IperionX (ASX:IPX) refuted on Monday Spruce Point Capital Management's short-seller report, saying that successive US government awards and funding programs show the increasing readiness of its titanium technologies and its strategic relevance for the US titanium supply chain.
Last week, Spruce Point Capital said the company faces "significant" challenges in commercial efforts for its HAMR technology and that its end markets are "not attractive." It also sees the company's Titan mining project in Tennessee as "challenged."
In an Australian bourse filing, the company said its titanium technologies underwent "competitive" selection processes to be qualified in multiple US government programs.
"IperionX's titanium technologies have been evaluated and supported through multiple U.S. Government programs," the company said. "These funding programs involve competitive selection processes."
In addition, the company said it received $47.1 million from the US government to ramp up the development of a fully integrated US mineral-to-metal titanium supply
chain. Under the program, $5 million is allocated for the Titan project.
Shares of the company fell 6% in recent Monday trade.
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