Press Release: 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

   -- Virginia operations transitioned to a 24/7 production schedule during the 
      quarter, marking the move from commissioning into continuous operations 
 
   -- All HAMR$(TM)$ powder production systems have been commissioned and are now 
      in ramp-up, with IperionX targeting run-rate production of 200 tpa of 
      titanium powder by end-CY2026 
 
   -- HAMR(TM) powder production increased during the quarter, reaching 4.2 
      metric tons in March, equivalent to approximately 50 tpa annualized. This 
      represents the early-stage ramp rate, and throughput is expected to build 
      as product mix shifts toward higher-volume angular powders and 
      powder-to-part manufacturing 
 
   -- Development of GenX(TM), IperionX's next-generation continuous HAMR(TM) 
      platform, advanced during the quarter. GenX(TM) is designed to deliver a 
      step-change in capital efficiency, operating cost and throughput relative 
      to current batch processing system 

Operations -- Titanium product manufacturing

   -- Powder metallurgy scale-up continued during the quarter, including 
      optimization of the 100-ton uniaxial press, commissioning of the cold 
      isostatic press for larger-format titanium components, and transition 
      toward 24/7 operations for defense-related titanium fastener production 
 
   -- Advanced six-axis 300-ton SACMI powder metallurgy press was installed 
      during the quarter. The press delivers higher compaction force, 
      multi-axis movement, greater complexity of part geometry, improved 
      repeatability, and the ability to support higher-rate production. 
      Commissioning is planned for the June quarter for customer engagements 
      requiring more complex or higher-volume titanium press-sinter-forge 
      components 
 
   -- Additional HSPT(TM) sintering furnaces are scheduled for commissioning in 
      the June quarter. These additions are expected to remove sintering as a 
      current production bottleneck and accelerate customer qualification 
      timelines 
 
   -- Additive manufacturing capability expanded during the quarter, including 
      the operation and retrofit of additional binder jet systems 

Customers

   -- IperionX continues to execute a tiered go-to-market strategy that 
      initially prioritizes higher-value engineered products, where the 
      competitive advantages are strongest, including higher material yields, 
      faster design iteration, rapid prototyping and the potential to 
      significantly lower customer costs 
 
   -- Production activity during the quarter focused primarily on prototype 
      production, product development, qualification testing and low-rate 
      initial production across defense, automotive, consumer electronics and 
      industrial applications, consistent with the staged commercialization 
      pathway for advanced titanium components 
 
   -- IperionX's near-term commercial focus remains on higher-value titanium 
      metal components, while retaining the flexibility to sell titanium 
      powders directly where customer demand supports attractive commercial 
      outcomes 
 
   -- Qualification and test work for spherical titanium powders for additive 
      manufacturing in the consumer electronics sector accelerated in the 
      quarter. This market represents a significant potential opportunity for 
      both spherical titanium powder sales and titanium products manufactured 
      by IperionX 
 
   -- Customer engagement materially increased across aerospace and defense 
      markets, supported by heightened focus on titanium supply-chain 
      resilience, U.S. onshoring of advanced component manufacturing and 
      reduced reliance on imported primary titanium metal 
 
   -- IperionX also expects to broaden its participation in high-volume 
      titanium markets where customer engagement is strong and domestic U.S. 
      supply is strategically important, including titanium mill products 
 
   -- Customer receipts are currently at the early inflection point of the 
      commercial adoption curve, consistent with the focus on prototype work, 
      qualification batches, customer testing and low-rate initial production. 
      As qualification milestones are achieved, purchase-order schedules become 
      more defined and additional powder metallurgy and HSPT(TM) capacity is 
      commissioned, IperionX expects customer receipts to build, subject to 
      program timing and delivery schedules 

U.S. Department of War (DoW) programs

   -- The U.S. Government-supported 1,400 tpa titanium expansion program 
      continued to progress, including the full obligation of the US$47.1 
      million Industrial Base Analysis and Sustainment (IBAS) award to build a 
      fully integrated, domestic titanium "mineral-to-metal" supply chain 
 
   -- Strong U.S. Government support continues, including: 
 
          -- 290 metric tons of titanium scrap transferred to IperionX at no 
             cost (equivalent to 1.5 years of titanium feedstock) 
 
          -- SBIR Phase III IDIQ contract (up to US$99 million), with 
             additional task orders progressing 

Titan Critical Minerals Development

   -- The U.S. Government-supported Definitive Feasibility Study $(DFS)$ for the 
      Titan Critical Minerals Project continued to advance and remains targeted 
      for completion in mid-2026. 
 
   -- Titan remains a strategically important, fully permitted U.S. project 
      with leverage to titanium, rare earths and zircon critical minerals, 
      including the heavy rare earths dysprosium (Dy), terbium (Tb), and 
      yttrium $(Y)$ 
 
   -- IperionX is engaged with the U.S. Government regarding potential funding 
      pathways to accelerate the Titan development following completion of the 
      DFS 

Cash balance

   -- IperionX ended the quarter with US$48.2 million in cash. The quarter 
      included approximately US$4.8 million of Q3 timing and non-run-rate cash 
      items, alongside continued investment in Virginia production ramp, 
      product development and GenX(TM) R&D 
 
   -- In addition to quarter-end cash, IperionX had US$42.1 million of 
      remaining obligated reimbursable U.S. Government funding at March 31, 
      2026, including US$3.5 million of eligible U.S. Government program 
      expenditure already incurred but not yet reimbursed. These amounts are 
      not included in the cash balance and remain subject to normal 
      reimbursement claim review and approval processes 
 
   -- Based on current operating plans, planned capital expenditure and 
      expected U.S. Government reimbursement timing, IperionX expects to end 
      FY2026 with cash in the range of US$36 million to US$40 million 

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(TM) and HSPT(TM) 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(TM) 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.

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April 27, 2026 08:30 ET (12:30 GMT)