Highlights
- Consensus rating of Buy from 9 analysts: 6 Buy or equivalent, 3 Hold, 0 Sell or equivalent.
- Mean price target of A$8.09 against a share price of A$5.67 on 8 October 2026, an implied upside of 42.7%.
- Analyst targets range from A$6.65 to A$10.00.
- Mineral sands Revenue was $433 million, compared with $558 million in the first half of 2025, which the company said was driven by zircon sales volumes and higher prices.
Iluka Resources (ASX:ILU) carries a consensus analyst rating of Buy. Of the 9 analyst recommendations recorded, 6 are Buy or equivalent, 3 are Hold and 0 are Sell or equivalent. The mean price target is A$8.09, with targets ranging from A$6.65 to A$10.00, against a current share price of A$5.67 (8 October 2026). Iluka Resources Limited is a mineral sands producer that is building a rare earths refinery at Eneabba in Western Australia.
|
Company name |
Iluka Resources |
|
Ticker |
|
|
Exchange |
ASX (Australian Securities Exchange) |
|
Current share price |
A$5.67 |
|
Price date |
8 October 2026 |
|
Number of analysts |
9 |
|
Rating consensus |
Buy |
|
Consensus price target (mean) |
A$8.09 |
|
Highest target |
A$10.00 |
|
Lowest target |
A$6.65 |
|
Implied upside/downside to mean target |
Implied upside of 42.7% |
Latest developments
Iluka Resources (ASX:ILU) released its 2026 half year results on 19 August 2026. Mineral sands revenue was $433 million, compared with $558 million in the first half of 2025, which the company said was driven by zircon sales volumes and higher prices. Mineral sands Operating Cash Flow was $247 million, compared with $115 million, and mineral sands free cash flow was $200 million, compared with negative $192 million. Mineral sands net Debt was $273 million, compared with $473 million at 31 December 2025. The company declared a 2026 Interim Dividend of 3 cents per share, fully franked.
At Balranald, the mine has been commissioned, both Mining rigs are operational and heavy mineral concentrate has been produced on specification, with ramp-up continuing and a focus on extraction rates and recoveries. The first final product is expected to be produced in the second half.
At the Eneabba rare earths refinery, construction is 60% complete and the project is progressing on schedule and budget, with all major equipment delivered to site. Iluka executed its inaugural offtake agreement covering light and heavy magnet rare earth oxides and strengthened the refinery's long-term feedstock position. Export Finance Australia confirmed access to the full A$1.65 billion non-recourse loan. Commissioning is planned for 2027.
The total recordable injury frequency rate was 3.3, compared with 3.5 in FY2025, while the serious potential incident frequency rate rose to 1.8 from 0.6.
Risks and what to watch
Mineral sands revenue was lower than the first half of 2025, and the improved cash flow reflects higher zircon prices, inventory drawdown and operational and market discipline according to the company. Balranald is in ramp-up with production rates and recoveries to be improved, and the Eneabba refinery is not yet commissioned. The serious potential incident frequency rate increased. EBITDA and net debt are non-IFRS measures.
Next milestones
Items to watch include ramp-up of Balranald and the first final product in the second half, construction progress at Eneabba toward commissioning in 2027, drawdown of the Export Finance Australia loan, zircon market conditions, and payment of the 3 cent interim dividend.





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