OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor IPX ASX (ordinary shares) and Nasdaq (ADSs, one ADS = ten ordinary shares)

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

Narrative and provenance

Research & Sources

AI Analyst Report

The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.

Sign in or enter a guest code
Chronological 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
—
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts28
q-cashCash at 30 September 2026

63018000 USD

2026-09-30
q-ocfNet operating cash outflow, September quarter

-12617000 USD

2026-09-30
q-govRemaining obligated reimbursable U.S. Government funding

33700000 USD

2026-09-30
q-powderHAMR titanium powder produced

8.7 t

2026-09-30
q-capexTask Order 2 base value

18500000 USD

2026-08-31
ar-npatLoss for the year FY2026

-66767762 USD

2026-06-30
ar-sharesShares on issue 31 August 2026

362240163 shares

2026-08-31
ar-shares25Shares on issue 30 June 2025

319927854 shares

2025-06-30
ar-equityNet assets

88299689 USD

2026-06-30
ar-leaseLease liabilities

3966220 USD

2026-06-30
d-npvAfter-tax NPV8

813000000 USD

2026-06-04
d-capexPhase 1 and Phase 2 development capital

381300000 USD

2026-06-04
d-resOre Reserve

117027000 t

2026-06-04
d-hrecLOM average HREC price

41759 USD/t

2026-06-04
d-taxFederal and state tax rates

27.5 %

2026-06-04
a-priceAtlas cash purchase price

3000000 USD

2026-07-01
r-dateLoparco board appointment date

2026-08-03 None

2026-08-03
a2-nShares issued

22750000 shares

2026-07-08
a2b-nShares issued

106093 shares

2026-07-15
p-closeASX close

2.15 AUD/share

2026-10-30
p-volVolume

2726086 shares

2026-10-30
m-fxAUD per USD

1.4236 AUD/USD

2026-10-30
m-hi52-week high

8.37 AUD/share

2026-10-30
sb-avgAverage analyst target per ADS

46.5 USD/ADS

2026-09-04
re-dyDy oxide outside China (CIF North America trade)

3250 USD/kg

2026-09-18
re-tbTb oxide outside China (CIP North America)

7500 USD/kg

2026-09-18
pe-iluIluka shares in issue

431195000 shares

2026-10-30
pe-aruArafura shares quoted

6070602115 shares

2026-07-13