IPERIONX Ltd director Beverly Wyse has reported her initial ownership in the company. She holds 639,775 IPX Ordinary Shares directly, plus options over 106,093 IPX Ordinary Shares with an exercise price of 0.87 Australian Dollars per share that expire on May 12, 2026. She also holds 84,771 Restricted Stock Units, of which 70,609 vest in December 2026 and 14,162 vest in December 2027. IPX Ordinary Shares trade on the Australian Stock Exchange (ASX).
IperionX Limited filed a Form 6-K mainly to publish correspondence with the Australian Securities Exchange after a sharp share price move. ASX queried a change in IPX’s price from a high of $6.93 on 12 March 2026 to an intraday low of $4.58 on 16 March 2026. IperionX stated it is not aware of any information or reason that would explain the trading pattern, other than previously released disclosures. The company highlighted that its half year report was released last week and noted stakeholder questions about the funding mechanics of its U.S. Department of War grants. IperionX also confirmed it remains in compliance with ASX Listing Rules, including continuous disclosure obligations.
IperionX Limited reported a larger net loss of US$34.8 million for the six months ended December 31, 2025, compared with US$16.2 million a year earlier, as it ramped research, exploration and corporate spending to build its U.S. titanium platform. Cash and cash equivalents rose to US$65.8 million, supported by an October equity placement raising about US$46 million, lifting net assets to US$108.2 million. The company continued heavy investment in property, plant, equipment and intellectual property to scale titanium production in Virginia and advance the Titan critical minerals project in Tennessee. U.S. government support remains substantial, with US$59.8 million in DPA and IBAS awards by December 31, 2025 and a separate SBIR Phase III contract mechanism of up to US$99 million in potential task orders. After period end, the DoW obligated the final US$4.6 million under the IBAS award, transferred about 290 metric tons of titanium scrap at no cost, and IperionX received a US$0.3 million prototype order from American Rheinmetall, underscoring momentum toward commercialization.
IperionX Limited is offering 1,273,179 ordinary shares pursuant to a prospectus supplement dated February 23, 2026, with an offering price of $4.11 per share under a settlement agreement. The company will receive no proceeds from this issuance.
The shares are being sold directly by the company without underwriters and are expected to settle on or prior to February 24, 2026. Ordinary shares to be outstanding immediately after this offering are stated as 339,384,070 ordinary shares.
IperionX Limited reported leadership and administrative changes. The company appointed Louisa Martino as Company Secretary, effective February 16, 2026. She brings over 15 years of experience in company secretarial and corporate advisory roles, including work on corporate compliance, capital raisings and due diligence.
On the same date, Gregory Swan will step down as Company Secretary, with the Board expressing appreciation for his contributions. IperionX also announced that its registered office and principal place of business will move to Level 5, 56 Pitt Street, Sydney NSW 2000, reflecting an updated corporate address and primary contact location.
IperionX Limited uses this shareholder letter to outline its 2026 strategy to build a fully integrated, American titanium supply chain. The company highlights commercial-scale operations in Virginia that use its patented HAMR™ and HSPT™ technologies to produce high-performance titanium from domestic scrap and minerals at substantially lower costs.
IperionX emphasizes national security and industrial goals, aiming to reshore titanium for aerospace, defense, shipbuilding, and advanced industries. Its 100% owned Titan Critical Minerals Project in Tennessee is fully permitted and moving toward a Definitive Feasibility Study in Q2 2026, targeting low-cost feedstock and potential production of heavy rare earths Dysprosium and Terbium.
The company also introduces GenX™, a next-generation continuous HAMR™ platform being advanced in Virginia. It expects key commercial-scale validation milestones in 2026 to underpin capital-efficient scaling of low-cost, American-made titanium through 2030 and beyond.
IperionX Limited reports progress on its titanium metal operations and strong liquidity for the quarter ended December 31, 2025. Titanium powder and component manufacturing equipment at its Virginia campus is commissioned, with additional presses and furnaces scheduled for delivery through 2026 to support a planned expansion to 1,400 tons per year of titanium capacity.
The company is advancing sales agreements across defense, aerospace, automotive and industrial markets, including initial purchase orders from Carver Pump for naval components and American Rheinmetall for 700 lightweight parts for U.S. Army ground systems. IperionX also achieved ISO 9001 certification for its manufacturing operations.
As of December 31, 2025, IperionX held US$65.8 million in cash and has been awarded US$59.8 million in U.S. Government grants, of which US$13.3 million has been reimbursed and US$46.5 million remains available. Quarterly operating cash outflow was US$8.9 million, and the company estimates about seven quarters of funding at the current burn rate.
IperionX Limited has received a prototype purchase order worth approximately US$0.3 million from American Rheinmetall to produce 700 lightweight titanium components for U.S. Army heavy ground combat systems. This initial order may lead to a significantly larger agreement if the first scope of work is delivered successfully.
The components will be made in the U.S. using 100% recycled titanium feedstock via IperionX’s patented HAMR™ and HSPT™ technologies, which enable high-performance titanium at materially lower cost than conventional production. Replacing steel with titanium is expected to cut component weight by about 40–45%, reducing vehicle weight by several hundred kilograms per vehicle and improving acceleration, agility, range, survivability and mobility. The order aligns with U.S. efforts to reshore critical materials, as IperionX is described as the only domestic commercial-scale primary titanium producer.
IperionX Limited reports that the U.S. Department of War, through its IBAS program, has obligated the final US$4.6 million of a previously awarded US$47.1 million package. This funding will support scaling titanium production and advanced manufacturing at the company’s Titanium Manufacturing Campus, with capacity targeted at up to 1,400 metric tons per year.
The U.S. Government has also transferred about 290 metric tons of high-quality titanium alloy scrap to IperionX at no cost, equal to roughly 1.5 years of feedstock at the current full operating capacity of 200 metric tons per year. IperionX already holds about 90 metric tons of titanium scrap in inventory, strengthening its raw material position for key U.S. defense and advanced manufacturing supply chains.