka separately reported three Level 3 environmental incidents in 2025; the reviewed sources do not establish that any one is the subject of the direction.
Role overlaps event; causation unproven · Executive role overlaps the company period; the register does not identify individual responsibility or establish which incident triggered the direction.
Evidence gaps · 4
- 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.
- Exact dates of the Sierra Rutile COO role and the environmental direction’s closure are unavailable.
Sarah Hodgson
Head of People and Sustainability
Relevant experience and role fit
Joined Iluka in 2013 and the people and sustainability role in March 2018. Previously PwC, KPMG, Mercer and Westpac in tax, mobility, remuneration, people and governance roles. Analyst inference: this disclosed background is relevant to the current role; the company biographies do not establish independent attribution of delivery or performance.
Responsibility not applicable · Role-fit inference from disclosed career, not a performance finding.
South Australian environmental direction and reported incidents
The South Australian regulator lists a 7 October 2025 environmental direction for Iluka (Eucla Basin) over undue environmental damage and a breach of program outcomes on MPL 110, a Jacinth-Ambrosia licence. The register is currently marked closed but gives no closure date or incident detail. Iluka separately reported three Level 3 environmental incidents in 2025; the reviewed sources do not establish that any one is the subject of the direction.
Role overlaps event; causation unproven · Executive role overlaps the company period; the register does not identify individual responsibility or establish which incident triggered the direction.
Evidence gaps · 3
- 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.
Daniel McGrath
Head of Rare Earths
Relevant experience and role fit
Joined Iluka in 1993 and has held metallurgy and operational roles, including general manager Cataby and Southwest and chief technology officer before leading rare earths. Analyst inference: this disclosed background is relevant to the current role; the company biographies do not establish independent attribution of delivery or performance.
Responsibility not applicable · Role-fit inference from disclosed career, not a performance finding.
Eneabba budget increased while construction continues
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.
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.
Cataby contractor fatality; exact role overlap unknown
A subcontracted surveyor died in 2018 after an allergic reaction at Cataby. ABC reported Indus Mining Services pleaded guilty and was fined A$60,000 in 2020; it reported that Indus had not conveyed the life-threatening severity of the allergy to Iluka. Iluka later identified McGrath as a former general manager of Cataby and Southwest operations, but exact dates of that role have not been verified.
Employer context; no individual link established · The exact period of McGrath’s Cataby role relative to the incident is unestablished; the guilty plea was by Indus, not the executive.
Evidence gaps · 3
- 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.
Colin Nexhip
Chief Technology Officer
Relevant experience and role fit
Joined Iluka as chief technology officer in 2023. Previously Newmont vice president assets and energy management and 15 years at Rio Tinto; dates and specific project responsibility remain incomplete. Analyst inference: this disclosed background is relevant to the current role; the company biographies do not establish independent attribution of delivery or performance.
Responsibility not applicable · Role-fit inference from disclosed career, not a performance finding.
Evidence gaps · 3
- 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.
Ben Martin
Company Secretary
Relevant experience and role fit
Joined Iluka in 2014 after solicitor work at King & Wood Mallesons; appointed general counsel and company secretary in September 2021. Analyst inference: this disclosed background is relevant to the current role; the company biographies do not establish independent attribution of delivery or performance.
Responsibility not applicable · Role-fit inference from disclosed career, not a performance finding.
Evidence gaps · 3
- 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.
Nigel Tinley
Company Secretary
Relevant experience and role fit
Joint company secretary since 2013; joined Iluka in 2006 after 18 years in BHP finance and commercial roles. Analyst inference: this disclosed background is relevant to the current role; the company biographies do not establish independent attribution of delivery or performance.
Responsibility not applicable · Role-fit inference from disclosed career, not a performance finding.
Earlier shareholder disclosure claims dismissed
The Federal Court dismissed the Bonham shareholder class action concerning Iluka’s April–July 2012 market disclosures, finding the applicant’s claims failed. Iluka reports Tinley became joint secretary in 2013, so the claims concern a period before his secretary appointment; the court reasons reviewed do not identify him as a defendant or attribute wrongdoing to him.
Employer context; no individual link established · The claims were against Iluka, not Tinley; he became joint secretary after the disclosure period.
Evidence gaps · 3
- 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.
Luke Woodgate
General Manager, Investor Relations and Corporate Affairs
Relevant experience and role fit
Iluka’s 2021 notice identifies Woodgate as Group Manager, Investor Relations and Corporate Affairs, and its 28 October 2026 quarterly identifies him as General Manager, Investor Relations and Corporate Affairs. Analyst inference: this documented communications role is relevant to the position; a fuller career and qualifications have not been established.
Responsibility not applicable · Role-fit inference from disclosed career, not a performance finding.
Evidence gaps · 3
- A verified qualification and prior-employer chronology were not found.
- 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.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-01-31 · 429,703,905 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 31.93% | 137,217,989 | |
| 2 | 19.53% | 83,919,005 | |
| 3 | 14.74% | 63,338,779 | |
| 4 | 3.57% | 15,361,298 | |
| 5 | 2.42% | 10,399,423 | |
| 6 | 1.49% | 6,383,238 | |
| 7 | 1.15% | 4,920,905 | |
| 8 | 0.86% | 3,689,867 | |
| 9 | 0.80% | 3,445,571 | |
| 10 | 0.79% | 3,377,290 | |
| 11 | 0.58% | 2,500,160 | |
| 12 | 0.50% | 2,156,290 | |
| 13 | 0.49% | 2,096,699 | |
| 14 | 0.32% | 1,353,769 | |
| 15 | 0.27% | 1,139,415 | |
| 16 | 0.23% | 1,009,101 | |
| 17 | 0.22% | 942,000 | |
| 18 | 0.20% | 848,578 | |
| 19 | 0.20% | 838,982 | |
| 20 | 0.18% | 787,130 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 6.68%Voting power | 2026-09-24 | |
| 6.24%Voting power | 2026-01-23 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- The top-20 register is a 31 January 2026 snapshot; subsequent share issues and transactions are not reflected.
- Nominee accounts do not identify ultimate beneficial owners and can overlap reported investment-manager groups.
- Perpetual and JPMorgan ceased being substantial holders in February 2026. A cessation notice is not evidence of a zero position.
- The latest identified Van Eck Form 604 dates from January 2026; its reported percentage is historical and may have changed without a new notice.
Sources
- 2025 Annual Report including Appendix 4E
Iluka Resources Limited · Published 2026-02-18 · Accessed 2026-10-31
Lists issued capital and the full top-20 registered ordinary-share table as at 31 January 2026.
downloads/ILU/2026/2026-02-18_2025 Annual Report (including Appendix 4E)_903f88d40ef18cd3.pdf, PDF pages 172–173, printed pages 170–171
- Notice of change of interests of substantial holder — State Street
State Street Corporation via ASX · Published 2026-09-28 · Accessed 2026-10-31
Reports 28,809,763 votes and 6.68% as at 24 September 2026.
downloads/ILU/2026/2026-09-28_Change in substantial holding_231f75dc72094dea.pdf, PDF page 1
- Notice of change of interests of substantial holder — Van Eck
Van Eck Associates Corporation via ASX · Published 2026-01-28 · Accessed 2026-10-31
Reports 26,823,526 votes and 6.24% as at 23 January 2026.
downloads/ILU/2026/2026-01-28_Change in substantial holding_857f924274653146.pdf, PDF page 1
- Notice of ceasing to be a substantial holder — Perpetual
Perpetual Limited via ASX · Published 2026-02-25 · Accessed 2026-10-31
Perpetual ceased to be substantial on 23 February 2026; no zero position is inferred.
downloads/ILU/2026/2026-02-25_Ceasing to be a substantial holder from PPT_44bd0cc331e12c83.pdf, PDF page 1
- Notice of ceasing to be a substantial holder — JPMorgan Chase & Co.
JPMorgan Chase & Co. via ASX · Published 2026-03-02 · Accessed 2026-10-31
JPMorgan group ceased to be substantial on 25 February 2026; not proof of zero shares.
downloads/ILU/2026/2026-03-02_Ceasing to be a substantial holder_0229fdd98eabe0b2.pdf, PDF page 1
Disclosed activity
Insider transactions
Trading activity1 buy · 23 sells shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-02-23 | Perpetual Limited and related bodies corporateUBS Nominees Pty Ltd
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 3,800 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateNational Nominees Pty Ltd
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 226 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateJPMorgan Nominees Australia Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 861,349 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateJPMorgan Nominees Australia Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 534,471 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateJPMorgan Nominees Australia Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 2,723,239 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateJPMorgan Nominees Australia Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 14,926 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateJPMorgan Nominees Australia Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 1,231 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Purchase
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | PurchaseOrdinary shares | 471,043 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 181,390 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 573,481 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 112,553 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 78,993 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 99,727 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 249,743 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 315,298 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 49,015 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 61,881 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 1,376 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 1,724 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 4,154 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 1,197 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateHSBC Custody Nominees (Australia) Limited
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 3,141 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateCiticorp Nominees Pty Ltd
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 1,296 | — | — | — |
| 2026-02-23 | Perpetual Limited and related bodies corporateCiticorp Nominees Pty Ltd
Details & evidence for Perpetual Limited and related bodies corporate on 2026-02-23Annexure reports signed sale amounts; absolute cash and quantity shown, with direction retained. Custodian is registered account, not necessarily beneficial owner. As disclosed: Sale
major_holder · Start not disclosed Perpetual Investment Management Limited · Related investment manager named in notice. Ceasing to be a substantial holder from PPT ↗ | SaleOrdinary shares | 124 | — | — | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory20 documents
ILU eligible local ASX closeMarket Data · HighExtracted
market data provider via miners.collect_stock_prices local daily close 5.32 AUD; volume 2,307,798; one ordinary share; fresh at the valuation cutoff, not an October24 live price.
- Document ID
- doc-ilu-market-20261013
- Published UTC
- 2026-10-13T05:00:00+00:00
- Projects
- —
- Commodities
- —
NTU eligible local ASX close for holdingMarket Data · HighExtracted
NTU ordinary close0.024AUD on13October2026; local market data providerFinance provider;125million shares retained by Iluka.
- Document ID
- doc-ntu-market-20261013
- Published UTC
- 2026-10-13T05:00:00+00:00
- Projects
- —
- Commodities
- —
Australian Government Resources and Energy Quarterly September2026Other · MediumExtracted
Government publication dated2October; othercriticalminerals chapter discusses policy support, exports and capacity pipeline. No usable separated NdPr or zircon price forecast in this chapter; national exports are not an Iluka realization deck.
- Document ID
- doc-req-20261002
- Published UTC
- 2026-10-02T00:00:00+00:00
- Projects
- —
- Commodities
- —
DRP share allocationCorporate Action · HighExtracted
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20260924-drp
- Published UTC
- 2026-09-23T22:00:00+00:00
- Projects
- —
- Commodities
- others · rare_earths
Half year results transcriptResults · HighExtracted
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20260820-transcript
- Published UTC
- 2026-08-19T22:00:00+00:00
- Projects
- —
- Commodities
- others · rare_earths
Iluka 2026 Interim Report (4D)Results · HighExtracted
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20260819-interim
- Published UTC
- 2026-08-18T21:31:33Z
- Projects
- —
- Commodities
- others · rare_earths
Iluka 2026 Half Year Results PresentationPresentation · HighPartial
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20260819-presentation
- Published UTC
- 2026-08-18T21:32:33Z
- Projects
- —
- Commodities
- others · rare_earths
Quarterly Review to 30 June 2026Operations · HighExtracted
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20260728-quarter
- Published UTC
- 2026-07-27T22:26:34Z
- Projects
- —
- Commodities
- others · rare_earths
VHM concentrate supply agreementEconomic Arrangement · HighExtracted
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20260702-vhm
- Published UTC
- 2026-07-01T22:00:00+00:00
- Projects
- —
- Commodities
- others · rare_earths
Rare earths offtake agreementEconomic Arrangement · HighExtracted
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis. PDF dateline22June; issuer release index23June retained as actual publication date.
- Document ID
- doc-ilu-20260623-offtake
- Published UTC
- 2026-06-22T22:00:00+00:00
- Projects
- —
- Commodities
- others · rare_earths
Rare earths funding updateFinancing · HighExtracted
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis. PDF dateline22June; issuer release index23June retained as actual publication date.
- Document ID
- doc-ilu-20260623-efa
- Published UTC
- 2026-06-22T22:00:00+00:00
- Projects
- —
- Commodities
- others · rare_earths
Quarterly Review to 31 March 2026Operations · HighPartial
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20260422-quarter
- Published UTC
- 2026-04-21T22:19:42Z
- Projects
- —
- Commodities
- others · rare_earths
2025 Annual Report (including Appendix 4E)Results · HighPartial
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20260218-annual
- Published UTC
- 2026-02-17T20:30:08Z
- Projects
- —
- Commodities
- others · rare_earths
Detailed Ore Reserves and Mineral Resources at 31 December 2025Resource Update · HighExtracted
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20260218-reserves
- Published UTC
- 2026-02-17T22:00:00+00:00
- Projects
- —
- Commodities
- others · rare_earths
Quarterly Review to 31 December 2025Operations · HighPartial
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20260129-quarter
- Published UTC
- 2026-01-28T20:32:00Z
- Projects
- —
- Commodities
- others · rare_earths
WIM100 resource updateResource Update · HighPartial
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20260129-wim100
- Published UTC
- 2026-01-28T22:00:00+00:00
- Projects
- —
- Commodities
- others · rare_earths
Quarterly Review to 30 September 2025Operations · HighPartial
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20251017-quarter
- Published UTC
- 2025-10-16T23:02:02Z
- Projects
- —
- Commodities
- others · rare_earths
Lindian feedstock agreementEconomic Arrangement · HighExtracted
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20250806-lindian
- Published UTC
- 2025-08-05T22:00:00+00:00
- Projects
- —
- Commodities
- others · rare_earths
Eneabba refinery funding update presentationStudy · HighPartial
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20241206-funding
- Published UTC
- 2024-12-05T22:00:00+00:00
- Projects
- —
- Commodities
- others · rare_earths
Northern Minerals strategic partnershipEconomic Arrangement · HighExtracted
Primary issuer evidence reviewed through cached physical pages. Source facts below preserve report periods and product basis.
- Document ID
- doc-ilu-20221026-northern
- Published UTC
- 2022-10-25T22:00:00+00:00
- Projects
- —
- Commodities
- others · rare_earths
Evidence facts47
50600000.0 AUD
2026-06-301200700000.0 AUD
2026-06-3082000000.0 AUD
2026-06-302036300000.0 AUD
2026-06-30455900000.0 AUD
2026-06-3053000000.0 AUD
2026-06-30-23900000.0 AUD
2026-06-30284000000.0 AUD
2026-06-30359200000.0 AUD
2026-06-3035200000.0 AUD
2025-12-312068800000.0 AUD
2025-12-31431194999 shares
2026-06-301150100000.0 AUD
2026-06-30273200000.0 AUD
2026-06-30876900000.0 AUD
2026-06-302298600000.0 AUD
2026-06-30821900000.0 AUD
2026-06-30428700000.0 AUD
2026-06-30752500000.0 AUD
2026-06-30Northern Minerals Limited text
2026-06-30214000000.0 AUD
2026-06-3055000 t concentrate/yr
2026-06-301750000000.0 AUD
2026-06-302027 text
2026-06-30Iluka stockpile; Balranald; conditional Wimmera/NTU/Lindian/VHM text
2026-06-30NdPr and Dy/Tb oxides; others oxide/carbonate text
2026-06-3020 %
2026-06-30Deterra Royalties Limited text
2026-06-301101000000.0 AUD
2026-06-3045700000.0 AUD
2025-12-311102300000.0 AUD
2025-12-311015400000.0 AUD
2025-12-31329300000.0 AUD
2025-12-31-288400000.0 AUD
2025-12-31-57500000.0 AUD
2025-12-31862100000.0 AUD
2025-12-31429703905 shares
2025-12-314359837 rights
2025-12-317100000.0 AUD
2025-12-31125000000.0 shares
2025-12-31320000000.0 AUD
2024-12-31228000000.0 AUD
2025-01-01869000000.0 AUD
2025-01-01431249440 shares
2026-09-246.4136 AUD/share
2026-09-245.32 AUD/share
2026-10-130.024 AUD/share
2026-10-13Conflicts requiring judgment2
- Current inventory effectiveyear
IssuercurrentresourcepageURLfilename says2024; PDFtables explicitly31December2025/footer12February2026 andannual2025 confirms. Useactualtableperiod2025,notURLfilename.
- Release date
Retainednoticebody22June; issuerASXlist/presentationreferences23June. Registerpublicrelease23June,keepcontractbodydatecontext.