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]

Core Insights - IperionX Limited is accelerating its U.S. titanium production to become the largest and lowest-cost producer in the country [1][2] - The company aims for global market leadership in high-performance titanium components through significant production capacity increases and cost reductions [3][4] Production Capacity and Cost Reduction - The nameplate titanium powder capacity has increased by 60% to 200 metric tons per year (tpa) due to operational and technological improvements without additional capital expenditure [6] - Projected titanium powder unit costs are expected to fall to approximately US$55/kg at full utilization, down from a prior estimate of US$75/kg [6] - A seven-fold scale-up in titanium production capacity to 1,400 tpa is targeted by 2027, with an anticipated unit cost of around US$29/kg at full utilization [6] Funding and Financial Outlook - The expansion capital is estimated at approximately US$75 million, funded by a U.S. Department of Defense (DoD) award of US$47.1 million, existing cash of US$101 million, and prospective DoD SBIR Phase III task orders of US$99 million [6] - Positive EBITDA is expected by the end of 2026 as titanium manufacturing sales scale progressively [6] Technological Advancements - IperionX is leveraging patented technologies, including HAMR and HSPT, to enhance manufacturing yields while reducing process steps, energy consumption, and capital expenditure intensity [6] - The company is focused on building a fully integrated U.S. titanium supply chain to serve various industries, including defense, aerospace, automotive, and consumer electronics [5][8] Market Position and Future Goals - IperionX aims to achieve global leadership in advanced manufacturing of high-performance titanium components, targeting over 10,000 tpa by 2030 [6] - The company’s Titan critical minerals project is noted as the largest JORC-compliant mineral resource of titanium, rare earth, and zircon minerals sands in the U.S. [7]