• Definitive Feasibility Study (DFS) is underway at the Titan Critical Minerals Project in Tennessee – the largest U.S. mineral resource of titanium, zircon and rare earth mineral sands
• The DFS is a major step toward developing a fully integrated, mineral-to-metal U.S. titanium supply chain
• The DFS is part-funded through IperionX’s U.S. Government award to re-shore a ‘mineral-to-metal' U.S. titanium supply chain. U.S. Government funding awarded to IperionX since January 2023 now totals over US$60 million.
• The Titan Project also has the potential to become the largest domestic source of critical heavy rare earth elements – dysprosium and terbium — essential for advanced technologies and national defense
• IperionX’s Virginia Titanium Production Facility remains on track for successful ramp-up through 2025

IperionX Limited (IperionX) (NASDAQ: IPX, ASX: IPX) is pleased to announce the commencement of a Definitive Feasibility Study for its Titan Critical Minerals Project in Tennessee – the largest mineral resource (reported in accordance with the JORC Code) of titanium, rare earth, and zircon mineral sands in the United States.

This final phase of feasibility is partly funded by an allocation from IperionX’s recent U.S. Government award of US$47.1 million, underscoring the strategic significance of the Titan Project in securing a fully integrated, U.S.-based 'mineral-to-metal' titanium supply chain. U.S. Government funding awarded to IperionX since January 2023 now totals over US$60 million.

The DFS is expected to be completed by Q2 2026 and will include detailed mine engineering, processing flowsheet and infrastructure design. This study marks a major step in advancing the Titan Project towards production.

As a leading fully permitted critical minerals project in the U.S., the Titan Project is uniquely positioned to supply low-cost, domestic critical mineral feedstocks to support future large-scale expansions of IperionX’s titanium production, enhancing the strength and resilience of the U.S. titanium supply chain. It also hosts significant quantities of light and heavy rare earth elements - including dysprosium and terbium - that are vital for advanced technologies and defense systems. The Titan Project has attracted significant interest from potential strategic and commercial partners seeking secure, long term supplies of U.S. sourced critical minerals.

IperionX remains on-track for the successful ramp-up of its Titanium Production Facility in Virginia. The balance of the US$47.1 million U.S. Government funding awarded to IperionX in 2025 has also enabled the commencement of engineering and design activities for expanded titanium metal production. Further details of these titanium production expansion plans are expected by mid-2025.

As the U.S. Government intensifies efforts to re-shore manufacturing and strengthen supply chain independence, IperionX is strategically positioned to create long-term value — providing a secure, sustainable, and low-cost domestic supply of titanium and critical minerals essential to American industry.

Anastasios (Taso) Arima, CEO of IperionX, said:

“The commencement of the DFS at the Titan Project marks a major milestone for IperionX and the future of American critical mineral independence. The Titan Project is a nationally strategic critical minerals asset, uniquely positioned to support the United States' industrial and defense priorities. We are proud to be building the foundation of a secure, sustainable, and fully domestic titanium supply chain – from minerals to finished titanium metal."

About IperionX

IperionX is 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 United States.

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

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Anastasios (Taso) Arima, CEO of IperionX, said: “The commencement of the DFS at the Titan Project marks a major milestone for IperionX and the future of American critical mineral independence."