IperionX (IPX) H2 2024 earnings summary

Executive summary

• Achieved commercial-scale commissioning of the HAMR furnace in Virginia, enabling rapid titanium production expansion and validating proprietary low-cost, low-carbon titanium technology.

• Secured $12.7 million in U.S. Department of Defense funding to address domestic titanium supply chain vulnerabilities.

• Advanced the Titan Project in Tennessee, receiving all key permits and progressing feasibility studies for critical minerals production.

• Signed major customer and strategic partnership agreements, including with Lockheed Martin, Heroux-Devtek, GKN Aerospace, United Stars, Vegas Fastener, Aperam, and Ford Motor Company.

• Recognized with an R&D 100 award for the innovative HAMR titanium production process.

Financial highlights

• Net loss after tax for FY2024 was US$21.8 million, compared to US$17.4 million in FY2023, primarily due to increased R&D and share-based payment expenses.

• Cash reserves at June 30, 2024, were US$33.2 million (2023: US$11.9 million); net assets increased to US$51.3 million (2023: US$20.6 million).

• No dividends declared or paid.

• Raised gross proceeds of approximately US$50.5 million through two share placements during the year.

Outlook and guidance

• Targeting titanium production capacity of over 125 metric tons per year in Virginia in the near term, with a goal of exceeding 10,000 metric tons per annum by 2030.

• Plans to vertically integrate the supply chain using upgraded feedstock from the Titan Project.

• Ongoing pursuit of additional government funding and strategic partnerships to accelerate growth.