IperionX Commences Titan Critical Minerals Project Definitive Feasibility Study With U.S. Government Support

Rhea-AI Summary

IperionX (NASDAQ: IPX) has initiated a Definitive Feasibility Study (DFS) for its Titan Critical Minerals Project in Tennessee, marking a significant step toward developing a fully integrated U.S. titanium supply chain. The project represents the largest U.S. mineral resource of titanium, zircon, and rare earth mineral sands.

The DFS, expected to complete by Q2 2026, is partially funded through IperionX's recent US$47.1 million U.S. Government award. Total U.S. Government funding received since January 2023 exceeds US$60 million. The study will encompass detailed mine engineering, processing flowsheet, and infrastructure design.

The Titan Project could become the largest domestic source of critical heavy rare earth elements, including dysprosium and terbium, essential for advanced technologies and national defense. The company's Virginia Titanium Production Facility remains on schedule for ramp-up through 2025.

Positive

• Secured over US$60 million in U.S. Government funding since January 2023
• Largest U.S. mineral resource of titanium, rare earth, and zircon mineral sands
• Project is fully permitted and ready for development
• Strong interest from potential strategic and commercial partners
• Virginia Titanium Production Facility on track for planned ramp-up

Negative

• DFS completion not expected until Q2 2026, indicating long timeline to production
• Significant capital investment still required for project development

Insights

Mining Development Analyst

IperionX's commencement of the Definitive Feasibility Study for its Titan Critical Minerals Project represents a pivotal advancement in the company's development trajectory. As the final engineering phase before construction decisions, this DFS milestone significantly de-risks the project pathway while validating the US$60+ million in government funding secured since 2023.

The strategic importance of this project cannot be overstated. The Titan Project represents the largest U.S. resource of titanium, zircon and rare earth mineral sands at a time when domestic supply chain security has become a national priority. Particularly noteworthy is its potential to become America's primary source of heavy rare earth elements like dysprosium and terbium – critical materials facing severe supply constraints that command premium pricing.

What makes IperionX's position truly distinctive is its integrated approach. While most mining companies simply extract and sell raw materials, IperionX is simultaneously developing downstream processing capabilities at its Virginia Titanium Production Facility. This vertical integration strategy creates multiple value-capture opportunities across the supply chain while insulating the company from commodity price volatility.

The Q2 2026 timeline for DFS completion establishes a clear development pathway, though investors should recognize this represents an engineering milestone rather than immediate production impact. The company's ability to attract substantial government funding underscores both the project's national significance and the reduced capital burden on shareholders to advance development.

Supply Chain Strategist

The initiation of IperionX's Definitive Feasibility Study represents a significant strategic positioning in the reshoring of critical mineral supply chains. The US$47.1 million government award specifically allocated toward establishing a "mineral-to-metal" titanium supply chain demonstrates exceptional alignment with evolving national security priorities.

What distinguishes this development is the rare vertical integration approach. Most critical minerals projects focus exclusively on resource extraction, creating dependence on overseas processing. IperionX's simultaneous advancement of both mining capabilities and downstream titanium production creates a closed-loop domestic supply system – precisely what defense and aerospace sectors require for supply predictability.

The mention of significant interest from "potential strategic and commercial partners" signals likely future offtake arrangements or joint ventures that could substantially reduce market risk. Titanium's expanding applications beyond aerospace into consumer goods, medical devices, and hydrogen technologies creates diversified demand channels, reducing dependency on any single market segment.

Most compelling is the rare earth element potential, particularly dysprosium and terbium. These heavy rare earths face extreme supply constraints, with over 95% of global production currently controlled by foreign entities. Establishing a domestic source creates negotiating leverage in international markets while supporting critical defense and clean energy applications.

The 2026 timeline for DFS completion establishes a measured development approach, with parallel advancement of the company's Virginia production facility creating potential near-term revenue while the larger Titan Project progresses through final engineering phases.

• 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

CHARLOTTE, N.C.--(BUSINESS WIRE)-- 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250408290884/en/

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

Source: IperionX Limited

FAQ

When will IperionX's Titan Project DFS be completed?

The Definitive Feasibility Study (DFS) for IPX's Titan Project is expected to be completed by Q2 2026.

How much government funding has IperionX (IPX) received since January 2023?

IperionX has received over US$60 million in U.S. Government funding since January 2023.

What critical minerals will the IPX Titan Project produce?

The Titan Project will produce titanium, zircon, and rare earth minerals, including critical heavy rare earth elements dysprosium and terbium.

What is the timeline for IperionX's Virginia Titanium Production Facility?

The Virginia Titanium Production Facility is on track for ramp-up through 2025.

What makes IPX's Titan Project strategically significant for the U.S.?

It represents the largest U.S. mineral resource of titanium, rare earth, and zircon mineral sands, supporting domestic supply chain independence for critical minerals.