IperionX (IPX) Investor update summary

Strategic focus and market context

• Scaling titanium production in the U.S. using proprietary HAMR™ and HSPT™ technologies, with a focus on reshoring the mineral-to-metal supply chain and expanding into rare earths, zirconium, and hafnium.

• Strong government support, including funding from the Department of War, IBAS, and $37.1M in obligated U.S. government funding, underpins commercial scale-up and technology validation.

• The U.S. is highly reliant on imported titanium sponge, mainly from Japan, while China and Russia control ~80% of global supply, creating urgency for domestic solutions.

• The company aims to provide a cost-competitive, energy-efficient alternative to traditional titanium production, reducing reliance on imports and subsidies.

• Backward integration anchored by fully permitted, shovel-ready projects in Tennessee enables secure domestic supply.

Operational progress and milestones

• Completed final engineering studies and a definitive feasibility study (DFS) showing strong project economics and significant reserves.

• Ramping up to 200 metric tons per annum of titanium metal powder by year-end, with plans for a 7x expansion by 2027 and commissioning of new downstream capacity, including a 300-ton press and additional furnaces.

• Maintained 24/7 operations in Virginia; overcame temporary production downtime and resumed ramp-up, with new sintering furnaces being installed.

• GenX platform, a continuous HAMR process, is being scaled up for future large-scale, capital-efficient expansion.

• Fasteners exceeded steel and aerospace benchmarks; new prototype orders from defense and automotive sectors.

Product and customer engagement

• Producing titanium metal products from scrap and minerals, with a focus on high-yield, energy-efficient processes.

• Engaged with defense (U.S. Army, Navy), aerospace, automotive, electronics, and luxury sectors, progressing toward commercial contracts and mass production.

• Ability to supply preforms to existing industry, aiming for collaboration rather than competition.

• Customer engagement accelerating as production ramps and new furnaces are commissioned.

• Targeted go-to-market strategy focuses on engineered products, mill products, and titanium powders.