IperionX Investor Update: Ramps U.S. Titanium Scale-Up as Demand Soars, Titan Project Update Nears

Key Points

• IperionX is accelerating its U.S. titanium scale-up to address what it calls record demand and concentrated geopolitical supply risk (around 80% tied to China/Russia), with Virginia operations ramped to roughly 50 metric tons of powder capacity and 24/7 production as it scales toward a 200 tpa target.
• The company’s HAMR and HSPT platform produces near‑net titanium powders that IperionX says deliver >90% yields versus single‑digit yields from conventional routes, and it is installing a GenX continuous furnace to drive further cost and capital efficiencies en route to a >10,000 tpa goal by 2030.
• IperionX has secured over $60 million in grants, an IDIQ SBIR Phase III contract with a $99 million ceiling (first task order received) and about $41 million of obligated government funding remaining, while the Titan DFS (a fully permitted mineral sands project) is funded by a $5 million IBAS award and expected this quarter.

IperionX NASDAQ: IPX said it is accelerating the scale-up of its U.S.-based titanium metal supply chain as it seeks to address what it described as record demand, long lead times, and rising geopolitical risk in global titanium markets.

In a company presentation, the speaker pointed to heightened U.S. defense spending, government reshoring initiatives, and emerging industrial uses for titanium as favorable tailwinds. They also outlined near-term production targets at the company’s Virginia operations, progress toward additional downstream manufacturing capacity, and an expected update this quarter on the company’s Titan mineral sands project.

Demand backdrop and supply chain risks

The speaker said titanium demand is rising across industries and noted that major titanium producers are reporting “record demand” and “significant lead times” for titanium products. They characterized the current market environment as a period of “extreme supply chain shock,” arguing that it creates an opening for a new, fully domestic U.S. supply chain.

The presentation also emphasized geopolitical concentration in titanium, stating that the supply chain is “controlled right now 80% by China and Russia,” while the U.S. remains “fully import reliant” for titanium sponge. The speaker said the United States imports most titanium sponge from Japan and outlined scenarios that could disrupt that supply, including conflict in the South China Sea and economic pressure from increased Chinese supply. They also raised concerns about forced labor, stating that “20% of Chinese titanium metal sponge production is in the Xinjiang region.”

Technology platform: HAMR and HSPT

IperionX positioned its approach as a major shift from the incumbent Kroll-based titanium supply chain. The speaker said the company’s HAMR refining process is “the first technology since the Kroll process” to move from pilot scale to commercial-scale operations, and described the company’s titanium powder as “essentially an ingot in the form of a powder.”

They argued that using powder as an intermediate product can remove multiple steps typical in conventional titanium production—such as repeated vacuum arc remelting, forging, and hot working—reducing both cost and scrap. The speaker contrasted traditional yields for fastener production (described as often “less than 10% yield” after machining and process losses) with IperionX’s approach, saying the company’s yields are “over 90%” when forming near-net shapes that then require minimal finishing.

The company also highlighted its HSPT sintering technology as a key enabler, stating that high-quality powders alone were not sufficient without a method to make parts with “forged-like or wrought-like characteristics” and strong mechanical and fatigue properties.

Virginia ramp-up and manufacturing expansion

The speaker said IperionX began ramping operations in the December quarter and “significantly” increased titanium powder production capacity in the March quarter. They said the company is at roughly “about 50 metric tons” of powder capacity versus a year-end target of “200 metric tons per annum.” The company is currently operating with “one HAMR furnace,” and the speaker contrasted that with Kroll operations that can require “anywhere from 60-90 different furnaces.” They also said the company moved to “24/7 operations” during the March quarter.

Downstream, the company described ongoing commissioning and installation of pressing and sintering equipment intended to expand its ability to convert powders into finished components. The speaker referenced:

• A “6-axis SACMI press” described as a “300-ton” system intended for complex products, including consumer goods, fasteners, and potential robotics-related applications
• Cold isostatic pressing capacity described as tied to an existing defense contract
• HSPT sintering expansion, including two furnaces being commissioned this quarter that are “each 30% greater capacity” than the existing furnace, plus a “very large furnace” expected to arrive in the third quarter and be available in the fourth quarter

The speaker said the company is dividing its go-to-market approach into three areas: engineered products (often developed collaboratively with customers), titanium powders (including spherical and angular powders), and “mill products” such as preform plate or bar designed to integrate with incumbent rolling operations.

Government funding, defense contracts, and commercial engagements

IperionX said it has received “multiple government grants and government contracts” and has secured “over $60 million” in grants to date to support scale-up. The speaker also highlighted an IDIQ SBIR Phase III contract with a “$99 million ceiling,” said the company has received its “first task order,” and expects additional task orders. They characterized engagement as spanning the Army and Navy, with expectations to expand into the Air Force.

On commercial activity, the speaker said IperionX is making components for Ford and expects them to go into vehicles “later this year.” They also referenced low-rate production components for military vehicles with Rheinmetall and Carver Pump, and said customer interest has broadened, including “surprised” interest from aerospace due to tight market conditions.

The speaker described a defense fastener program that began in 2024 and has progressed to supplying parts for retrofitting “two vehicles this year,” with the potential for further retrofit contracts in 2027 and larger new-vehicle programs in 2028 and beyond, while cautioning that qualification periods still apply in aerospace programs.

GenX continuous processing and the Titan project

The presentation emphasized a shift from batch processing to continuous processing under the company’s “GenX” platform. The speaker said continuous operations could deliver “huge operational and capital efficiencies” and help drive titanium costs toward levels that could “compete with stainless steel” over time. They said the company is installing what they called a first commercial-scale, “semi-industrial scale” continuous furnace at a new Virginia R&D laboratory, with work occurring “this quarter, next quarter” and further progress expected this year.

On feedstock strategy, the speaker said the company remains focused in the near term on a “scrap to titanium metal supply chain,” while advancing its Titan project as a pathway to backward integration. Titan was described as a “fully permitted titanium dominant heavy mineral sand project” with co-products including zirconium and “a significant amount” of heavy rare earths. The speaker said Titan’s Definitive Feasibility Study is funded by “$5 million from the IBAS program” and is expected to be completed and released “this quarter.”

The speaker added that IperionX has “$41 million in obligated government funding” yet to be received, which they said provides runway through 2026 to support milestones including GenX development and the Titan feasibility work.

In closing remarks and Q&A, the speaker reiterated longer-term scale ambitions, stating a goal of “more than 10,000 tons per annum” by 2030, and said the company plans to provide additional updates around milestones expected over the next several quarters.

About IperionX NASDAQ: IPX

IperionX NASDAQ: IPX is a mineral technology company focused on the production and commercialization of high‐purity titanium and zirconium products. The company’s core activities include the development of advanced mineral sands projects and the deployment of proprietary processing technologies aimed at supplying feedstocks to aerospace, defense, additive manufacturing and battery markets.

At the heart of IperionX’s operations is the Stony Creek Project in Virginia, where the company holds significant mineral sands rights.

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