How are IPERIONX (IPX) American Depository Shares related to ordinary shares?

One American Depository Share is convertible into 10 ordinary shares, as disclosed in the footnotes. ADS trade on NASDAQ, while the underlying ordinary shares trade on the Australian Stock Exchange, linking the two securities through this fixed conversion ratio.

IPERIONX director buys 4,187 ADS in open market

IPERIONX Ltd director R. Tony Tripeny bought shares on the open market.

Filing Impact

(Moderate)

Filing Sentiment

(Positive)How Sentiment works

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Form Type

Rhea-AI Filing Summary

IPERIONX Ltd director R. Tony Tripeny bought shares on the open market. He purchased 4,187 American Depository Shares at an average price of $23.7554 per ADS in an open‑market transaction. Following this purchase, he directly holds 4,187 ADS, 38,777 ordinary shares, and 51,010 restricted stock units. One ADS is convertible into 10 ordinary shares, and the RSUs are scheduled to vest in tranches of 36,848 in December 2026 and 14,162 in December 2027.

Insider Trade Summary

Net Buyer: 4,187 shares

Net Buy 3 txns

Insider Tripeny R Tony

Role Director

Bought 4,187 shs ($99K)

Type	Security	Shares	Price	Value
Purchase	American Depository Shares	4,187	$23.7554	$99K
holding	Ordinary Shares	--	--	--
holding	Restricted Stock Units (RSUs)	--	--	--

Holdings After Transaction: American Depository Shares — 4,187 shares (Direct); Ordinary Shares — 38,777 shares (Direct); Restricted Stock Units (RSUs) — 51,010 shares (Direct)

Footnotes (4)

F1. American Depository Shares (ADS) are traded on the NASDAQ. One ADS is convertible into 10 ordinary shares (ordinary shares are traded on the Australian Stock Exchange).
F2. This is the average purchase price.
F3. Ordinary Shares are traded on the Australian Stock Exchange (ASX).
F4. 36,848 vest in December 2026; 14,162 vest in December 2027

Key Figures

ADS purchased: 4,187 ADS Purchase price per ADS: $23.7554 per ADS ADS held after transaction: 4,187 ADS +5 more

8 metrics

ADS purchased 4,187 ADS Open-market purchase on March 27, 2026

Purchase price per ADS $23.7554 per ADS Average price for the 4,187 ADS buy

ADS held after transaction 4,187 ADS Direct holdings following the reported purchase

Ordinary shares held 38,777 shares Direct ordinary share holdings reported as of March 27, 2026

RSUs held 51,010 RSUs Restricted stock units outstanding after the filing date

RSUs vesting December 2026 36,848 RSUs First RSU vesting tranche in December 2026

RSUs vesting December 2027 14,162 RSUs Second RSU vesting tranche in December 2027

ADS to ordinary share ratio 1 ADS : 10 ordinary shares Conversion ratio between ADS and ordinary shares

Key Terms

American Depository Shares (ADS), open-market purchase, Restricted Stock Units (RSUs), vesting, +1 more

5 terms

American Depository Shares (ADS) financial

"American Depository Shares (ADS) are traded on the NASDAQ."

American Depository Shares (ADS) are U.S.-listed securities issued by a bank that represent ownership of a specified number of shares in a foreign company, letting investors buy and sell that company in U.S. dollars on U.S. exchanges. They matter because they make it easier to invest in foreign firms—like buying a locally labeled product instead of importing it—affecting liquidity, dividend payments, regulatory disclosure and exposure to currency swings.

open-market purchase financial

"transaction_action: open-market purchase"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

Restricted Stock Units (RSUs) financial

"Restricted Stock Units (RSUs)"

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

vesting financial

"36,848 vest in December 2026; 14,162 vest in December 2027"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

ordinary shares financial

"Ordinary Shares are traded on the Australian Stock Exchange (ASX)."

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did IPERIONX (IPX) report in this Form 4?

IPERIONX director R. Tony Tripeny reported buying 4,187 American Depository Shares in an open‑market transaction at an average price of $23.7554 per ADS, increasing his direct ADS holdings to that same 4,187‑share level.

At what price did the IPERIONX (IPX) director buy the ADS shares?

The director purchased the 4,187 American Depository Shares at an average price of $23.7554 per ADS. This average purchase price is specifically identified in a footnote accompanying the Form 4 insider trading disclosure.

How many IPERIONX (IPX) ordinary shares and ADS does the director hold after the trade?

After the reported trade, the director holds 4,187 American Depository Shares and 38,777 ordinary shares, all directly. The filing distinguishes ADS traded on NASDAQ from ordinary shares traded on the Australian Stock Exchange.

What restricted stock units (RSUs) does the IPERIONX (IPX) director hold?

The director holds 51,010 restricted stock units. According to the filing, 36,848 RSUs are scheduled to vest in December 2026 and 14,162 RSUs are scheduled to vest in December 2027, all shown as directly owned.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/30/2026 - 09:08 AM EDT

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Tripeny R Tony

(Last)

(First)

(Middle)

1092 CONFROY DRIVE

(Street)

SOUTH BOSTON

VIRGINIA

24592

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
IPERIONX Ltd [ IPX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
American Depository Shares⁽¹⁾	03/27/2026		P		4,187	A	$23.7554⁽²⁾	4,187	D
Ordinary Shares⁽³⁾								38,777	D
Restricted Stock Units (RSUs)⁽⁴⁾								51,010	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. American Depository Shares (ADS) are traded on the NASDAQ. One ADS is convertible into 10 ordinary shares (ordinary shares are traded on the Australian Stock Exchange).

2. This is the average purchase price.

3. Ordinary Shares are traded on the Australian Stock Exchange (ASX).

4. 36,848 vest in December 2026; 14,162 vest in December 2027

	Michael Spath	03/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR