IperionX Limited has released its quarterly report for the period ending 31 March 2025, highlighting steady progress in the commissioning of its Titanium Manufacturing Campus in Virginia and increased engagement with US government and commercial partners.
According to IperionX, commissioning at the Virginia facility advanced during the quarter, with full operational capacity for scrap-to-forged titanium production anticipated by mid-2025.
The company said repeated production cycles using its proprietary Hydrogen Assisted Metallothermic Reduction (HAMR) furnace continued to yield high-quality titanium that exceeds industry standards.
Process improvements during the commissioning phase are said to have reinforced the scalability of the HAMR technology, which IperionX claims could surpass the originally projected titanium powder output.
Additionally, the company reported completion of initial commissioning for its pressing and Hydrogen Sintering and Phase Transformation (HSPT) sintering systems, allowing it to produce near-net-shape forged titanium parts.
On the commercial front, IperionX said it is building momentum in product development and qualification across sectors such as defense, automotive, and consumer electronics.
The company noted strong interest from customers in high-performance titanium components, especially for parts with historically low material yields, including fasteners, housings, and precision components.
Pilot production is underway with the support of eight commercial partners, which IperionX says is helping accelerate its path to market.
In parallel, IperionX continues to deepen its engagement with the US government. The company reported receiving up to $47.1 million in funding from the US Department of Defense to support the development of a domestic titanium supply chain.
It also secured $11 million in financing from the US Export-Import Bank for advanced manufacturing equipment.
IperionX said it is working with the Halifax County Industrial Development Authority in Virginia to secure tax-exempt bond financing for future expansions and has several other government funding applications in progress.
The Department of Defense funding has also triggered engineering and design work for an expansion of titanium production capacity at the Virginia site.
IperionX plans to release its expansion strategy by mid-2025, with additional modular growth phases scoped through to 2030.
Elsewhere, the company has begun a Definitive Feasibility Study (DFS) for its Titan Critical Minerals Project, which it describes as the largest mineral sands project of its kind in the US.
The DFS, partially funded by the DoD award, is expected to conclude by the second quarter of 2026 and aims to define long-term supply of titanium feedstock and critical rare earth elements like dysprosium and terbium.
As of the end of March, IperionX reported holding $66.1 million in cash, underscoring what it described as a strong financial position to support ongoing operations and future growth.
