IperionX – 2026 Letter to Shareholders

Rhea-AI Summary

IperionX (NASDAQ: IPX) CEO Taso Arima outlines 2026 priorities to scale a U.S. domestic titanium supply chain using proprietary HAMR™ and HSPT™ technologies now operating at commercial scale in Virginia. Key near-term milestones include a 7x expansion to ~1,400 tpa with commissioning targeted mid-2027 and a Definitive Feasibility Study for the 100% owned Titan Critical Minerals Project due in Q2 2026. The letter introduces GenX™, a continuous HAMR platform expected to reach commercial-scale validation in 2026 and support capital-efficient scaling through 2030.

The plan emphasizes operational excellence, lower unit costs via recycled scrap and domestic feedstocks, and supplying titanium and potential heavy rare earths for defense and maritime markets.

Positive

• Commercial-scale HAMR™ and HSPT™ operations established in Virginia
• Planned capacity expansion to approximately 1,400 tons per annum (commissioning targeted mid-2027)
• Titan Project fully permitted and advancing to a Definitive Feasibility Study in Q2 2026
• Introduction of GenX™ continuous HAMR platform targeting commercial-scale validation in 2026

Negative

• Current operations are in ramp-up; steady-state production and unit-cost targets remain prospective
• Titan Critical Minerals Project is shovel-ready but not yet producing feedstock or rare earths

Key Figures

Current share price: $49.93 Capacity expansion target: 1,400 tons per annum Expansion multiple: 7x expansion +5 more

8 metrics

Current share price $49.93 Pre-news market context

Capacity expansion target 1,400 tons per annum Planned Virginia expansion by mid-2027

Expansion multiple 7x expansion Stated production scale-up objective in Virginia

Titan DFS timing Q2 2026 Definitive Feasibility Study completion target for Titan Project

Project ownership 100% owned Titan Critical Minerals Project in Tennessee

Legacy process age 80 years Duration titanium has been constrained by Kroll process

GenX horizon 2030 and beyond Capital-efficient scaling timeframe for GenX HAMR platform

52-week range $12.275–$61.45 Low and high before this letter

Market Reality Check

Price: $49.93 Vol: Volume 138,592 vs 20-day ...

normal vol

$49.93 Last Close

Volume Volume 138,592 vs 20-day average 166,138 (relative volume 0.83) suggests no outsized positioning ahead of this letter. normal

Technical Shares at $49.93 trade above the $36.71 200-day MA but remain 18.75% below the $61.45 52-week high.

Peers on Argus

IPX was down 5.45% while momentum peers like LAC and SGML screened higher (each ...

4 Up

IPX was down 5.45% while momentum peers like LAC and SGML screened higher (each up over 4%), indicating the move was stock-specific rather than a Basic Materials sector rotation.

Historical Context

5 past events · Latest: Jan 22 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 22	Defense prototype order	Positive	+7.3%	US$0.3M order for 700 titanium components for U.S. Army systems.
Jan 16	Government funding	Positive	+0.2%	Final US$4.6M tranche of US$47.1M DoW award and 290t scrap.
Dec 15	Navy components project	Positive	-5.0%	Carver Pump project to prototype titanium parts for U.S. Navy ships.
Nov 17	Short report response	Positive	+1.6%	Company rebuttal highlighting awards, capacity, cash, and funding lines.
Oct 30	Quarterly report	Neutral	-2.6%	Update on capacity expansion, funding mix, and cash position.

Pattern Detected

Positive operational and funding news has often been met with mixed reactions, with three aligned upside days and two instances of selling on otherwise constructive updates.

Recent Company History

Over the past few months, IPX has highlighted growing U.S. defense and industrial ties, including a US$0.3M prototype order for 700 U.S. Army components and final receipt of a US$47.1M IBAS award plus 290 metric tons of titanium scrap. The company has ramped Virginia capacity from 125 tpa to 200 tpa with a targeted 1,400 tpa expansion and reported cash near US$79.2M–US$100M. The new shareholder letter reinforces this reindustrialization and defense-focused strategy already seen in recent filings and news.

Market Pulse Summary

This announcement reiterates IperionX’s strategy to build an integrated U.S. titanium platform, scal...

Analysis

This announcement reiterates IperionX’s strategy to build an integrated U.S. titanium platform, scaling Virginia capacity toward 1,400 tpa and advancing the 100% owned Titan Project toward a Q2 2026 Definitive Feasibility Study. Recent filings show material U.S. government support and expanding defense relationships. Investors may focus on execution of GenX™ commercialization, delivery against defense programs, funding needs for further expansion, and how quickly operational metrics validate the low-cost titanium thesis.

Key Terms

hamr, kroll process, definitive feasibility study, permanent magnets, +3 more

7 terms

hamr technical

"Our HAMR™ and HSPT™ technologies embody American ingenuity..."

A data storage technology that uses short, intense heat to temporarily make tiny spots on a disk easier to magnetize, allowing many more bits to fit in the same physical space. Think of it as briefly warming a frozen surface so a stamp leaves a clearer, smaller impression; that higher packing density can lower cost per gigabyte and enable more compact, higher-capacity drives. Investors care because wider adoption can boost demand for drive makers, component suppliers and data-center operators while influencing pricing and margins across the storage industry.

kroll process technical

"constrained by the high costs and inherent waste of the legacy Kroll process."

A Kroll process is the standard industrial method for turning titanium-bearing ore into usable titanium metal: the ore is converted into a liquid chloride, then chemically reduced to produce a porous titanium “sponge” that is melted and finished into metal. For investors, it matters because this multi-step, energy- and capital-intensive route largely determines production cost, capacity and supply reliability for titanium and related products—factors that affect pricing and company margins.

definitive feasibility study technical

"progressing toward the completion of a Definitive Feasibility Study in Q2 2026."

A definitive feasibility study is a detailed, near-final assessment that shows whether a proposed project—often a mine, infrastructure or major industrial venture—can be built and operated profitably. It combines precise engineering plans, realistic cost estimates, production schedules and risk analysis to give lenders and investors a clear picture of expected returns and potential pitfalls, like a full blueprint and budget that helps decide whether to greenlight financing and construction.

permanent magnets technical

"heavy rare earths Dysprosium and Terbium – elements essential for high-performance permanent magnets..."

Permanent magnets are materials that produce a steady magnetic field without needing electricity, like a fridge magnet that always sticks. Investors care because these magnets are key parts in electric motors, generators and sensors across industries such as electric vehicles, wind turbines and consumer electronics, so changes in their cost, availability or technology can affect manufacturing costs, product performance and company profits.

forward-looking statements regulatory

"Information included in this release constitutes forward-looking statements."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

exploration results technical

"information in this announcement that relates to Exploration Results and Mineral Resources..."

Exploration results are the data and findings from a company’s search for natural resources like minerals, oil or gas — think of them as the on-the-ground clues and test samples from a treasure hunt. Investors use these results to judge whether a project is likely to contain valuable resources, estimate how much it might cost to develop, and assess the chance that the discovery will increase the company’s future revenue or share value.

mineral resource estimate technical

"technical parameters underpinning the Mineral Resource Estimate included in the Original ASX Announcement..."

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

AI-generated analysis. Not financial advice.

SOUTH BOSTON, Va., Feb. 02, 2026 (GLOBE NEWSWIRE) -- IperionX Limited (IperionX) (NASDAQ: IPX, ASX: IPX) IperionX has released its 2026 letter from CEO Taso Arima to shareholders and other valued stakeholders, outlining plans to grow the U.S.'s leading domestic titanium manufacturing platform, essential to America’s industrial renewal, defense strength, and long-term prosperity.

Dear IperionX Shareholders,

We enter 2026 in a strong position, well-placed to advance America’s reindustrialization by both reshoring and building the world’s lowest-cost titanium supply chain through American innovation. In doing so, we are proud to support the President’s mission to bring strategic manufacturing home and restore America’s industrial strength.

For decades, the United States has relied on foreign sources for titanium, a metal essential to aerospace & defense, shipbuilding, and advanced industries, economy and national security to risks from abroad. No longer.

With the assistance of the U.S. Department of War and our long-term shareholders, our patented technologies are now operating on a commercial scale in Virginia; re-shoring the production of high-performance titanium to America at the lowest costs globally.

Our strategy is clear and ambitious: a fully integrated, sovereign platform that converts low-cost domestic scrap and minerals into the highest-performance products. By eliminating waste, shortening lead times, and driving costs steadily lower, we are redefining the economics of titanium and reclaiming American leadership in a metal vital to national security.

IperionX’s Virginia Titanium Campus

The Inflection Point

Our HAMR™ and HSPT™ technologies embody American ingenuity comparable to historic breakthroughs such as the Bessemer process for steel, the Hall-Héroult process for aluminum, and Nucor’s electric arc furnace revolution – advances that dramatically reduced costs, enabled mass adoption, and powered American industry to global preeminence.

Refined over more than a decade, from laboratory to pilot to full commercial scale in Virginia, these technologies are now proven and scaling reliably.

The past two years have been focused on the disciplined work of industrialization: commissioning facilities, achieving operational readiness, and turning scientific innovation into consistent commercial output.

In 2026, we advance with purpose, ramping deliveries, achieving steady-state operations, lowering unit costs, and supplying high-performance titanium components to key customers, vital U.S. defense programs, and America’s resurgent industrial and maritime sectors.

Our priorities for the year remain focused on:

• Operational Excellence: Embedding utilization, yield, and reliability into every process, turning manufacturing discipline into lasting competitive advantage.
• Advanced Manufacturing: Building on low-cost powder to deliver near-net-shape parts through powder metallurgy, forging, and additive manufacturing that will reshape entire industries.
• 7x Expansion: Advancing a major expansion of production capacity in Virginia to approximately 1,400 tons per annum, with commissioning targeted for mid-2027, further lowering costs and broadening access to new markets.
• Commercial Programs: Converting strong pipelines of prototypes into recurring orders and enduring partnerships.

IperionX titanium components

The Structural Advantage: Breaking the Cost Barrier

Titanium delivers unmatched performance, yet for eighty years it has been constrained by the high costs and inherent waste of the legacy Kroll process.

IperionX is changing that with a fully integrated American platform. By combining HAMR™ refining and HSPT™ forging with recycled scrap and secure domestic minerals from our Titan Project, we eliminate foreign supply vulnerabilities and establish a substantially lower cost curve, built entirely on American soil.

The Titan Project: Securing Our Upstream Advantage

Our 100% owned Titan Critical Minerals Project in Tennessee is fully permitted, close to shovel-ready, and progressing toward the completion of a Definitive Feasibility Study in Q2 2026. The project will deliver low-cost domestic feedstocks optimized for our HAMR™ process while positioning IperionX as a potential leading U.S. producer of the critical heavy rare earths Dysprosium and Terbium – elements essential for high-performance permanent magnets in defense systems and advanced robotics.

IperionX’s Titan Critical Mineral Project, Tennessee

Powering America’s Industrial and Maritime Resurgence

IperionX’s work aligns closely with President Trump’s determined efforts to revitalize American shipbuilding, strengthen the defense industrial base, and bring critical manufacturing back to U.S. soil.

U.S.-produced titanium, offering exceptional strength-to-weight ratio and lifelong resistance to seawater corrosion, is ideally suited for modern naval vessels, submarines, and many more of our critical defense platforms. By delivering this superior material reliably and at lower cost, we enable American industry to build faster, more durably, and more competitively; helping restore the industrial capability that once made the United States the arsenal of democracy.

Our core thesis is straightforward: when superior titanium parts are made in America, delivered quickly, and priced competitively, customers – and entire markets – will choose domestic.

Unveiling GenX™: The Path to American Titanium Leadership

While executing strongly in 2026, we are also building the foundation for long-term growth and American leadership in the global titanium supply chain.

Central to this future is GenX™, our next-generation, continuous, HAMR™ platform, which we introduce today. Proven at lab and pilot scales, and now progressing in our Virginia R&D facility, GenX™ will deliver superior productivity and capital efficiency.

In 2026 we will reach key commercial-scale validation milestones and share performance data, establishing the basis for sustained, capital-efficient scaling through 2030 and beyond, positioning IperionX as the leading producer of low-cost, American-made titanium.

IperionX Virginia operations & leadership teams

A Final Word

Great progress is achieved by teams that combine expertise, determination, and faith in American potential. I thank our dedicated engineers and builders for their outstanding contributions.

To our government supporters and long-term shareholders, thank you for your continued support and conviction. Together, we are creating a titanium platform essential to America’s industrial renewal, defense strength, and long-term prosperity.

We look forward to updating you on our progress throughout 2026.

Sincerely,

Anastasios (Taso) Arima
Chief Executive Officer & Managing Director
IperionX Limited

Forward Looking Statements

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, the Company’s ability to comply with the relevant contractual terms to access the technologies, commercially scale its closed-loop titanium production processes, or protect its intellectual property rights, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

Competent Persons Statement

The information in this announcement that relates to Exploration Results and Mineral Resources is extracted from IperionX’s ASX Announcement dated October 6, 2021 (“Original ASX Announcement”) which is available to view at IperionX’s website at www.iperionx.com. The Company confirms that a) it is not aware of any new information or data that materially affects the information included in the Original ASX Announcement; b) all material assumptions and technical parameters underpinning the Mineral Resource Estimate included in the Original ASX Announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the Original ASX Announcement.

Contacts

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fa42da33-cee6-4c8b-a0c6-12860ba79749

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5457b2e1-9d60-4edd-aab4-7deb8104e8b7

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a2ca7834-ad76-4aee-a877-adf9fa6fcc3c

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8184b36d-d152-4f33-b475-d87ce69cc3c0

FAQ

What expansion did IperionX (IPX) announce for 2026 and when will it commission?

IperionX plans a 7x production expansion to ~1,400 tpa, with commissioning targeted for mid-2027. According to the company, the expansion aims to lower unit costs and broaden market access for U.S.-made titanium components.

When will IperionX (IPX) complete the Definitive Feasibility Study for the Titan Project?

The Definitive Feasibility Study (DFS) for the Titan Critical Minerals Project is expected in Q2 2026. According to the company, the DFS will assess domestic feedstock economics and critical mineral potential for heavy rare earths.

What is GenX™ and how will it affect IperionX (IPX) production in 2026?

GenX™ is a next-generation continuous HAMR platform advancing to commercial-scale validation in 2026. According to the company, GenX™ aims to improve productivity and capital efficiency to support scaling through 2030.

Does IperionX (IPX) already produce titanium at commercial scale in the U.S.?

Yes, IperionX reports HAMR™ and HSPT™ technologies are operating at commercial scale in Virginia. According to the company, current efforts focus on ramping deliveries and achieving steady-state reliability and yield.

Will the Titan Project produce rare earths and when might that start affecting supply?

The Titan Project is positioned to produce dysprosium and terbium, but production is not yet begun. According to the company, the project is permitted and progressing toward a DFS in Q2 2026 before any production timing is established.

How does IperionX (IPX) position its titanium for U.S. defense and shipbuilding markets?

IperionX emphasizes lower-cost, domestically made titanium with high seawater corrosion resistance for naval and defense uses. According to the company, faster delivery and competitive pricing aim to support U.S. shipbuilding and defense supply chains.