IperionX (IPX) Q4 2024 TU earnings summary

Executive summary

• Commissioning of the HAMR furnace at the Virginia Titanium Manufacturing Campus is set to begin, with first full-scale production expected in August 2024.

• Major construction at the Titanium Production Facility is complete, supporting scale-up of titanium production.

• Strategic partnerships formed with Aperam, Vegas Fastener, and United Stars to advance circular titanium supply chains and supply high-performance titanium products to defense and advanced technology sectors.

• Significant progress at the Titan Critical Minerals Project, with multiple companies in advanced due diligence and a major Japanese conglomerate evaluating offtake and financing.

Financial highlights

• Completed a placement raising A$50 million (~US$33 million) to fund expansion of titanium manufacturing capacity and working capital.

• Pro-forma cash of US$37.9 million as of June 30, 2024, including US$33.2 million cash and US$4.7 million from the second tranche of the placement received after quarter-end.

• Net cash used in operating activities for the quarter was US$4.2 million; net cash used in investing activities was US$3.6 million; net cash from financing activities was US$29.1 million.

• Cash and cash equivalents at quarter-end totaled US$33.2 million, up from US$12.1 million at the previous quarter-end.

Outlook and guidance

• First full-scale HAMR deoxidation production cycle at the Virginia facility expected in August 2024.

• Technical studies and pilot scale production for the Titan Project's Green Rutile™ technology are underway, with completion targeted for 2024.

• Ongoing applications for additional U.S. government funding to support titanium supply chain expansion and mineral enrichment technologies.