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It also covers funding awards, projected unit-cost targets, commercial traction, and sustainability initiatives tied to renewable power and circular scrap-based supply chains.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/research-report/","Research & 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in FY25?","Question",{"text":63,"@type":64},"IperionX decisively moved from development to production by commissioning its Virginia titanium commercial-scale operations and scaling nameplate capacity by about 60%.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"How do HAMR™ and HSPT™ technologies change titanium production?",{"text":68,"@type":64},"They invert the traditional high-cost model by producing high-quality titanium powder directly from titanium scrap or mineral feedstocks, then consolidating it into near-net-shape, forged-quality titanium parts with higher yields and lower energy and direct emissions.",{"name":70,"@type":61,"acceptedAnswer":71},"What funding support did IperionX receive in FY25?",{"text":72,"@type":64},"IperionX was awarded up to US$47.1 million under the U.S. DoW IBAS program, received an SBIR Phase III task-order ceiling of US$99 million, and secured an initial US$1.3 million order from the U.S. 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372  \nIperionX is a leading American titanium metal and critical materials company.  \n\n| Letter to Shareholders | 02 |\n| --- | --- |\n| FY25 Highlights | 06 |\n| Overview | 08 |\n| Titanium Products | 12 |\n| Titanium Markets | 14 |\n| IperionX’s Titanium Technologies | 16 |\n| Sustainability | 22 |\n| Directors’ Report | 26 |\n| Auditor’s Independence Declaration Consolidated Statement of Profit or | 71 |\n| Loss and Other Comprehensive Income | 72 |\n| Consolidated Statement of Financial Position | 73 |\n\nConsolidated Statement of Changes in Equity 74  \nConsolidated Statement of Cash Flows 75  \nNotes to the Consolidated Financial Statements 76  \nConsolidated Entity Disclosure Statement 111  \nDirectors’ Declaration 112  \nIndependent Auditor’s Report 113  \nMineral Resources Statement 118  \nCorporate Governance 119  \nASX Additional Information 120  \nGlossary of Terms and Definitions 123  \nCorporate Directory 125  \n01  \nIperionX is using patented metal technologies to produce high performance titanium alloys, from titanium minerals or scrap titanium, at lower energy, cost and carbon emissions.  \nOur Titan critical minerals project is the largest JORC‑compliant mineral resource of titanium, rare earth and zircon minerals sands in the U.S.  \n02  \nLetter to  \nShareholders  \nTaso Arima  \nCEO & Managing Director  \nDear Fellow Shareholders,  \nIperionX was founded by a team with a powerful idea – make titanium affordable and sustainable – and this dedicated team are executing on this mission. In FY25 we decisively moved from development to production, commissioning our Virginia titanium commercial‑scale operations, strengthening our U.S. funding base, and proving a faster, lower‑cost, more resilient path to scale than the incumbent titanium industry.  \nA better way to make – and use –titanium  \nFor over 80 years, the Kroll titanium production process has constrained titanium to high‑performance and high‑cost applications. Our patented HAMR™ and HSPT™ technologies invert that old model – producing high‑quality titanium powder directly from titanium scrap or mineral feedstocks, and then consolidating this powder into high‑performance near‑net‑shape, forged‑quality titanium parts with far higher yields, lower energy, and zero direct (Scope 1 and 2) emissions. In short:  \nimproved titanium production process, with fewer process steps, higher production yields, and significantly lower costs.  \nTodd Hannigan  \nExecutive Chair  \nDuring the year we successfully commissioned titanium operations at our Virginia Titanium Manufacturing Campus. Innovative process improvements lifted our nameplate production capacity by 60% to~200 tpa, without additional capex, and lowered our projected steady‑state unit costs to ~US$55/kg. We also defined the next step in our titanium scale‑up:  \na seven‑fold expansion to ~1,400 tpa by mid‑2027, supported by U.S. Government funding that positions IperionX to the largest and lowest cost U.S. titanium powder producer, with targeted unit costs of ~US$29/kg at full scale.  \nFunding to support U.S. defense industry priorities  \nOur momentum to re‑shore a lower‑cost, high‑performance U.S. titanium supply chain is accelerating. In FY25, IperionX was awarded up to US$47.1 million under the U.S. DoW IBAS program, including US$37. 5 million obligated after year‑end for long‑lead equipment to accelerate our titanium production in Virginia. We also secured an SBIR Phase III contract providing a US$99 million task‑order ceiling and received a US$1.3 million first order from the U.S. Army.  \n| Letter to Shareholders | 03 |\n| --- | --- |\n\n~$70m  \nequity placements completed  \nCapital markets and shareholder support followed our technology lead and growing momentum: we completed ~US$70 million equity placements to fund long‑lead items and fast‑track the titanium production expansion schedule.  \nCommercial traction and a growing titanium product ra","cbCaikBh7FjUw4Q1","https://ap.wps.com/l/cbCaikBh7FjUw4Q1","pdf",13680644,128,"English","# Letter to Shareholders\n## FY25 Highlights\n## Overview\n## Titanium Products\n## Titanium Markets\n## IperionX’s Titanium Technologies\n## Sustainability\n## Directors’ Report\n## Auditor’s Independence Declaration\n## Consolidated Statement of Profit or Loss and Other Comprehensive Income\n## Consolidated Statement of Financial Position\n## Notes to the Consolidated Financial Statements\n## Directors’ Declaration\n## Independent Auditor’s Report","[{\"question\":\"What was the key operational milestone for IperionX in FY25?\",\"answer\":\"IperionX decisively moved from development to production by commissioning its Virginia titanium commercial-scale operations and scaling nameplate capacity by about 60%.\"},{\"question\":\"How do HAMR™ and HSPT™ technologies change titanium production?\",\"answer\":\"They invert the traditional high-cost model by producing high-quality titanium powder directly from titanium scrap or mineral feedstocks, then consolidating it into near-net-shape, forged-quality titanium parts with higher yields and lower energy and direct emissions.\"},{\"question\":\"What funding support did IperionX receive in FY25?\",\"answer\":\"IperionX was awarded up to US$47.1 million under the U.S. DoW IBAS program, received an SBIR Phase III task-order ceiling of US$99 million, and secured an initial US$1.3 million order from the U.S. Army.\"}]","IperionX Limited 2025 Annual Report - Letter to Shareholders | PDF",323]