IperionX (IPX) Investor update summary

Strategic focus and market context

• Scaling titanium production in the U.S. using proprietary HAMR™ and HSPT™ technologies, with plans to integrate mineral-to-metal supply chains for titanium and other critical minerals like rare earths, zirconium, and hafnium.

• Strong government support, including Department of Defense funding 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 reshoring.

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

• Lockheed Martin and other defense players are increasing efforts to secure domestic mineral supply chains, highlighting industry demand.

Operational progress and milestones

• Completed final engineering studies and a definitive feasibility study (DFS) showing strong project economics and significant mineral reserves, including $813M after-tax NPV and 39.4% IRR.

• Ramping up to 200 metric tons per annum of titanium metal powder by year-end, with plans for a 7x capacity expansion by 2027.

• Maintained 24/7 operations in Virginia; overcame temporary production downtime, with operations now restored and further capacity increases planned.

• Commissioned new downstream capacity, including a 300-ton press and additional furnaces, to match powder production with final product output.

• GenX platform, a continuous HAMR process, is being piloted to further lower costs and enable large-scale production.

Product and customer engagement

• Producing titanium metal products from scrap and minerals, with applications in defense, aerospace, automotive, consumer electronics, and robotics.

• Engaged with U.S. Army, Navy, commercial aerospace, automotive, and luxury sectors, progressing toward commercial contracts and prototype orders.

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

• Customer programs progressing through qualification to mass production, with demand for both final titanium products and powders growing.

• Board and management increased shareholdings, signaling confidence in future growth.