Titan Project Development Update

RE-SHORING U.S. TITANIUM & RARE EARTHS PRODUCTION TO TENNESSEE

Titan Project Fully Permitted

• The Tennessee Department of Environment & Conservation has confirmed that all regulatory permit requirements for the Titan Critical Minerals Project have been met by IperionX
• The Titan Project is now fully permitted for development and operations
• Titan is a vital, fully permitted, U.S. critical mineral project - positioned to make a significant impact to reduce the acute reliance on critical mineral imports from foreign nations

Feasibility Metallurgical Test Work Confirms High Titanium & Rare Earth Recoveries

• Positive results of feasibility level metallurgical test work confirm a material increase in the recoveries of higher value natural rutile, zircon and rare earth mineral products
• Successful completion of metallurgical test work advances a major long lead-time for project development

Strategic & Offtake Partners - Multiple Partners, Advanced Due Diligence

• Multiple strategic financing and offtake partners have demonstrated major interest in Titan’s valuable titanium, rare earth and zircon critical minerals
• A major Japanese conglomerate is sole funding bulk sample and due diligence test work at Titan to advance potential sales offtake and development financing

Government Funding Opportunities

• There are a wide range of U.S government funding opportunities and incentives to support feasibility and the full development of the Titan Project

IperionX Limited (NASDAQ: IPX, ASX: IPX) is pleased to announce that the Titan Critical Minerals Project (Titan Project) is fully permitted for development and operations, has received positive feasibility study metallurgical test work results, and is advancing customer offtake and strategic financing partnerships.

Titan Project Fully Permitted

The Tennessee Department of Environment & Conservation has now confirmed that all regulatory requirements have been met for the Titan Project and it is fully permitted for development and operations.

The Titan Project, located in Tennessee, offers a leading combination of low energy costs, world class infrastructure, skilled workforce, low taxation rates, high levels of domestic demand and a wide range of U.S. government incentive and funding opportunities.

The global market demand for titanium, zircon and rare earth critical minerals continues to increase, yet supply is increasingly reliant on high-risk jurisdictions with long distance, carbon intensive supply chains. The U.S. currently imports over 80% of titanium minerals and almost 100% of its separated rare earth oxides from foreign nations.

Once fully developed, the Titan Project is expected to be a key domestic source of critical titanium, zirconium and rare earth minerals. This world-class project can reduce the acute reliance of critical mineral imports from foreign nations and re-build a sustainable domestic supply chain that is essential for advanced U.S. industries.

Feasibility Metallurgical Test Work Confirms High Titanium & Rare Earth Minerals Recoveries

IperionX has received excellent results from the feasibility study metallurgical test work program conducted by Mineral Technologies Ltd, a global leader in the mineral sands industry. This bulk metallurgical test work program was designed to confirm feasibility study level process design and critical mineral product recoveries at the Titan Project. The feasibility study level bulk metallurgical test work confirmed a material increase in recoveries of the higher value natural rutile, zircon and rare earth mineral products.

Strategic & Offtake Partners - Multiple Partners, Advanced Due Diligence

Multiple strategic partners have commenced due diligence on the Titan Project in preparation for sales offtake agreements and project investment opportunities. IperionX has conducted due diligence site visits for select partners and distributed product samples to a range of critical mineral customers.

One of these parties – a large Japanese conglomerate – is sole funding bulk sample and due diligence test work at the Titan Project during September 2023.

Government Funding Opportunities

In addition to commercial partnerships, there are a wide range of federal funding opportunities and incentives to support feasibility studies and full development of the Titan Project. These include the Defense Production Act Title III program and several Department of Energy programs that support environmentally responsible production, reuse, and recycling of critical minerals and materials in the United States.

The U.S. Department of Defense (DoD) is now actively pursuing alternatives to the current import-dependent supply chain for titanium metal and alloys. The DoD has noted limited availability of natural rutile (high-grade titanium mineral) and aims to establish domestic operations from mining, processing, and refining of ore, as well as the recycling of scrap titanium. The optimal fully integrated domestic titanium supply chain will provide a wide range of products - including titanium powder, ingots, bars, and plate – at higher energy efficiency, lower costs, and lower environmental impacts ¹

IperionX has the potential to re-shore titanium mineral production to the U.S. with the fully permitted Titan Project and can upgrade these valuable critical minerals into higher value titanium feedstocks with its patent pending Green Rutile^TM (+90% TiO₂) and patented ARH (+99% TiO₂) titanium enrichment technologies. These low-carbon process technologies can significantly increase the value of the Titan Project resource by upgrading titanium minerals into higher value products.

IperionX plans to utilize these titanium feedstocks, and scrap titanium, to produce high-strength titanium in the U.S. with its proven, low-cost and sustainable titanium metal technologies.

Full announcement details can be found here.

Anastasios (Taso) Arima, IperionX CEO said:

“We are very pleased that the Titan Project – North America’s largest deposit of titanium and rare earth critical minerals – is now fully permitted. This is an important milestone in our plan to re-shore critical mineral and metal supply chains to the U.S. and our key focus is to now build a strong, sustainable, and low-cost domestic titanium supply chain.”

About IperionX

IperionX aims to become a leading American titanium metal and critical materials company – using patented metal technologies to produce high performance titanium alloys, from titanium minerals or scrap titanium, at lower energy, cost and carbon emissions.

Our Titan critical minerals project is the largest JORC-compliant mineral resource of titanium, rare earth and zircon minerals sands in the U.S.A.

IperionX’s titanium metal and critical minerals are essential for advanced U.S. industries including space, aerospace, defense, consumer electronics, hydrogen, electric vehicles and additive manufacturing.

Forward Looking Statements

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, the Company’s ability to comply with the relevant contractual terms to access the technologies, commercially scale its closed-loop titanium production processes, or protect its intellectual property rights, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

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¹ https://sam.gov/opp/8f7fc94a12fd459186366c09d9bea565/view

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