IperionX – March 2026 Quarterly Report
SOUTH BOSTON, Va., April 27, 2026 (GLOBE NEWSWIRE) -- IperionX Limited (Nasdaq | ASX: IPX) is pleased to present its quarterly report for the period ended March 31, 2026. Highlights during and subsequent to the end of the quarter include:
Operations – Titanium powder production
Operations – Titanium product manufacturing
Customers
U.S. Department of War (DoW) programs
Titan Critical Minerals Development
Cash balance
MANAGEMENT COMMENTARY
From commissioning to continuous operations — building a domestic U.S. titanium supply chain at industrial scale
The March 2026 quarter marked an important transition for IperionX: from commissioning into continuous operations, and from technology development toward repeatable commercial execution.
After more than a decade of development, pilot operations, customer validation and U.S. Government-supported scale-up, IperionX is now operating at industrial scale in Virginia. Our proprietary HAMR™ and HSPT™ technologies are operational, producing high-quality titanium from 100% recycled feedstock and enabling a materially more efficient pathway to titanium powders and titanium products than legacy Kroll-based supply chains.
This transition is the result of sustained technical execution: over 10 years of R&D, multi-year pilot operations, construction and commissioning of the Virginia Titanium Manufacturing Campus, and more than US$75 million of U.S. Government support across titanium technology development, domestic manufacturing scale-up and critical minerals programs. IperionX is now positioned at the intersection of two major national priorities: reshoring titanium manufacturing and rebuilding secure U.S. critical-materials supply chains for defense, aerospace and advanced industry.
The strategic context has never been more important. Titanium is essential to defense, aerospace, automotive, consumer electronics, additive manufacturing and advanced industrial applications, yet existing supply chains remain highly exposed to imported primary metal, energy-intensive legacy processes and offshore manufacturing capacity. IperionX is building a domestic alternative: a U.S.-based, scrap-to-part titanium platform using recycled and domestic feedstocks, proprietary powder production, advanced sintering and forging technologies, and scalable American manufacturing capacity.
At our Virginia Titanium Manufacturing Campus, operations are now running on a 24/7 schedule and continuing to ramp. In March, HAMR™ powder production reached approximately 4.2 metric tons for the month, equivalent to approximately 50 tpa annualized. This remains an early-stage ramp rate, not steady-state capacity, but it provides a strong operating base as we progress toward targeted titanium powder capacity of approximately 200 tpa by the end of CY2026. Our immediate operating priorities are clear: increase titanium throughput, broaden product mix, improve production consistency and commission additional downstream capacity for customers.
That downstream manufacturing capacity is key. Additional HSPT™ sintering furnaces, powder metallurgy presses and related equipment are being installed and commissioned through 2026. These systems are expected to unlock higher-volume titanium “powder-to-part” manufacturing, where IperionX expects the greatest customer value and margin potential to exist. They are also expected to remove current bottlenecks in finished-component production, accelerate customer qualification timelines and support the transition from prototype work and low-rate production toward larger, longer-duration supply programs.
Customer engagement is advancing in parallel with the operational ramp. Our go-to-market strategy is initially focused on high-value engineered products, where our advantages in material yield, rapid prototype iteration, reduced processing steps and potential cost reduction are most pronounced. This has driven active programs across defense, aerospace, automotive, consumer electronics and industrial markets, with several programs progressing from technical engagement and prototyping toward qualification and low-rate production.
We recognize that commercialization in these markets is a staged process. Qualification, customer testing, product iteration and production readiness must occur before larger contractual supply arrangements are established. As production capacity expands and additional HSPT™ furnaces and powder metallurgy systems come online, we expect to materially improve the pace at which customer programs can progress from initial engagement and prototype iteration through qualification, low-rate production and potential long-term supply arrangements across engineered products, mill products and titanium powders.
U.S. Government support remains both a strategic validation and a financial advantage. IperionX has secured a significant titanium scrap inventory, including approximately 290 metric tons transferred by the U.S. Government at no cost, supporting feedstock security through scale-up. The Company is also supported by fully obligated US$47.1 million IBAS funding, the earlier US$12.7 million DPA Title III award, and an SBIR Phase III contracting pathway of up to US$99 million through project-specific task orders. These programs reflect the strategic importance of establishing a resilient, low-cost domestic titanium manufacturing capability for the U.S. defense industrial base.
Our scale-up pathway remains well defined. We are targeting approximately 200 tpa of titanium powder capacity by the end of CY2026, progressing a U.S. Government-supported expansion pathway toward 1,400 tpa in 2027, and continuing to advance longer-term plans for substantially larger titanium manufacturing capacity. In parallel, GenX™, our next-generation continuous HAMR™ platform, is progressing as a potential step-change in titanium powder production, with the objective of increasing throughput, improving capital efficiency and further reducing operating costs.
The Titan Critical Minerals Project is IperionX’s second strategic pillar. With a U.S. DoW-supported DFS nearing completion, Titan represents a potential domestic source of titanium minerals, zircon and critical rare earths, including dysprosium, terbium and yttrium — materials for which the United States has limited domestic supply. Subject to completion of the DFS, funding and development decisions, Titan has the potential to complement IperionX’s titanium metal platform and contribute to U.S. critical mineral independence.
IperionX is moving from technology to production, and from production toward scale. The opportunity is significant, and the next steps are clear: ramp Virginia production, commission downstream capacity, convert customer programs into revenue, progress the 1,400 tpa expansion, complete the Titan DFS and continue building a fully domestic U.S. titanium and critical-materials platform.
Disciplined execution remains the priority.
Anastasios Arima
CEO and Managing Director
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