IperionX (IPX) Investor update summary

Market and Industry Dynamics

• Record defense spending, reshoring efforts, and supply chain threats are driving unprecedented demand for titanium and the need for a secure U.S.-based supply chain, with strong government policy support.

• China and Russia control about 80% of the global titanium supply chain, heightening U.S. strategic vulnerabilities, with the U.S. importing 44,000 metric tons of titanium sponge annually, mostly from Japan.

• New industries such as robotics and consumer electronics are expected to significantly increase titanium demand, with advanced industries driving mass growth by 2050.

• Government support and grants are robust, with over $60 million received, more anticipated, and $47.1 million IBAS funding plus $99 million in prospective SBIR task orders.

Technology and Production Milestones

• Proprietary HAMR and HSPT technologies enable efficient, high-yield, low-cost titanium powder and component production, replacing legacy processes and improving downstream manufacturing.

• First new titanium metal production technology since the Kroll process, now scaled from pilot to industrial level in Virginia, with commercial-scale operations beginning in late 2023 and 24/7 production ramping up in 2024.

• Targeting 200 metric tons per annum by year-end, with plans to expand to 1,400 metric tons and a 7x expansion to over 10,000 metric tons per annum by 2030.

• GenX platform and continuous furnace technology aim to further reduce costs and enable large-scale, capital-efficient expansion.

Strategic Projects and Integration

• Titan Project is fully permitted and funded, offering the largest JORC-compliant resource of rare earth, titanium, and zircon mineral sands in the U.S., with a feasibility study funded by the Department of War.

• Backward integration with Titan will support both titanium and rare earth supply chains critical to U.S. industries and future large-scale expansion.