IPX · IperionX Limited

IperionX's March 2026 quarterly report marks a pivotal transition from commissioning to continuous operations at its Virginia Titanium Manufacturing Campus. The company achieved HAMR powder production of approximately 4.2 metric tons in March, equivalent to an annualized rate of ~50 tpa, and is targeting ~200 tpa by end-CY2026. The quarter saw the installation of a 300-ton SACMI powder metallurgy press and additional HSPT sintering furnaces to remove production bottlenecks. Customer engagement intensified across defense, aerospace, and consumer electronics, with several programs progressing from prototyping to qualification and low-rate initial production. U.S. government support remains robust, including a fully obligated $47.1 million IBAS award, $12.7 million DPA Title III, and an SBIR Phase III IDIQ contract up to $99 million. The company ended the quarter with $48.2 million in cash and $42.1 million in remaining obligated reimbursable U.S. government funding. Management expects FY2026 cash to end between $36 million and $40 million based on current plans. The GenX next-generation continuous HAMR platform advanced, aiming to improve capital efficiency and throughput. The Titan Critical Minerals DFS remains on track for mid-2026 completion. Overall, IperionX is executing on its strategy to build a domestic titanium supply chain, with operational milestones and strong government backing positioning it for scale-up.