Core Insights - IperionX Limited has reported a successful quarter ending September 30, 2025, with operational advancements in titanium production and a strong financial position [1][4]. Commercial Operations - Production is online with increased capacity and reduced unit costs [1] - The company has commenced consumer-electronics scrap processing and has received initial purchase orders for fasteners for military and commercial applications [5] - IperionX is scaling titanium production capacity to 1,400 tonnes per annum (tpa), aiming to be the largest and lowest-cost titanium powder producer in the U.S. by mid-2027 [5] U.S. Government Funding - IperionX closed the quarter with US$79.2 million in cash, supported by a US$47.1 million award from the U.S. Department of War (DoW) for expansion [4][5] - The total capital for the expansion is approximately US$75 million, with US$42.5 million already obligated to IperionX [5] Growth Roadmap - The company is targeting market leadership in high-performance titanium components and aims to achieve cost competitiveness with stainless steel and aluminum by 2030 [3][5] - Technology-driven cost advantages are expected from patented titanium HAMR and HSPT technologies, which enhance manufacturing yields and reduce costs [5] Private Placement - In July, IperionX announced a private placement of 14 million new ordinary shares, raising A$70 million (approximately US$46 million), which will be used for scaling operations and R&D [8]