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1 Iluka Resources (ASX:ILU) 2024 Full Year Results 19 February 2025 Balranald, New South Wales For personal use only
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Disclaimer This presentation has been prepared by Iluka Resources Limited (Iluka). By accessing this presentation you acknowledge that you have read and understood the following statement. This presentation includes forward-looking statements reflecting Iluka’s current expectations. These statements are expressed in good faith and the expectations and beliefs are genuinely held but no representation or warranty is being made by Iluka that the matters stated in this presentation will in fact be achieved or prove to be correct. Readers should not place undue reliance on any forward-looking statement. Forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause the actual results or achievements of Iluka to differ materially from expectations. These risks and uncertainties include changes in exchange rate assumptions; changes in labour or product pricing assumptions; major changes in mine plans and/or resources; changes in equipment life or capability; changes in regulation and policy; emergence of previously underestimated technical challenges; increased costs and demand for production inputs; physical events that materially impact project timelines or production schedules; and environmental or social factors which may affect a licence to operate, including political risk. This presentation includes non-IFRS information to reflect the Group’s underlying performance. A reconciliation of non-IFRS information to statutory profit is provided on slide 28. lluka does not undertake to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All figures are expressed in Australian dollars unless stated otherwise. 2 For personal use only
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3Key features Operational and marketing discipline maintained; market conditions stable and pricing relatively strong Net cash (excluding non-recourse debt) Final dividend Sound margins despite cost environment 4 cents per share fully franked, in line with dividend framework Mineral sands EBITDA margin 42% Balranald on track for commissioning H2 2025 $90 million Mineral sands revenue $1,129 million Eneabba rare earths refinery fully funded NPAT $231 million Positive outcome to funding discussions announced in December 2024. Total facility from the Australian Government of $1.65 billion non-recourse loan and $414 million contribution from Iluka Site activity continued and tendering and awarding of contract packages well advanced SR2 production effectively contracted via take-or-pay arrangements SR1 is a key swing asset, providing the ability to supply an additional 110ktpa of synthetic rutile should market conditions warrant Zircon (including ZIC) 227kt Rutile 58kt Synthetic rutile 211kt Zircon/Rutile/Synthetic Rutile production of 496kt Project execution underpins future production Group capital expenditure $434 million Long life source of rare earths feedstock with potential for zircon production Wimmera DFS progressing $190 million capital expenditure in 2024 Important source of high-quality zircon, rutile, synthetic rutile feedstock and rare earths concentrate SR2 operated at capacity; SR1 restart ability retained Mining at Cataby and Jacinth- Ambrosia Minimising cash costs of production to produce Z/R/SR – key revenue drivers Financial Operational Strategic For personal use only
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4 Deliver commercial decarbonisation solutions 403ha of land rehabilitated including 89ha progressive rehabilitation at operating mines and 314ha at closed sites In partnership with Kings Park Science published research demonstrating Iluka’s ability to rehabilitate important ecological functions Commissioned 9MW solar farm at Cataby Conducted lab scale piloting and simulation of use of coal alternatives: tyre-derived fuels and biochar Completed small scale validation test work for NewGenSR technology, and a location study for potential future deployment Optimise mine closure outcomes Maintain zero fatalities and reduce injuries Strengthen community relationships Introduced Iluka Lends a Hand community grants programme supporting 64 community organisations in its first year More than $1.2million in community donations, sponsorships and education partnerships Commenced partnership with Stars Foundation, supporting young Indigenous women through their secondary education 3.3 SPIFR (3.6 in FY 2023) 3.8 TRIFR (2.4 in FY 2023) Priority on field leadership and effective critical control management of key fatality risks Supported by implementation of critical control management electronic (mobile) access for both employees and contractors Jacinth-Ambrosia, South Australia Sustainability outcomes For personal use only
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Results overview 1. From FY24, corporate support functions (e.g. People, IT, Procurement, Communities etc.) that directly support operations recharge a proportion of their functions’ costs to production costs. Cost figures for FY23 have been restated for comparative purposes. 2. Underlying group EBITDA excludes non-recurring adjustments including impairments and changes to rehabilitation provisions for closed sites, which are non-cash in nature. 3. Excluding by-products 4. Free Cash Flow is determined as cash flow before refinance costs, proceeds/repayment of borrowings and dividends paid in the period. 5 $477m Underlying mineral sands EBITDA $231m NPAT $252m Operating cash flow Investing in long term projects 5 Units Full year 2024 Full year 20231 % Change Z/R/SR Production kt 496 639 (22%) Z/R/SR Sales kt 475 494 (4%) Mineral sands revenue $m 1,129 1,238 (9%) Underlying mineral sands EBITDA $m 477 582 (18%) Underlying mineral sands EBITDA margin % 42 47 (11%) Share of profit in associate (Deterra) $m 22 27 (19%) Underlying Group EBITDA2 $m 499 609 (18%) Group EBIT $m 356 492 (27%) Unit cash costs of production3 $/t Z/R/SR 1,298 1,035 25% Unit cost of goods sold $/t Z/R/SR 1,190 1,127 6% Profit for the period (NPAT) $m 231 343 (33%) Operating cash flow $m 252 347 (27%) Free cash flow – Mineral sands4 $m (157) (69) 128% Free cash flow – Group4 $m (288) (160) 80% Final dividend – fully franked cps 4 4 Full year total dividend – fully franked cps 8 7 31 Dec 2024 30 Jun 2024 Net (debt) cash (excluding non-recourse net debt) $m 90 305 (70%) Non-recourse net debt $m (205) (151) 36% Net (debt) cash $m (115) 154 (175%) For personal use only
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Underlying net profit – FY 2023 to FY 2024 6 Underlying NPAT FY 2023 vs FY 2024 • Growth in zircon sand sales volumes were offset partly by lower prices, particularly in Q4 2024, while ZIC sales represented available production • Synthetic rutile sales were in line with Iluka’s long term take-or-pay contracts • A favourable US$/AU$ exchange rate positively impacted earnings • Unit costs of goods sold increased reflecting inflationary pressure, a shift in product mix and higher HMC costs at Jacinth-Ambrosia • Idle & other cost movement reflects no repeat of the US asset sales that occurred in 2023 ($27m) alongside SR1 being offline for all of 2024 and a planned maintenance shutdown at Narngulu in Q1 2024 343 231 ( 75 ) ( 18 ) 3 35 ( 23 ) ( 24 ) ( 48 ) 12 ( 6 ) ( 6 ) ( 9 ) 35 0 50 100 150 200 250 300 350 400 31 December 2023 Price Volume Mix FX Ilm & by-prod Unit COGS Idle & other Major Projects Deterra Corporate Services Net finance costs Royalties Tax 31 December 2024 $m 12 For personal use only
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(600) (400) (200) 0 200 400 600 H1 15 H2 15 H1 16 H2 16 H1 17 H2 17 H1 18 H2 18 H1 19 H2 19 H1 20 H2 20 H1 21 H2 21 H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 $m Group net cash (debt) Net cash (debt) (excluding non-recourse debt) Reported net cash (debt) Non-recourse debt Group balance sheet 7 $90m net cash (excluding non-recourse net debt) $800m MOFA facilities $1,650m non-recourse EFA facilities ($249m drawn1) 1. Includes capitalised interest For personal use only
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308 252 ( 12 ) 12 ( 129 ) ( 272 ) ( 13 ) 31 ( 34 ) ( 50 ) ( 2 ) 90 $m - 100 200 300 400 500 600 Net cash 31 December 2023 to 31 December 2024 • Mineral sands business remains in a net cash position of $90m despite investing $272 million in mineral sands capital expenditure – Investment in Balranald extends Iluka’s production profile with 10 year mine life • Received fully franked dividend of$31 million from Deterra, which distributed 100% of NPAT, which Iluka returns 100% to shareholders Mineral Sands Balance sheet • Iluka’s Multi Option Facility Agreement (MOFA) expanded and extended – total facilities of $800 million (up from $570 million) – at 31 December 2024, there was $10 million MOFA drawings and $39 million in guarantees – expires in 2029 • Net cash of $90 million at 31 December 2024 Cash flow and balance sheet: mineral sands 8 Note: Excludes non-recourse funding for Iluka’s rare earths refinery project and Iluka’s interest in Deterra Royalties 49 98 90 118 751 12 (300) (200) (100) - 100 200 300 400 500 600 MOFA Cash Net cash / (debt) (inc. deferred borrowing costs) Dedicated Guarantee facility $m Undrawn Undrawn For personal use only
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Net debt 31 December 2023 to 31 December 2024 • Capital expenditure of $162 million • Iluka equity contribution of $50 million Balance sheet • Development funded through loan facility from the Australian Government (administered by EFA) and Iluka equity contribution ‒ EFA loan is non-recourse to Iluka and held by Iluka wholly- owned special purpose entity • Total $249 million of EFA loan drawn at 31 December 2024, including capitalised interest • Net debt of $205 million at 31 December 2024 Cash flow and balance sheet: rare earths (non-recourse funding) 9 Drawn ( 82 ) ( 162 ) 6 ( 13 ) ( 3 ) 50 ( 205 ) 31 December 2023 Capex Timing of working capital Capitalised Interest Deferred borrowing costs Iluka Equity 31 December 2024 $m - ( 50 ) ( 100 ) ( 150 ) ( 200 ) ( 250 ) ( 300 ) 231 38 (211) 6 106 Capitalised Interest 18 1,401 310 EFA Facility Cash Net debt (excl deferred borrowing costs) Deferred Borrowing Costs Equity contribution $m Undrawn Remaining Drawn 31 December 2023 Timing of working capital Deferred borrowing costs 31 December 2024 For personal use only
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Key FeaturesDeterra Royalties 10 Note: 1. Deterra Royalties ASX release 31 January 2025, Quarterly Royalty Revenue Update. Financial Year relates to Deterra 30 June year-end. 2. BHP South Flank presentation, 4 October 2022 available at www.bhp.com 3. As at 14 February 2025 4. BHP Operational Review for the year ended 30 June 2021, 20 July 2021. Deterra Royalties (ASX:DRR) • Market capitalisation of $2.2bn3 • Cornerstone asset is the BHP Mining Area C (MAC) royalty, including significant near-term organic growth through the South Flank development – at full capacity MAC will be the largest single iron ore hub globally4 • Complemented the asset portfolio with acquisition of Trident Royalties during 2024 Features • Iluka holds a 20% interest in Deterra Royalties • Deterra provides Iluka an additional source of long-term financial strength • Dividends received from Deterra in 2024 were $31 million – Iluka’s dividend framework is to distribute 100% of all cash received from Deterra • Asset carrying value $443 million and asset tax cost base is nil ($0) 28 26 44 48 93 96 118 10428 41 47 89 126 119 121 1 2 46 13 57 68 92 140 265 228 239 104 2018 2019 2020 2021 2022 2023 2024 2025 Mining Area C royalty receipts (A$m)1 H1 H2 Capacity payment Financial years Financial years Run rate with South Flank = 145 mwmt2 31 26 30 28 49 63 61 69 29 30 31 34 62 64 69 2018 2019 2020 2021 2022 2023 2024 2025 Mining Area C Production (Mwmt) H1 H2 For personal use only
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11 Cataby mine Mining: ilmenite, zircon, rutile, rare earths Narngulu processing Processing: zircon, rutile, ilmenite Jacinth Ambrosia mine Mining: zircon, rutile, ilmenite, rare earths Processing: synthetic rutile Capel processing Operations Production (kt) 2024 2023 Change (%) Zircon sand 158.0 239.5 (34) Zircon-in-concentrate (ZIC) 69.2 87.5 (21) Rutile (incl. HyTi) 57.8 52.7 10 Synthetic rutile 211.2 259.5 (19) Total Z/R/SR 496.2 639.2 (22) 2024 overview • The Cataby and Jacinth-Ambrosia mines operated at capacity throughout 2024 • Finished zircon and rutile were produced at the Narngulu mineral separation plant • The larger SR2 kiln (capacity ~220ktpa) operated at Capel, with the swing production SR1 kiln (capacity ~110ktpa) remaining idle until market conditions warrant restarting For personal use only
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Markets For personal use only
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Markets – zircon 13 Market Commentary • Demand for zircon in 2024 in line with Iluka’s expectations – Q1 2025 sales up ~100% vs Q4 2024 – 46kt of zircon sand sales contracted for Q1 2025 • Iluka maintaining a disciplined approach to price – prices for premium zircon sand relatively strong across 2024 – significant price reductions by major competitors affected pricing outcomes in Q4 2024 and Q1 2025 – average price contracted to date for Q1 2025 is ~5% lower than Q4 2024 • China residential property market showing signs of stabilising • Sentiment in Europe improved in Q4 2024, but remains cautious • US industrial activity was stable in 2024, with growth expected in 2025 • India remains a small but emerging market for Iluka’s products Maintained a disciplined approach to markets Ceramics 50%Fused Zirconia & Chemicals 35% Refractory & Foundry 11% Other 4% FY 2024 zircon sales by industry (kt), excl ZIC 165kt Zircon sand sales (2023: 147kt) 65kt Zircon in concentrate sales (2023: 87kt) US$1,882/t Zircon premium and standard price (2023: US$2,066/t) Zircon 58% FY 2024 Z/R/SR sales revenue ($m) 0 400 800 1,200 1,600 2,000 2,400 2,800 H1 16 H1 17 H1 18 H1 19 H1 20 H1 21 H1 22 H1 23 H1 24 US$/t Zircon (premium and standard) net realised FOB price Ceramics 45% Fused Zirconia & Chemicals 47% Refractory & Foundry 8% FY 2024 China zircon sales (sand and ZIC) (kt) For personal use only
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0 50 100 150 200 250 0 500 1,000 1,500 2,000 2,500 H1 16 H1 17 H1 18 H1 19 H1 20 H1 21 H1 22 H1 23 H1 24 High grade titanium sales 1 and net realised FOB price 2 Rutile sales (Iluka ex SRL) SR sales Rutile price SR price Rutile 7% Synthetic rutile 35% FY 2024 Z/R/SR sales revenue ($m) Markets – high-grade titanium feedstocks 14 Market commentary • Take-or-pay contracts for Iluka’s synthetic rutile products continue to provide stability, with average 200ktpa synthetic rutile under contract through to the end of 2026 • Increased enquiries for 2025 spot volumes • Natural rutile supply remains tight and uncertain – customers anticipating Balranald production • Global pigment market impacted by high interest rates and conflicts in Ukraine and the Middle East, with a gradual recovery expected in 2025 • Implementation of tariffs on Chinese imports in Europe and other regions expected to impact trade flows from H1 2025 Note: 1. Rutile sales volumes include a lower value titanium dioxide product, HYTI, that typically has a titanium dioxide content of 70-90%. This product sells at a lower price than rutile, which typically has a titanium dioxide content of 95%. 2. Rutile sales price excludes HYTI. Demand for Iluka’s high grade feedstock products is stable 0 125 250 2022 2023 2024 2025 2026 kt 200kt Synthetic rutile sales (2023: 211kt) 45kt Rutile1 sales (2023: 48kt) US$1,205/t Synthetic rutile price (2023: US$1,258/t) US$1,694/t Rutile2 price (2023): US$1,887/t) Synthetic rutile take-or-pay contracts Price (US$/t) Sales (kt) Americas 42% Europe 52% Asia (ex China) 6% FY 2024 high grade titanium sales by region (kt) For personal use only
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15Global pigment market tariffs Europe • 14-40% duties on Chinese pigment imports from June 2024 • ~130ktpa of uneconomic sulfate pigment capacity closed in 2024 Brazil Anti-dumping investigation of Chinese pigment imports initiated April 2024 India2 Anti-dumping duty of US$460- US$681/t on Chinese TiO2 North America • 25% tariff on Chinese TiO2 feedstock and pigment since 2019 – additional 10% tariff applied in 2025 • 25% tariff (10% applied) on Canadian TiO2 feedstock and pigment • 25% tariff (10% applied) on Mexican TiO2 feedstock and pigment Market subject to tariff protection Market under anti-dumping investigation Unprotected market European and the Americas pigment production destination1 Pigment industry trade flows undergoing change as a result of tariffs - potentially favourable to Iluka 1. Based on June 2024 trade data, source TZMI. 2. Subject to approval by Minister of Finance Iluka’s major customers are located in North America and Europe Potential opportunities for Iluka • Western customer products more competitive • Increased demand for high grade feedstocks • Improved competitiveness of Iluka’s feedstocks into the US For personal use only
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16Inventory position Iluka’s inventory • During 2024, Iluka added ~20kt finished goods inventory to close at ~300kt, with ~$480 million closing stock at 31 December 2024 • Heavy mineral concentrate inventory (HMC) of ~700kt at 31 December 2024 • HMC inventories reflect increased levels of ilmenite bearing concentrate from Cataby, which will support increased synthetic rutile production when market conditions permit. Cataby HMC is an important source of premium zircon and rutile, which are key revenue drivers for Iluka • Total work in progress (WIP) of $487 million at 31 December 2024 including HMC, ore and ilmenite for synthetic rutile feed. Industry update • Customers were unwilling to hold inventory – restocking will be required as underlying consumption improves • Iluka is well positioned to respond to restocking as market conditions improve, with ~$965 million of total product inventory available for processing or sale - 200 400 600 800 1,000 1,200 1,400 1,600 - 100 200 300 400 500 600 700 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 HMC kt Z/R/SR kt Z/R/SR finished goods and HMC inventory ZRSR finished goods HMC For personal use only
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Projects Balranald, New South Wales For personal use only
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18 Cataby mine Mining: ilmenite, zircon, rutile, rare earths Eneabba rare earths refining Refining: rare earths Narngulu processing Processing: zircon, rutile, ilmenite Jacinth Ambrosia mine Mining: zircon, rutile, ilmenite, rare earths Processing: synthetic rutile Capel processing 1 Iluka projects Operations and projects 2 1. Balranald rutile, zircon, ilmenite and rare earths 2. Wimmera rare earths, zircon, ilmenite, rutile Note: Status of Iluka’s projects: Balranald in execute; Wimmera in definitive feasibility study. For personal use only
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19Eneabba rare earths refinery Eneabba, Western Australia • $162 million capital expenditure in 2024 – total capital expenditure of $337 million • Long lead packages awarded and activity progressing across all work packages • Detailed earthworks commenced in Q4 2024 • Tendering and awarding of equipment, fabrication and site works contract packages continues Key project parameters Producing separated light and heavy rare earths Capacity of ~5.5 kpta NdPr and ~0.75 ktpa DyTb All major infrastructure in place (power, water, gas, roads, rail) on track for commissioning 2027 Australia’s first fully integrated refinery for the production of separated light and heavy rare earth oxides Eneabba, Western Australia For personal use only
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20Refinery capital expenditure update Eneabba, Western Australia Improved confidence in project capital cost estimate driven by awarded packages tracking closely to budget and significant remaining contingency, growth and escalation allowances • Total estimated capital cost is $1.7-1.8 billion • Sunk and committed expenditure of ~$680 million at 31 December 2024, representing almost 40% of the total refinery capital cost • Awarded contract and procurement packages have come in slightly under budget • Remaining forecast capital expenditure of ~$1-1.1 billion • Over $330 million remains allocated to contingency, growth and escalation allowances, representing 29% of the remaining forecast spend 0 500 1,000 1,500 2,000 Sunk and committed Forecast remaining Total capital expenditure 680 ~1,020 - 1,120 ~1,700 – 1,800 71% 29% Forecast remaining Contract/Procurement package forecast Contingency, growth and escalation allowance A$m Eneabba, Western Australia For personal use only
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21Balranald, New South Wales Balranald, New South Wales Balranald is a rutile-rich critical minerals development in south western New South Wales. Owing to its relative depth, Iluka is developing Balranald via an internally developed, remotely operated underground mining technology. Final investment decision (FID) approved February 2023 • ~$190 million capital expenditure in 2024 • Earthworks and site access road completed • Modular concentrator delivered to Australia for transport and assembly and concentrator foundations construction underway • Mining rigs arriving at site from Q2 2025 • On track for commissioning H2 2025 50 60 60 Zircon Rutile Synthetic rutile Indicative annual Z/R/SR production (ktpa)1 1. Refer ASX release Balranald Development - Final Investment Decision, 21 February 2023, synthetic rutile production is the mid-point of 50-70ktpa, assuming chloride ilmenite production is upgraded to SR at blending ratio of 18.5%-24%. Iluka also expects to sell some chloride ilmenite directly. Balranald will also produce up to 4ktpa rare earth concentrate Balranald, New South Wales For personal use only
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22Wimmera, Victoria Wimmera, Victoria • Definitive feasibility study (DFS) progressing, field work well advanced with completion expected mid 2026 • Environmental studies to support Environmental Effects Statement (EES) well advanced WIM100 DFS production parameters1 ~10mtpa ore ~425ktpa heavy mineral concentrate ~15ktpa rare earth concentrate (equates to 1.5ktpa NdPr and ~180tpa DyTb2) 25+ year life • Resource estimate for Goschen South3 deposit a further demonstration of the long-life potential of Western Victoria as a significant critical minerals province 1. Refer ASX release Wimmera Ore Reserve and Mineral Resource Update, 21 February 2023. 2. Assumes concentrate = 67% monazite/xenotime, monazite/xenotime = 85% TREO, plant recovery 90%. 3 Refer ASX release Goschen South Mineral Resource Estimate, 19 February 2025 A series of large, fine-grained deposits in Western Victoria, providing a potential multi-decade source of both rare earths and zircon – including the highly valuable heavy rare earths dysprosium and terbium. For personal use only
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Supplementary Information For personal use only
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Key Parameters 20231 2024 20252 Comments Production Zircon sand kt 240 158 165 Zircon in concentrate kt 88 69 60 Rutile3 kt 53 58 50 Synthetic Rutile kt 260 211 220 Total Z/R/SR kt 639 496 495 Cash costs of production (Z/R/SR) $m 661 644 680 Unit cash costs of production $/t Z/R/SR 1,035 1,298 1,370 Unit cost of goods sold $/t Z/R/SR 1,127 1,190 1,330 Capital expenditure – mineral sands $m 161 272 480 Balranald $380m; Wimmera $10m; Tutunup $10m Capital expenditure – Eneabba refinery $m 121 162 600 1. From FY 2024, corporate support functions (e.g. People, IT, Procurement, Communities etc. that directly support operations will recharge a proportion of their functions’ costs to production costs. FY 2023 has been restated for comparative purposes 2. Indicative only. This slide should be read in conjunction with the disclaimer on forward looking statements on slide 2. 3. Includes HYTI, TIC and IMTI 24Outlook for 2025 For personal use only
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25 Key Parameters 20231 2024 20252 Comments Other cash costs ($m) By-product costs 11 16 10 Restructure, idle costs and other non-production 18 35 40 Includes $25m for Balranald Operational readiness Major projects, exploration and innovation 54 40 40 Corporate and other 33 49 40 Marketing and selling costs 27 33 30 Royalty costs 47 35 n/a Non-cash costs ($m) Depreciation and amortisation 168 192 240 Rehabilitation for closed sites (4) (5) - Rehabilitation unwind 33 37 37 Total non-cash costs 197 224 277 1. From FY 2024, corporate support functions (e.g. People, IT, Procurement, Communities etc. that directly support operations will recharge a proportion of their functions’ costs to production costs. FY 2023 has been restated for comparative purposes 2. Indicative only. This slide should be read in conjunction with the disclaimer on forward looking statements on slide 2. Outlook for 2025 For personal use only
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Supplementary Information – Production, Sales, Revenue and Costs 1. Mineral sands revenue includes revenue derived from other materials not included in production volumes, including activated carbon products and iron concentrate. 2. Calculated as revenue from the sale of zircon, rutile and synthetic rutile (Z/R/SR) products divided by Z/R/SR sales volumes. 3. Unit cash cost per tonne of Z/R/SR produced is determined as cash costs of production less the cost of saleable ilmenite and by-products, divided by total Z/R/SR production volumes. 26 FY 2024 FY 2023 % change Production Zircon kt 158.0 239.5 (34.0%) ZIC kt 69.2 87.5 (20.9%) Rutile kt 57.8 52.7 9.7% Synthetic rutile kt 211.2 259.5 (18.6%) Total Z/R/SR production kt 496.2 639.2 (22.4%) Ilmenite – saleable and upgradeable kt 398.0 460.6 (13.6%) Heavy mineral concentrate produced kt 951 898 5.9 Heavy mineral concentrate processed kt 752 909 (17.3) Sales Zircon kt 164.9 147.3 11.9% ZIC kt 65.0 87.4 (25.6%) Rutile kt 45.2 48.3 (6.4%) Synthetic Rutile kt 200.1 211.0 (5.2%) Total Z/R/SR kt 475.2 494.0 (3.8%) Ilmenite kt 121.3 148.8 (18.5%) Revenue and Costs Mineral sands revenue1 $m 1,129 1,238 (8.8%) Revenue per tonne of Z/R/SR sold2 $/t 2,196 2,314 (5.1%) Total cash cost of production excluding ilmenite and by-products $m 644 661 (2.6%) Unit cash cost per tonne of Z/R/SR produced excluding by-products3 $/t 1,298 1,035 25.4% Unit cost of goods sold per tonne of Z/R/SR sold $/t 1,190 1,127 5.6% For personal use only
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Supplementary Information – Income Statement 1. Freight revenue and expenses are included as a net number in marketing and selling costs. 2. Underlying Group EBITDA excludes non-recurring adjustments including impairments and changes to rehabilitation provisions for closed sites, which are non-cash in nature. 27 A$ million FY 2024 FY 2023 % change Z/R/SR revenue 1,043.4 1,143.2 (8.7) Ilmenite and other revenue 85.1 95.1 (10.5) Mineral sands revenue 1,128.5 1,238.3 (8.9) Cash costs of production (644.0) (660.5) (2.5) By-product costs (16.4) (11.2) 46.4 Inventory movement - cash costs of production 179.9 185.8 (3.2) Idle capacity charges (35.3) (23.0) 53.5 Government royalties (35.1) (47.1) (25.5) Marketing and selling costs (32.5) (27.4) 18.6 Asset sales and other income 0.9 23.9 (96.2) Major projects, exploration, and innovation (40.0) (52.3) (23.5) Corporate and other costs (48.6) (42.6) 14.1) Foreign exchange 19.9 (2.1) n/a Underlying mineral sands EBITDA 477.3 581.8 (18.0) Share of profit of associate 21.5 27.3 (21.2) Underlying Group EBITDA 498.8 609.1 (18.1) Depreciation and amortisation (192.2) (167.8) 14.5 Inventory movement - non-cash production costs 48.2 51.7 (6.8) Rehabilitation costs for closed sites 5.2 4.3 20.9 Gain/(loss) on revaluation of investments (4.5) (5.0) (10.0) Group EBIT 355.5 492.3 (27.8) Net interest and bank charges 6.5 12.3 (47.2) Rehabilitation unwind and other finance costs (36.7) (33.1) 10.9 Profit before tax 325.3 471.5 (31.0) Tax expense (94.0) (128.9) (27.1) Profit for the period (NPAT) 231.3 342.6 (32.5) Average AUD/USD rate for the period (cents) 66.0 66.5 (0.7) For personal use only
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Supplementary Information – Reconciliation of non-IFRS information 28 1. Includes discontinued operations in the Murray Basin and the United States. Revenue is derived from the depletion of zircon, rutile and ilmenite stockpiles. $m Mineral Sands Rare Earths Idle Total Operations Non-Operating (Corp & Other) Group Mineral sands revenue 1,128.5 - - 1,128.5 - 1,128.5 Freight revenue 41.8 - - 41.8 - 41.8 Expenses (611.1) - (15.5) (626.6) (37.7) (664.3) Share of profits in associate - - - - 21.5 21.5 FX - - - - 19.9 19.9 Corporate costs - - - - (48.6) (48.6) EBITDA 559.2 - (15.5) 543.7 (44.9) 498.8 Depn & Amort (188.2) - (0.9) (189.1) (3.1) (192.2) Inventory movement - non-cash 48.2 - - 48.2 - 48.2 Rehabilitation for closed sites 2.2 - 3.0 5.2 - 5.2 Revaluation on investments - - - - (4.5) (4.5) EBIT 421.4 - (13.4) 408.0 (52.5) 355.5 Net interest costs (0.7) - - (0.7) 7.2 6.5 Rehab unwind and other finance costs (30.0) - (3.0) (33.0) (3.7) (36.7) Profit before tax 390.7 - (16.4) 374.3 (49.0) 325.3 Segment result 390.7 - (16.4) 374.3 n/a 325.3 For personal use only
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Supplementary Information - Weighted average received prices 29 1. Zircon prices reflect the weighted average price for zircon premium, zircon standard and zircon-in-concentrate. The prices for each product vary considerably, as does the mix of such products sold period to period. 2. Rutile prices will vary quarter-on-quarter depending on the end market to which the product is supplied (e.g. pigment or welding). 3. HYTI is a lower value titanium dioxide product that typically has a titanium dioxide content of 70 to 90%. This product sells at a lower price than rutile, which typically has a titanium dioxide content of 95%. Q1 24 Q2 24 Q3 24 Q4 24 FY 24 FY 23 US$/tonne FOB Zircon premium and standard 1,873 1,907 1,891 1,819 1,882 2,066 Zircon (all products, including zircon in concentrate)1 1,753 1,801 1,674 1,587 1,721 1,849 Rutile (excluding HYTI)2,3 1,828 1,690 1,589 1,662 1,694 1,887 Synthetic rutile 1,282 1,194 1,178 1,186 1,205 1,258 For personal use only
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30 For more information contact Luke Woodgate, General Manager, Investor Relations and Corporate Affairs investor.relations@iluka.com Jacinth-Ambrosia, South Australia For personal use only