IperionX – December 2025 Quarterly Report

Core Insights - IperionX Limited is advancing its titanium production capacity to 1,400 tons per annum (tpa) by 2027, supported by U.S. Department of War funding and strategic partnerships [2][4][6] Commercial Operations - Equipment for titanium powder production and component manufacturing has been fully commissioned at the Titanium Manufacturing Campus in Virginia [4] - Manufacturing capabilities are expanding, with new operational presses for producing titanium fasteners and components [4] - Sales agreements are progressing, including orders from Carver Pump and American Rheinmetall for military applications [4] Government Funding - IperionX has secured approximately US$75 million for its expansion, with US$47.1 million from the U.S. DoW's Industrial Base Analysis and Sustainment (IBAS) program fully obligated [4][7] - The company has received ~290 metric tons of titanium scrap metal from the U.S. Government, providing about 1.5 years of feedstock [8] Financial Position - As of December 31, 2025, IperionX reported a cash balance of US$65.8 million and has been awarded US$59.8 million in government grants, with US$13.3 million reimbursed to date [6][7] Project Development - The Titan Critical Minerals Project is a key asset in the U.S. critical mineral supply chain, addressing the heavy rare earth supply deficit [8] - A Definitive Feasibility Study for the Titan project is scheduled for delivery in mid-2026 [8]