IperionX (ASX:IPX): It has become a A$1.7bn company, all thanks for US demand for titanium

Five years ago, IperionX (ASX:IPX) was just another small cap treading water with a market cap of $2.7m. Even in April 2023, it was only a tenth of what is now at under $200m, but it has created spectacular wealth for long-term investors. And it didn’t happen by accident or coincidence. Luck may have been a part, but it was in the right place at the right time. And last week, it tapped investors for another A$70m.

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IperionX is capitalising on the need for titanium

TitaniumX is a maker of high performance titanium alloys, from raw minerals or scrap metals. It purports to do so with lower energy use, costs and carbon emissions. It claims its Titan critical minerals project is the largest JORC-compliant mineral resource of titanium in the USA.

Titanium is important because it combines exceptional strength, corrosion resistance, and light weight — making it critical in a wide range of industries including aerospace, defence and automotive uses. It is light weight, but highly durable – who said it was an either or choice? Moreover, it has high corrison resistance, has no toxicity and is non-reactive in the human body. And so it is a critical metal in the US.

The problem is that it has been mostly imported…until now. IperionX has the solution, two in fact. Hydrogen Assisted Metallothermic Reduction (HAMR) and Hydrogen Sintering & Phase Transformation (HSPT).

Let’s look at them.

IperionX’s technologies

HAMR is a novel process for producing titanium metal (including powder) from titanium oxide (TiO₂), using hydrogen in the reduction step — rather than the traditional Kroll process which uses magnesium or sodium.

How does it work? Well, Hydrogen is introduced to modify the TiO₂ structure. Titanium oxide is reduced at lower temperatures using calcium or other reductants. The result is titanium metal or alloy powder with low oxygen content. This is less energy-intensive, meets aero-space grade oxygen specifications, can scale rapidly and comes with no chlorine gas or toxic waste.

HSPT is a thermo-mechanical process that enhances the microstructure of titanium parts — improving strength, ductility, and fatigue resistance through hydrogen-assisted sintering and controlled phase transformation.

How does it work? Titanium parts or powders are sintered in a hydrogen-rich environment. From there, hydrogen modifies the metal’s microstructure. during cooling, a controlled phase transformation occurs, refining grain structure.

Both of these work together. HAMR produces low-cost, high-purity titanium powder or sponge from ore or scrap. HSPT → takes this powder and transforms it into high-performance parts (e.g., forged components or 3D-printed structures). Together, these processes form a circular, low-carbon titanium supply chain — something the traditional titanium industry struggles with.

The Titan Project is the cherry on top

On top of this, IperionX has the Titan Project. is the largest JORC-compliant deposit of titanium-rich mineral sands—and includes significant zircon and rare earth elements like dysprosium and terbium. It’s a surface-mined, unconsolidated deposit, meaning extraction is simpler, less energy-intensive, and lower impact than hard-rock mining.

All major permits have been secured and a 2022 Scoping Study showed an NPV of US$692m, a post-tax IRR of 40% and annual EBITDA of US$117m. A DFS is underway and expected to be complete in Q2 of 2026.

There’s big support

Collaborations with industry leaders like Ford, Lockheed Martin, GKN Aerospace, Panerai, Brabus, and the U.S. Army helped qualify titanium powder, mill products, and 3D‑printed parts. Recent deals include an US $99 M SBIR Phase III contract and multiple task orders with the U.S. Army.

The U.S. Department of Defense has earmarked up to US $70 M to advance the Titan Project toward shovel-ready status and support domestic critical supply chains. Putting the cherry on top, Titan Project has drawn interest from strategic and offtake partners, including a Japanese conglomerate funding bulk sample testing, signalling strong commercial traction.

Conclusion

You may remember when we wrote about Metallium, we said IperionX was the peer to compare it to. We thought we had to write about IperionX so investors knew the standard to reach to. But IPX is worth considering in its own right. Investors can be proud of the progress it has made, and eagerly await more to come.