Illuka Resources (ILU.AX): 2Q26 result: Revenue & cash flow beat on strong Zircon sales and pricing; RE refinery remains on track; Buy

研报英文原文证据摘录

Illuka Resources (ILU.AX): 2Q26 result: Revenue & cash flow beat on strong Zircon sales and pricing; RE refinery remains on track; Buy

Equity Research

28 July 2026 | 7:25PM AEST

Iluka Resources (ILU.AX): 2Q26 result: Revenue & cash flow beat on

strong Zircon sales and pricing; RE refinery remains on track; Buy

ILU reported a strong 2Q26 (see Exhibit 3) with mineral sands revenue of ~A$290mn, Paul Young

+61(2)9321-8302 |

well ahead of GSe and Visible Alpha Consensus Data estimates, up from ~A$150mn paul.young1@gs.com

Goldman Sachs Australia Pty Ltd

in 1Q, driven by materially higher zircon sales (109kt vs. 54kt Mar Q) and the

Chris Bulgin

resumption of synthetic rutile sales (37kt) in line with take-or-pay contract +61(2)9321-8936 | chris.bulgin@gs.com

schedules. Zircon pricing momentum continued, with the average realised zircon Goldman Sachs Australia Pty Ltd

sand price contracted in 2Q of ~US$1,530/t (up US$55/t QoQ), and the 3Q

contracted zircon sand price set to increase by a further US$215/t to ~US$1,760/t

FOB (reported 3Q price ~US$1,685/t FOB), reflecting ongoing supply discipline and

constrained global availability of high-quality zircon.

The key strategic milestone in the quarter was ILU executing its first binding rare

earths offtake agreement - a multi-year take-or-pay contract with a global

automotive company for 1,200t of magnet rare earth oxides, commencing 2028 for

an initial four-year term, encompassing the full suite of light and heavy magnet REOs,

and including minimum agreed prices. Export Finance Australia also confirmed ILU’s

access to the full A$1.65bn non-recourse loan for the Eneabba refinery, removing a

key financing overhang and satisfying the offtake precondition for further

drawdown.