Virginia operations scale up as Titan Project feasibility advances in Tennesse
IperionX Limited (ASX: IPX, Nasdaq: IPX or “the Company”) has delivered a transformative year, advancing its strategy to re-shore a sustainable U.S. titanium supply chain. The company’s FY25 results highlight rapid operational growth, strong U.S. government partnerships, and progress on the Titan Critical Minerals Project in Tennessee.
IperionX’s Virginia Titanium Campus drives expansion of the U.S. titanium supply chain
The titanium metals and critical minerals producer has transitioned from development to commercial production, achieving major milestones across its Virginia operations and securing substantial U.S. federal support to accelerate expansion.
Key FY25 Achievements
IperionX successfully scaled its Virginia Titanium Manufacturing Campus, increasing titanium powder capacity by 60% from 125 tonnes per annum (tpa) to 200 tpa without additional capital expenditure. Unit costs were reduced to around US$55/kg, with a target of US$29/kg at full scale.
An expansion program targeting 1,400 tpa by 2027 has commenced, backed by US$47.1 million in funding from the U.S. Department of War (DoW) under its Industrial Base Analysis and Sustainment (IBAS) program. The company also secured a US$99 million Small Business Innovation Research (SBIR) Phase III contract, including an initial US$1.3 million U.S. Army order for titanium fasteners.
FY25 performance highlights:
- Virginia titanium powder output up 60% to 200 tpa
- Sevenfold expansion underway to 1,400 tpa by 2027
- US$47.1m DoW grant and US$99m SBIR Phase III contract
- Unit cost reduction target of US$29/kg
- A$170m capital raised through placements for growth
- Zero lost-time injuries and 100% renewable energy operations
Executive Chairman Todd Hannigan said the year marked a decisive commercial turning point.
“We successfully commissioned titanium operations in Virginia, improved capacity by 60%, and secured government support to scale rapidly. By 2027, we aim to be the largest and lowest-cost titanium powder producer in the United States.”
Titan Project: Strategic U.S. Resource Integration
The Titan Critical Minerals Project in Tennessee remains central to IperionX’s long-term mineral-to-metal supply chain. A Definitive Feasibility Study (DFS), co-funded by the U.S. Department of War, is now underway and scheduled for completion in Q2 2026.
The Titan Project in Tennessee complements IperionX’s downstream titanium production in Virginia.
As of 30 June 2025, the Titan Project retained its JORC-compliant resource estimate of 431 million tonnes at 2.2% Total Heavy Minerals (THM), containing 9.5 million tonnes of heavy minerals. The assemblage includes:
- 11.5% zircon
- 9.5% rutile
- 40.3% ilmenite
- 2.1% rare earth elements
No material changes were reported in FY25, reinforcing the project’s standing as one of the largest titanium and rare earth deposits in the United States.
Economic and Strategic Importance
Titanium’s superior strength-to-weight ratio and corrosion resistance make it vital to the aerospace, defence, renewable energy, and medical sectors. Yet, the U.S. currently produces no primary titanium metal, relying heavily on China and Russia, which control around 75% of global supply
IperionX’s patented HAMR™ and HSPT™ technologies produce high-quality titanium from scrap and mineral feedstocks with up to 90% lower carbon emissions than the conventional Kroll process. This innovation directly supports U.S. national objectives for critical mineral independence.
Chief Executive Officer Taso Arima highlighted the company’s technological and strategic advantage:
“Our mission is to make titanium affordable and sustainable. FY25 was the year we proved our model works. With our Virginia operations and Titan Project, we are building a fully integrated U.S. titanium supply chain.”
Sustainability and ESG Performance
IperionX maintained a zero lost-time injury record and achieved full compliance with environmental standards during FY25. The Virginia facility operates on 100% renewable power, with production processes capable of using 100% recycled titanium feedstock, enabling closed-loop, low-carbon manufacturing.
The company’s ESG framework continues to align with U.S. Department of Energy sustainability benchmarks, reflecting its role in advancing clean industrial manufacturing within the U.S. supply chain.
Market Context and Competitive Outlook
Rising demand for titanium and rare earth elements is being driven by the global aerospace boom, electrification, and defence modernisation. Analysts note that IperionX’s domestic production capability and patented technology position it as a key beneficiary of the U.S. government’s push for supply chain security and emissions reduction.
Competitors in Europe and Asia continue to rely on energy-intensive processes, giving IperionX a distinct cost and environmental advantage. Its U.S. operations also benefit from strategic federal funding and proximity to advanced manufacturing hubs.
Investor Performance and Outlook
On 15 October 2025, IperionX shares closed at A$8.985, up 9.6% on the day, valuing the company at A$2.75 billion. Over the past 12 months, the stock has traded between A$3.20 and A$8.99, reflecting sustained investor confidence in its growth trajectory.
The company reported net assets of US$92.4 million and cash reserves of US$54.8 million at 30 June 2025, providing a solid foundation for ongoing expansion.
Outlook and Strategic Position
FY25 marks IperionX’s emergence as a commercial titanium producer with strong government backing and proprietary technologies that significantly lower production costs and emissions. With its Virginia facility scaling rapidly and the Titan Project advancing toward feasibility completion, the company is well positioned to establish a fully integrated, sustainable U.S. titanium supply chain by 2030.
IperionX’s patented HAMR™ and HSPT™ technologies reduce titanium costs and emissions by over 90%.
FAQs
1: What is IperionX Limited’s main focus?
IperionX Limited focuses on developing a sustainable and low-cost U.S. titanium supply chain using patented low-carbon technologies.
2: Where are IperionX Limited’s main operations located?
The company operates in Virginia, with its flagship Titan Critical Minerals Project based in Tennessee.
3: How much titanium does IperionX produce annually?
The Virginia plant currently produces around 200 tonnes per annum, with a goal to reach 1,400 tpa by 2027.
4: What is the Titan Project DFS?
The Titan Project Definitive Feasibility Study (DFS) is evaluating large-scale production of titanium and rare earth minerals in Tennessee.
5: What is IperionX’s share price and market capitalisation?
As of October 2025, IperionX shares closed at A$8.985 with a market capitalisation of approximately A$2.75 billion.
