IperionX (IPX) Investor update summary

Production and capacity

• HAMR validated at 1.6 t in 63 hours of back-to-back runs, above 200 tpa nameplate; full-system rating targeted by year-end.

• Finished titanium powder inventory reached 19 t, with 207 t of scrap on hand; output is scheduled to customer orders.

• Quarterly powder processed through deox rose to 15.9 t from 5.1 t in the June quarter.

• Three large-scale HSPT furnaces are installed, two operating and one being commissioned; Virginia campus also has a 300-ton SACMI press and sintering capacity.

• Forming capacity is ~11 million single-cavity parts annually; titanium fastener production achieved >95% yield versus <10% in the cited conventional-process example.

Customer programs and commercialization

• Four products are delivering to U.S. defense: two Army fasteners, ballistic plate and Navy pump components; programs also include military components and Carver Pump impellers in testing.

• U.S. Army Task Order 2 worth US$18.5m funds industrial fastener and track-pin production; over US$70m remains under the US$99m SBIR Phase III IDIQ ceiling.

• Prototype orders include U.S. Army GVSC and Carver Pump; priorities are converting programs and customer engagements into commercial-scale and repeat orders.

• Product sequence: engineered parts first, powders next and mill products later; indicative pricing is US$200–1,000+ per kg for parts, US$60–120 for powders and US$50–80 for mill products.

• Target market entry is engineered products in 2026, powders in 2027 and mill products in 2028; sales cycles range from under 6–18 months for parts to 12+ months for mill products.

GenX and scale-up

• GenX validated at 6x throughput, with four runs producing >500 kg over 41 hours at a rate equivalent to ~100 tpa; it is being integrated into the production line.

• GenX uses >75% less power per kilogram than batch HAMR, >45% less magnesium and >60% less hydrogen; all valid samples met ASTM oxygen specifications.

• GenX runs also showed 50% lower reagent consumption, alongside lower capital intensity, operating cost and improved product quality.

• Phase 1 capital is complete; the 1,400 tpa expansion is underway under a US$47.1m IBAS award, with further IBAS capacity expected over 12–24 months.

• Management expects production growth and progress from customer engagements to repeat orders and longer-term contracts over the next 6–12 months.