Iluka Resources announced an inaugural Ore Reserve estimate for the company's Wimmera heavy mineral (HM) deposit WIM100, reported in accordance with the guidelines of the JORC Code (2012 edition). The WIM100 deposit contains a Probable Reserve estimate of 180Mt grading 5.4% HM for 9.9Mt of contained HM. WIM100 is the initial, primary focus of Iluka's Wimmera project, for which a definitive feasibility study (DFS) has been approved by the company's Board in February 2023.

Iluka also announces a Mineral Resource update for the WIM100 deposit, reported in accordance with the guidelines of the JORC Code (2012 edition). Following additional exploration and modelling, the WIM100 deposit has been re-estimated to contain an Indicated Mineral Resource estimate of 380Mt grading 4.6% HM for 18Mt of contained HM; and an Inferred Mineral Resource estimate of 70Mt grading 4.3% HM for 3Mt of contained HM ­ totaling 450Mt grading 4.6% HM for 21Mt of contained HM. This represents a 9% increase in the total reported HM resource tonnage and an 11% increase in the Indicated resource category compared to the previous Mineral Resource estimate announced on 30 November 2021.

The increase is attributed to robust grades from infill drilling and expansion of the resource footprint predominantly to the south. The total Wimmera Mineral Resource inventory, including the previously reported WIM50 and WIM50N deposits, is 380 Mt of Indicated Resource grading 4.6% HM containing 18Mt of HM and an Inferred Resource of 1,000Mt grading 5.1% HM containing 51Mt of HM for a total Wimmera Mineral Resource of 1,380Mt of material grading 4.9% HM and containing 68Mt of HM. Wimmera's DFS is scheduled for completion by the end of 2025, at a cost of $30 million.

Subject to study outcomes and Board approval, commissioning is currently scheduled for 2028.