IperionX advances US titanium growth, plans redomiciliation

IperionX Limited (NASDAQ: IPX, ASX: IPX) continues to advance its U.S. titanium production capabilities, with plans to significantly scale output and reduce unit costs. The company has increased its nameplate titanium powder production capacity by 60% to 200 metric tons per year (tpa) through operational and technological improvements, without requiring additional capital expenditure. This increase is expected to lower projected titanium powder unit costs to approximately US$55/kg at full utilization, down from a prior estimate of US$75/kg.

IperionX is also progressing with a 7x expansion of its titanium production capacity, aiming to reach 1,400 tpa by mid-2027. This expansion is supported by a total capital outlay of approximately US$75 million, with funding sourced from a U.S. Department of Defense (DoD) award of US$47.1 million, existing cash reserves of US$101 million, and prospective DoD SBIR Phase III task orders of US$99 million. The company has already received US$42.5 million in obligations under the DoD’s Industrial Base Analysis and Sustainment (IBAS) program, with the remaining funds expected to be allocated over the contract term.

In parallel with production expansion, IperionX is scaling its advanced titanium manufacturing capabilities, including powder metallurgy, forging, and additive manufacturing systems. These efforts aim to establish a fully integrated U.S. titanium supply chain, capable of producing high-performance components for aerospace, defense, automotive, and consumer electronics sectors.

The company’s patented HAMR and HSPT technologies are central to its cost advantage, enabling higher manufacturing yields and reducing process steps, energy consumption, and capital intensity. These innovations are expected to position IperionX as a low-cost producer, with a target titanium powder unit cost of approximately US$29/kg at full utilization.

IperionX has also commenced consumer-electronics scrap processing and has received initial purchase orders for fastener products intended for U.S. military and commercial applications. The company’s financial position remains strong, with US$79.2 million in cash as of September 30, 2025, following a private placement that raised US$46 million.

Looking ahead, IperionX aims to achieve a positive EBITDA inflection point by year-end 2026 and has outlined a roadmap to scale titanium production capacity to over 10,000 tpa by 2030. The company is also evaluating a potential redomiciliation, though no final decision has been announced.