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2026-11-06
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IperionX Limited

DFS Unfunded Developer · Others · Rare Earths · US Rating locked: sign in to view v8.1 · ipx-20261031t202840-full
Last 2026-11-06
A$2
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$724.5M
EV
A$640.7M
Cash
US$63M
Debt
US$4.2M
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

3 assets

Core asset

Titan Critical Minerals Project

US

DFS Unfunded Developer100% ownedOthersRare Earths

DFS completed June 2026; key mine-area permits granted; no financing, offtake or EPC contracts in place; Phase 1 construction decision pending; Atlas integration study due by end 2026.

Developer · DFS unfunded developer
Study
DFSs
Post-tax NPV (study prices, attributable)
US$813.0md
NPV restated at our deck (attributable)
Locked
IRR
39.4%s
Initial capex (100%)
US$228.1ms
Capital intensity
US$1,285/(t/yr)d
LoM AISC
—
Mine life
14.0 yrss
Published study economicsIssuer or study metrics
NPVUS$813M8% discount
IRR39.4%Published return
Initial capexUS$228.1MPublished capital estimate
Operating cost10.57USD/t ore (Phase 2 average, including royalties)

After-tax, real 2026 US$, unlevered, 100% equity; Phase 2 incremental capex US$153.2m not included in initial capex.

Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured217.3M t2.1% THMOthers · Rare Earths2026-06-04
Mineral ResourceIndicated130.6M t2.2% THMOthers · Rare Earths2026-06-04
Mineral ResourceInferred97.8M t1.8% THMOthers · Rare Earths2026-06-04
Ore ReserveProved93.3M t3.17% THM (Proved and Probable combined)Others · Rare Earths2026-06-04
Ore ReserveProbable23.7M t3.17% THM (Proved and Probable combined)Others · Rare Earths2026-06-04
Tenements3
titan-ownedGranted1,500 acres · No expiry supplied
titan-leasedGranted1,200 acres · No expiry supplied
titan-optionsApplication7,500 acres · No expiry supplied
Milestones2
  1. Integrated Atlas-Titan economic assessment

    Pending · High materiality

  2. Project financing, offtake and construction decision (no date given)

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Tennessee Surface Mining Permit OM-70711-01 and NPDES TN0070711Tennessee (TDEC)Granted2028-08-14Yes
Economic studies1
StudyStageStatusDateSummary
Titan Definitive Feasibility StudyDFSCurrent2026-06-0414-year, two-phase mineral sands and rare earth concentrate project; real 8% after-tax NPV US$813m, IRR 39.4%, capex US$381.3m in total.

Material

Atlas critical mineral and infrastructure assets

US

Early Explorer100% ownedOthersRare Earths

Acquired for US$3.0m cash on 1 July 2026; no JORC resource; sonic drilling and an integrated Atlas-Titan study under way; reclamation obligations assumed and not yet quantified.

Exploration · Early explorer
Ownership
100%
Commodity
Tir
Country
USr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—
Tenements2
atlas-ownedGranted1,200 acres · No expiry supplied
atlas-leasedGranted1,300 acres · No expiry supplied
Milestones1
  1. Sonic drilling of stockpiles and pre-stripped zones and a maiden resource

    Pending · Medium materiality

Core asset

Virginia Titanium Manufacturing Campus (HAMR powder, HSPT products)

US

Ramping Producer100% ownedOthers

Powder furnace capacity validated above 200 tpa; 8.7 t produced in the September 2026 quarter; downstream sintering and machining being added; 1,400 tpa expansion funded by U.S. Government awards; pre-revenue beyond small prototype sales.

Processing plant / refinery · Commissioning
Product and spec
Titanium powder meeting ASTM Grade 5 specifications; Grade 23 oxygen limit met for spherical powder
Nameplate capacity
200 t/yrg
Throughput (12M)
8.7 t
Utilisation
4.3%d
Capital intensity (capex / tpa)
US$235,500/(t/yr)d
Feed source
Recycled titanium scrap; about 290 t transferred at no cost by the U.S. Government plus 207 t scrap inventory
Offtake contracted
—
Milestones2
  1. Validate full 200 tpa powder system run-rate

    Pending · High materiality

  2. Commission second Elnik HSPT sintering furnace

    Pending · Medium materiality

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