ILUKA RESOURCES LIMITED — Investor Presentation 2021

Nov 9, 2021

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Iluka: Disciplined and Proactive TZMI virtual congress 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/investorsmedia/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.

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2021 – Industry challenges continue

A combination of both existing and emerging challenges continue to impact our industry

• Covid pandemic

• Logistics challenges

• Climate change and severe weather

• Escalating sovereign risks

• Declining grades at existing mines

• New projects delayed

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Iluka’s commitment to sustainability

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Key pillars of Iluka’s sustainability approach

Health and safety

Our people

43%

1.7 TRIFR (H1 2020: 3.2) female representation Executive and Board (Total Recordable Injury Frequency Rate)

Our communities

Environmental stewardship

Governance and integrity

Value creation

Zero 26% major (level 5) Indigenous employment at environmental incidents Jacinth-Ambrosia Inaugural 319ha Modern Slavery rehabilitated in H1 2021 Statement

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%

5,500 tonnes

of consumed power at Jacinth-Ambrosia

of CO2 expected to be saved per annum

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Jacinth-Ambrosia, South Australia5
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Operational settings

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Cataby / South West
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Jacinth-Ambrosia / Mid West
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Jacinth-Ambrosia is one of the world’s largest zircon mines, discovered and developed by Iluka and operating since 2009.

Large chloride ilmenite rich mine, commissioned in 2019. Ilmenite feeds synthetic rutile kiln with material zircon and rutile production.

Narngulu mineral separation plant processes Jacinth-Ambrosia and Cataby nonmagnetic products.

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Eneabba
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Processing and sale of monazite concentrate from a strategic stockpile. Operations began in April 2020 and is now world’s highest grade monazite operation. Further developments involving additional value addition are being progressed.

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Sierra Leone

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World’s largest rutile mine, operating since 1960s. Acquired by Iluka 2016 and expansion projects completed 2019.

Return to maximum production settings in 2021

• Australian operations returned to maximum production 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

• SRL Operations continue to operate – decision to operate beyond January 2022 pending

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Mineral sands 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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Zircon market – long term market outlook

Decreasing supply of low uranium and thorium (U+Th) zircon

• Natural zircon contains uranium (U) and thorium (T) in varying quantities

• China’s strict enforcement of radiation limits is impacting some supply

• Supply of low U+Th zircon declining

• Currently >95% of zircon supply is <500ppm U+Th

• <45% of potential new projects with zircon <500ppm U+Th

• Absent a processing solution to remove these impurities, the zircon is ineligible for sale into the ceramics market

• Industry responding with new standardised levels

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kt Zircon supply by U+Th levels
1,600
1,400
1,200
1,000
800
600
400
200
-
2021 2023 2025
Existing <500ppm Existing >500ppm New Supply < 500ppm New Supply >500ppm
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What is Iluka doing?

• Developing technology to unlock deposits

• Wimmera project in Victoria is focussed on testing and validating a novel zircon processing solution developed by Iluka, the results of which continue to be encouraging

• If successful, the technology could be applied to unlock other deposits with similar characteristics

• Engaging with customers on product development

• Working with industry bodies and regulators to build understanding of issues

• Maintaining a high level of environmental stewardship

Global zircon supply outlook*

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kt
1,500
1,200
900
600
300
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Iluka (sand) Other operations
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Notes: *Current producers only - no new projects. Source: Iluka

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%

High-grade titanium feedstock - long term market outlook Key Features

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High grade feedstocks essential to pigment and welding industries

• Used to increase capacity utilisation of pigment plants and is an essential input to the blend of feedstocks used in the pigment industry

• Less chlorine consumption per unit of pigment output and less waste produced

• Rutile essential for production of electrodes in welding industry

• Long term demand dynamics reflect growing Chinese pigment sector and increasing environmental emphasis

• High grade feedstock from existing producers is declining and there is limited new supply from projects due to:

• high capital cost of building new upgrading facilities

• low rutile assemblage of new projects

Inputs required and waste produced per tonne of titanium pigment for various feedstocks

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30% less 6x less
7x less
ore than chlorine waste Ilmenite
ilmenite
Chloride Slag
Synthetic
Rutile
Natural
Rutile
Ore Feedstock Chlorine Waste
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• increasing jurisdictional risk considerations

What is Iluka doing?

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kt TiO2
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• Trialling a novel, internally developed, underground mining technology

• Balranald project in New South Wales commencing DFS

• Anticipated 8-14 year mine life

• Sembehun – one of the largest and highest quality known rutile deposits

• Seeking strategic investment partner

• Additional deposits in the South West of Western Australia

• Synthetic Rutile Kiln 1 (SR1) restart

Global rutile supply outlook* 600 300 0 2015 2020 2025f 2030f

Notes: *Current producers only - no new projects. Source: Iluka

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Rare earths markets

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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 By value
Battery alloys
Battery Alloys
Catalysts
Catalysts
Ceramics, pigments, glazes
Ceramics, pigments, glazes
Glass
Glass
Permanent Metals, alloys
Metals, alloys
magnets, 39%
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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Rare earths

Superior rare earth feedstock

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Geraldton Port / Narngulu MSP
Eneabba mine
Cataby mine
Perth / Fremantle Port
Capel processing plant
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Iluka’s Eneabba project in Western Australia, is the world’s highest grade operational rare earths deposit and is capable of providing direct feed to a rare earths refinery

• Monazite is a natural mineral sand product and a low cost output from Iluka’s current operations, providing an environmentally and economically sustainable source of rare earths

• Iluka’s monazite is stockpiled at a former mine-void in Eneabba, Western Australia

• Iluka’s monazite is rich in rare earth oxides, neodymium (Nd) and praseodymium (Pr), which are essential to achieve global environmental targets through electrification of transportation and power generation

• The product is readily available at the surface and requires minimal processing

• Iluka has approached the Eneabba project through a phased development

Eneabba development – A phased approach

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CRACKING &
EXPLORATION, CONCENTRATING LEACHING - METALLISATION COMPONENT
DEVELOPMENT, SEPARATION & MANUFACTURING
MINING FINISHING
INDIVIDUAL RARE EARTH
MONAZITE PERMANENT
ORE RARE EARTH METALS
CONCENTRATE MAGNETS
OXIDES AND ALLOYS
Eneabba Phase 1 – Screening Plant
Operational: 20% monazite concentrate
Eneabba Phase 2 – Concentrator
Under construction: 90% monazite concentrate
Eneabba Phase 3 – Fully Integrated Refinery
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Eneabba Phase 3 – Fully Integrated Refinery Feasibility study: production of separated rare earth oxides in Australia

Eneabba Phase 3

A fully integrated rare earths refinery

• ✓ Domestic production of rare earth oxides

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

• ✓ If developed, Iluka’s Wimmera project would serve as a long life, multi-decade rare earth concentrate feed source

Potential for rare earth metallisation in Australia

Domestic rare earth supply could support further development of domestic manufacturing industry and renewable energy technology

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Diversified supply of rare earths

Iluka’s Australian refinery would eliminate the need to send concentrate elsewhere for final processing, streamlining the supply of these critical minerals

• Continued government support for Iluka’s mineral supply and downstream processing capabilities

• Process design incorporates flexible systems to accommodate low grade concentrate supplies from other rare earth projects, avoiding the risk of Australia developing multiple sub-scale refineries

• Flexibility in the hydrometallurgical leaching, purification, separation circuits and waste handling facilities accommodates the variety of rare earth assemblages in concentrates

Rare earths timeline

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Phase 1 Phase 2 Phase 3 Wimmera 3 [rd] Party
Export of 20% Export of 90% Refinery Production of Rare earth
monazite monazite operational in zircon and rare concentrates
concentrate concentrate Western Australia earths deposit processed
2020 2022 2024
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Mineral sands

Cataby, Western Australia

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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

• Board approval to execute project received in August

Indicative annual production mix

• 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

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Synthetic Rutile
100%
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SR1 and SR2 kilns and SR2 stack, Capel, Western Australia

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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

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

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Iluka – disciplined and proactive

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Iluka has remained focused and steadfast throughout this challenging environment:
•
Prioritising the health and well being of our employees
•
Matching production to genuine demand in 2020 and ramping up assets to meet increasing demand through 2021
•
Continuing to invest in and progress our project pipeline
•
Maintaining our disciplined approach and proactively preparing our business for the future
Narngulu, Western Australia
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Jacinth-Ambrosia, South Australia
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