SOUTH BOSTON, Va., Oct. 29, 2026 (GLOBE NEWSWIRE) -- IperionX Limited (Nasdaq | ASX: IPX) is pleased to present its quarterly report for the period ended September 30, 2026. Highlights during and subsequent to the end of the quarter include:
Operations – Titanium powder and product manufacturing
- HAMR™ Furnace Capacity Validated Above 200 tpa: HAMR™ titanium powder production continued to ramp on a 24/7 schedule, completing 1.6 tons of back-to-back deoxygenation runs in 63 hours and validated furnace capacity above the 200 tpa target annualized run-rate.
- Aerospace-Grade Quality: HAMR™ powder consistently met or exceeded Grade 5 titanium quality specifications, confirming HAMR™ as a commercially proven process for primary titanium metal production.
- Production & Inventory Volumes: Produced 8.7 tons of titanium HAMR™ powder during the quarter (June quarter: 1.4 tons), closing the period with 19 tons of finished titanium powder inventory and 207 tons of titanium scrap feedstock.
- Near-term Commercial Programs: With titanium powder capacity validated and inventory established, downstream manufacturing and near-term commercial program execution are now the operational priorities, supported by increased customer qualification.
- Titanium Fastener Manufacturing: Optimized the 300-ton, six-axis SACMI powder metallurgy press tooling and pressing parameters for a large range of titanium fastener geometries across defense and commercial applications.
- Domestic Billet & Bar Products: Dedicated wet-bag cold isostatic press (CIP) production to large titanium billet and bar production for internal fastener manufacturing and as a domestic alternative to conventional titanium bar and wire mill products.
- Sintering Bottleneck Relieved: Commissioned the first of two additional Elnik HSPT™ sintering furnaces, with the second furnace now installed and scheduled for commissioning in the December quarter, removing a key downstream manufacturing constraint and increasing finished titanium product output.
- In-House Virginia Fastener Manufacturing: Expanded in-house finish machining and thread-rolling capabilities. Fastener production now runs largely in-house in Virginia to meet current needs, spanning uniaxial pressing, HSPT™ sintering, THRM™ heat treatment, finish machining, and thread rolling, with centerless grinding to be brought in-house under Task Order 2. Produced 1,500 fasteners with further production now scaling for U.S. Army and commercial programs.
- Multi-Sector Component Development: Advanced additive manufacturing and powder-to-product programs across defense, aerospace, consumer electronics, and industrial applications, alongside advancing titanium plate and large-format titanium component manufacturing.
GenX™ continuous titanium production
- Breakthrough Continuous Validation: Validated the next-generation GenX™ continuous HAMR™ production platform, processing over 500 kg of titanium powder across four continuous runs (41 hours), with 100% of valid samples meeting ASTM oxygen specifications.
- Step-Change in Unit Economics: Compared to batch HAMR™ on a like-for-like run-time basis, GenX™ delivered 6x higher throughput while reducing power consumption by >75%, magnesium usage by >45%, and hydrogen consumption by >60% per kilogram of titanium powder.
- 100 tpa Titanium Powder Production Capacity: Validated the current GenX™ platform at an equivalent run-rate of ~100 tpa; engineering is underway to integrate the full production line and bring this incremental capacity online.
Customers and product development
- U.S. Navy + Carver Pump: Completed manufacturing of all titanium components under the Carver Pump purchase order; components are now undergoing final customer testing to support commercial-scale orders for U.S. Navy pump contractors.
- U.S. Army + American Rheinmetall Vehicles: Advanced manufacturing of large format titanium track pins under the U.S. Army prototype order, leveraging new Elnik HSPT™ sintering capacity to support larger follow-on production orders across U.S. Army ground combat platforms.
- U.S. Army GVSC Titanium Fasteners: Secured a follow-on purchase order from the U.S. Army Ground Vehicle Systems Center (GVSC) for titanium fasteners for the Joint Light Tactical Vehicle (JLTV) and trailer. Independent test work validated that IperionX titanium fasteners exceed SAE Grade 8 steel torque-to-yield performance.
- Targeting Mill Markets: U.S. titanium mill product supply remains constrained, underscored by the sectors’ record order backlog and near 20-month lead times for premium titanium products. IperionX’s CIP billet and bar program directly targets this supply gap.
- Commercial Pipeline Maturation: Advanced the customer pipeline from material validation to component testing, prototype orders, and funded scale-up, targeting recurring, higher-value revenue across four core verticals:
- Titanium mill products for established mill and aerospace customers;
- Aerospace defense primes, with an emphasis on missile systems;
- Ground and naval defense contractors, building on active U.S. Army and U.S. Navy programs; and
- Spherical titanium powder for consumer goods and electronics.
Atlas-Titan Critical Minerals Development
- Tier-1 Project Economics: The U.S. Government-supported Titan Definitive Feasibility Study (DFS), completed in June, demonstrated an after-tax NPV8 of US$813 million, an after-tax IRR of 39.4%, a 3.6-year payback period, and US$1.9 billion in cumulative after-tax free cash flow over an initial 14-year mine life.
- Strategic Atlas Acquisition Closed: Completed the US$3 million acquisition of the adjacent Atlas critical mineral and infrastructure assets on July 1, 2026 (following the June agreement).
- Immediate Infrastructure & Resource Synergies: Atlas adds ~70 acres of at-surface stockpiles, 180 acres of pre-stripped critical mineral mineralization, and established power, water, natural gas, and rail infrastructure. The full integrated Atlas-Titan economic assessment is underway.
U.S. Department of War (DoW) programs
- US$18.5M Task Order 2 Award: The U.S. Army awarded Task Order 2 under IperionX’s US$99 million SBIR Phase III IDIQ contract, with an US$18.5 million base value (US$11.5 million initially funded) and scoped options bringing the total potential value to US$25.4 million.
- Remaining Contract Ceiling: Task Order 2 funding for continuous HSPT™ and dehydride furnaces alongside in-house fastener finishing in Virginia. Combined awards under Task Orders 1 and 2 total ~US$19.8 million, leaving US$79.2 million available under the existing US$99 million contract ceiling.
- U.S. titanium Supply Chain Funding Proposal Submitted: Submitted a formal proposal under Defense Industrial Base Consortium solicitation RPP-CM-26-02 (Domestic Processing Capabilities of Critical Minerals), which designates titanium, including titanium sponge substitutes, as a priority defense material.
- 1,400 tpa Expansion: Continued execution of the 1,400 tpa titanium capacity expansion under the fully obligated US$47.1 million IBAS award, the US$12.7 million DPA Title III award, and ~290 metric tons of no-cost U.S. Government titanium scrap transfers.
Corporate and liquidity
- Strong Balance Sheet & Liquidity: Closed the quarter with US$63.0 million in cash (June 30, 2026: US$35.2 million), supplemented by US$33.7 million in remaining obligated, reimbursable U.S. Government funding (including US$0.5 million in incurred expenditure pending reimbursement for IBAS and another $0.3m pending reimbursement from SBIR) - providing approximately US$96.7 million in total available liquidity. Net operating cash outflow was US$12.6 million, deployed across the Virginia production ramp, product qualification, and GenX™ R&D.
- US$50M U.S. Public Offering: Priced an underwritten U.S. public offering on July 7, 2026, issuing 2,275,000 ADSs at US$21.98 per ADS for gross proceeds of ~US$50.0 million (net proceeds of ~US$46.1 million).
- Director On-Market Purchases: Directors acquired ~US$1.9 million of IperionX shares via on-market purchases in July, underscoring strong board alignment with shareholders.
- Proposed U.S. Redomiciliation: Announced plans on August 3, 2026, to redomicile to a Texas parent company with common stock listed directly on Nasdaq (replacing the current ADS structure), subject to shareholder, court, and regulatory approvals.
- Board Strengthened: Appointed Michael J. Loparco as an Independent Non-Executive Director on August 3, 2026, bringing over 25 years of global advanced manufacturing and supply-chain leadership at Jabil and Symbotic.
A link to the full release can be found here.
Contacts
Anastasios (Taso) Arima, Founder and CEO
Toby Symonds, President
Dominic Allen, Chief Commercial Officer
Investors: investorrelations@iperionx.com
Media: media@iperionx.com
+1 980 237 8900
www.iperionx.com
