Communicators

IperionX Limited (IperionX) (Nasdaq | ASX: IPX) is pleased to provide its quarterly report for the period ended March 31, 2024. Highlights during and subsequent to the end of the quarter included:

Virginia Titanium Manufacturing Campus

IperionX drives towards commercial scale titanium metal production

-          The new IperionX Titanium Manufacturing Campus in Virginia is advancing to schedule

-          IperionX’s HAMR titanium furnace was delivered and successfully installed at the Titanium Production Facility

-          The HAMR titanium furnace is expected to be commissioned in Q2 2024, with first titanium powder expected in mid-2024

-          The Advanced Manufacturing Center is complete and the core additive manufacturing, powder metallurgy and HSPT forging equipment is being commissioned, with manufacturing of advanced titanium products in Virginia expected to commence during Q2 2024

Titanium Production Facility – Phase II: Higher titanium production capacity at lower costs

-          The design of the Phase II scale-up of titanium production at the Virginia Titanium Production Facility was increased from 1,125 metric tons per annum (tpa) to 2,000 tpa

-          The target product mix is focused towards angular titanium powder to manufacture higher value titanium products - such as titanium plate, bar, near-net forged titanium shapes and components

-          A higher design capacity of 2,000 tpa is expected to reduce total production cash costs to an estimated ~US$30/kg of angular titanium powder

-          Engineering studies to expand production capacity above 2,000 tpa are now underway

IperionX customer and product development

IperionX partners with United Stars for U.S. titanium manufacturing

-          IperionX partnered with United Stars for the potential supply IperionX’s high-performance, low cost and sustainable titanium products

-          United Stars’ companies are leading American suppliers of industrial components including, stainless steel tubing, precision gears, shafts, and complex assemblies, as well as tooling and components for defense, aerospace and commercial applications

-          The United Stars and IperionX partnership will focus on the defense and advanced technology sectors for vehicle drivetrains, robotic motors and wind turbines, that require lightweight, strong, compact and corrosion resistant performance

IperionX Titan Critical Minerals Project

Strategic & offtake partners - Multiple companies in advanced due diligence

-          Significant commercial interest in Titan’s titanium, rare earth and zircon critical minerals

-          A major Japanese conglomerate completed bulk sample test work to advance potential sales offtake and development financing, with subsequent metallurgical test work continuing at an independent laboratory in Australia

IperionX corporate activities

U.S. government funding

-          During the quarter, IperionX received US$3.8m from the US$12.7m DPA Title III funding to fund Phase I of the Virginia Titanium Production Facility

-          The remaining US$8.9m available under the DPA Title III funding was yet to be drawn upon at the end of the quarter

-          IperionX made significant progress on the US$11.5m equipment finance application with EXIM Bank, advancing the application through major EXIM Transaction Review Committee stage gates

-          The U.S. government recently sought to invest further grant funding to re-shore a secure domestic titanium supply chain (see Table 1). IperionX is well positioned to apply for additional funding to scale titanium production and manufacturing capacity.

-          Completion of comparative life cycle assessment

-          IperionX published a comparative life cycle assessment (LCA) for the production of 100% recycled, low-carbon spherical titanium metal powder

-          The LCA verified that 100% recycled spherical titanium powder from the IperionX Titanium Production Facility in Virginia has a life cycle carbon footprint that is potentially + 90% lower than other titanium spherical powders produced via plasma atomization

-          IperionX spherical titanium powder is expected to have an ~80% lower carbon footprint than a strength-equivalent quantity of spherical aluminum alloy powder and potentially ~60% lower carbon footprint than a strength-equivalent of spherical stainless steel 316L powder

-          The comparative LCA confirms the class-leading sustainability of IperionX’s patented titanium technologies, with the potential for the lowest quantified life cycle carbon footprint for spherical titanium powders available on the market

-          The LCA was conducted by EarthShift Global, an independent expert LCA consultancy, and adhered to international environmental management standards of ISO 14040 and 14044, including an independent third-party panel critical review

Inclusion in S&P All Ordinaries Index

-          IperionX was added to the S&P DJI All Ordinaries index, effective March 18, 2024

U.S. investment bank presentations

-          IperionX attended TD Cowen's 45th Annual Aerospace & Defense Conference in Washington, and will be presenting at:

• Evercore Global Clean Energy & Transition Technologies Summit in New York, June
• Canaccord Global Growth Conference in Boston, August
• Jefferies Global Industrials Conference in New York, September

For further information and enquiries please contact:

investorrelations@iperionx.com

+1 704 461 8000

Link to the complete original release: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02799989-6A1204621

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 the largest JORC-compliant mineral resource of titanium, rare earth and zircon minerals sands in the U.S.A.

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.

This announcement has been authorized for release by the CEO & Managing Director

Forward Looking Statements

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding the timing of any Nasdaq listing, plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation, as well as other uncertainties and risks summarized in filings made by the Company from time to time with the Australian Securities Exchange and in the Form 20-F filed with the U.S. Securities and Exchange Commission.

Forward looking statements are based on the Company and its management’s assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

There may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Except as required by applicable law or stock exchange listing rules, the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

Competent Persons Statement

The information in this announcement that relates to Production Targets, Process Design, Mine Design, Cost estimates and Financial Analysis is extracted from IperionX’s ASX Announcement dated June 30, 2022 (“Original ASX Announcement”) which is available to view at IperionX’s website at www.iperionx.com. IperionX confirms that a) it is not aware of any new information or data that materially affects the information included in the Original ASX Announcement; b) all material assumptions included in the Original ASX Announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the Original ASX Announcement.

The information in this announcement that relates to Mineral Resources is extracted from IperionX’s ASX Announcement dated October 6, 2021 (“Original ASX Announcement”) which is available to view at IperionX’s website at www.iperionx.com. IperionX confirms that a) it is not aware of any new information or data that materially affects the information included in the Original ASX Announcement; b) all material assumptions included in the Original ASX Announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the Original ASX Announcement.

Link to the complete original release: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02799989-6A1204621