This advanced HAMR titanium industrial furnace is now being transported to the U.S. with anticipated delivery to the Titanium Manufacturing Campus during the first quarter of 2024

IperionX Limited (NASDAQ: IPX, ASX: IPX) is pleased to announce significant progress in advancing its commercial-scale titanium metal manufacturing capabilities at IperionX's Titanium Manufacturing Campus in Virginia, comprising the Titanium Production Facility and the Advanced Manufacturing Center.

Commercial Scale HAMR Titanium Furnace

The HAMR titanium furnace has completed final mechanical assembly and successfully passed factory acceptance testing overseen by the IperionX technical team. The furnace is currently being transported from the European manufacturer to the Titanium Manufacturing Campus in Virginia. This large-scale titanium furnace is expected to be installed within the Titanium Production Facility during the second quarter, paving the way for the production of titanium metal in mid-2024.

A critical IperionX production asset, this large-scale, industrial titanium furnace leverages patented company technologies, such as HAMR1 and HSPT2, to produce sustainable, high-quality and high-strength titanium metal products at commercial scale. This first production milestone will combine leading innovation and sustainability to set new industry standards in titanium metal production.

Importantly, the application of this conventional furnace technology for titanium production has been de-risked via a comprehensive furnace test work program. In 2023, the IperionX technical team successfully completed two full-scale titanium production test runs that surpassed the core target production parameters for the Titanium Production Facility.

Construction Progress - Titanium Production Facility, Virginia

Construction of the Titanium Production Facility is advancing to schedule, with the HAMR titanium furnace expected to be commissioned and to produce first titanium metal in mid-2024.

Construction Progress - Advanced Manufacturing Center, Virginia

Construction of the Advanced Manufacturing Center is on-schedule and anticipated to be commissioned during the second quarter of 2024. This advanced manufacturing unit will utilize angular and spherical titanium powders from the Titanium Production Facility to manufacture a wide range of low-cost and high-performance titanium products using powder metallurgy, HSPT forging and additive manufacturing/3D printing. It will also leverage CNC machining, post-processing equipment and advanced R&D laboratories to support customer and government engagement.

Anastasios (Taso) Arima, IperionX CEO said:

"IperionX is nearing an important milestone designed to revitalize the U.S. titanium supply chain with a unique end-to-end solution that spans from recycled scrap titanium to high-performance forged titanium products.

Our patented titanium technologies can produce a wide range of high-performance titanium products - including angular and spherical titanium powders, semi-finished titanium products, near-net titanium shape products and additively manufactured titanium components - with superior energy efficiency, lower costs, and lower environmental impacts.

We have a strong pipeline of potential U.S. government funding and incentive programs designed to re-shore and secure critical mineral and metal supply chains. The commissioning of our Virginia Titanium Manufacturing Campus will be a pivotal step forward, positioning IperionX with an innovative end-to-end titanium supply chain capable of manufacturing high-performance and low-cost titanium products for advanced American industries."

About IperionX

IperionX aims to become a leading American titanium metal and critical materials company - using patented metal technologies to produce high performance titanium alloys, from titanium minerals or scrap titanium, at lower energy, cost and carbon emissions.

Our Titan critical minerals project is one of the largest mineral resources of titanium, rare earth and zircon minerals sands in the United States.

IperionX's titanium metal and critical minerals are essential for advanced U.S. industries including space, aerospace, defense, consumer electronics, hydrogen, electric vehicles and additive manufacturing.