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IperionX (NASDAQ: IPX) reported significant progress in Q1 2025 with its Titanium Manufacturing Campus in Virginia. The company expects full system operational capacity by mid-2025, with its HAMR™ furnace successfully producing high-quality titanium. Key achievements include: $47.1 million DoD funding for titanium supply chain development, $11.0 million from U.S. Export-Import Bank for equipment, and partnerships with eight commercial partners. The company is advancing its Titan Critical Minerals Project, the largest mineral sands project in the U.S., with a DFS expected in Q2 2026. The project aims to secure titanium feedstock and heavy rare earths supply. IperionX maintained a strong financial position with $66.1 million in cash as of March 31, 2025.

Positive

• Secured $47.1 million in DoD funding for titanium supply chain development
• Additional $11.0 million financing from U.S. Export-Import Bank for equipment
• Strong cash position of $66.1 million
• Eight commercial partnerships established for rapid market entry
• Successful commissioning of HAMR furnace with potential to exceed production targets
• Progress on Titan Project - largest critical mineral sands project in U.S.

Negative

• Production expansion not expected until end of 2026
• DFS completion timeline extended to Q2 2026

Insights

Materials & Manufacturing Expert

IperionX is scaling up innovative titanium manufacturing with $47.1M DoD funding, positioning itself as a critical strategic metals supplier.

IperionX's quarterly report demonstrates significant commercial advancement in their titanium manufacturing operations. Their Virginia facility is rapidly progressing toward full system operational capacity by mid-2025, representing a major milestone in domestic titanium production capability. The company's proprietary HAMR™ (Hydrogen Assisted Metallothermic Reduction) technology is proving particularly successful, with production runs exceeding industry quality standards while suggesting potential to surpass original production targets.

The $47.1 million Department of Defense funding is particularly significant as it validates the strategic importance of IperionX's technology within the national security framework. This represents substantial non-dilutive capital that accelerates their business timeline while establishing government partnership credentials. Additional $11 million in Ex-Im Bank financing further strengthens their capital position.

Their technological advantage lies in the combination of HAMR™ and HSPT™ (Hydrogen Sintering and Phase Transformation) processes, which enable the creation of near-net-shape titanium components with significantly improved material yields. This addresses a critical manufacturing bottleneck in titanium component production, where traditional methods result in high scrap rates for precision parts like fasteners and housings.

The company's $66.1 million cash position provides strong operational runway. Their two-pronged strategy is particularly shrewd - developing both the titanium manufacturing technology and securing domestic mineral feedstock through the Titan Project, which they claim is the largest critical mineral sands project in the U.S. This vertical integration approach may provide significant long-term competitive advantages in securing titanium supply chains.

The advancement of eight commercial partnerships across defense, automotive, and consumer electronics sectors demonstrates market validation beyond government contracts. The planned production expansion targeted for late 2026 aligns with increasing demand for titanium in both defense and commercial applications.

CHARLOTTE, N.C--(BUSINESS WIRE)-- IperionX Limited (IperionX) (NASDAQ: IPX, ASX: IPX) is pleased to present its quarterly report for the period ending March 31, 2025. Key highlights during and subsequent to the end of the quarter include:

IperionX titanium production facility equipment and powder to parts manufacturing equipment.

Commercial Operations – On Track and Accelerating

• Commissioning of the Titanium Manufacturing Campus in Virginia progressed rapidly during the quarter, with full system scrap-to-forged titanium product operational capacity expected by mid-2025.
• Repeated production cycles of the Hydrogen Assisted Metallothermic Reduction (HAMR™) furnace continue to successfully produce high-quality titanium that exceeds industry standards.
• Commissioning-phase process improvements have reinforced the low-capex scalability of the HAMR process, and underscore strong potential to surpass original nameplate titanium powder production.
• Commissioning of initial pressing and Hydrogen Sintering and Phase Transformation (HSPT™) sintering systems is complete, enabling forged near-net-shape titanium production.

Expanding Commercial and Strategic Customer Partnerships

• Product development and qualification continues to build momentum across key customer sectors - defense, automotive and consumer electronics.
• Strong customer engagement for high-performance titanium components that suffer from historically low material yields (high scrap rates) - such as titanium fasteners, housings, and precision components.
• IperionX is actively working on pilot production, with eight commercial partners supporting a rapid path-to-market for high-performance titanium manufactured components.

Continued Momentum in U.S. Government Engagement

• IperionX was awarded up to $47.1 million in U.S. Department of Defense (DoD) funding to accelerate development of a secure, low-cost, mineral-to-metal titanium supply chain. An additional $11.0 million in financing was approved by the U.S. Export-Import Bank for advanced manufacturing equipment.
• IperionX is progressing long-term, tax-exempt bond financing through Virginia’s Halifax County Industrial Development Authority to underpin future titanium production expansions.
• Multiple additional government funding applications are underway, with strong potential for fast-track review under the new U.S. administration.

Titanium Production Expansion Plans Underway

• The DoD award provided the catalyst to commence engineering and design for expansion of titanium production capacity at the Titanium Manufacturing Campus.
• Expansion of titanium production capacity is targeted by the end of 2026, with future modular-based production expansions scoped through to 2030. Expansion plans are expected to be released mid-2025.

Titan Project - DFS Underway for U.S. Critical Minerals Supply

• Definitive Feasibility Study (DFS) commenced at the Titan Critical Minerals Project, funded in part by the recent U.S. DoD award. The Titan Project is the largest critical mineral sands project in the U.S.
• The DFS, expected to be completed in Q2 2026, will define engineering, flowsheets, and infrastructure for long-term supply of titanium feedstock and heavy rare earths, including dysprosium and terbium - key elements for high-performance magnets and defense systems.

Strong Financial Position

• At March 31, 2025, IperionX held US$66.1 million in cash

A link to the full announcement can be found here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250415677727/en/

Anastasios (Taso) Arima, Founder and CEO

Toby Symonds, President

Dominic Allen, Chief Commercial Officer

Investors: investorrelations@iperionx.com

Media: media@iperionx.com

+1 980 237 8900

www.iperionx.com

Source: IperionX

FAQ

What is the current cash position of IperionX (IPX) as of Q1 2025?

IperionX held US$66.1 million in cash as of March 31, 2025.

How much funding did IperionX (IPX) receive from the Department of Defense?

IperionX was awarded up to $47.1 million in U.S. Department of Defense funding to develop a secure, low-cost, mineral-to-metal titanium supply chain.

When will IperionX's Titanium Manufacturing Campus be fully operational?

The company expects full system scrap-to-forged titanium product operational capacity by mid-2025.

What is the Titan Project and when will its feasibility study be completed?

The Titan Project is the largest critical mineral sands project in the U.S., with its Definitive Feasibility Study (DFS) expected to be completed in Q2 2026.

How many commercial partners is IperionX working with for titanium components?

IperionX is actively working on pilot production with eight commercial partners to support rapid path-to-market for high-performance titanium manufactured components.