Ann: Iluka Resources March 2017 Quarterly Production Report, page-17

Metalysis is the first of the wildcards in Iluka's pack, because it could become a big profit generator through the licensing of its technology, or it could generate a big, one-off win by being listed on the London Stock Exchange, or by being sold to a technology-focused investor.
South Flank is the second wild card, but could be a decade away from generating meaningful levels of cash if the MAC royalty of 1.232 per cent on the value of ore sold by BHP-Billiton flows over to the new mine, which is expected to be in production sometime in the next five to 10 years.
Because South Flank will be much bigger the existing MAC operation, the value of Iluka's royalty could soar from last year's $47.1 million to as much as $200 million a year, depending on rate of production and the price of iron ore.
If sold, the royalty could fetch as much as $1.9 billion, according to the private research firm Sandon Capital. Some investment bank analysts like the outlook for Iluka; others do not. Ord Minnett and Deutsche Bank are telling clients to sell Iluka. Citi, UBS and Morgan Stanley say 'buy', while Macquarie and Credit Suisse sit on the fence with a neutral ('hold') view.
UBS is the most optimistic, saying Iluka could rise as high as $9.20 over the next 12 months, up 20.5 per cent on its most recent sales at $7.63. Ord Minnett is gloomiest with a 12-month price forecast of $6.40, down 16 per cent.
Mixed, trending up, is the best description of those share-price forecasts, and that's probably as good as it gets for a company that has been a big disappointment for five years, but which appears to be getting close to a sustainable recovery.

Source: Tim Treadgold