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IperionX Limited
v8.1 · ipx-20261031t202840-full- Last 2026-11-06
- A$2
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Application for quotation of securities - IPXPost Cash Checkpoint Security Event
- Investor PresentationLatest Operating Presentation
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Sign in or enter a guest codeAnnouncements
Latest 12 of 7All sources ▸- September 2026 Quarterly Report (Activities Report and Appendix 5B)Results
- Annual Report to Shareholders FY2026 (year ended 30 June 2026)Results
- Proposed U.S. redomiciliation and board appointmentCorporate Action
- Appendix 2A: 106,093 shares from option exercisesCorporate Action
- Appendix 2A: 22,750,000 ordinary shares from the US public offeringFinancing
- Completion of the Camden (Atlas) acquisitionTransaction
- Titan Definitive Feasibility Study (announcement, summary and technical report)Study
Event calendar · next 12 months
6 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| December 2026 quarter | Second Elnik HSPT sintering furnace commissioned | Construction Or Commissioning | Company Guided | Medium | Removes the downstream sintering bottleneck so powder inventory can be converted into qualified products and revenue. |
| 25 November 2026, 11.00am AEDT | Annual general meeting (director elections and ratification of the July 2026 share issue) | Governance | Confirmed | Medium | Ratifies 22,750,000 shares issued in the July offering and elects the new director; failure to ratify would restrict future placement capacity. |
| Targeted by the end of 2026 | Integrated Atlas-Titan economic assessment | Study | Company Guided | High | Could lower upfront capex and speed first production versus the stand-alone DFS, and is the base for U.S. Government funding discussions. |
| By the end of 2026 | Validation of the full 200 tpa titanium powder system | Construction Or Commissioning | Company Guided | High | Powder drying is the last step to reach the 200 tpa run rate; this is the proof point for the Virginia platform and for scaling to 1,400 tpa. |
| Late January 2027 (inferred from prior pattern) | December 2026 quarterly report and Appendix 5B | Results | Inferred | Medium | Shows powder output, customer orders, cash burn and any new government task orders. |
| Mid March 2027 (inferred from prior pattern) | Half-year accounts to 31 December 2026 | Results | Inferred | Medium | First audited view of FY2027 burn and any grant or revenue recognition. |
Executive roster
As of 2026-10-31Background checks ▸FY2026 annual report key management personnel list and directors report (29 September 2026), reconciled with the 9 February 2026 company secretary appointment and the 3 August 2026 board appointment (a non-executive director).
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Todd Hannigan | Executive Chairman | Executive Director | 2021-05-24 | Annual Report to Shareholders FY2026 (year ended 30 June 2026) |
| Anastasios (Taso) Arima | Chief Executive Officer and Managing Director | Chief Executive · Executive Director | 2021-03-01 | Annual Report to Shareholders FY2026 (year ended 30 June 2026) |
| Toby Symonds | President and Chief Strategy Officer | Senior Management | — | Annual Report to Shareholders FY2026 (year ended 30 June 2026) |
| W. Scott Sparks | Chief Operating Officer | Operations | — | Annual Report to Shareholders FY2026 (year ended 30 June 2026) |
| Dominic P. Allen | Chief Commercial Officer | Commercial | — | Annual Report to Shareholders FY2026 (year ended 30 June 2026) |
| Marcela Castro | Chief Financial Officer | Finance | — | Annual Report to Shareholders FY2026 (year ended 30 June 2026) |
| Louisa Martino | Company Secretary | Company Secretary | 2026-02-16 | Annual Report to Shareholders FY2026 (year ended 30 June 2026) |
devCoverage status: Complete As Disclosed
Portfolio detail
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.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 217.3M t | 2.1% THM | Others · Rare Earths | 2026-06-04 |
| Mineral Resource | Indicated | 130.6M t | 2.2% THM | Others · Rare Earths | 2026-06-04 |
| Mineral Resource | Inferred | 97.8M t | 1.8% THM | Others · Rare Earths | 2026-06-04 |
| Ore Reserve | Proved | 93.3M t | 3.17% THM (Proved and Probable combined) | Others · Rare Earths | 2026-06-04 |
| Ore Reserve | Probable | 23.7M t | 3.17% THM (Proved and Probable combined) | Others · Rare Earths | 2026-06-04 |
Tenements3
Milestones2
- Integrated Atlas-Titan economic assessment
Pending · High materiality
- Project financing, offtake and construction decision (no date given)
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Tennessee Surface Mining Permit OM-70711-01 and NPDES TN0070711 | Tennessee (TDEC) | Granted | 2028-08-14 | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Titan Definitive Feasibility Study | DFS | Current | 2026-06-04 | 14-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.
- Ownership
- 100%
- Commodity
- Tir
- Country
- USr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Tenements2
Milestones1
- 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.
- 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
- Validate full 200 tpa powder system run-rate
Pending · High materiality
- Commission second Elnik HSPT sintering furnace
Pending · Medium materiality
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
US$63.0m cash plus US$33.7m obligated reimbursable government funding gives about US$96.7m of liquidity against a combined operating and investing burn near US$18m a quarter; there is no debt facility. Titan construction (US$381m), further 1,400 tpa spending and GenX scale-up all need new funding, so near-term dilution or project finance is likely.
Inventory composition3
19 t of finished titanium powder and 207 t of scrap feedstock at 30 September 2026; raw materials carried at US$3.9m at 30 June 2026 (annual report note 8).
- Finished titanium HAMR powder on hand
- — carrying · 19 t
- Titanium scrap feedstock on hand (including U.S. Government transfers)
- — carrying · 207 t
- Raw material inventory at carrying value, 30 June 2026
- US$3.9M carrying
Capital structure
Ownership and dilution
- Ordinary shares
- 362.2M
- Fully diluted
- 381.2M
339,384,066 shares at 30 June 2026 plus 22,750,000 shares issued 8 July 2026 (US offering of 2,275,000 ADSs) plus 106,093 shares issued 15 July 2026 on option exercises gives 362,240,159; the register at 31 August 2026 shows 362,240,163. Options with strikes of A$5.00 to A$22.00 are out of the money at A$2.15; performance rights need 30-day VWAP hurdles of A$4.00 or more; the RSUs vest on service. The valuation share basis is ordinary shares plus RSUs (366,409,417).
Security classes7
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Fully paid ordinary shares (ASX: IPX; Nasdaq ADSs each represent ten shares) | Ordinary Share | 362.2M | — | — |
| Employee options, A$5.00 exercise, expire 10 April 2029 | Option | 1.4M | A$5 | 2029-04-10 |
| Employee options, A$8.00 (expire 30 June 2027) and A$10.00 (expire 1 April 2027) | Option | 1.5M | A$8 | 2027-06-30 |
| Employee and contractor options, A$11.00 exercise, expire 2030 | Option | 1.5M | A$11 | 2030-04-02 |
| Director and employee options, A$18.00 and A$22.00 exercise, expire 2 April 2031 | Option | 3.3M | A$18 | 2031-04-02 |
| Director and employee restricted stock units (service vesting, expiring December 2026 to April 2030) | Performance Right | 4.2M | — | — |
| Employee performance rights (30-day VWAP hurdles A$4.00 to A$18.00 and non-market conditions) | Performance Right | 7M | — | 2031-04-10 |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2025AA | FY2026AA |
|---|---|---|---|---|
| Profit and loss | ||||
| Revenue | AUDm | 0.0 | 0.0 | |
| Operating, R&D, corporate and exploration costs (excluding D&A and interest) | AUDm | 51.7 | 86.6 | |
| EBITDA | AUDm | (51.7) | (86.6) | |
| Depreciation and amortisation | AUDm | 3.2 | 6.2 | |
| Net interest income (expense) | AUDm | 4.6 | (2.3) | |
| Cash tax | AUDm | 0.0 | 0.0 | |
| Net profit after tax | AUDm | (50.3) | (95.1) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (31.0) | (64.0) | |
| Capital expenditure (Titan and Virginia, net of reimbursements) | AUDm | 34.6 | 29.0 | |
| Free cash flow | AUDm | (65.6) | (93.0) | |
| Equity raised (gross for actuals, net for forecasts) | AUDm | 101.3 | 65.9 | |
| Project debt drawn | AUDm | 0.0 | 0.0 | |
| Balance sheet | ||||
| Cash | AUDm | 78.0 | 50.2 | |
| Debt (loans, leases and projected project debt) | AUDm | 5.6 | 5.9 | |
| Net debt (cash) | AUDm | (72.4) | (44.3) | |
| Per share | ||||
| Shares on issue at period end | m shares | 319.9 | 339.4 | |
| Weighted average shares | m shares | 296.9 | 335.7 | |
| Earnings per share | AUD/share | (0.17) | (0.28) | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (13.4) | (8.0) | |
| P / E (x, current market cap) | x | (15.5) | (8.2) | |
| FCF yield (current market cap) | % | -8.4% | -11.9% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | 1.4 | 0.5 | |
KPI history
Operating metrics · Virginia Titanium Manufacturing Campus (HAMR powder, HSPT products)
| Metric | Unit | Trend | June 2026 | September 2026 |
|---|---|---|---|---|
| Titanium HAMR powder produced | t | 1.4 | 8.7 |
Operating metric source table7
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Titanium HAMR powder produced | Virginia Titanium | September 2026 quarter | Quarter | 8.7 t | Reported |
| Titanium HAMR powder produced | Virginia Titanium | June 2026 quarter | Quarter | 1.4 t | Reported |
| Finished titanium powder inventory | Virginia Titanium | 30 September 2026 | Point In Time | 19 t | Reported |
| Cash and cash equivalents | Company | 30 September 2026 | Point In Time | 63,018,000 USD | Reported |
| Cash and cash equivalents | Company | 30 June 2026 | Point In Time | 35,244,220 USD | Reported |
| Loans and borrowings including lease liabilities | Company | 30 June 2026 | Point In Time | 4,158,979 USD | Reported |
| Operating plus investing cash flow before financing | Company | September 2026 quarter | Quarter | -18,363,000 USD | Source Derived |
Company guidance4
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Validate Full Powder System Run Rate Capacity | virginia_titanium | by end of calendar 2026 | 200 | 200 t/yr | Current |
| Titanium Powder Capacity After Funded Expansion | virginia_titanium | expansion in execution, no completion date given | 1,400 | 1,400 t/yr | Current |
| Genx Continuous Powder Line Incremental Capacity | virginia_titanium | December 2026 quarter integration work | 100 | — t/yr | Current |
| Integrated Atlas Titan Economic Study | atlas | end of calendar 2026 | — | — n/a | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-08-31 | BuybackOrdinary Shares | — | — | — | Cancelled | The annual report states there is no on-market buy-back programme. |
| 2026-07-08Ann. 2026-07-07 | Raising | US$50M | 22.8M | — | Completed | — |
| 2025-07-29Ann. 2025-07-23 | Raising | A$70M | 14M | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Annual report, September 2026 quarterly and the DFS list the U.S. Government awards, the SBIR contract, the Titan landowner royalty and the scrap transfer; no stream, offtake, tolling, JV, farm-in or hedge is disclosed. Offtake discussions with a Japanese industrial group are non-binding and are not recorded as an arrangement.
Reimbursable U.S. Government awards fund the Virginia 200 tpa build and the +1,200 tpa expansion; reimbursement follows claim review so cash lags spending; asset title vests with the Government during the agreement.
Other · Active- Counterparties
- U.S. Department of War (DPA Title III and IBAS programs)
- Applies to
- Virginia Titanium Manufacturing Campus (HAMR powder, HSPT products) · Others
- Economic direction
- Benefit
- Period
- From 2023-10-31; no end date stated
- Key terms
- DPA Title III award: 12,700,000 USD
IBAS award: 47,100,000 USD
Title to assets: vests in U.S. Government during the agreement
How it affects our valuation
No valuation treatment is available for this arrangement.
Task orders fund continuous HSPT, dehydrogenation and fastener-finishing equipment; remaining ceiling of US$79.2m is at the Government discretion.
Other · Active- Counterparties
- U.S. Army (SBIR Phase III IDIQ)
- Applies to
- Virginia Titanium Manufacturing Campus (HAMR powder, HSPT products) · Others
- Economic direction
- Benefit
- Period
- 2026-08-31 to 2030-08-27
- Key terms
- Contract ceiling: 99,000,000 USD
Task orders received: 19,800,000 USD
Task Order 2 base value: 18,500,000 USD
How it affects our valuation
No valuation treatment is available for this arrangement.
A 5% production royalty on net revenue applies to land held under lease or option once exercised; no government royalty applies. The DFS includes it in operating costs.
Royalty · Conditional- Counterparties
- Titan landowners (leased and optioned land)
- Applies to
- Titan Critical Minerals Project · Others · Rare Earths
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Production royalty: 5 % of net revenue
DFS royalty cost: 8,052,134 USD per year (Phase 2 average)
How it affects our valuation
No valuation treatment is available for this arrangement.
About 290 t of surplus titanium scrap was transferred at no cost under the IBAS programme.
Other · Active- Counterparties
- U.S. Government
- Applies to
- Virginia Titanium Manufacturing Campus (HAMR powder, HSPT products) · Others
- Economic direction
- Benefit
- Period
- From 2026-06-30; no end date stated
- Key terms
- Titanium scrap transferred at no cost: 290 t
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
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Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Evidence-limited assessment of the seven-person admitted KMP roster. Issuer biographies show relevant natural-resources, manufacturing, finance, commercial and company-secretarial experience. IperionX reported early powder-production and capacity-validation progress. Past employer outcomes do not establish individual responsibility; one former-company litigation matter remains allegation-level and was reported dismissed, and one disclosed related-party payment is not an allegation of misconduct.
Decision-relevant facts
Material summary
Todd Hannigan
Executive Chairman
Role FitAnalyst Inference · Medium materiality
Resources and project leadership experience
The issuer reports more than 29 years in global natural resources across company founding, CEO, private-capital and non-executive roles, and identifies prior work at Piedmont Lithium, Aston Resources, Hanson and BHP. He holds a Mining Engineering degree from UQ and an MBA from INSEAD. These claims are issuer-reported; specific employer dates and outcomes are not independently reconciled.
Responsibility not applicable · This describes the issuer’s biography and qualifications; it does not establish personal responsibility for outcomes at past employers.
Form 20-F for fiscal year ended June 30, 2026 · Item 6.A, p.78, biography and other public directorships
FailureIssuer Reported · Medium materiality
Paringa’s Poplar Grove ramp encountered operating and cash pressure
Paringa’s FY2019 report described production ramp-up at Poplar Grove. A later 2019 company notice reported a geological fault that materially reduced production and could cause cash to fall below a loan-facility minimum. Hannigan was listed as a Paringa director in FY2019. The filings do not connect him to the mine plan, fault identification or operating decisions.
Role overlaps event; causation unproven · The evidence establishes board tenure during the FY2019 operating period but does not establish individual causation or fault. A 2020 subsidiary Chapter 11 and Paringa delisting are not attributed because his board status at that date was not resolved in the sources reviewed.
Annual Report for year ended June 30, 2019 · Directors’ report and operating review
Update on Trading Halt · Poplar Grove fault and liquidity disclosure
Paringa to Delist from Nasdaq · Issuer release, subsidiary Chapter 11 filing and subsequent Nasdaq delisting notice
Company SuccessIssuer Reported · Medium materiality
IperionX reported a production scale-up milestone
For the September 2026 quarter, IperionX reported 8.7 tonnes of titanium powder production, 19 tonnes of finished inventory and validated HAMR furnace capacity above the 200 tpa target annualized run-rate. These are early scale-up outcomes; the report states customer qualification and commercial execution remain priorities.
Role overlaps event; causation unproven · The company reported the result while Hannigan was Executive Chairman; the quarterly report does not assign his individual contribution.
September 2026 Quarterly Report · Highlights, operations – titanium powder manufacturing
Evidence gaps · 3
- Career dates and reported qualifications are not independently verified; broad employer history and project-specific individual contributions remain incomplete.
- Targeted public-index searches and selected issuer filings are not an exhaustive court, ASIC, SEC enforcement, safety or employment-record check. No person should be treated as cleared.
- Paringa operating matters overlapped with a documented FY2019 director role, but individual decision-making is not shown. Hannigan’s board status at the subsidiary’s 2020 Chapter 11 filing was not resolved and that later event is not attributed.
Anastasios (Taso) Arima
Chief Executive Officer and Managing Director
Role FitAnalyst Inference · Medium materiality
Founder and critical-materials development experience
IperionX reports that Arima founded the company, has more than 16 years in founding and developing critical-materials companies, and was a Piedmont Lithium founder/director. The issuer reports a Bachelor of Commerce from UWA; it says he studied Engineering but does not state that he completed that degree.
Responsibility not applicable · This is issuer-reported biography and education, not independent verification or proof of project delivery.
Form 20-F for fiscal year ended June 30, 2026 · Item 6.A, p.78, biography
Form 20-F for fiscal year ended December 31, 2018 · Director biography and tenure
LegalAlleged · Medium materiality
Piedmont shareholder litigation overlapped with part of Arima’s director tenure
Piedmont disclosed a securities class action alleging misleading statements about permit timing/status and derivative actions alleging fiduciary-duty breaches against certain officers/directors. The company reported that the class action was dismissed on 18 January 2024 and that the derivative suits were dismissed with prejudice in March 2024. Arima’s Piedmont director tenure ended in June 2021, overlapping the disclosed statement period. The reviewed disclosures do not establish that Arima was individually named or responsible.
Role overlaps event; causation unproven · The matter concerns allegations and company-level proceedings, not a finding against Arima; no individual conduct is attributed.
Form 20-F for fiscal year ended December 31, 2018 · Director tenure table
Quarterly Report for quarter ended September 30, 2024 · Legal proceedings; claim period and reported dismissals
Company SuccessIssuer Reported · Medium materiality
IperionX reported powder-production and capacity validation progress
For the September 2026 quarter, IperionX reported 8.7 tonnes of titanium powder production, 19 tonnes of finished inventory and validated HAMR furnace capacity above the 200 tpa target annualized run-rate. The report says downstream customer qualification and commercial execution remain priorities.
Role overlaps event; causation unproven · The company reported the result while Arima was CEO/Managing Director; no individual contribution is separately assigned.
September 2026 Quarterly Report · Highlights, operations – titanium powder manufacturing
Evidence gaps · 3
- Career dates and reported qualifications are not independently verified; broad employer history and project-specific individual contributions remain incomplete.
- Targeted public-index searches and selected issuer filings are not an exhaustive court, ASIC, SEC enforcement, safety or employment-record check. No person should be treated as cleared.
- Piedmont litigation allegations overlapped with part of Arima’s documented director tenure. The reviewed company filings describe dismissal outcomes but do not establish whether he was personally named or responsible.
Toby Symonds
President and Chief Strategy Officer
Role FitAnalyst Inference · Medium materiality
Capital-markets and strategy experience
The issuer reports more than 30 years in finance and asset management, advisory roles across private equity and real estate, leadership at hedge-fund and investment-banking firms, and prior roles at JPMorgan, Morgan Stanley, SAC Capital, ENA and Altai. It reports a North Carolina State University degree; degree field and independent verification were not stated in the reviewed source.
Responsibility not applicable · Career details are issuer-reported, with limited dates and no independent performance assessment of prior mandates.
Form 20-F for fiscal year ended June 30, 2026 · Item 6.A, p.80, biography and education
IperionX Appoints Toby Symonds as Company President · Appointment release and prior-career details
Evidence gaps · 3
- Career dates and reported qualifications are not independently verified; broad employer history and project-specific individual contributions remain incomplete.
- Targeted public-index searches and selected issuer filings are not an exhaustive court, ASIC, SEC enforcement, safety or employment-record check. No person should be treated as cleared.
- The issuer lists prior firms and an 11-year combined JPMorgan/Morgan Stanley period but does not date most mandates or quantify individual outcomes.
W. Scott Sparks
Chief Operating Officer
Role FitAnalyst Inference · Medium materiality
Plant engineering and operations experience
The issuer reports more than 30 years in engineering and senior leadership for industrial plant design, construction and operations in critical resources, including Performance Industries and DRA Taggart. It reports a Mining Engineering degree from West Virginia Institute of Technology. These statements are issuer-reported.
Responsibility not applicable · The available sources do not independently verify prior delivery outcomes or establish that Sparks personally led every listed project.
Form 20-F for fiscal year ended June 30, 2026 · Item 6.A, p.80, biography and appointment date
GovernanceDocumented · Medium materiality
Related-party engineering and construction services were disclosed
IperionX reported that Performance Industries, Inc., a company associated with Sparks, was paid or payable US$70,660 in FY2026 for engineering and construction services; the company said the services were on arm’s-length or better terms. This is a disclosed related-party transaction, not an allegation of misconduct.
Individual involvement documented · The annual report documents the association, payment and company’s stated terms; it does not establish that Sparks personally approved the procurement or that the terms were independently tested.
Form 20-F for fiscal year ended June 30, 2026 · Item 7.B, p.92, other transactions with KMP
Company SuccessIssuer Reported · Medium materiality
IperionX reported production scale-up progress
For the September 2026 quarter, IperionX reported 8.7 tonnes of titanium powder production, 19 tonnes of finished inventory and validated HAMR furnace capacity above the 200 tpa target annualized run-rate. Customer qualification and commercial execution remained ongoing.
Role overlaps event; causation unproven · The result occurred while Sparks was COO; the quarterly report does not assign specific individual contribution.
September 2026 Quarterly Report · Highlights, operations – titanium powder manufacturing
Evidence gaps · 3
- Career dates and reported qualifications are not independently verified; broad employer history and project-specific individual contributions remain incomplete.
- Targeted public-index searches and selected issuer filings are not an exhaustive court, ASIC, SEC enforcement, safety or employment-record check. No person should be treated as cleared.
- An Indiana appellate opinion names a Scott Sparks in a private personal-injury dispute; no evidence links that person to W. Scott Sparks of IperionX, so it is excluded as an unresolved namesake.
Dominic P. Allen
Chief Commercial Officer
Role FitAnalyst Inference · Medium materiality
Commercial, resource and transaction experience
IperionX reports more than 15 years of commercial experience, including senior roles with Sovereign Metals, Rio Tinto and Oyu Tolgoi, and prior EY transaction-advisory work. It reports BCom and BSc (Hons) degrees from UWA and CAANZ membership. Prior dates and project-specific outcomes are not independently verified.
Responsibility not applicable · The issuer biography does not identify the dates or quantify Allen’s individual contribution to prior transactions.
Form 20-F for fiscal year ended June 30, 2026 · Item 6.A, p.80, biography and appointment date
Evidence gaps · 3
- Career dates and reported qualifications are not independently verified; broad employer history and project-specific individual contributions remain incomplete.
- Targeted public-index searches and selected issuer filings are not an exhaustive court, ASIC, SEC enforcement, safety or employment-record check. No person should be treated as cleared.
- A Paringa filing names a Dominic Allen as VP Finance; identity with IperionX’s Dominic P. Allen is not established, so no Paringa outcome or role is attributed.
Marcela Castro
Chief Financial Officer
Role FitAnalyst Inference · Medium materiality
Global finance leadership and public-company accounting experience
IperionX reports more than 25 years in global finance leadership across green technology, manufacturing, mining, industrial and consumer products, with U.S. public-company accounting, analysis and strategic-planning experience. It lists Arthur Andersen, Colgate-Palmolive, Jaguar Mining, REV Group and Proterra. It reports a BBA and Executive MBA. Prior employer titles and dates are not specified in the reviewed filing.
Responsibility not applicable · The biography is issuer-reported and does not establish individual outcomes at prior companies.
Form 20-F for fiscal year ended June 30, 2026 · Item 6.A, p.81, biography and appointment date
Evidence gaps · 3
- Career dates and reported qualifications are not independently verified; broad employer history and project-specific individual contributions remain incomplete.
- Targeted public-index searches and selected issuer filings are not an exhaustive court, ASIC, SEC enforcement, safety or employment-record check. No person should be treated as cleared.
- The issuer lists prior employers but not job titles or dates, preventing a reliable tenure-by-outcome assessment for those companies.
Louisa Martino
Company Secretary
Role FitAnalyst Inference · Medium materiality
Company-secretarial and corporate-advisory experience
The appointment release reports more than 15 years supporting listed entities with compliance and capital raisings, prior corporate-advisory and due-diligence work at a major accounting firm, a UWA Bachelor of Commerce, CAANZ and CISI memberships and FGIA status. The accounting firm and employment dates are not disclosed.
Responsibility not applicable · Career and professional credentials are company-reported; independent employment or membership checks were not performed.
Appointment of Company Secretary · Appointment release; role, professional history and qualifications
Evidence gaps · 3
- Career dates and reported qualifications are not independently verified; broad employer history and project-specific individual contributions remain incomplete.
- Targeted public-index searches and selected issuer filings are not an exhaustive court, ASIC, SEC enforcement, safety or employment-record check. No person should be treated as cleared.
- The company has not named the major accounting firm or provided a dated employment chronology in the sources reviewed.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-08-31 · 362,240,163 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 40.84% | 147,954,735 | |
| 2 | 11.84% | 42,877,379 | |
| 3 | 6.05% | 21,932,246 | |
| 4 | 3.87% | 14,033,171 | |
| 5 | 2.81% | 10,191,060 | |
| 6 | 1.83% | 6,613,448 | |
| 7 | 1.78% | 6,440,000 | |
| 8 | 1.44% | 5,222,144 | |
| 9 | 1.16% | 4,198,713 | |
| 10 | 1.10% | 4,000,002 | |
| 11 | 1.00% | 3,639,881 | |
| 12 | 0.80% | 2,909,772 | |
| 13 | 0.74% | 2,677,501 | |
| 14 | 0.70% | 2,534,675 | |
| 15 | 0.69% | 2,500,000 | |
| 16 | 0.66% | 2,396,534 | |
| 17 | 0.52% | 1,900,000 | |
| 18 | 0.49% | 1,784,501 | |
| 19 | 0.49% | 1,773,791 | |
| 20 | 0.41% | 1,500,000 | |
| 21 | 0.41% | 1,500,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 27.81%Voting power | 2026-10-15 | |
| 8.71%Voting power | 2026-10-20 | |
| 7.49%Calc. on issued shares | 2026-08-31 | |
| 7.20%Calc. on issued shares | 2026-08-31 | |
| 6.67%Voting power | 2026-08-14 | |
| 5.08%Voting power | 2026-09-18 |
Sources & review notesEvidence checked through 2026-11-02
Coverage and limitations
- The registered-account table is dated 31 August 2026; it is not a current beneficial-ownership list. Custodian, nominee and wrap accounts do not identify underlying investors.
- The register’s last rank is tied: Elizabeth Kate Whiting and Neil Francis Michael Day each report 1,500,000 shares; both are retained.
- The register and substantial-holder view overlap and should not be added together. Substantial-holder positions can include relevant interests through nominees, clients, ADR arrangements or securities-lending relationships.
- Percentages retain each source’s stated basis and date. BNY’s reported quantity and voting power carry an annexure note; JPMorgan’s notice reports fractional votes, so its share count is null.
- FMR and DITM are carried from the annual report as of 31 August 2026; a later notice was not located by cutoff, so their current positions are not independently refreshed.
- A ceasing-to-be-substantial notice does not establish zero remaining securities. Notices below the statutory threshold may not be available.
Sources
- Annual Report 2026
IperionX Limited via ASX · Published 2026-09-29 · Accessed 2026-11-02
Top 20 registered accounts measured 31 August 2026; issued capital 362,240,163 ordinary shares. The report also lists disclosed substantial holders, including FMR LLC and DITM Holdings, at its stated measurement date.
Cached ASX PDF pp.128 and 132 (printed pp.126 and 130), sections “Top 20 shareholders” and “Substantial shareholders”
- Change in substantial holding — JPMorgan Chase & Co. and affiliates
JPMorgan Chase & Co. via ASX · Published 2026-10-23 · Accessed 2026-11-02
Reports 31,541,153.52 votes and 8.71% voting power. Fractional votes appear in the filed aggregate, so ordinary-share quantity is left null.
PDF p.1, Form 604, sections 1–2; change effective 20 October 2026
- Change in substantial holding — The Bank of New York Mellon Corporation group
The Bank of New York Mellon Corporation via ASX · Published 2026-10-19 · Accessed 2026-11-02
Reports 100,737,812 votes and 27.81% voting power, subject to an annexure note. Group includes entities associated with the ADR program; it is a reported relevant-interest group, not a beneficial-owner count.
PDF p.1, Form 604, sections 1–2; change effective 15 October 2026
- Becoming a substantial holder — The Vanguard Group
The Vanguard Group via ASX · Published 2026-09-24 · Accessed 2026-11-02
Reports 18,307,532 ordinary shares, 18,409,250 votes and 5.082% voting power. The group manages accounts and funds; votes exceed ordinary securities.
PDF p.1, Form 603, sections 1–3; threshold date 18 September 2026
- Change in substantial holding — State Street group
State Street Corporation via ASX · Published 2026-08-18 · Accessed 2026-11-02
Reports 27,793,172 votes and 6.67% voting power. This remains the latest State Street notice located in the cached issuer record through the cutoff.
PDF p.1, Form 604, sections 1–2; change effective 14 August 2026
Disclosed activity
Insider transactions
Trading activity27 buys · 2 sells shownNet cash last 12 months A$5.6mShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2023-12-27to 2024-01-03 | Todd Hannigan
Details & evidence for Todd Hannigan on 2023-12-27Indirect interest through DITM Holdings Pty Ltd (director and shareholder), as reported in the notice. As disclosed: On-market purchases of 465,442 fully paid ordinary shares during 27 December 2023 to 3 January 2024; consideration A$643,455.
Director · Start not disclosed Management background report ↗ DITM Holdings Pty Ltd · director of trustee; disclosed indirect share interest The DITM Family Trust · indirect director interest through DITM Holdings Pty Ltd as trustee The Hannigan Superannuation Fund · indirect director interest through DITM Holdings Pty Ltd as trustee Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | PurchaseIPX fully paid ordinary shares | 465,442 | AUD 643,455.00 | AUD 1.38246Calculated average | 17,565,255 |
| 2023-12-21 | Vaughn TaylorNalaroo Holdings Pty Ltd <Lavoipierre Taylor Fam A/C>
Details & evidence for Vaughn Taylor on 2023-12-21Indirect interest through Nalaroo Holdings Pty Ltd; the form reports 35,365 RSUs vested and converted into shares. As disclosed: 35,365 shares acquired upon vesting of RSUs on 21 December 2023; nil consideration.
Director · Start not disclosed Nalaroo Holdings Pty Ltd <Lavoipierre Taylor Fam A/C> · indirect share interest through the disclosed family account Change of Director's Interest Notice x6 ↗ Change of Director's Interest Notice x6 ↗ | VestingIPX fully paid ordinary shares issued on RSU vesting | 35,365 | —Non Cash | — | 412,194 |
| 2023-12-21 | Todd Hannigan
Details & evidence for Todd Hannigan on 2023-12-21Indirect interest through DITM Holdings Pty Ltd. The form aggregates 2,100,000 shares issued on exercise of three option tranches: 350,000 at A$0.20, 875,000 at A$0.45 and 875,000 at A$0.55. The A$945,000 aggregate consideration is kept on this share-issuance event; tranche cash is not reallocated. As disclosed: 2,100,000 ordinary shares acquired on exercise of 350,000 A$0.20 options, 875,000 A$0.45 options and 875,000 A$0.55 options on 21 December 2023; total consideration A$945,000.
Director · Start not disclosed Management background report ↗ DITM Holdings Pty Ltd · director of trustee; disclosed indirect share interest The DITM Family Trust · indirect director interest through DITM Holdings Pty Ltd as trustee The Hannigan Superannuation Fund · indirect director interest through DITM Holdings Pty Ltd as trustee Change of Director's Interest Notice x6 ↗ Change of Director's Interest Notice x6 ↗ | ExerciseIPX fully paid ordinary shares issued on exercise of options | 2,100,000 | AUD 945,000.00 | AUD 0.45Calculated average | 17,099,813 |
| 2023-12-21 | Todd Hannigan
Details & evidence for Todd Hannigan on 2023-12-21The resulting shares and aggregate A$945,000 consideration are recorded on the linked ordinary-share event. As disclosed: 875,000 unlisted A$0.55 incentive options disposed on exercise on 21 December 2023.
Director · Start not disclosed Management background report ↗ DITM Holdings Pty Ltd · director of trustee; disclosed indirect share interest The DITM Family Trust · indirect director interest through DITM Holdings Pty Ltd as trustee The Hannigan Superannuation Fund · indirect director interest through DITM Holdings Pty Ltd as trustee Change of Director's Interest Notice x6 ↗ Change of Director's Interest Notice x6 ↗ | ExerciseIPX unlisted A$0.55 incentive options | 875,000 | —Not Disclosed | — | 0 |
| 2023-12-21 | Todd Hannigan
Details & evidence for Todd Hannigan on 2023-12-21The resulting shares and aggregate A$945,000 consideration are recorded on the linked ordinary-share event. As disclosed: 875,000 unlisted A$0.45 incentive options disposed on exercise on 21 December 2023.
Director · Start not disclosed Management background report ↗ DITM Holdings Pty Ltd · director of trustee; disclosed indirect share interest The DITM Family Trust · indirect director interest through DITM Holdings Pty Ltd as trustee The Hannigan Superannuation Fund · indirect director interest through DITM Holdings Pty Ltd as trustee Change of Director's Interest Notice x6 ↗ Change of Director's Interest Notice x6 ↗ | ExerciseIPX unlisted A$0.45 incentive options | 875,000 | —Not Disclosed | — | 0 |
| 2023-12-21 | Todd Hannigan
Details & evidence for Todd Hannigan on 2023-12-21The resulting shares and aggregate A$945,000 consideration are recorded on the linked ordinary-share event. As disclosed: 350,000 unlisted A$0.20 options disposed on exercise on 21 December 2023.
Director · Start not disclosed Management background report ↗ DITM Holdings Pty Ltd · director of trustee; disclosed indirect share interest The DITM Family Trust · indirect director interest through DITM Holdings Pty Ltd as trustee The Hannigan Superannuation Fund · indirect director interest through DITM Holdings Pty Ltd as trustee Change of Director's Interest Notice x6 ↗ Change of Director's Interest Notice x6 ↗ | ExerciseIPX unlisted A$0.20 options | 350,000 | —Not Disclosed | — | 0 |
| 2023-12-21 | Anastasios (Taso) Arima
Details & evidence for Anastasios (Taso) Arima on 2023-12-21Indirect interest through Moshos Family Investments Pty Ltd ATF Moshos Family Trust. As disclosed: 1,000,000 ordinary shares acquired on exercise of 1,000,000 unlisted A$0.25 options on 21 December 2023; consideration A$250,000.
Director · Start not disclosed Management background report ↗ Moshos Family Investments Pty Ltd · director and shareholder of trustee Moshos Family Trust · beneficiary of trust holding securities subject to disclosed indirect interest Equities First Holdings, LLC · indirect interest in shares subject to facility collateral Change of Director's Interest Notice x6 ↗ Change of Director's Interest Notice x6 ↗ | ExerciseIPX fully paid ordinary shares issued on A$0.25 option exercise | 1,000,000 | AUD 250,000.00 | AUD 0.25Calculated average | 4,461,446 |
| 2023-12-21 | Anastasios (Taso) Arima
Details & evidence for Anastasios (Taso) Arima on 2023-12-21The resulting 1,000,000 ordinary shares and A$250,000 aggregate exercise consideration are recorded on the linked share event. As disclosed: 1,000,000 unlisted A$0.25 options disposed on exercise on 21 December 2023.
Director · Start not disclosed Management background report ↗ Moshos Family Investments Pty Ltd · director and shareholder of trustee Moshos Family Trust · beneficiary of trust holding securities subject to disclosed indirect interest Equities First Holdings, LLC · indirect interest in shares subject to facility collateral Change of Director's Interest Notice x6 ↗ Change of Director's Interest Notice x6 ↗ | ExerciseIPX unlisted A$0.25 options | 1,000,000 | —Not Disclosed | — | 0 |
| 2023-12-21 | Melissa G. Waller
Details & evidence for Melissa G. Waller on 2023-12-21Direct interest; the filing reports 35,365 RSUs vested and converted into shares. As disclosed: 35,365 shares acquired upon vesting of RSUs on 21 December 2023; nil consideration.
Director · Start not disclosed Change of Director's Interest Notice x6 ↗ Change of Director's Interest Notice x6 ↗ | VestingIPX fully paid ordinary shares issued on RSU vesting | 35,365 | —Non Cash | — | 168,699 |
| 2023-12-21 | Lorraine M. Martin
Details & evidence for Lorraine M. Martin on 2023-12-21Direct interest; the filing reports 35,365 RSUs vested and converted into shares. As disclosed: 35,365 shares acquired upon vesting of RSUs on 21 December 2023; nil consideration.
Director · Start not disclosed Change of Director's Interest Notice x6 ↗ Change of Director's Interest Notice x6 ↗ | VestingIPX fully paid ordinary shares issued on RSU vesting | 35,365 | —Non Cash | — | 468,699 |
| 2023-12-21 | Beverly M. Wyse
Details & evidence for Beverly M. Wyse on 2023-12-21Direct interest; the filing reports 35,365 RSUs vested and converted into shares. As disclosed: 35,365 shares acquired upon vesting of RSUs on 21 December 2023; nil consideration.
Director · Start not disclosed Change of Director's Interest Notice x6 ↗ Change of Director's Interest Notice x6 ↗ | VestingIPX fully paid ordinary shares issued on RSU vesting | 35,365 | —Non Cash | — | 168,699 |
| 2023-12-05 | Vaughn TaylorNalaroo Holdings Pty Ltd <Lavoipierre Taylor Fam A/C>
Details & evidence for Vaughn Taylor on 2023-12-05Indirect interest through Nalaroo Holdings Pty Ltd (<Lavoipierre Taylor Fam A/C>). As disclosed: 101,281 RSUs acquired on 5 December 2023 following shareholder approval; nil consideration.
Director · Start not disclosed Nalaroo Holdings Pty Ltd <Lavoipierre Taylor Fam A/C> · indirect share interest through the disclosed family account Change of Director's Interest Notice x4 ↗ Change of Director's Interest Notice x4 ↗ | GrantIPX restricted stock units | 101,281 | —Non Cash | — | 207,374 |
| 2023-12-05 | Melissa G. Waller
Details & evidence for Melissa G. Waller on 2023-12-05Direct interest as reported in the Appendix 3Y. As disclosed: 101,281 RSUs acquired on 5 December 2023 following shareholder approval; nil consideration.
Director · Start not disclosed Change of Director's Interest Notice x4 ↗ Change of Director's Interest Notice x4 ↗ | GrantIPX restricted stock units | 101,281 | —Non Cash | — | 274,040 |
| 2023-12-05 | Lorraine M. Martin
Details & evidence for Lorraine M. Martin on 2023-12-05Direct interest as reported in the Appendix 3Y. As disclosed: 101,281 RSUs acquired on 5 December 2023 following shareholder approval; nil consideration.
Director · Start not disclosed Change of Director's Interest Notice x4 ↗ Change of Director's Interest Notice x4 ↗ | GrantIPX restricted stock units | 101,281 | —Non Cash | — | 274,040 |
| 2023-12-05 | Beverly M. Wyse
Details & evidence for Beverly M. Wyse on 2023-12-05Direct interest as reported in the Appendix 3Y. As disclosed: 101,281 RSUs acquired on 5 December 2023 following shareholder approval; nil consideration.
Director · Start not disclosed Change of Director's Interest Notice x4 ↗ Change of Director's Interest Notice x4 ↗ | GrantIPX restricted stock units | 101,281 | —Non Cash | — | 274,040 |
| 2023-11-06to 2023-11-13 | Todd Hannigan
Details & evidence for Todd Hannigan on 2023-11-06Indirect interest through DITM Holdings Pty Ltd (director and shareholder), as reported in the notice. As disclosed: On-market purchases of 520,096 fully paid ordinary shares during 6–13 November 2023; consideration A$763,141.
Director · Start not disclosed Management background report ↗ DITM Holdings Pty Ltd · director of trustee; disclosed indirect share interest The DITM Family Trust · indirect director interest through DITM Holdings Pty Ltd as trustee The Hannigan Superannuation Fund · indirect director interest through DITM Holdings Pty Ltd as trustee Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | PurchaseIPX fully paid ordinary shares | 520,096 | AUD 763,141.00 | AUD 1.467308Calculated average | 14,999,813 |
| 2023-11-06 | Melissa G. Waller
Details & evidence for Melissa G. Waller on 2023-11-06Direct interest as reported in the Appendix 3Y. As disclosed: 66,667 shares acquired upon vesting of RSUs on 6 November 2023; nil consideration.
Director · Start not disclosed Change of Director's Interest Notice x3 ↗ Change of Director's Interest Notice x3 ↗ | VestingIPX fully paid ordinary shares issued on RSU vesting | 66,667 | —Non Cash | — | 133,334 |
| 2023-11-06 | Lorraine M. Martin
Details & evidence for Lorraine M. Martin on 2023-11-06Direct interest as reported in the Appendix 3Y. As disclosed: 66,667 shares acquired upon vesting of RSUs on 6 November 2023; nil consideration.
Director · Start not disclosed Change of Director's Interest Notice x3 ↗ Change of Director's Interest Notice x3 ↗ | VestingIPX fully paid ordinary shares issued on RSU vesting | 66,667 | —Non Cash | — | 433,334 |
| 2023-11-06 | Beverly M. Wyse
Details & evidence for Beverly M. Wyse on 2023-11-06Direct interest as reported in the Appendix 3Y. As disclosed: 66,667 shares acquired upon vesting of RSUs on 6 November 2023; nil consideration.
Director · Start not disclosed Change of Director's Interest Notice x3 ↗ Change of Director's Interest Notice x3 ↗ | VestingIPX fully paid ordinary shares issued on RSU vesting | 66,667 | —Non Cash | — | 133,334 |
| 2023-06-26 | Todd Hannigan
Details & evidence for Todd Hannigan on 2023-06-26Indirect interest through DITM Holdings Pty Ltd (director and shareholder), as reported in the notice. As disclosed: 700,000 fully paid ordinary shares acquired for A$700,000 on 26 June 2023 through the placement following shareholder approval.
Director · Start not disclosed Management background report ↗ DITM Holdings Pty Ltd · director of trustee; disclosed indirect share interest The DITM Family Trust · indirect director interest through DITM Holdings Pty Ltd as trustee The Hannigan Superannuation Fund · indirect director interest through DITM Holdings Pty Ltd as trustee Change of Director's Interest Notice x2 ↗ Change of Director's Interest Notice x2 ↗ | SubscriptionIPX fully paid ordinary shares | 700,000 | AUD 700,000.00 | AUD 1Calculated average | 14,479,717 |
| 2023-06-26 | Lorraine M. Martin
Details & evidence for Lorraine M. Martin on 2023-06-26Direct interest as reported in the Appendix 3Y. As disclosed: 300,000 ordinary shares acquired for A$300,000 on 26 June 2023 through the placement following shareholder approval.
Director · Start not disclosed Change of Director's Interest Notice x2 ↗ Change of Director's Interest Notice x2 ↗ | SubscriptionIPX fully paid ordinary shares | 300,000 | AUD 300,000.00 | AUD 1Calculated average | 366,667 |
| 2023-05-03to 2023-05-05 | Todd Hannigan
Details & evidence for Todd Hannigan on 2023-05-03Indirect interest through DITM Holdings Pty Ltd (director and shareholder). The amended notice corrects the original filing's reported April date to 3–5 May; quantity, consideration and holdings are unchanged. As disclosed: Amended notice reports on-market purchases of 847,970 fully paid ordinary shares during 3–5 May 2023 for A$842,269.
Replaces 1 earlier record(s). Director · Start not disclosed Management background report ↗ DITM Holdings Pty Ltd · director of trustee; disclosed indirect share interest The DITM Family Trust · indirect director interest through DITM Holdings Pty Ltd as trustee The Hannigan Superannuation Fund · indirect director interest through DITM Holdings Pty Ltd as trustee Change of Director's Interest Notice (Amended) ↗ Change of Director's Interest Notice (Amended) ↗ | PurchaseIPX fully paid ordinary shares | 847,970 | AUD 842,269.00 | AUD 0.993277Calculated average | 13,779,717 |
Disclosed holding observations18 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-09-23 | Anastasios (Taso) Arima
Details & evidence for Anastasios (Taso) Arima on 2026-09-23The director reports 12,455,502 ordinary shares before and after the collateral return. The notice separately reports ADSs, RSUs, options and performance rights; this observation covers the ordinary-share line only.
Director · Start not disclosed Management background report ↗ Moshos Family Investments Pty Ltd · director and shareholder of trustee Moshos Family Trust · beneficiary of trust holding securities subject to disclosed indirect interest Equities First Holdings, LLC · indirect interest in shares subject to facility collateral Change of Director's Interest Notice ↗ | PositionIPX fully paid ordinary shares | 12,455,502 | — |
| 2026-08-31 | Beverly M. Wyse
Details & evidence for Beverly M. Wyse on 2026-08-31
Director · Start not disclosed Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2026-12-23 | 22,686 | — |
| 2026-08-31 | Beverly M. Wyse
Details & evidence for Beverly M. Wyse on 2026-08-31
Director · Start not disclosed Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2027-12-05 | 33,761 | — |
| 2026-08-31 | Beverly M. Wyse
Details & evidence for Beverly M. Wyse on 2026-08-31
Director · Start not disclosed Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2028-12-16 | 28,324 | — |
| 2026-08-31 | Lorraine M. Martin
Details & evidence for Lorraine M. Martin on 2026-08-31
Director · Start not disclosed Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2026-12-23 | 28,131 | — |
| 2026-08-31 | Lorraine M. Martin
Details & evidence for Lorraine M. Martin on 2026-08-31
Director · Start not disclosed Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2027-12-05 | 33,761 | — |
| 2026-08-31 | Lorraine M. Martin
Details & evidence for Lorraine M. Martin on 2026-08-31
Director · Start not disclosed Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2028-12-16 | 28,324 | — |
| 2026-08-31 | Melissa G. Waller
Details & evidence for Melissa G. Waller on 2026-08-31
Director · Start not disclosed Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2026-12-23 | 22,686 | — |
| 2026-08-31 | Melissa G. Waller
Details & evidence for Melissa G. Waller on 2026-08-31
Director · Start not disclosed Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2027-12-05 | 33,761 | — |
| 2026-08-31 | Melissa G. Waller
Details & evidence for Melissa G. Waller on 2026-08-31
Director · Start not disclosed Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2028-12-16 | 28,324 | — |
| 2026-08-31 | Michael Loparco
Details & evidence for Michael Loparco on 2026-08-31
Director · 2026-08-03 Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2028-08-03 | 58,584 | — |
| 2026-08-31 | R. Tony Tripeny
Details & evidence for R. Tony Tripeny on 2026-08-31
Director · Start not disclosed Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2026-12-23 | 22,686 | — |
| 2026-08-31 | R. Tony Tripeny
Details & evidence for R. Tony Tripeny on 2026-08-31
Director · Start not disclosed Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2028-12-16 | 28,324 | — |
| 2026-08-31 | Vaughn Taylor
Details & evidence for Vaughn Taylor on 2026-08-31The table names Nalaroo Holdings Pty Ltd; it is retained as the disclosed account linked to Vaughn Taylor in the director-interest record.
Director · Start not disclosed Nalaroo Holdings Pty Ltd <Lavoipierre Taylor Fam A/C> · indirect share interest through the disclosed family account Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2026-12-23 | 22,686 | — |
| 2026-08-31 | Vaughn Taylor
Details & evidence for Vaughn Taylor on 2026-08-31The table names Nalaroo Holdings Pty Ltd; it is retained as the disclosed account linked to Vaughn Taylor in the director-interest record.
Director · Start not disclosed Nalaroo Holdings Pty Ltd <Lavoipierre Taylor Fam A/C> · indirect share interest through the disclosed family account Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2027-12-05 | 33,761 | — |
| 2026-08-31 | Vaughn Taylor
Details & evidence for Vaughn Taylor on 2026-08-31The table names Nalaroo Holdings Pty Ltd; it is retained as the disclosed account linked to Vaughn Taylor in the director-interest record.
Director · Start not disclosed Nalaroo Holdings Pty Ltd <Lavoipierre Taylor Fam A/C> · indirect share interest through the disclosed family account Annual Report to Shareholders ↗ | PositionDirector restricted stock units expiring 2028-12-16 | 28,324 | — |
| 2026-08-03 | Michael Loparco
Details & evidence for Michael Loparco on 2026-08-03Initial director-position disclosure; no grant date or grant transaction is reported in this notice.
Director · 2026-08-03 Initial Director's Interest Notice ↗ | InitialIPX restricted stock units expiring 2028-08-03 | 58,584 | — |
| 2025-03-17 | R. Tony Tripeny
Details & evidence for R. Tony Tripeny on 2025-03-17Initial director-position disclosure; no grant date or grant transaction is reported in this notice.
Director · Start not disclosed Initial Director's Interest Notice ↗ | InitialIPX restricted stock units expiring 2028-12-16 | 42,486 | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory12 documents
IPX reference price: ASX close 30 October 2026Market Data · HighExtracted
Latest eligible local ASX close for IPX: A$2.15 on 2026-10-30 (open 2.44, high 2.46, low 2.03, volume 2,726,086), market data provider via miners.collect_stock_prices, one ASX IPX ordinary share, 1 day old, fresh. Command: python -m miners.reference_price IPX --valuation-date 2026-10-31.
- Document ID
- ref_price_20261030
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- —
Market snapshot and AUD/USD (local databases)Market Data · MediumExtracted
Market snapshot from local databases as of 2026-10-30 (python -m miners.v8db.market_snapshot IPX --cutoff 2026-10-31): 52-week high A$8.37, low A$1.775; returns 1m -14.3%, 3m -29.5%, 6m -52.2%, 12m -68.3%, 3y +72.0%; relative to the ASX mining index 12m -77.2%; average traded value 20d A$3.24m, 60d A$5.31m; AUD per USD 1.4236; the peer database holds no stock sharing the primary commodity.
- Document ID
- market_snapshot_20261030
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- —
Peer share counts and local closes (ILU, LYC, ARU)Market Data · LowExtracted
Peer inputs: Arafura Rare Earths 6,070,602,115 shares quoted after the 13 July 2026 issue (TipRanks announcement summary); Iluka Resources about 431.2m shares (TipRanks statistics page, undated, timeless share count only); closes for ILU, LYC and ARU on 2026-10-30 and 2025-10-30 from the local ASX price database (data/asx_mining_companies.db). Lynas share count not found, so its market cap is left blank.
- Document ID
- peer_inputs_202610
- Published UTC
- 2026-10-30T01:00:00Z
- Projects
- —
- Commodities
- —
September 2026 Quarterly Report (Activities Report and Appendix 5B)Results · HighExtracted
Quarterly report to 30 September 2026: 8.7 t HAMR titanium powder produced, 19 t powder and 207 t scrap inventory, furnace capacity validated above 200 tpa, GenX continuous process validated near 100 tpa; cash US$63.0m after the US$50m July offering (net US$46.1m), operating outflow US$12.6m, US$33.7m remaining reimbursable U.S. Government funding; US$18.5m SBIR Phase III Task Order 2; Atlas acquisition closed 1 July 2026; redomiciliation plan; five quarters of funding on Appendix 5B basis.
- Document ID
- q_sep2026
- Published UTC
- 2026-10-28T23:00:55Z
- Projects
- virginia_titanium · titan · atlas
- Commodities
- others · rare_earths
Annual Report to Shareholders FY2026 (year ended 30 June 2026)Results · HighExtracted
FY2026 audited accounts in US$: loss US$66.8m, operating cash outflow US$45.0m, PP&E, intangibles and exploration purchases US$20.4m, cash US$35.2m, loans and leases US$4.2m, equity US$88.3m; 339.4m shares at 30 June 2026 and 362.24m at 31 August 2026 after the July offering; board and executive biographies, remuneration, top-20 holders and substantial holders, options and rights, going concern and liquidity discussion, Mineral Resource and Ore Reserve statements.
- Document ID
- ar_fy2026
- Published UTC
- 2026-09-28T22:44:29Z
- Projects
- virginia_titanium · titan · atlas
- Commodities
- others · rare_earths
Heavy rare earth prices outside China (S&P Global, September 2026)Commodity Data · MediumExtracted
S&P Global Commodity Insights, 18 September 2026: dysprosium and terbium oxide trade is the focus of September CIF North America rare earth assessments; Dy oxide traded near US$3,250/kg and Tb oxide near US$7,500/kg CIP North America, against about US$196-201/kg and US$896-904/kg in China; outside-China ranges vary by reporter. Lynas reported 19 t of Dy plus Tb in the June 2026 quarter, and China export licensing on heavy rare earths remains a policy variable. Aggregator ranges are indicative only.
- Document ID
- rare_earth_prices_202609
- Published UTC
- 2026-09-18T02:00:00Z
- Projects
- —
- Commodities
- —
Sell-side ratings and targets for IPX ADS (MarketBeat)Market Data · LowExtracted
MarketBeat IPX price-target page read 2026-10-31: as of 4 September 2026 seven analysts, six Buy and one Sell, average 12-month ADS target US$46.50 (range US$26 to US$55) against an ADS near US$21.75; BTIG raised to US$55, Roth lowered to US$53 from US$75, Texas Capital initiated at Buy US$55. Used only to test the thesis, never as the valuation anchor.
- Document ID
- sellside_marketbeat_20260904
- Published UTC
- 2026-09-04T02:00:00Z
- Projects
- —
- Commodities
- —
Proposed U.S. redomiciliation and board appointmentCorporate Action · MediumExtracted
Plan to redomicile the ultimate parent to Texas by scheme of arrangement with direct Nasdaq listing replacing the ADS structure, subject to shareholder, court and regulatory approvals; Michael J. Loparco appointed independent non-executive director from 3 August 2026.
- Document ID
- redomicile_20260803
- Published UTC
- 2026-08-02T23:27:48Z
- Projects
- —
- Commodities
- —
Appendix 2A: 106,093 shares from option exercisesCorporate Action · LowExtracted
Application for quotation of 106,093 ordinary shares issued 15 July 2026 on exercise of options.
- Document ID
- app2a_20260715
- Published UTC
- 2026-07-15T01:40:05Z
- Projects
- —
- Commodities
- —
Appendix 2A: 22,750,000 ordinary shares from the US public offeringFinancing · HighExtracted
Application for quotation of 22,750,000 fully paid ordinary shares issued 8 July 2026 (the shares underlying 2,275,000 ADSs priced at US$21.98 per ADS).
- Document ID
- app2a_20260708
- Published UTC
- 2026-07-08T06:50:55Z
- Projects
- —
- Commodities
- —
Completion of the Camden (Atlas) acquisitionTransaction · MediumExtracted
Completion of the US$3.0m cash acquisition of adjacent critical mineral, property and infrastructure assets: about 70 acres of at-surface stockpiles with grab samples to 21.5% THM, about 180 acres of pre-stripped Lower McNairy, 1,200 owned and 1,300 leased acres, grid power, water, gas and rail; reclamation obligations assumed; integrated Atlas-Titan study targeted by end 2026.
- Document ID
- atlas_acq_20260702
- Published UTC
- 2026-07-01T23:19:49Z
- Projects
- atlas · titan
- Commodities
- others · rare_earths
Titan Definitive Feasibility Study (announcement, summary and technical report)Study · HighExtracted
DFS for the 100%-owned Titan project: 14-year mine plan on 117.0 Mt Proved and Probable Ore Reserve at 3.17% THM, Phase 1 3.5 Mtpa then Phase 2 10 Mtpa; products ilmenite, rutile, zircon concentrate and heavy rare earth concentrate; capex US$228.1m plus US$153.2m; opex US$13.31/t ore then US$10.57/t; real 8% after-tax NPV US$813m, IRR 39.4%, payback 3.6 years, LOM EBITDA US$2.8bn, after-tax FCF US$1.93bn; price deck TZMI (ilmenite, rutile, zircon) and Argus basket at 50% payability for the concentrate; 21% federal and 6.5% Tennessee tax with depletion and 100% first-year depreciation; 5% royalty on leased and optioned land; Mineral Resource 445.7 Mt at 2.1% THM.
- Document ID
- titan_dfs_20260604
- Published UTC
- 2026-06-03T23:07:29Z
- Projects
- titan
- Commodities
- rare_earths · others
Evidence facts28
63018000 USD
2026-09-30-12617000 USD
2026-09-3033700000 USD
2026-09-308.7 t
2026-09-3018500000 USD
2026-08-31-66767762 USD
2026-06-30362240163 shares
2026-08-31319927854 shares
2025-06-3088299689 USD
2026-06-303966220 USD
2026-06-30813000000 USD
2026-06-04381300000 USD
2026-06-04117027000 t
2026-06-0441759 USD/t
2026-06-0427.5 %
2026-06-043000000 USD
2026-07-012026-08-03 None
2026-08-0322750000 shares
2026-07-08106093 shares
2026-07-152.15 AUD/share
2026-10-302726086 shares
2026-10-301.4236 AUD/USD
2026-10-308.37 AUD/share
2026-10-3046.5 USD/ADS
2026-09-043250 USD/kg
2026-09-187500 USD/kg
2026-09-18431195000 shares
2026-10-306070602115 shares
2026-07-13