IperionX – December 2025 Quarterly Report

Rhea-AI Summary

IperionX (NASDAQ: IPX) reported December 31, 2025 quarterly results outlining commercial commissioning, capacity expansion, and U.S. government funding to scale titanium production.

Key points: commercial commissioning complete, ramp to 1,400 tpa targeted in 2027, estimated expansion cost ~US$75 million, and US$47.1 million IBAS funding now obligated.

Positive

• Commercial commissioning complete at Virginia titanium campus
• Target 1,400 tpa production capacity by 2027
• US$47.1M IBAS award fully obligated by U.S. DoW
• 290 metric tons of feedstock transferred at no cost

Negative

• Expansion estimated at ~US$75M while US$47.1M is obligated
• US$46.5M of government reimbursements remain available but unpaid
• Continuous-production validation is pilot-stage with completion targeted in 2026

Key Figures

Cash balance: US$65.8 million Total U.S. grants: US$59.8 million Reimbursed to date: US$13.3 million +5 more

8 metrics

Cash balance US$65.8 million As of December 31, 2025

Total U.S. grants US$59.8 million DoW DPA Title III and IBAS/ICAM programs

Reimbursed to date US$13.3 million Government grants reimbursed to IperionX

Remaining grant balance US$46.5 million Available for future reimbursement

Expansion capex US$75 million Estimated cost to scale to 1,400 tpa

IBAS award US$47.1 million DoW IBAS program supporting capacity expansion

Titanium capacity target 1,400 tpa Planned production capacity in 2027

Titanium scrap transfer 290 metric tons High-quality scrap received at no cost from U.S. Government

Market Reality Check

Price: $49.93 Vol: Volume 202,611 is 1.24x t...

normal vol

$49.93 Last Close

Volume Volume 202,611 is 1.24x the 20-day average of 163,636, indicating elevated trading interest. normal

Technical Shares at 52.81 are trading above the 200-day MA of 36.52, despite a -7.07% move ahead of this report.

Peers on Argus

IPX fell 7.07% while 6 tracked Basic Materials peers in the momentum scan also m...

6 Down

IPX fell 7.07% while 6 tracked Basic Materials peers in the momentum scan also moved down (e.g., SGML -7.95%, VZLA -8.56%, LAC -4.24%). Sector scanner notes a median move of about -6.7%, indicating today’s weakness is largely sector-driven rather than company-specific.

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%	Prototype purchase order for 700 lightweight titanium components for U.S. Army systems.
Jan 16	Govt funding update	Positive	+0.2%	Final US$4.6M IBAS tranche and 290 metric tons of scrap secured for expansion.
Dec 15	Navy components project	Positive	-5.0%	Carver Pump project to prototype titanium components for U.S. Navy ship pumps.
Nov 17	Short report response	Neutral	+1.6%	Company response to short seller report outlining awards, capacity and cash position.
Oct 30	Quarterly report	Positive	-2.6%	September 2025 quarter with higher titanium capacity and DoW‑backed 1,400 tpa plan.

Pattern Detected

Recent positive operational and funding updates have produced mixed reactions: some strong upside on defense orders, but several constructive news items (including quarterly reports and strategic projects) have seen either mild gains or pullbacks.

Recent Company History

Over the last few months, IperionX has reported steady progress across government funding, defense programs and capacity expansion. The Sept 30, 2025 quarter highlighted commercial titanium production and a planned scale-up to 1,400 tpa. Subsequent news covered a short-seller rebuttal with detailed funding disclosures, Carver Pump and American Rheinmetall defense projects, and completion of the US$47.1M IBAS award with scrap transfers. Today’s December 2025 quarterly update continues that narrative with commissioned production assets, ISO 9001 certification and a solid cash position of US$65.8M as of Dec 31, 2025.

Market Pulse Summary

This announcement details a fully commissioned titanium manufacturing campus, expanding press capaci...

Analysis

This announcement details a fully commissioned titanium manufacturing campus, expanding press capacity, and a roadmap to 1,400 tpa production supported by a US$75M expansion budget. It highlights cash of US$65.8M and US$59.8M in U.S. grants, with US$46.5M still available via reimbursement. Investors may track progress on Halifax County next‑generation technologies, the 2026 Definitive Feasibility Study, and how quickly inventory builds and defense/commercial orders translate into recurring revenue and cash flow.

Key Terms

ISO 9001, Definitive Feasibility Study

2 terms

ISO 9001 technical

"Manufacturing operations have achieved ISO 9001 certification, validating the integrity..."

ISO 9001 is an international standard for a company’s quality management system that sets out how the organization documents and controls its processes to deliver consistent products or services. For investors, certification is like a stamp saying the company follows repeatable, audited procedures—this can lower operational risk, improve efficiency and customer trust, and make performance more predictable over time.

Definitive Feasibility Study technical

"Department of War funded Definitive Feasibility Study is on schedule for delivery..."

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.

AI-generated analysis. Not financial advice.

CHARLOTTE, N.C., Jan. 30, 2026 (GLOBE NEWSWIRE) -- IperionX Limited (IperionX) (NASDAQ: IPX, ASX: IPX) is pleased to present its quarterly report for the period ending December 31, 2025. Highlights during and subsequent to the end of the quarter include:

Commercial operations

• Commissioning Complete: Equipment and systems for both titanium powder production and component manufacturing have been fully commissioned at the Titanium Manufacturing Campus in Virginia.
• Manufacturing Capacity Expansion: Advanced manufacturing capabilities continue to expand. The 100-ton uniaxial press (producing titanium nuts, bolts, and washers) and dry bag cold isostatic press (large titanium fasteners) are now operational. Additionally, a new 300-ton hydraulic press - designed for complex tiered shapes for consumer electronics enclosures or humanoid robotics components - will commence commissioning.
• Path to Scale: Manufacturing capabilities are projected to grow significantly as IperionX prepares for a production capacity of 1,400 tons per annum (tpa) in 2027, supported by the installation of additional powder metallurgy presses and HSPT sintering furnaces.
• Commercial Progress: Sales agreements are advancing, with a range of advanced prototyping activities underway across defense, consumer electronics, automotive, oil & gas, sporting goods, and industrial manufacturing.
• New Agreements: Major milestones include an initial sales order from Carver Pump for titanium naval shipbuilding components, and an order from American Rheinmetall for lightweight titanium components destined for U.S. Army heavy ground combat systems.
• Inventory Build: In parallel with custom prototyping, IperionX is building inventory for mass distribution channels. This includes a range of standard titanium fasteners, nuts, and washers, alongside dedicated fastener production for the U.S. military.
• Quality Assurance: Manufacturing operations have achieved ISO 9001 certification, validating the integrity of IperionX’s quality management processes as production scales.
  

2027 U.S. Department of War (DoW) backed expansion to 1,400 tpa

• IperionX is advancing its expansion to scale titanium production capacity to 1,400 tpa. This milestone will position IperionX as the largest and lowest-cost titanium powder producer in the United States.
• The expansion is estimated to cost ~US$75 million. The majority of this capital is secured via the U.S. DoW Industrial Base Analysis and Sustainment (IBAS) program, with the full US$47.1 million award now obligated.

Accelerated Growth Roadmap: Market Leadership in High-Performance Titanium

• Next-Generation Development: IperionX is advancing the development of a new facility in Halifax County, Virginia. This site is designed to host the next generation of HAMR and HSPT technologies, targeting a step-change reduction in the titanium cost curve.
• Continuous Production Breakthrough: These next-generation technologies utilize a new, patent-pending continuous production process that have been tested and proven at R&D level by IperionX. This titanium production innovation has the potential to deliver superior unit economics compared to the current batch processes.
• Validation Timeline: Pilot-scale work is currently underway to validate this continuous production method at higher throughputs, with completion targeted in 2026.
  

U.S. Government Funding

• Final IBAS Funding Obligated: IperionX has been obligated the final US$4.6 million under the U.S. Department of Defense’s US$47.1 million IBAS award. All funds allocated under this program have now been fully obligated, and a balance of US$43.1 million remains available for future reimbursement.
• Production Expansion Capital: This final tranche of funding will be deployed to support IperionX’s scale-up to a production capacity of 1,400 metric tons per annum (tpa).
• Feedstock Secured: The U.S. Government transferred ~290 metric tons (320 short tons) of high-quality titanium scrap metal to IperionX at no cost. This provides approximately 1.5 years of feedstock at current operating capacity.
• Government Commitment: The full obligation of IBAS funding and the provision of zero-cost titanium scrap reaffirm the U.S. Government’s commitment to establishing a resilient, fully integrated, and low-cost titanium supply chain for the defense industrial base.

Titan Project Development

• Critical Minerals Supply Chain Asset: The Titan Critical Minerals Project is a vital link in the U.S. critical mineral supply chain. It remains one of the largest permitted U.S. sources of titanium, zircon, and rare earth minerals.
• Closing the Heavy Rare Earth Supply Deficit: With limited domestic production of DyTb and Y, the U.S. faces critical heavy rare earth supply gap. Titan’s rare earth concentrate contains high proportions of DyTb and Y, and is uniquely positioned to supply these essential elements, which are required for high-performance permanent magnets in defense and energy sectors.
• Project Readiness: As a fully permitted project, Titan offers a fast-track solution for domestic DyTb+Y, titanium, and zircon supply. The Department of War funded Definitive Feasibility Study is on schedule for delivery in mid-2026.
  

Strong financial position

• As of December 31, 2025, IperionX held a cash balance of US$65.8 million.
• IperionX has been awarded a total of US$59.8 million in U.S. Government grants via the DoW’s DPA Title III and IBAS/ICAM programs. All funds under these awards have been fully obligated, legally committing the capital to IperionX within the federal accounting system.
• These funds are accessed via a reimbursement model. IperionX incurs costs for approved activities and subsequently invoices the U.S. Government for repayment.
• To date, US$13.3 million has been reimbursed to IperionX. A balance of US$46.5 million remains available for future reimbursement to support ongoing operations and expansion.
  

Program	Obligated		Reimbursed to date			Remaining Balance
DPA Title III	$12.7		($10.3)			$2.4
IBAS / ICAM	$47.1		($3.0)			$44.1
Total	$59.8		($13.3)			$46.5

A link to the full release can be found here.

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

FAQ

What production capacity is IperionX (IPX) targeting by 2027?

IperionX is targeting a production capacity of 1,400 tons per annum (tpa) by 2027. According to the company, this scale-up is supported by additional presses and HSPT sintering furnaces to increase output and lower unit costs.

How much U.S. Department of War funding has IperionX (IPX) received or had obligated?

IperionX has a total of US$47.1 million obligated under the IBAS award, part of US$59.8 million in government grants. According to the company, the final US$4.6 million tranche was recently obligated, leaving US$46.5 million available for reimbursement.

What is the estimated cost to expand IperionX (IPX) production to 1,400 tpa?

The expansion to 1,400 tpa is estimated to cost approximately US$75 million. According to the company, the majority of capital is secured via DoW programs, with remaining funds accessed through reimbursement as eligible costs are incurred.

What commercial progress and customers has IperionX (IPX) announced in the December 2025 report?

IperionX reports advancing sales agreements and prototype activities across defense and industrial markets, including orders from Carver Pump and American Rheinmetall. According to the company, these orders cover naval shipbuilding components and U.S. Army heavy ground combat system parts.