Desk · Processors & magnets · Processing / separation
ASX:ILU
Iluka Resources
Mineral-sands cash flow funding the Eneabba rare-earth refinery — Australia’s other oxide path beside Lynas, ~5,500 t NdPr capacity.
Building
Pulse Timeline
Isoelectric line is the baseline Pulse. Spike height is catalyst strength. Wide gaps or a flat line = stalled progress / life support.
- 1) 03-01 Oxide
Lead II · 25 mm/s · Pulse 10 mm/mV · snapshot 2026-08-22
Steady
A live operation. The pulse is the next tonne, not the next press release.
- Last beat
- —
- Beats / 90d
- 0
- Recent gap
- —
0 beats in 180d
- — No dated beat in the trailing window.
- — Next: Refinery first oxide window (191d).
- — Government / strategic paper is on the tape.
Trading
- Last
- A$6.40
- 1d
- -0.6%
- Mkt cap
- $2.2B
- Volume
- 2.7M
- 52-week
- A$4.1 – A$9.8
- 1m
- —
- 3m
- —
- 1y
- —
Shares — · snapshot, not a live tape
Company & people
HQ
Perth, Australia
Focus
Processing / separation · Monazite / HMS
CEO Tom O’Leary
- Tom O’Leary, MD
Mine / project
Flagship
Eneabba Rare Earths Refinery
Location
Eneabba, Western Australia · Australia
Deposit
Monazite (mineral sands) + refinery
Resource
Eneabba monazite stockpile plus ongoing HMS. Refinery construction; first oxide guided around 2027.
NdPr / MagREO
~5,500 tpa NdPr capacity cited at full run-rate.
Radioactivity
Moderate — typical monazite / carbonatite
Capital, loans, grants & support
Australian government loan
Major Eneabba refinery non-dilutive support / loan architecture
- Refinery offtake book in progress — sands customers are not automatically oxide customers
The Pulse
A real company building a real refinery. Pulse is commissioning, not a resource print. Diversified sands earnings mute the pure-play beta the desk likes — and fund the plant.
ASX major. No Nasdaq path required.
Next: 1 Mar 2027 — Eneabba commissioning vs 2027 oxide
Nasdaq path
Home listing is not Nasdaq. Bid price, registration, and a real asset gate are.
- 01 · DoneASX listing
Primary listing ILU. Diversified sands major. Home board is a real market.
- 02 · GapUS OTC / ADR
No OTCQX ADR the desk is willing to treat as a US tape. Sands investors already know the name in Sydney.
- 03 · GapDTC eligibility
Not the work.
- 04 · GapUS holder tape
Eneabba is an Australian policy plant. US holders are optional.
- 05 · NextEneabba first oxide1 Mar 2027
Refinery commissioning vs 2027 oxide. That is the pulse.
- 06 · GapSEC registration
No 20-F. Not required to sell monazite-derived oxide into allied markets.
- 07 · LiveNasdaq $4 bid
Last ~A$6.40 / ~US$4.20. Ordinary shares are around the $4 line. Bid is not why they are off Nasdaq.
- 08 · GapNasdaq application
ASX major. No Nasdaq path required. Do not force one.
Catalysts
- 1 Mar 2027Refinery first oxide window production
Desk note
Stays on this device. Not the press release.
Pulse = Catalyst proximity + government/strategic support + Nasdaq-path / listing signals + valuation & execution + stage progress. Method