Half Year Results to 30 June 2022
Key features
• Mineral sands revenue up 30%, reflecting higher prices across all of Iluka’s products
• Mineral sands EBITDA of $505 million, up 69%
• Mineral sands EBITDA margin improved to 53% from 41% in H1 2021
• NPAT of $369 million, up 186%
• Operating cash flow of $481 million and free cash flow of $350 million
• Demerger of Sierra Leone business completed – Sierra Rutile trading independently from 4 August
• Net cash position of $600 million at 30 June 2022, up from $295 million at 31 December 2021
- Sierra Rutile demerged with $106 million cash, including US$45 million rehabilitation trust
• Rare earths diversification confirmed – FID for Eneabba rare earths refinery
• Continued progress throughout development pipeline
• Dividends received from 20% holding in Deterra Royalties of $12 million
• Interim H1 2022 Iluka dividend of 25 cps, fully franked
Results summary
Units H1 2022 H1 2021 % Change
Mineral sands revenue $m 954.9 735.6 29.8
Mineral sands EBITDA $m 505.4 299.2 68.9
Mineral sands EBITDA margin % 52.9 40.7 30.1
MAC EBITDA/share of profit in associate $m 20.1 9.0 123.3
EBITDA from discontinued operations - SRL $m 53.6 (4.5) n/a
Underlying Group EBITDA1 $m 525.5 308.2 70.5
Unit cash costs of production2 $/t Z/R/SR 938 805 16.5
Unit costs of goods sold $/t Z/R/SR 995 915 8.7
Profit for the period (NPAT) $m 368.5 129.0 185.7
Operating cash flow $m 481.1 306.4 57.0
Free cash flow3 $m 349.8 179.3 95.1
Interim dividend – fully franked cps 25 12 108.3
At 30 Jun
2021
At 31 Dec
Net (debt) cash $m 600.3 292020 4.8 103.6
1 Underlying group EBITDA excludes non-recurring adjustments including impairments and changes to
rehabilitation provisions for closed sites which are non-cash in nature.
2 Excluding by-products.
3
Free cash flow is determined as cash flow before refinance costs, proceeds/repayment of borrowings and
dividends paid in the year.

Managing Director’s commentary
Iluka delivered strong outcomes in the first half, both in terms of financial performance and progress
on our strategic priorities.
In a macroeconomic environment characterised by inflation and uncertainty, we increased margins
and strengthened our balance sheet. This was the result of strong demand for Iluka’s products,
industry supply constraints and resultant pricing traction.
At the same time, we passed a key milestone in our FID for Australia’s first fully integrated rare
earths refinery at Eneabba. This confirmed a long planned, substantial diversification for Iluka, funded
via a risk sharing partnership with the Australian Government. Eneabba positions the company at the
forefront of the global shift to electrification and a low carbon economy.
Iluka also completed the demerger of Sierra Rutile, which enables us to focus on delivering our rare
earths diversification and broader mineral sands project pipeline in Australia.
Supply-side dynamics remained the dominant feature of mineral sands markets. For both zircon and
high grade titanium feedstocks, scarcity has been exacerbated by the war in Ukraine and challenges in
South Africa, with little by way of new production coming online. Global inventories of these products
are low.
In these circumstances, customers are prioritising security of supply; and Iluka is well placed.
Our Australian operations are configured at maximum settings and sales over the second half are likely
to continue to be constrained by production. Furthermore, the second half will see first production
from the restart of Synthetic Rutile Kiln 1 at Capel.
Other approaching development milestones include the commencement of ground works for the
Eneabba rare earths refinery; the completion of the definitive feasibility study for the Balranald
project; and the completion of preliminary feasibility studies for the Wimmera and Atacama projects.
The company’s Total Recordable Injury Frequency Rate increased to 3.3 and is a focus for
improvement.
2022 Half Year Results teleconference details
Iluka will host a conference call for equity market participants to discuss the H1 2022 result. The call
will take place at 9:00am (AEST) on Wednesday, 24 August 2022. Participants who wish to dial in to
the teleconference must register through the participant link below. Dial in details and instructions will
be provided in the confirmation email received upon registering.
Registration link: https://register.vevent.com/register/BI8349369f2f4d4e0db6f4d33fd7949f30
This document was approved and authorised for release to the market by Iluka’s Managing Director.
Investor and media enquiries
Luke Woodgate
Group Manager, Investor Relations and Corporate Affairs

And dividend
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https://www.iluka.com/getattachment/9fd1f085-ad33-469e-8f81-32cbb8db355d/2022-half-year-dividend-distribution.aspx