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Iluka Resources Ltd ASX:ILU

0 opened or increased6 held2 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 13 managers in total.

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20252026

31 Jul 2024 to today

Commentary Showing 2 of 33

DateManagerActionSummary

31 Aug 2026Sage CapitalHeldSage Capital continues to hold a long position in Iluka Resources Ltd (ASX: ILU), which rose 14% after reporting strong results and signalling a recovery in mineral sands pricing following several tough halves. Sage notes Iluka has been making progress on its Eneabba rare earths refinery and announced its first offtake agreement in July. Sage continues to see upside and believes the market is overly discounting Iluka's rare earths story.

Critical MineralsMonthly Report, price recorded $6.86

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6 Jul 2026Pendal GroupHeldPendal Group continues to hold Iluka Resources, noting the company secured an 18-year rare earth concentrate supply agreement with VHM's Goschen project in Victoria, materially improving feedstock visibility for the Eneabba refinery from the latter part of the decade. The manager sees the agreement as strategically important in addressing a key market concern around third-party feedstock availability, and while the market reaction was muted given the project has not yet reached final investment decision, believes it meaningfully de-risks longer-term production assumptions and highlights underappreciated infrastructure-sharing synergy potential with VHM's adjacent Wimmera project.

Rare EarthsNewsletter, price recorded $6.88

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Articles

About Iluka Resources Ltd

Materials, Metals and Mining

Iluka Resources (ASX:ILU), the mineral sands producer building a rare earths refinery, divides fund managers. In July 2026, Pendal Group noted Iluka secured an 18-year rare earth concentrate supply agreement with VHM's Goschen project in Victoria, materially improving feedstock visibility for its Eneabba refinery. Wilson Asset Management sees Iluka playing a significant role in critical minerals supply outside China. ClearBridge rated it a sell, citing pressure on its mineral sands business as Jacinth-Ambrosia nears end of life with falling grades and higher costs, while Yarra rated it a hold after strong performance. Iluka operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 32 comments from 13 fund managers, including Pendal, Wilson, ClearBridge and Yarra. Headquartered in Perth, Iluka produces zircon and titanium feedstocks and is developing the Eneabba refinery, backed by a federal government loan, to produce separated rare earth oxides.

Market cap: $2.2b
Price to earnings: Loss-making
Return on equity: -18.0%
Dividend yield: 0.7%
Price to book: 1.54x
Net margin: -45.3%
52-week range: $4.92 to $9.32

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Iluka Resources Ltd (ASX:ILU)?

Fund managers including Yarra Capital Management, Cooper Investors, Clime Investment Management, Tyndall Asset Management, Spheria Asset Management, Perpetual Asset Management, Australian Eagle Asset Management, Wilson Asset Management, Pendal Group, Ellerston Capital, Sage Capital, ClearBridge Investments and Vertium Asset Management have invested in Iluka Resources Ltd (ASX:ILU).

What opportunities or catalysts do fund managers highlight for Iluka Resources Ltd?

Wilson and Pendal highlight Iluka's strategic role in non-Chinese rare earths supply, government backing for the Eneabba refinery and a long-term feedstock supply agreement with VHM.

What are the key risks to the Iluka Resources Ltd investment thesis, according to fund managers?

ClearBridge points to its mineral sands business nearing end of life at Jacinth-Ambrosia with falling grades and higher costs, and Pendal notes volatility in rare earths stocks driven by China and US policy announcements.

What does Iluka Resources Ltd (ASX:ILU) do?

Iluka Resources Ltd., headquartered in Perth, Australia, is a mining company specializing in the exploration, development, and processing of mineral sands products. It operates through four key segments: Jacinth-Ambrosia/Mid West (mining and processing), Cataby/South West (mining and ilmenite processing), Rare Earths (Eneabba Refinery construction and development), and United States/Murray Basin (rehabilitation and idle assets). Founded in 1954, Iluka’s primary focus includes mineral sand marketing and site rehabilitation. The company maintains a strategic emphasis on expanding rare earth capabilities through its Eneabba facility and investment in Northern Minerals Limited.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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