Iluka Resources Limited (ILKAY) Q2 2026 Earnings Call Transcript

SA Transcripts 161.91K Followers Follow Iluka Resources Limited ( ILKAY ) Q2 2026 Earnings Call August 18, 2026 7:00 PM EDT Company Participants Tom O'Leary - MD, CEO & Director Adele Stratton - CFO & Head of Development Conference Call Participants Rahul Anand - Morgan Stanley, Research Division Paul Young - Goldman Sachs Group, Inc., Research Division Glyn Lawcock - Barrenjoey Markets Pty Limited, Research Division Dim Ariyasinghe - UBS Investment Bank, Research Division Austin Yun - Macquarie Research Chen Jiang - BofA Securities, Research Division Matthew Hope - Ord Minnett Limited, Research Division Presentation Operator Thank you for standing by, and welcome to the Iluka Resources Limited 2026 Half Year Results Call. [Operator Instructions] I would now like to hand the conference over to Mr. Tom O'Leary, Managing Director and CEO. Please go ahead. Tom O'Leary MD, CEO & Director Good morning, and thank you for joining us. With me are Adele Stratton and Luke Woodgate. Over the first half, Iluka marked important milestones, advancing key growth projects and delivered a financial result that outperformed our expectations from the beginning of the year. While demand conditions were mixed, supply tightness in the zircon market drove strong sales and pricing outcomes. This, in turn, led to strong cash generation and a significant reduction in our mineral sands net debt with commissioning of the Balranald project delivered in parallel. In rare earths, we executed our first offtake agreement, strengthened our long-term feedstock position and progressed construction of the Eneabba refinery to 60% complete. Adele will talk to the financials in a moment. But before that, a few words on mineral sands markets, Balranald and Eneabba. On markets, we were pleased with our volume and pricing outcomes for zircon. It's mainly supply tightness that supported these with our contracted sand prices increasing to around $1,760 per tonne for Q3. Many of you are aware of the fire at