Iluka Resources : Presentation to Macquarie WA Forum 2021

onlyIluka Resources Limited

Macquarie Western Australia Forum 2021

useTom O'Leary, Managing Director ersonal

Disclaimer and compliance statement	2

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.

onlyF rward-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, perf rmances 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

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

expe diture 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 a d 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.

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.
use
Capital	stimates include contingency and risk allowances commensurate with international estimating classification systems.
To the	xtent 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.

Il ka ca tions 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

ersonalperformance 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.

Miner l 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 Mi eral Resource estimates underpinning the production targets in this presentation have been prepared by a Competent Person in accordance with the JORC Code 2012.

Inf rmati n 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 Rec very 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.

Iluka's commitment to sustainability	3

onlyKey Pillars of Iluka's Sustainability Approach

Health and Safety Our People

useOur Communities Environmental Stewardship

Governance and Integrity

ersonalValue Creation

Board Sustainability Committee established

R habilitat d site, Jacinth-Ambrosia, South Australia

Fifth consecutive year

Fifth consecutive year

Note: 1. As at 31 October 2021

2021 YTD1 TRIFR 1.4	TCFD alignment
(2020 TRIFR 2.8)	Year 3 of 3

28%	319ha
Indigenous employment at
Rehabilitated in H1 2021
Jacinth-Ambrosia

Female

20% representation

Reduction in Serious Potential

Incidents25% 43% (2020:61)

Executive Board

ersonal use only

Markets

Iluka is focused on fostering a sustainable pricing environment for its

products, while continuing to meet global demand

Zircon

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Key Features

Ongoing tightness of supply, with customers across multiple geographies and industries seeking volumes greater than their allocations

•

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

Iluka annual zircon production

Result

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

400

Average 314kt

only

•

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

Zircon(kt)

300

•

Q3 21 weighted average received zircon (premium and standard) price US$1,487/t

200

Pricing

•

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

100

effective 1 October. Iluka price increases have been fully accepted by customers

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- continued focus on delivering sustainable pricing environment

2013

2014

2015 2016

2017

2018 2019

2020 2021

YTD

•

Q4 zircon sales fully committed

Zircon net realised FOB price1,2

- volumes in line with Q3, with a higher proportion of zircon-in-concentrate

1,600

•

All of Iluka's zircon customers are on 'allocation', with customers across multiple

1,200

geographies and industries seeking volumes greater than their allocations

US$/t

Supply/Demand

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Longer term industry challenges associated with grade decline at existing operations

800

ersonal

and higher U+Th levels from new supply remain. Iluka is progressing technical

400

solutions to enable ceramics producers to continue to deliver high-quality products

0

•

Overall, the ceramics industry is experiencing sustained growth in sales. However,

H1

H2

H1

H2

H1

H2

H1

H2

H1

H2

H1

Q3

Q4

profitability is being challenged by increasing costs throughout the supply chain

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Not : 1. Zircon prices reflect the weighted average price for zircon premium, zircon standard and zircon in concentrate. The prices for each product vary considerably, as does the mix of such products sold period to period. In Q3 year-to-date 2021 the split of zircon sand

and conc ntrate by zircon sand-equivalent was approximately 82%:18% (2020 full year: 78%:22%). 2. Q4 zircon sand price estimate assumes the mid-point of the US$120-170/t price increase effective 1 October, as announced in the September 2021 Quarterly Review