ILUKA RESOURCES LIMITED — Investor Presentation 2021

Nov 15, 2021

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Iluka Resources Limited Delivering value through an integrated processing model Mineral Sands Conference 2021 Matthew Blackwell Head of Major Projects and Marketing

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Disclaimer and compliance statement

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 document provides an indicative outlook for the Iluka business in the 2021 financial year. The information is provided to assist sophisticated investors with the modelling of the company, but should not be relied upon as a predictor of future performance. The current outlook parameters supersede all previous key physical and financial parameters.

This information is based on Iluka forecasts and as such is subject to variation related to, but not restricted to, economic, market demand/supply and competitive factors. It is Iluka’s approach to modify its production settings based on market demand, and this can have a significant effect on operational parameters and associated physical and financial characteristics of the company.

Forward Looking Statements

This presentation contains certain statements which constitute “forward-looking statements”. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “plan”, “believes”, “estimate”, “anticipate”, “outlook” and “guidance”, or similar expressions, and may include, without limitation, statements regarding plans; strategies and objectives of management; anticipated production and production potential; estimates of future capital expenditure or construction commencement dates; expected costs or production outputs; estimates of future product supply, demand and consumption; statements regarding future product prices; and statements regarding the expectation of future Mineral Resources and Ore Reserves.

Where Iluka expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and on a reasonable basis. No representation or warranty, express or implied, is made by Iluka that the matters stated in this presentation will in fact be achieved or prove to be correct.

Forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumption and other important factors that could cause the actual results, performances or achievements of Iluka to differ materially from future results, performances or achievements expressed, projected or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Such risks and factors include, but are not limited to: changes in exchange rate assumptions; changes in product pricing assumptions; major changes in mine plans and/or resources; changes in equipment life or capability; emergence of previously underestimated technical challenges; increased costs and demand for production inputs; and environmental or social factors which may affect a licence to operate, including political risk.

Capital estimates include contingency and risk allowances commensurate with international estimating classification systems.

To the extent permitted by law, Iluka, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by a person as a consequence of any information in this presentation or any error or omission therefrom. Iluka does not undertake to release publicly any revisions to any forward-looking statement 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.

No independent third party has reviewed the reasonableness of the forward looking statements or any underlying assumptions.

Iluka cautions against reliance on any forward-looking statements or guidance, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by COVID-19.

Non-IFRS Financial Information

This document contains non-IFRS financial measures including cash production costs, non production costs, Mineral Sands EBITDA, Underlying Group EBITDA, EBIT, free cash flow, and net debt amongst others. Iluka management considers these to be key financial performance indicators of the business and they are defined and/or reconciled in Iluka’s annual results materials and/or Annual report. Non-IFRS measures have not been subject to audit or review.

All figures are expressed in Australian dollars unless stated otherwise.

Mineral Resources and Ore Reserves Estimates

As an Australian company with securities listed on the Australian Securities Exchange (ASX), Iluka is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act and the ASX. Investors should note that it is a requirement of the ASX listing rules that the reporting of ore reserves and mineral resources in Australia comply with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) and that the Ore Reserve and Mineral Resource estimates underpinning the production targets in this presentation have been prepared by a Competent Person in accordance with the JORC Code 2012.

Information that relates to Mineral Resources estimates has been previously announced to ASX on 25 February 2021 in 2020 Annual Report, on 18 February 2020 in Eneabba Mineral Sands Recovery Project Ore Reserve Estimate, 24 July 2019 in Eneabba Mineral Sands Recovery Project Updated Mineral Resource Estimate, and on 20 February 2017 in Updated Mineral Resource and Ore Reserve Statement, all available at www.iluka.com/investors-media/asx-disclosures. Iluka confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Iluka confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Production outlook

Production outlook and the basis thereof are noted within the relevant disclosure. The outlook included in this presentation is indicative only and should not be construed as guidance. The information is subject to changes in market and operating conditions; political risk; and any significant unplanned operational issues.

Australian operations

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Cataby / South West

Large chloride ilmenite rich mine, commissioned in 2019. Ilmenite feeds Synthetic Rutile Kiln 2 at Capel, with material zircon and rutile production processed at Narngulu mineral separation plant.

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Jacinth-Ambrosia / Mid West

One of the world’s largest zircon mines, discovered and developed by Iluka and operating since 2009. The Narngulu mineral separation plant processes Jacinth-Ambrosia and Cataby non-magnetic products (zircon and rutile).

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Eneabba
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World’s highest grade rare earths operation, based on strategic stockpile of monazite. Phase 1 operations began April 2020. Phase 2 is under construction (commissioning H1 2022). Feasibility study for Phase 3 – a fully integrated rare earths refinery – scheduled for finalisation early 2022.

Return to maximum settings in H1 2021

• Australian operations returned to maximum settings following decisions in 2020 and early 2021 to manage inventory levels

• Synthetic Rutile Kiln 2 at Capel returned to full production in Q2 following its idling in Q1

• Narngulu mineral separation plant returned to full capacity in Q1, processing both Cataby and Jacinth-Ambrosia material

Iluka’s commitment to sustainability

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Key pillars of Iluka’s sustainability approach

Health and safety

1.7 TRIFR (H1 2020: 3.2) (Total Recordable Injury Frequency Rate)

43%

female representation Executive and Board

Our people

Our communities

Environmental stewardship

26%

Indigenous employment at Jacinth-Ambrosia

319ha

rehabilitated in H1 2021

Governance and integrity

Value creation

Inaugural Modern Slavery Statement

Zero major (level 5) environmental incidents

Variegated Fairywren, Jacinth-Ambrosia, South Australia

Jacinth-Ambrosia - hybrid power evolution

Iluka commissioned its first solar farm at Jacinth-Ambrosia in Q3 2021 with the plant expected to produce power from Q4 2021. The project is now being used as a template for future developments across Iluka’s sites

1460MW hours 3.5MW Forecast production for solar farm November and December 2021

Energy from waste (exhaust recovery)

ETC technology (electric turbo compounding)

~18% of consumed power at Jacinth-Ambrosia

5,500 tonnes

of CO2 expected to be saved per annum

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Jacinth-Ambrosia, South Australia5
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Co-products of mineral sands delivering value

Iluka continuously seeks to maximise resource efficiency, reduce waste at source and increase our contribution to the circular economy

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Iluka is a leading Monazite Rare Earth Oxides Zircon
(co-product)
global producer of
TiO2 Feedstocks
the critical minerals
zircon, natural rutile TiO2 feedstocks Synthetic Rutile
Synthetic Rutile
and synthetic
Rutile. Monazite is a Activated Carbon Activated Carbon
natural co-product Zircon
Iron Concentrate Fe Concentrate
Gypsum Gypsum
Rare Earth Oxides
Mineral separation plant Processing plant and kilns Rare earths refinery
Products sold to
customers
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Notes: *A potential rare earth refinery is currently the subject of a feasibility study with a Final Investment Decision (FID) expected in 2022

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A global distribution network

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Iluka’s global distribution network provides confidence for customers and delivers value for shareholders
Iluka supplies more than 250
direct customers in over 40
countries
Narngulu, Western Australia
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Iluka’s global distribution network provides confidence for customers and delivers value for shareholders

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Markets

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Zircon Key Features

• Q3 21 YTD sales 266kt (Q3 20 YTD: 142kt)

Result

• Q3 sales of 89kt (+40% YoY) after Q2 sales of 91kt

• Demand in key markets reflecting a return to pre-pandemic production levels

• Q3 21 YTD weighted average received zircon (premium and standard) price US$1,372/t

• Zircon sand prices increased US$125/t in Q3, with a further US$120-$170/t increase effective 1 October

Pricing

  - continued focus on delivering sustainable pricing

• Chinese tile production was steady and tile production rates in key tile producing countries in South America and in Turkey returned to pre-pandemic levels

• Tile production rates in India continue to recover despite exports being negatively impacted by container shortages and subdued domestic tile demand while European tile production continued to outperform

• Supply/Demand • Overall, the ceramics industry is experiencing sustained growth in sales. However, profitability is being challenged by increasing costs throughout the supply chain

• • Ongoing supply-side tightness in the market with Iluka’s Q4 21 sales volumes fully committed

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Iluka annual zircon production
Zircon (kt)
400
Average 314kt
300
200
100
0
2013 2014 2015 2016 2017 2018 2019 2020 2021
Iluka zircon sand net realised FOB price USD/t
2,500
2,100
Driving sustainability
1,700
1,300
900
500
2010 Q1 2010 Q4 2011 Q3 2012 Q2 2013 Q1 2013 Q4 2014 Q3 2015 Q2 2016 Q1 2016 Q4 2017 Q3 2018 Q2 2019 Q1 2019 Q4 2020 Q3 2021 Q2
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High-grade titanium feedstocks Key Features

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				•	Q3 21 YTD sales 410kt (Q3 20 YTD: 209kt)			Rutile		net	realised		FOB price US$/t
	Result				– Q3 sales of 129kt after Q2 sales of 152kt
				•	Demand in all regions outpacing supply		US$/t
							1600
				•	Q3 21 rutile price up 1.5% to US$1,242/t1
	Pricing			•	Pigment pricing momentum continues with increases of US$175-200/t announced by all
					major producers for Q4		1200
				•	Chinese Production of pigment and titanium feedstocks impacted by unprecedented logistics		800
					costs associated with container shortages
				•	Pigment inventories well below seasonal norms and long lead times persist as North		400
	Supply/Demand			•	American and European pigment producers continue to face shortages of chlorine Pigment producers are increasingly looking to boost head grades in order to reduce
					requirements for chlorine, driving increased demand for high grade feedstocks such as		0
					synthetic rutile and natural rutile		H1	H2	H1	H2	H1	H2	H1	H2	H1	H2	H1	Q3
							16	16	17	17	18	18	19	19	20	20	21	21
				•	All of Iluka’s synthetic rutile and natural rutile is under contract for the remainder of 2021													YTD
	1.	Excluded from rutile sales prices is a lower value titanium dioxide product, HYTI, 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%

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Rare earths – increasing global demand

2019 rare earth use

• By volume permanent magnets accounted for nearly 40% of global consumption in 2019

• By value permanent magnets accounted for over 90% of consumption and this is forecast to grow further

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By volume
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Permanent
magnets, 39%
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By value
Battery alloys
Battery Alloys
Catalysts
Catalysts
Ceramics, pigments, glazes
Ceramics, pigments, glazes
Glass
Glass
Metals, alloys
Metals, alloys
Permanent magnets
Permanent magnets
Permanent
Phosphors
magnets, 92% Phosphors
Other
Other
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Forecast rare earth demand

• Strong end market demand growth from electric vehicles and wind turbines

• Rapid growth in rare earth oxide demand forecast – a key input to permanent magnets used in EVs and wind turbines

Passenger electric vehicles (EV)

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40
30
20
10
0
2020 2030
million
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100
80
60
40
GW
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Wind power installation

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2020 2030

Source: Adamas Intelligence

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Rare earths – global magnet supply chain

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MAGNET IN
COMPONENTS
EXPLORATION, RE ORE OXIDE PRODUCTION OF NdFeB MAGNET AND FINAL
DEVELOPMENT, BENEFICIATION SEPARATION METALS PRODUCTION PRODUCT
MINING
CHINA CHINA CHINA CHINA CHINA CHINA
AUSTRALIA MALAYSIA MALAYSIA VIETNAM JAPAN JAPAN
USA AUSTRALIA ESTONIA THAILAND VIETNAM USA
MYANMAR UK EUROPE
Forecast NdPr oxide market deficit
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
0
-5
-10
-15
-20
kt
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Source: Adamas Intelligence, Roskill (2021). Department of Industry Science, Energy and resources (2021), MARC Group (2021)

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Projects

Project pipeline

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The company develops and progressively gates projects towards execution subject to: improving confidence and satisfaction with the risk-return attributes; continued strategic alignment; and sequencing to take advantage of economic and market outlook

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ASSESS SELECT DEVELOP EXECUTE PRODUCING
Region Mineral Resource [1]
Scoping Study Preliminary Feasibility Study Definitive Feasibility Study Project execution Operate and maximise
345Mt @ 4.8% HM for Jacinth-
Eucla Basin Atacama
16.6Mt In Situ HM Ambrosia
195Mt @ 17.2% HM for
Murray Basin Euston Wimmera Balranald
33.4Mt In Situ HM
Mid West / South 986Mt @ 5.6% HM for South West Eneabba SR1 Kiln Eneabba Eneabba
Cataby
West WA 54.9Mt In Situ HM Deposits (Phase 3) Restart (Phase 2) (Phase 1)
715Mt @ 1.1% Rutile for
Sierra Leone Sembehun Lanti Gangama
7.9Mt In Situ Rutile
Stage description: Determine what it could be Determine what it should be Determine what it will be Deliver the project Grow and improve
Estimate
Accuracy Range -30% to +60% -15% to +30% -10% to +15% n/a n/a
(at end of phase):
No Resource estimate Resource estimate Reserve estimate Other
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1. Refer to the 2020 Annual Report for additional information. The Mineral Resource (MR) information on this indicative growth pipeline summary is extracted from the company’s previously published MR statements and are available at: www.iluka.com.au . Iluka confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Iluka confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. All Mineral Resource figures are estimates. This slide should be read in conjunction with disclaimers and compliance statement on slide 2.

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Synthetic Rutile Kiln 1 (SR1) restart, Western Australia – execute decision

A capital efficient, incremental synthetic rutile production response, to deliver increased high grade titanium dioxide feedstock in supply constrained market

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Project overview

• SR1 kiln is located at Capel, Western Australia, the same site as SR2

• SR1 has been on care and maintenance since 2009

• Restarting SR1 represents a low capital expenditure, low risk opportunity to produce an additional 110ktpa of synthetic rutile, with speed to market in light of industry supply constraints

• Initial SR1 campaign ilmenite feedstock secured from internal and external sources

Parameters

Production ~110ktpa synthetic rutile rates Capital ~$38 million expenditure Payback period of < 1 year Timing Upgrading feedstock in Q4 2022

Recent developments

SR1 and SR2 kilns and SR2 stack, Capel, Western Australia

• Board approval to execute project received in August

• Equipment ordered for refurbishment, engineering for restart complete

Outlook for H2 2021

• Verify detailed planning and design of refurbishment scope and commence works

• Advance engagement with customers

Indicative annual production mix

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Synthetic Rutile
100%
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Balranald, New South Wales – definitive feasibility study decision

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Balranald, New South Wales
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Third technology trial completed and confirmed effectiveness of the underground mining method; definitive feasibility study (DFS) approved

DFS parameters and basis of design

Project overview

West Balranald is a rutile-rich deposit in the northern Murray Basin, New South Wales. Owing to their relative depth, Iluka is assessing the potential to develop these deposits via a novel, internally developed, underground mining technology

Iluka aims for each mining unit to produce ~180-200ktpa HMC per unit[1,2]

Production Iluka aims for each mining unit to rate produce ~180-200ktpa HMC per unit Anticipated to be 8-14 years Mine life (pending production scale-up time)[1,2] DFS to determine capex requirements Capex in advance of any execute decision FID H2 2022 Timing Potential commissioning 2024

Recent developments

$23 million DFS funding approved by Board in August

Iluka completed the third trial (T3) of the underground mining method in late 2020. The trial confirmed the effectiveness of the underground mining method and validated key elements of the mining unit design. Growing confidence in the application of the underground technology was a key factor in DFS decision

Resource assemblage (VHM)

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Zircon
13%
Ilmenite2 Rutile
73% 14%
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Outlook for H2 2021

Awarding of DFS engineering contracts

Engagement with local stakeholders

1. HMC production subject to study outcomes, mine plan and HM grade.

2. The Mineral Resource for West Balranald has been previously announced to the ASX on 20 February 2017 in the announcement “Updated Mineral Resource and Ore Reserve Statement”. Iluka confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and has not materially changed.

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Wimmera, Victoria – move to larger-scale piloting

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Wimmera, Victoria
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Wimmera is a large-scale deposit with the potential to produce ceramic-grade zircon and rare earth products. Project work is focussed on finding a processing solution to remove impurities from the zircon

Project overview

The Wimmera project involves the mining and beneficiation of a fine grained heavy mineral sands ore body in the Victorian Murray Basin for the potential long-term supply of zircon and rare earths

One characteristic shared by the fine-grained mineral sands deposits located in Western Victoria (those held by Iluka and other project proponents) is higher levels of impurities in their zircon. Absent a processing solution to remove these impurities, the zircon is ineligible for sale into the ceramics market

The rare-earth bearing minerals within the Wimmera deposit are very similar to Iluka’s stockpiled minerals at Eneabba (though slightly higher in the heavier rare earths dysprosium and terbium); and would supplement feed to the company’s potential downstream refining activities at Eneabba in future years

Recent developments

Iluka’s study work for Wimmera is focussed on testing and validating the novel zircon processing solution, the results of which continue to be pleasing. The company is also progressing baseline environmental studies

Outlook for H2 2021

Equipment to pilot the zircon processing solution on a larger scale is expected to be commissioned in Q4 2021. The processing of Wimmera’s rare earth minerals through a potential Eneabba refinery would simplify the Wimmera development

Wimmera, Victoria – significant work completed

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The Wimmera deposits were discovered in 1982 and significant investment has been made to date. If solved, a processing solution for Wimmera has the potential to unlock other deposits in the region

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Timeline	Timeline
1982	WIM150 discovered by CRA (a subsidiary of The Rio Tinto-Zinc Corporation (RTZ))
1987	CRA commences intensive research and development program in the Wimmera region
1990	CRA announces discovery of WIM50, WIM100, WIM200 and WIM250
1995	RTZ and CRA announce merger (subsequentially renamed Rio-Tinto in 1997)
1998	Rio Tinto surrenders mining leases
1998	Basin Minerals exploration program commences
2002	Iluka acquires Basin Minerals (WIM50, WIM100 and Goschen South)
2005	Iluka commences mining at Douglas, near Horsham
2007	Iluka completes construction of mineral separation plant at Hamilton
2009	Iluka commences mining at Kulwin, near Ouyen
2012	Iluka commences technical studies on Wimmera
2014	Iluka completes Wimmera scoping study Wimmera, Victoria
2018	Iluka commences Wimmera PFS
2021	Iluka testing of novel zircon processing solution and environmental studies continue

Wimmera, Victoria Wimmera, Victoria

Source: Iluka

Eneabba, Western Australia

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Eneabba, Western Australia
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Eneabba Phase 1 operational. Phase 2 under construction. Phase 3 – a fully integrated rare earths refinery – feasibility study progressing

Project overview

The Eneabba development in Western Australia involves the reclaiming, processing and sale of a strategic stockpile high in monazite (a mineral containing rare earth elements) and mineral sands. Eneabba is currently the highest-grade rare earths operation globally

Phase 1 is operational and produces a mixed monazite-zircon concentrate (~20% monazite)

Phase 2 is under construction and will produce two separate concentrates

• ~90% monazite concentrate, suitable as a direct feed to a downstream rare earths refinery

• zircon-ilmenite concentrate to be processed into finished products

Phase 3 – a fully integrated rare earths refinery – is currently the subject of a feasibility study

Recent developments

• Phase 2 site works have commenced and upgraded high voltage infrastructure has been commissioned

• Letter of support from the Australian Government (disclosed to market in May 2021)

• alignment Iluka’s Phase 3 development plans with the Government's policy objectives regarding critical minerals and modern manufacturing

• Engagement with customers, including on quality and volume of Phase 2 product

Outlook for H2 2021

• Fabrication of third-party vendor packages for Phase 2 is continuing off-site

• Phase 3 engineering, market assessment and studies progressing

• Engagement on risk sharing for Phase 3 ongoing

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Eneabba Phase 3 – a fully integrated rare earths refinery

Iluka is progressing a ~$20 million feasibility study[1] on Eneabba Phase 3, a fully integrated rare earths refinery. Most work is scheduled for completion by the end of 2021, in advance of finalisation of the feasibility study in early 2022

Delivery timeline

Early 2022

Late 2024

May 2021

Target completion of Feasibility Subject to FID, target construction Received letter of support from Australian Government Study and FID[2] completion and commissioning

Australian Government letter of support notes

Current workstreams include

• alignment of the Eneabba Phase 3 development with the Government's critical minerals and modern manufacturing policy objectives

• dedicated project team supported by carefully selected experts/ practitioners within owners team

• technical engineering studies, market assessment and regulatory/ environmental approvals processes being advanced through reputable project partners

• potential for Export Finance Australia (EFA) to provide financial support to the project, including Iluka seeking a non-recourse loan facility

• active engagement with EFA to progress the terms of the proposed loan facility

• capability to process third party rare earth concentrate feedstocks

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Feasibility study key partners

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Eneabba rare earths refinery

  - ✓ Domestic production of rare earth oxides

  - ✓ Advantaged position utilising Iluka’s existing Eneabba monazite stockpile

  - ✓ If developed, Wimmera would serve as long life rare earth concentrate feed source[3]

1. Expenditure from early 2021 to early 2022. Excludes other study expenditure on Wimmera PFS and Eneabba Phases 1 and 2 and early stage technical work with ANSTO (from 2016 to 2020).

2. FID remains subject to feasibility study, the terms of any EFA loan facility and Iluka Board approvals. Any EP3 investment will also be assessed against the advantaged position Iluka currently has in the high value existing monazite stockpile at Eneabba and the potential value of EP2.

Eneabba, Western Australia 3. See slide 19 regarding Wimmera development status.

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Jacinth-Ambrosia, South Australia
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