J P M O R G A N Asia Pacific Equity Research 19 August 2026 Iluka Resources 1H26 result clean, Eneabba remains on track; retain Neutral Key takeaways from ILU's 1H26 result are: 1) Clean result with no surprises – EBITDA was in line with JPMe, whilst EBIT/Underlying NPAT losses were slightly better than JPMe on lower D&A. 2) Eneabba capex was reaffirmed with confidence and the project is 60% complete and on track for 2027 commissioning. 3) 73kt of 2H SR volumes likely weighted to Q4 and Balranald continues ...