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Titan DFS gives IperionX (NASDAQ: IPX) US$813M NPV and 39.4% IRR outlook

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6-K

Rhea-AI Filing Summary

IperionX Limited released a Titan Project Definitive Feasibility Study presentation outlining a large U.S. rare earths and critical minerals development with strong modeled economics. The DFS shows after-tax NPV8 of US$813M, after-tax IRR of 39.4%, and total development capital of US$381M split between Phase 1 and Phase 2.

The project targets heavy rare earths, titanium minerals, zirconium and hafnium from a 117.0 Mt ore reserve grading 3.17% THM, with forecast life-of-mine EBITDA of US$2.8B and after-tax free cash flow of US$1.9B. Phase 2 is expected to produce 5,287 tpa of heavy rare earth concentrate, 118,658 tpa of ilmenite, 24,656 tpa of rutile and 65,668 tpa of zircon concentrate.

Positive

  • Titan DFS economics are strong, with after-tax NPV8 of US$813M, after-tax IRR of 39.4%, and life-of-mine EBITDA of US$2.8B on total development capital of US$381M.
  • Diversified critical mineral output includes heavy rare earth concentrate (5,287 tpa at Phase 2), titanium minerals, and 65,668 tpa of zircon concentrate, aimed at defense, aerospace, nuclear, semiconductor and robotics supply chains.

Negative

  • None.

Insights

Titan DFS outlines a high-value U.S. critical minerals project with strong modeled returns.

The Titan Project DFS presents a 117.0 Mt ore reserve at 3.17% total heavy minerals and a staged, open-pit development. Phase 1 and Phase 2 require total capital of US$381M, with operating costs declining from US$13.31 to US$10.57 per tonne of ore between phases.

On these assumptions, Titan delivers after-tax NPV8 of US$813M, after-tax IRR of 39.4%, and life-of-mine EBITDA of US$2.8B plus US$1.9B after-tax free cash flow. Phase 2 average annual EBITDA is US$226M, with after-tax free cash flow of US$172M per year.

The project targets several supply-chain bottlenecks by producing heavy rare earth concentrate rich in Dy, Tb and Y, as well as titanium, zircon and hafnium streams for defense, aerospace, nuclear, semiconductor and robotics applications. Actual outcomes depend on funding, construction, permitting, market prices and execution of IperionX’s processing technologies.

After-tax NPV8 US$813M Titan Project Definitive Feasibility Study
After-tax IRR 39.4% Modeled project internal rate of return
Total development capital US$381M Phase 1 US$228M, Phase 2 US$153M
Life-of-mine EBITDA US$2.8B Titan Project over full mine life
After-tax free cash flow US$1.9B Modeled life-of-mine total
Ore reserve 117.0 Mt at 3.17% THM Proved and probable reserve for Titan
Phase 2 annual EBITDA US$226M per year Average during Phase 2 operations
Phase 2 annual HREC output 5,287 tpa Heavy rare earth concentrate production
Definitive Feasibility Study financial
"IperionX Titan DFS Confirms High-Return U.S. Rare Earths and Critical Minerals Project"
A definitive feasibility study is a detailed, near-final assessment that shows whether a proposed project—often a mine, infrastructure or major industrial venture—can be built and operated profitably. It combines precise engineering plans, realistic cost estimates, production schedules and risk analysis to give lenders and investors a clear picture of expected returns and potential pitfalls, like a full blueprint and budget that helps decide whether to greenlight financing and construction.
Ore Reserve estimate financial
"information in this presentation that relates to the Ore Reserve estimate at the Titan Project"
Mineral Resource estimates financial
"information in this presentation that relates to the Mineral Resource estimates at the Titan Project"
Mineral resource estimates are scientific calculations of how much of a particular metal or mineral likely exists in a specific underground deposit, expressed in quantities and quality based on drilling, sampling and geological models. Investors use them like a preliminary inventory or treasure map: they indicate potential value and help size exploration and development decisions, but they are not guaranteed marketable reserves and usually require further work to confirm economic viability.
heavy rare earth concentrate financial
"Phase 2 Heavy Rare Earth Concentrate (HREC) contains approx. 48 tpa Dy₂O₃, 11 tpa Tb₄O₇ and 232 tpa Y₂O₃"
A heavy rare earth concentrate is a processed mineral product that contains a high proportion of the denser, more valuable rare earth elements (like dysprosium and terbium) separated from mined ore. Think of it as a fruit concentrate: the useful ingredients are concentrated and shipped for further refining into parts used in magnets, electronics and defense gear. Investors watch it because its scarcity, processing costs and geopolitics strongly affect prices, company margins and supply-chain risk.
after-tax NPV8 financial
"AFTER-TAX NPV8 US$813M NPV/initial capex: 3.6x"
IRR financial
"After-tax IRR % 39.4%"
IRR (Internal Rate of Return) is the annualized percentage return an investment is expected to produce based on its projected series of cash outflows and inflows; mathematically, it’s the rate that makes the present value of those cash flows balance to zero. Investors use IRR to compare and rank projects or investments—similar to comparing the interest rates on savings accounts—to judge which offers the best return for the time and risk involved.
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Form 6-K: How Foreign Companies Report to the SEC →
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934

Date: June 10, 2026
Commission File Number: 001-41338

IperionX Limited
(Translation of registrant’s name into English)

1092 Confroy Drive
South Boston, Virginia
(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

EXHIBIT INDEX
The following exhibits are filed as part of this Form 6-K:

Exhibit
  
Description
   
99.1
  
Titan DFS Presentation

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
IPERIONX LIMITED
 
(registrant)
   
Date: June 10, 2026
By:
  /s/ Marcela Castro 
 
 
Name: Marcela Castro
 
Title:   Chief Financial Officer


Exhibit 99.1

 Titan DFS  Building a U.S. Supply Chain for Heavy Rare Earths, Titanium, Zirconium and Hafnium  A U.S. critical mineral-to-metals platform for defense, aerospace, nuclear, semiconductors, robotics and advanced manufacturing supply chains  June 2026  IperionX LimitedNASDAQ and ASX: IPX 
 
 Disclaimers   2  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 IperionX Limited’s (the “Company”) actual results, performance, and achievements to differ materially from any forecast 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 mineralization, the Company’s ability to comply with the relevant contractual terms to access the technologies, commercially scale its closed-loop titanium production process, 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.  Cautionary Statements and Important Information  This presentation has been prepared by the Company as a summary only and does not contain all information about assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to securities. Any investment in the Company should be considered speculative and there is no guarantee that they will make a return on capital invested, that dividends would be paid, or that there will be an increase in the value of the investment in the future.  The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position.  Compliance Statement  The information in this presentation that relates to the Ore Reserve estimate at the Titan Project is extracted from the Company's announcement titled "IperionX Titan DFS Confirms High-Return U.S. Rare Earths and Critical Minerals Project" released to ASX on 4 June 2026 and which is available at www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the Ore Reserve estimate information included in that original market announcement and confirms that all material assumptions and technical parameters underpinning the Ore Reserve estimate in that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the findings of the Competent Person are presented have not been materially modified from the original market announcement. The Competent Person for the Ore Reserve estimate in that announcement was Mr. Justin Douthat.     The information in this presentation that relates to the Mineral Resource estimates at the Titan Project is extracted from the Company's announcement titled "IperionX Titan DFS Confirms High-Return U.S. Rare Earths and Critical Minerals Project" released to ASX on 4 June 2026 and which is available at www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resource estimates information included in that original market announcement and confirms that all material assumptions and technical parameters underpinning the Mineral Resource estimates in that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the findings of the Competent Person are presented have not been materially modified from the original market announcement. The Competent Person for the Mineral Resources in that announcement was Mr. John Eckman.  The information in this Presentation that relates to the Company's production targets and financial forecasts for the Titan Project is extracted from the Company's ASX announcement titled "IperionX Titan DFS Confirms High-Return U.S. Rare Earths and Critical Minerals Project" released to ASX on 4 June 2026 and which is available at www.asx.com.au. The Company confirms that all the material assumptions underpinning the production targets, and the forecast financial information derived from the production targets, in that announcement continue to apply and have not materially changed.  Not an offer in the United States  This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.  This presentation has been authorized for release by the CEO and Managing Director.  IPERIONX LIMITED  ABN 84 618 935 372 
 
 Why Titan Matters   Strategic Minerals, Strong Economics, Shovel Ready    3 
 
 A vertically integrated minerals-to-metals platform in the U.S.    4  Proprietary titanium manufacturing technologies, underpinned with secure Tennessee critical minerals reserves  TITANIUM METAL OPERATIONS  Titanium manufacturing • powder • parts  Re-shoring end-to-end titanium metal production to the U.S.  TITAN CRITICAL MINERAL DEVELOPMENT  Titanium • zircon + hafnium • rare earths  ‘Shovel-ready’ critical mineral project with key permits in place  Scaling U.S. titanium powder and advanced manufacturing in Virginia  HAMR™ process: Titanium from mineral or scrap feedstocks  HSPT™ process for ‘forged’ near-net-shape titanium parts   Focused on defense, aerospace & advanced manufacturing industries  100%-owned U.S. Critical Minerals Project in Tennessee  High-value titanium, zircon & heavy rare earth critical mineral reserves in a premier U.S. jurisdiction  Shovel-ready with established infrastructure, DFS defined and key permits in place  Strategic focus: Long-term domestic critical minerals feedstock for defense, aerospace, robotics supply chains 
 
 Titan DFS: strong economics, strategic products and shovel-ready    5  Leading U.S. rare earth and critical minerals project with strong economics and near-term development pathway   AFTER-TAX NPV  DEVELOPMENT CAPEX  LIFE OF MINE EBITDA AND FCF  HEAVY RARE EARTH CONCENTRATE1  TITANIUM MINERALS1  ZIRCON CONCENTRATE1  US$813M  US$381M  US$2.8B  ~5,300 tpa  ~143,300 tpa  ~65,700 tpa  39.4% IRR  Phase 1: US$228M  Phase 2: US$153M  US$1.9B FCF  Heavy rare earth concentrate  Rutile: ~24,700 tpa  Ilmenite: ~118,700 tpa  Zircon concentrate  37,000  BOEING 787s2  13,000,000  Electric Vehicles2  5,700,000   Humanoid Robots2  Refer to ASX Announcement dated June 4 2026 for details.  Phase 2 production rates shown, rounded. All production values stated in metric tons throughout presentation.  Equivalent product figures shown are rounded. Based on Titan’s LOM projected production of titanium in ilmenite and rutile, and NdPr in HREC oxides. IPX estimates for material intensities for various end-use applications. Sources: Adamas Intelligence; Benchmark Minerals; ORNL; DoE; MDPI Minerals 2023, 13, 1274; Resources, Conservation & Recycling (2025) 107966  
 
 Four strategic material streams, one U.S. supply-chain platform  Titan is a rare U.S. critical minerals platform that can solve multiple supply chain chokepoints across defense, nuclear, semiconductors, AI infrastructure, robotics and advanced manufacturing  Heavy rare earths  Dysprosium • Terbium • Yttrium  High-temperature magnets, defense electronics, thermal-barriers, lasers and advanced sensors  Light rare earths  Neodymium • Praseodymium  Permanent magnet foundation for motors, drones, robotics, EVs and precision actuation  Zirconium + Hafnium  Zirconium • Hafnium  Nuclear fuel systems, control rods, semiconductors, advanced ceramics, C103 alloys   Titanium  Titanium mineral feedstocks  Defense, aerospace, naval, ground vehicle, robotics and advanced manufacturing metal pathways  CORNERSTONE PROJECT • FOUR STRATEGIC MATERIAL STREAMS  22  Ti  Titanium  47.867  60  Nd  Neodymium  144.24  59  Pr  Praseodymium  144.24  65  Tb  Terbium  158.93  66  Dy  Dysprosium  162.50  39  Y  Yttrium  88.906  40  Zr  Zirconium  91.22  72  Hf  Hafnium  178.49   6 
 
 Titan addresses multiple defense-critical material chokepoints   7  High temperature magnets  Advanced ceramics  Lightweight, high-strength titanium alloys  Nuclear systems and semiconductors  Drones, missiles, actuators, robotics, EVs, weapons systems   High-temperature thermal barriers, hypersonics, radar, laser systems  Aerospace, ground vehicles, robotics  Nuclear systems, semiconductors, high-temperature alloys   Titan secures four key defense-critical material families, from leading U.S. critical mineral reserve  TITAN  Tennessee  Domestic mineral feedstock platform  February 2025  DOW IBAS award with $5mm allocated to accelerate Titan Project  $47.1mm  22  Ti  Titanium  47.867  60  Nd  Neodymium  144.24  59  Pr  Praseodymium  144.24  65  Tb  Terbium  158.93  66  Dy  Dysprosium  162.50  39  Y  Yttrium  88.906  40  Zr  Zirconium  91.22  72  Hf  Hafnium  178.49  40  Zr  Zirconium  91.22 
 
 With a suitable funding pathway, potential for a U.S. supply-chain solution in  2028  Potential for Phase 1 production ramp-up  to be complete by September 2028  1  H2  2026  Early works commence  2  Jan  2027  Construction commences  3  Jun  2028  Commission commences   4  Sep  2028  Ramp-up complete  Titan is a cornerstone for U.S. critical-mineral supply chain security  Shovel ready U.S. critical mineral platform with key permits in place  Robust economics  US$813M NPV8 // 39.4% IRR // US$381M total capex  High-value, critical products  HREC for Dy + Tb + Y + NdPr, titanium minerals, and zircon/Zr-Hf  Key permits + execution path in place  State Surface Mining and NPDES permits granted  “Shovel-ready” path to 2028 production  Potential for production ramp-up complete in September 2028  1  2  3  4   8 
 
 America’s strategic mineral stronghold: Titan + Big Sandy  Source: USGS, DOE, industry reports, IperionX analysis.   9  Titan is a leading U.S. rare earth and critical mineral reserve with heavy rare earths, zirconium-hafnium and titanium can support defense, nuclear, semiconductors, aerospace and robotics  CHINA STRATEGIC WEAKNESS  HREEs  China dominates separation / magnets but lacks domestic HREE feedstocks  Zr / ZOC  China dominates ZOC midstream - but lacks domestic zircon resources  Hafnium  China’s position depends on zirconium refining and imported zircon.  Titanium  China has scale but remains dependent on the high-cost Kroll-process  U.S. SUPPLY CHAIN GAPS  HREE feedstock shortage  Insufficient DyTb to scale high-temperature magnet capacity  Limited ZOC / chemicals  Thin domestic zirconium chemical capacity  Limited Zr/Hf separation  Limited U.S. hafnium recovery and separation  High Import reliance  Limited fully integrated domestic titanium metal capacity  WHY THIS MATTERS  National defense  Nuclear power  Advanced-semiconductors  Aerospace + space  Robotics + Drones  China’s upstream weakness   Titan + U.S. minerals = Opportunity for U.S. leadership   TITAN / BIG SANDY SOLUTION  Dy/Tb/Y-rich HREC  Large-scale domestic feedstock to anchor heavy rare earth supply chains  Zircon feedstock  Foundation for a vital U.S. Zr/Hf and zirconium chemicals supply chain  Hafnium optionality  Hafnium-bearing zircon stream for strategic products  Mineral-to-metal Titanium   Titan + IperionX technologies underpin U.S. titanium scale-up and supply chains   Dy/Tb/Y-rich HREC  Zircon feedstock  Hafnium optionality 
 
  10  Titan Products  Critical Minerals for Key U.S. Supply Chains 
 
 Titan targets the heavy rare earth bottleneck  TITAN ADDRESSES THE U.S. HEAVY RARE EARTH SUPPLY CHAIN GAP  YTTRIUM OXIDE  DYSPROSIUM + TERBIUM OXIDE  ANNUAL PROJECTED DY + TB AND Y MINED OUTPUT – TITAN vs. MP MATERIALS1  MP Materials  IperionX  MP Materials  IperionX  61 tpa  232 tpa  37 tpa  58 tpa  Titan is materially greater than MP for Y output  Titan adds scarce Dy + Tb-rich feedstock into growing demand  Importance to U.S. supply chains  Phase 2 Heavy Rare Earth Concentrate (HREC) contains approx. 48 tpa Dy₂O₃, 11 tpa Tb₄O₇ and 232 tpa Y₂O₃  Permanent magnets for missiles, drones, actuators and radar systems  High-temperature magnet performance via Dy + Tb additions  Yttrium for thermal-barrier coatings, ceramics and semiconductor equipment  1. Refer to Endnote.   11  Titan’s heavy rare earth concentrate is rich in Dy + Tb + Y — the heavy rare earths essential for high-temperature magnets and thermal-barrier ceramics  UPSTREAM FEED  CRACKING & SEPARATION  METALLIZATION & MAGNETS  Titan heavy rare earth concentrate, incl. Dy, Tb and Y  Heavy rare earth rich feedstock is a key U.S. supply chain bottleneck  END USERS (INCL. DEFENSE)  Oxides cracked and separated   Metallization and production of NdFeB magnets (incl. Dy + Tb for performance)  Missiles, aircraft, drones, robotics, semiconductors and energy  Domestic capacity needs reliable sources in order to scale  Magnet production takes place today – largely reliant on Chinese supply chains  Demand growth adds urgency to U.S. supply chain resilience  UPSTREAM FEED  65  Tb  Terbium  158.93  66  Dy  Dysprosium  162.50  39  Y  Yttrium  88.906 
 
 Zircon + Hafnium: critical supply for semiconductors, nuclear and defense   12  Zircon concentrate + hafnium  65,668 tpa of zircon concentrate; contains ~16,700 tpa zirconium metal at Phase 2 scale.  TITAN FEEDSTOCK  ZIRCON / ZIRCONIA  Y + ZR MULTIPLIER  Zircon concentrate from Titan minerals  TITAN ZIRCONIUM-HAFNIUM PATHWAY  HAFNIUM OPTIONALITY  ZrSiO4 > ZrO2 for ceramics, refractories and foundry uses  Yttria-stabilized zirconia for thermal-barrier coatings and advanced ceramics  Zircon is the key source of Hafnium…. Essential nuclear control rods, C103 superalloys and semiconductors   Nuclear & naval  Zirconium alloys for fuel cladding; Hafnium for control rods  Hypersonics & space  C-103 Nb-Ti-Hf alloys, thermal protection and materials for extreme heat environments  Semiconductors  HfO₂ High-k dielectrics; Y/Zr ceramics for plasma-facing parts  Jet engines  Yttria-stabilized zirconia thermal-barrier coatings and advanced ceramics   Titan has the potential to be a key U.S. feedstock source for zirconium, hafnium and advanced material supply chains  40  Zr  Zirconium  91.22  72  Hf  Hafnium  178.49 
 
 Surging AI memory growth pulling hafnium into large structural deficit   1. Micron Technology (2023): “Micron’s Perspective on Impact of CXL on DRAM Bit Growth Rate”. 2. USGS 2025 Mineral Commodity Summaries - Zirconium and Hafnium   13  Surging demand for memory, including DRAM and HBM, is moving hafnium towards a semiconductor scaling bottleneck   Demand Pull  ~20% PROJECTED CAGR1  Physical limitations of semiconductor materials forcing new atomic structures  AI accelerators, HBM, DRAM scaling and advanced logic nodes increase demand for high-purity hafnium precursors  Semiconductor demand can rise exponentially faster than nuclear-grade zirconium production  Zirconium / Hafnium supply  Hafnium is typically recovered as a byproduct of zirconium refining  Supply expansion therefore depends on additional zircon feedstock, chemical processing, Zr/Hf separation and downstream precursor capacity  If demand accelerates faster than byproduct supply, hafnium may transition from byproduct into a strategic highly-valued co-product  Zircon + Hafnium prices will likely rise to a level that subsidizes new market supply  Titan Project  Titan has potential to supply Hafnium and Zirconium feedstocks for a range of U.S. industries, including nuclear and semiconductors  ~16,700 TONS   CONTAINED ZIRCONIUM PER YEAR  50 : 1  NATURALLY OCCURRING ZIRCONIUM : HAFNIUM RATIO  84 TONS   2025 U.S. HAFNIUM IMPORTS (WROUGHT + UNWROUGHT)2 
 
 1. U.S. Geological Survey. Locations shown represent approx. titanium sponge production facilities. List is not exhaustive, but is representative of American vs. RoW capacity. 2026 figures shown are estimates and projections, and Chinese data includes projections for incremental 2026 capacity from Argus Metals.   14  Secure, U.S. mineral to metal titanium supply chain  Phase 2 contained titanium metal of ~58,000 tpa2  IperionX technologies + Titan provide a fully U.S. mineral to metal pathway  Potential for U.S. production of titanium powders, parts and mill-products  U.S.  China + Russia  PRIMARY TITANIUM PRODUCTION CAPACITY (METRIC TONS PER YEAR)1  2026 NAMEPLATE CAPACITY   2027 IBAS EXPANSION CAPACITY  TITAN ENABLES THE MASS SCALE UP OF U.S. TITANIUM METAL PRODUCTION  2030+ TARGET CAPACITY  200 tpa  Titanium scrap based feedstock  1,400 tpa  Titanium scrap based feedstock  >10,000 tpa  Titanium scrap based feedstock + Titan Project mineral feedstock  IperionX is re-shoring an end-to-end U.S. titanium supply chain, using patented technologies and Titan minerals feedstock  Titan underpins the scale-up of a U.S. titanium mineral-to-metal supply chain  2 Phase 2 run-rate forecast to produce ~118,658 tpa of ilmenite and 24,656 tpa of rutile. Using DFS product spec. of 62.5% TiO₂ for ilmenite / 91.1% TiO₂ for rutile, is ~58,000 tpa of contained metal before upgrading, recovery, & processing assumptions.  22  Ti  Titanium  47.867 
 
 Case study: Total robot sales forecast (million units)1  Case study: Content needed to support 1.4b robots in 20501  Bearings  Spacers  REE magnets  Current market: 0.2b units  2050 est.: 41b units   200x increase  Current market: 0.03b units  2050 est.: 14b units   467x increase  Current market: 0.004m tons  2050 est.: 1.7m tons   425x increase  1. Morgan Stanley Research – December 2025   15  Robotics needs Titan’s titanium and rare earth product streams for long-duration hyper-growth  Robotics growth could multiply demand for high-strength lightweight structures, precision actuators, high-performance magnets, bearings, spacers and thermal materials 
 
 IperionX is scaling a technology-led, vertically-integrated U.S. titanium platform  A vertically integrated U.S. titanium technology platform developed over 15 years   16  AN INTEGRATED TITANIUM PLATFORM  From critical minerals and patented processing technologies, to production of advanced titanium products  1  2  3  4  5  Titan + Big Sandy Critical Mineral Province  Titan Project  Big Sandy Critical Mineral Province  Titanium minerals  Rare earths  Zircon + Hafnium  Mineral Upgrading Technologies  GR™ + ARH™  Upgrade critical minerals  Separate higher-value product streams  TiO₂ products  Fe products for LFP batteries  Titanium Technologies  HAMR™  HSPT™  GenX continuous operations  Low-cost titanium powder  Advanced titanium processing  World-Class Research  New alloys  Continuous HSPT™  Materials science innovation  Process development  Research partnerships  Titanium Products  Ti products  Ti near net shape  Ti mill products (plate + bar)  Ti powder  Ti for additive 
 
 Appendix   17 
 
 Reserve-backed, conventional and infrastructure advantaged project with key permits in place  Refer to ASX Announcement dated June 4, 2026 for details.   18  117.0 Mt Ore Reserve at 3.17% THM  No inferred resources included in the production target  Ore Reserve confidence  80% Proved  20% Probable  Open-pit, excavator-and-truck mineral sands mining  No drilling/blasting or hard-rock crushing  Wet concentration, rare earth flotation and dry separation  Progressive backfill reduces tailings footprint  Road, rail, barge, power, water and gas infrastructure nearby  Mineral Resource Estimate  In situ tons  THM  THM  THM Assemblage  Zircon  Rutile  Ilmenite  REE  (%)  (t)  (%)  (%)  (%)  (%)  Measured (M)  217,285,000  2.1  4,548,000  10.8  9.4  40.6  1.4  Indicated (I)  130,578,000  2.2  2,841,000  10.4  9.9  42.7  1.5  Total M+I  347,863,000  2.1  7,389,000  10.6  9.6  41.4  1.4  Inferred (Inf)  97,832,000  1.8  1,774,000  9.3  9.6  38.0  1.2  Total M+I+Inf  445,695,000  2.1  9,163,000  10.4  9.6  40.8  1.4  Ore Reserve Estimate  ROM tons  THM  THM  THM Assemblage  Zircon  Rutile  Ilmenite  REE  Unit  Proved  Probable  Total  (%)  (t)  (%)  (%)  (%)  (%)  Upper McNairy  24,565,000  2,415,000  26,980,000  2.30  620,000  6.2  6.2  23.6  0.2  Lower McNairy  68,740,000  21,307,000  90,047,000  3.43  3,086,000  12.7  10.5  48.3  1.9  Total  93,306,000  23,722,000  117,027,000  3.17  3,706,000  11.6  9.8  44.2  1.6 
 
 A low-risk, staged development approach  Refer to ASX Announcement dated June 4, 2026 for details.   19  METRIC  UNIT  PHASE 1  PHASE 2  Mine life  Years  1-4  5-14  Annual ore feed  Mt pa  3.5  10  Ore and waste  Mt  117.0 Mt ore; 95.6 Mt waste (strip ratio: 0.82)  Total development capital  US$  $228.1M  $153.2M  Operating costs  US$/t ore  $13.31  $10.57  Total LOM EBITDA  US$  $2.8B  Total after-tax free cash flow  US$  $1.9B  Phase 2 avg. annual EBITDA  US$ pa  $226M  Phase 2 avg. annual after-tax FCF  US$ pa  $172M  After-tax NPV₈  US$  $813M  After-tax IRR  %  39.4%  After-tax payback period  Years  3.6  Phase 2 annual production  tpa  HREC: 5,287  Ilmenite: 118,658  Rutile: 24,656  Zircon concentrate.: 65,668 
 
 Industry standard flowsheet: wet concentration followed by mineral separation  Refer to ASX Announcement dated June 4, 2026 for details.   20  Wet Concentrator plant site layout  Mineral separation plant site layout 
 
 Compelling economics: returns, cash flow and resilience  Refer to ASX Announcement dated June 4, 2026 for details.   21  AFTER-TAX NPV8  US$813M  NPV/initial capex: 3.6x  AFTER-TAX IRR  39.4%  payback: 3.6 years  LOM EBITDA  US$2.8B  after-tax FCF: US$1.9B  TOTAL CAPEX  US$381M  Phase 1 US$228M  PHASE 2 FCF  US$172M/yr  avg. after tax 
 
 Endnote: peer comparison and material assumptions  Refer to ASX Announcement dated June 4, 2026 for details.   22  Source: IperionX – Titan Project Definitive Feasibility Study, June 4, 2026 (link), MP Materials – Form 10K Annual Report, February 26, 2026 (link)  Notes: Values subject to rounding. Titan reserve grade presented in Total Heavy Mineral (THM). Mountain Pass reserve grade presented in Total Rare Earth Oxide (TREO). The Mountain Pass reserve is reported pursuant to the requirements of Regulation S-K Subpart 1300 (“S-K 1300”), and the Titan reserve is reported under the JORC Code (2012). The Competent Person has not undertaken sufficient work to classify the S-K 1300 estimates as JORC Compliant Mineral Resources or Ore Reserves, meaning that following further evaluation the estimate may change or not achieve JORC status. Nonetheless, the comparison is reasonable because:  - The comparator projects are disclosed under alternative recognized reporting standards (i.e. S-K 1300), with broadly equivalent scale, grade ranges and development status.  - All data inputs are sourced from public filings (e.g. public reports and investor presentations) and referenced to the original source and date.  - The comparative metrics are clearly contextual – intended as industry benchmarks for scale and stage, rather than definitive reserve/resource values.  Company / project  Status  Proved reserves  Probable reserves  Total reserves  Grade  IperionX / Titan  DFS  93.3 Mt  23.7 Mt  117.0  3.2% THM  MP Materials / Mountain Pass  Producer  1.0 Mt  27.9 Mt  29.0  5.9% TREO 
 

Source: View Original Filing on SEC EDGAR

FAQ

What does the Titan DFS show for IperionX (IPX) project economics?

The Titan DFS indicates after-tax NPV8 of US$813M, after-tax IRR of 39.4%, and total development capital of US$381M. It also forecasts life-of-mine EBITDA of US$2.8B and after-tax free cash flow of US$1.9B from the project.

What critical minerals will IperionX’s Titan Project produce?

Titan targets heavy rare earths, titanium minerals, zirconium and hafnium. Phase 2 forecasts annual production of 5,287 tpa heavy rare earth concentrate, 118,658 tpa ilmenite, 24,656 tpa rutile and 65,668 tpa zircon concentrate for strategic U.S. supply chains.

How large is the Titan ore reserve reported by IperionX (IPX)?

The Titan Project has an ore reserve of 117.0 Mt at a grade of 3.17% THM. The reserve combines 93.3 Mt of proved and 23.7 Mt of probable material, supporting the planned open-pit, excavator-and-truck mining and mineral sands processing flowsheet.

What are the key cash flow metrics for IperionX’s Titan Project?

The DFS projects total life-of-mine EBITDA of US$2.8B and after-tax free cash flow of US$1.9B. Phase 2 is expected to generate average annual EBITDA of US$226M and after-tax free cash flow of US$172M under the study assumptions.

Which U.S. industries could benefit from IperionX’s Titan production?

Titan’s planned products support defense, aerospace, nuclear, semiconductors, AI infrastructure, robotics and advanced manufacturing. Heavy rare earths feed high-temperature magnets, zirconium-hafnium streams support nuclear and chips, and titanium minerals underpin lightweight structural metals.

How does Titan address the U.S. heavy rare earth supply gap?

Phase 2 heavy rare earth concentrate is expected to contain about 48 tpa Dy₂O₃, 11 tpa Tb₄O₇ and 232 tpa Y₂O₃. This Dy, Tb and Y-rich feedstock targets bottlenecks in high-temperature magnets and thermal-barrier ceramics important for missiles, drones and advanced electronics.

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