Key Highlights

● IperionX reports US$59.8 million of obligated U.S. government funding as of June 30, 2026, including a $47.1 million award.

● The Titan feasibility study shows after-tax net present value of US$813 million and a 39.4 percent internal rate of return.

● The company completed the Atlas Acquisition for US$3.0 million on July 1, 2026, covering about 70 acres of stockpiles.

● Virginia powder capacity is about 200 tonnes per year, with a next phase of roughly 1,400 tonnes per year targeted.

IperionX Limited (NASDAQ:IPX) furnished a Form 6-K to the U.S. Securities and Exchange Commission on September 29, 2026, attaching its Annual Report for the fiscal year ended June 30, 2026. The report, filed as Exhibit 99.1, describes the titanium metal and critical minerals company's operations in Virginia and Tennessee and highlights US$59.8 million of obligated U.S. government awards and a definitive feasibility study for its Titan project with an after-tax net present value of US$813 million. The filing is signed by Marcela Castro, Chief Financial Officer.

U.S. Government Support

The annual report says total obligated U.S. government funding stood at $59.8 million as of June 30, 2026. That figure is made up of a $47.1 million award described as fully obligated for the Virginia scale-up and the Titan project, and a $12.7 million Defense Production Act Title III award, also fully obligated, for an initial production platform. The report says funds from the $47.1 million award are available as milestone-based reimbursements.

Separately, the company describes an SBIR Phase III contract with a ceiling of $99 million for "Low-Cost, Domestic Titanium for Defense Applications." Two task orders had been issued under it: $1.3 million in June 2025 and $25.4 million in August 2025, for an aggregate of $26.7 million. The report lists the U.S. Department of War, the U.S. Army and the Department of Energy among supporting agencies. A contract ceiling is a maximum, not a commitment to purchase that amount.

The Titan Project

The Titan Critical Minerals Project in Tennessee is the source of the US$813 million figure. According to the report, the definitive feasibility study was completed in June 2026 and shows an after-tax internal rate of return of 39.4 percent, an after-tax payback of 3.6 years and forecast after-tax free Cash Flow of US$1.9 billion over an initial 14-year mine plan. The planned products include a heavy rare earth concentrate containing dysprosium, terbium and yttrium, along with ilmenite, rutile and zircon concentrate. These are study outputs, not operating results.

The report also says key mine-area permits are in place. On July 1, 2026, the company completed an acquisition it calls Atlas for US$3.0 million, covering roughly 70 acres of at-surface critical mineral stockpiles and about 180 acres of pre-stripped mineralization. It adds that an integrated economic assessment is targeted for completion by the end of 2026.

Virginia Manufacturing

At its Virginia Titanium Manufacturing Campus, IperionX says operations moved to a 24/7 schedule during fiscal 2026. The report describes current powder capacity of approximately 200 tonnes per year, up from a 125 tonne nameplate, and a targeted next phase of approximately 1,400 tonnes per year with estimated Capital Expenditure of US$75 million. It also reports that a 300-ton powder metallurgy press was commissioned in May 2026. On product quality, the report says Army testing showed approximately 20 percent higher torque-to-yield performance for three-quarter-inch titanium fasteners compared with comparable SAE Grade 8 steel. Chief Executive Officer Anastasios (Tasio) Arma is quoted in the report as saying: "Our strategy combines lower-cost titanium powder production with advanced manufacturing that preserves more of the metal."

IperionX Titan Assessment and Virginia Expansion Milestones

Several dated items are named in the report. The company targets an integrated economic assessment for Titan by the end of 2026. Further task orders under the $99 million SBIR Phase III ceiling would show how much of that ceiling converts into funded work, and the milestone-based structure of the $47.1 million award means reimbursements depend on progress being achieved. The Virginia expansion toward approximately 1,400 tonnes per year would require the US$75 million of capital the report estimates.