IperionX – September 2025 Quarterly Report

Rhea-AI Summary

IperionX (NASDAQ: IPX) reported quarterly results for the period ended September 30, 2025, with commercial titanium production online, higher capacity and lower unit costs.

Key facts: nameplate titanium powder capacity rose 60% via process improvements; commissioning of an expansion to 1,400 tpa is planned for mid‑2027; total expansion capital is ~US$75 million, majority funded by a U.S. Department of War IBAS award of US$47.1 million (US$42.5 million obligated to date).

Financials: cash of US$79.2 million at Sept 30, 2025 and a pro‑forma cash position near US$100 million after a private placement of 14 million shares at A$5.00 (A$70 million).

Positive

• Production capacity uplifted by 60% without extra capital
• Targeted 1,400 tpa titanium capacity with mid‑2027 commissioning
• US$42.5M of a US$47.1M DoW IBAS award obligated to support expansion
• Pro‑forma cash ~US$100M after A$70M private placement commitments
• Commercial sales begun: consumer‑electronics components and military fastener orders

Negative

• Total expansion capital requirement of ~US$75M
• Private placement of 14 million new shares (A$5.00) introduces dilution
• Remaining US$4.6M of DoW IBAS award not yet obligated
• Major commissioning for 1,400 tpa scheduled for mid‑2027, delaying full scale benefit

Insights

Operations and Manufacturing Expert

Commercial production is live, capacity expanded and further scale-up is funded to 1,400 tpa by mid-2027.

All major manufacturing equipment at the Virginia Titanium Manufacturing Campus is reported online and operational, and process improvements increased nameplate titanium powder capacity by 60% without extra capital. Production of fasteners and consumer-electronics components has commenced and initial purchase orders have been received, showing the plant has moved from commissioning to commercial shipments.

Key dependencies include successful commissioning of the mid-2027 expansion to 1,400 tpa and parallel scale-up of powder metallurgy, forging and additive systems to realize integrated supply-chain capability. Watch the staged commissioning milestones through mid-2027 and any operational metrics (yield, throughput, unit cost) that confirm the claimed 60% capacity uplift and further 2026 gains.

Finance and Strategic Funding Expert

Balance sheet and government funding materially support the planned scale-up; pro-forma cash near US$100 million.

The company reported cash of US$79.2 million at quarter end and a private placement with firm commitments of 14 million shares for A$70 million (approx US$46 million) giving pro-forma cash around US$100 million. The U.S. Department of War IBAS award obligations now total US$42.5 million of a US$47.1 million award, with ~US$4.6 million expected to be obligated later.

These funds explicitly target the ~US$75 million expansion capex to reach 1,400 tpa, equipment orders and R&D. Monitor the timing and receipt of the remaining US$4.6 million IBAS obligation, the completion and use of private-placement proceeds, and quarterly cash burn versus capex through 2026–mid-2027 to confirm runway to commissioning.

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

Commercial operations: production online, with higher production capacity and lower unit costs

• All planned major manufacturing equipment is online and operational, for both titanium powder production and component manufacturing at the Titanium Manufacturing Campus in Virginia.
• Process improvements and optimization has lifted nameplate titanium powder production capacity by 60% without additional capital spend, with further increases in production capacity expected in 2026.
• Titanium manufacturing sales are expected to progressively scale through 2026, with a positive EBITDA inflection point projected by year-end 2026.
• Consumer-electronics scrap processing has commenced, using scrap supplied by the consumer electronics OEM, with IperionX by now producing a range of consumer electronic components as specified in the customer contract.
• Production of various fasteners has commenced with IperionX receiving initial purchase orders for the delivery of a range of fastener products into applications for the U.S. military and commercial and industrial markets.
  

Mid-2027 U.S. Department of War (DoW) backed expansion underway to become the largest & lowest cost U.S. producer

• IperionX is now scaling titanium capacity to 1,400 tpa, with commissioning planned for mid-2027, positioning IperionX to be America’s largest and lowest-cost titanium powder producer.
• The 1,400 tpa expansion accelerates a more resilient and sustainable U.S. titanium supply chain, cutting reliance on foreign imports and supporting national security for aerospace, defense, and electric vehicles.
• The total expansion capital is ~US$75 million, and is majority funded through the U.S. DoW Industrial Base Analysis and Sustainment (IBAS) award of US$47.1 million, of which $42.5 million has now been obligated to IperionX.
• Rapid scaling of advanced titanium manufacturing capacity will be undertaken in parallel – powder metallurgy, forging, and additive systems to deliver integrated titanium supply chain capabilities.

Accelerated growth roadmap targets market leadership in high-performance titanium components

• Roadmap being developed to further scale titanium production capacity, targeting cost competitiveness with stainless steel and aluminum by 2030.
• Technology-driven cost advantage – the patented titanium HAMR^TM and HSPT^TM technologies significantly increase manufacturing yields, while cutting process steps, energy and capex intensity, resulting in long-term cost advantage.
• IperionX has begun the upfit of a new facility in Halifax County, Virginia to deliver the next generation of HAMR and HSPT technologies that will drive the titanium cost curve even lower.
  

U.S. Government Funding

• IperionX was obligated a further US$37.5 million under the U.S. Department of War’s IBAS US$47.2 million award, taking total obligations to date to US$42.5 million. The remaining $4.6 million is expected to be obligated over the contract term.
• Confirmation of the additional obligation enables IperionX to finalize its scale-up plans to achieve a production capacity of 1,400 metric tonnes of titanium per year.

Strong financial position

• At September 30, 2025, IperionX closed the quarter with US$79.2 million in cash.
• In July, IperionX announced that it had received firm commitments for a private placement of 14 million new ordinary shares at an issue price of A$5.00 per share, to raise A$70 million (US$46 million) before costs, resulting in pro-forma cash of approximately US$100 million.
• Proceeds from the private placement will be used for:
  • Acceleration of Phase 2 capacity scale-up, with fast-track ordering of long lead time production and manufacturing equipment;
  • Scaling Phase 1 operations, including low-cost capital projects to further increase production over nameplate throughput capacities;
  • Scaling of HSPT pressing and furnace capacity to align with accelerated production scale-up; and
  • Operations, Phase 3 expansion studies and increased R&D.

• Directors and key management subscribed for A$2.2 million (US$1.4 million), following shareholder approval, reinforcing alignment with shareholders.

Figure 1: Various operations, including clockwise from top left – reagent mixing, crucible loading /
unloading, HAMR furnace operations, product leaching, argon facilities, product collector, jet mill operations

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3f6333be-5bf1-467c-bd94-9f13ad789573

FAQ

What did IperionX (IPX) report for cash at September 30, 2025?

IperionX reported US$79.2 million in cash at September 30, 2025.

How much funding did the U.S. Department of War IBAS award provide to IperionX (IPX)?

The IBAS award is US$47.1 million, with US$42.5 million obligated to IperionX so far.

What is IperionX's (IPX) planned titanium capacity and timing for commissioning?

IperionX is scaling to 1,400 tpa titanium capacity with commissioning planned for mid‑2027.

How much capital will the 1,400 tpa expansion require for IperionX (IPX)?

The total expansion capital is approximately US$75 million.

What are the details of IperionX's (IPX) private placement announced in July 2025?

The private placement is for 14 million new ordinary shares at A$5.00 per share to raise A$70 million (about US$46M) before costs.

When does IperionX (IPX) expect positive EBITDA inflection?

IperionX projects a positive EBITDA inflection point by year‑end 2026 as titanium manufacturing sales scale.