In a letter addressed to shareholders and stakeholders, Anastasios Arima, the CEO of ASX-listed IperionX Limited, has expressed optimism and confidence as the company looks ahead to a year of significant growth, innovation, and success.
Arima highlighted the historical context, drawing parallels to the critical inflection point in steel production marked by Henry Bessemer in the 19th century.
He emphasised that IperionX is on the cusp of its own “Bessemer Moment” as the company prepares to commission its first commercial titanium production facility in Virginia in 2024.
In particular, the CEO said IperionX celebrated several accomplishments in 2023, setting the stage for successful commercialisation in the coming year.
Notable achievements included the execution and expansion of plans to build the world’s largest recycled titanium metal powder facility in Virginia.
The company secured permits for its Titan Critical Minerals Project in Tennessee, one of the largest titanium, zircon, and rare-earth mineral resources in the United States.
IperionX also engaged with prominent global leaders like Ford, Lockheed Martin, Canyon, and GKN Aerospace, showcasing its capabilities in 3D printing and forging technologies.
A significant milestone was the successful capital raise in June 2023, securing approximately USD 13.5 million in an equity placement led by Fidelity Management & Research Company and Fidelity International.
In October, IperionX received a Letter of Interest from the U.S. Export-Import Bank for a provisional sum of USD 11.5 million, and in November, the company was awarded a USD 12.7 million grant from the US Department of Defense for domestic titanium production.
These funding initiatives, along with a successful additional equity raise, are expected to support the initial Virginia production scale-up.
The upcoming year is poised to be transformative for IperionX, with a focus on realising its “Bessemer Moment.”
The commissioning of a large-scale industrial furnace in Virginia is a crucial step to demonstrate leading technologies at commercial scale, expected in the first half of 2024.
The company also plans to commence production at the newly acquired 1092 Building, showcasing innovative titanium powders in manufacturing various low-cost and high-performance titanium products.
IperionX’s agenda for 2024 includes expanding customer and government partnerships, launching commercial operations, and advancing the Titan Critical Minerals Project.
The CEO expressed gratitude to the IperionX team for their relentless efforts in 2023 and thanked stakeholders for their unwavering support, pledging the company’s commitment to exceeding expectations in the coming year.
As Anastasios Arima concluded the letter, he wished everyone a Happy New Year and a successful 2024, underlining the collective efforts that will drive IperionX’s success in the year ahead.
