Virginia operations scaled up as Titan Project DFS begins in Tennessee
IperionX Limited (ASX: IPX, Nasdaq: IPX), a producer of titanium metals and critical minerals, has reported a transformative FY25, highlighted by the ramp-up of its Virginia operations, a major U.S. government funding award, and progress on its flagship Titan Critical Minerals Project in Tennessee.
The company has positioned itself as a leader in re-shoring a sustainable, low-cost U.S. titanium supply chain, an increasingly strategic priority amid global supply chain disruptions and reliance on imports from China and Russia.
Key Results and Milestones
FY25 marked the shift from development to commercial production for IperionX. Notable achievements include:
- Virginia production increase: Titanium powder capacity increased by 60%, from 125 tpa to 200 tpa, without incurring additional capital expenditure. Projected unit costs decreased to approximately US$55/kg, with a target of US$29/kg at full scale.
- Expansion program: A seven-fold scale-up to 1,400 tpa by 2027 has begun, supported by US$47.1m in U.S. Department of War (DoW) funding.
- SBIR contract: A US$99m Phase III contract with the U.S. Government, including an initial US$1.3m Army order for titanium fasteners.
- Titan Project DFS: A Definitive Feasibility Study commenced for the Tennessee-based mineral sands deposit, expected to be completed in Q2 2026.
- Capital raising: A$170m was secured through placements in October 2024 and July 2025 to fund expansion and technology acquisition.
Resource Updates
The Titan Project, one of the largest titanium, rare earth, and zircon mineral resources in the U.S., reported no changes in JORC-compliant mineral resources as of 30 June 2025:
- Total resource: 431 Mt @ 2.2% THM, containing 9.5 Mt of heavy minerals.
- Assemblage: 11.5% zircon, 9.5% rutile, 40.3% ilmenite, and 2.1% rare earth elements.
The DFS, partly funded by the U.S. DoW, will evaluate engineering, flowsheets, and infrastructure to integrate the Titan Project into IperionX’s mineral-to-metal supply chain.
Economic and Strategic Importance
Titanium is vital across the aerospace, defence, medical, and renewable energy industries due to its strength, lightweight nature, and corrosion resistance. However, the U.S. has not produced primary titanium metal for years, relying on imports controlled by China and Russia, which hold ~75% of the global supply.
IperionX’s patented HAMR™ and HSPT™ technologies enable the production of low-cost, high-quality titanium from scrap and mineral feedstocks, offering a carbon footprint that is more than 90% lower compared to conventional processes.
Executive Chairman Todd Hannigan said FY25 confirmed IperionX’s potential:
“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 U.S.”
Exploration and ESG Practices
IperionX continues to advance ESG objectives. Its Virginia Titanium Manufacturing Campus operates on 100% renewable energy, with processes capable of using 100% scrap titanium to achieve closed-loop recycling.
The company maintained a zero lost-time injury record in FY25 and reported no environmental compliance breaches.
Market Context and Investor Outlook
Global demand for titanium and rare earths is projected to surge sharply, driven by applications in aerospace, defence, electric vehicles, and clean energy. Analysts suggest the company’s U.S. government partnerships position it well against global competitors.
IperionX’s share price closed at A$7.595 on 30 September 2025, down 4.6% on the day, with a market capitalisation of A$2.66 billion. Over the past year, the stock has traded between $3.20 and $7.60.
CEO Taso Arima reaffirmed the company’s trajectory:
“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.”
Final Thoughts
FY25 established IperionX as a commercial titanium producer with a clear path to scaling capacity more than sevenfold by 2027. The combination of government funding, technological advantage, and strategic U.S. assets underpins its ambition to achieve global leadership in titanium manufacturing by 2030.
For investors and industry analysts, IperionX represents both a critical supply chain solution and a growth-stage producer poised to benefit from rising demand in defence, aerospace, and renewable energy.
Frequently Asked Questions (FAQs)
- What is IperionX Limited’s main focus?
IperionX Limited focuses on producing low-cost, sustainable titanium metals and alloys using patented technologies. The company is also developing the Titan Critical Minerals Project in Tennessee. - Where are IperionX’s main operations located?
The company’s commercial operations are based at the Virginia Titanium Manufacturing Campus, while exploration and resource development is underway at the Titan Project in Tennessee. - How much titanium is IperionX currently producing?
As of FY25, IperionX increased capacity by 60% to 200 tonnes per year. The company plans to expand production to 1,400 tonnes annually by 2027. - What government funding has IperionX received?
IperionX secured up to US$47.1 million from the U.S. Department of War under the IBAS program, in addition to a US$99 million SBIR Phase III contract. - Why is titanium important for industry and defence?
Titanium is valued for its high strength, lightweight properties, and corrosion resistance. It is essential in aerospace, defence, renewable energy, consumer electronics, and medical applications. - What is the significance of the Titan Project?
The Titan Project is one of the largest titanium, rare earth, and zircon mineral resources in the U.S. It underpins IperionX’s strategy to create a fully integrated mineral-to-metal supply chain. - How does IperionX address sustainability?
The company’s Virginia operations use 100% renewable energy and its patented HAMR™ technology can recycle 100% titanium scrap, achieving zero direct carbon emissions. - What is IperionX’s long-term production goal?
IperionX is targeting more than 10,000 tonnes per annum of high-performance titanium components by 2030, aiming for global leadership in titanium manufacturing.
